Brighthouse Financial Reports Q4 Adjusted EPS $3.93, RBC Ratio 456%, $10.3B Annuity Sales
Brighthouse Financial reported fourth-quarter 2025 net income of $112 million, or $1.93 per share, and adjusted earnings of $227 million, or $3.93 per diluted share, alongside a preliminary RBC ratio of 456%. Full-year annuity sales reached $10.3 billion and life sales set a record at $143 million.
1. Fourth-Quarter 2025 Financial Results
Brighthouse Financial reported Q4 2025 net income available to shareholders of $112 million, or $1.93 per diluted share, compared with $646 million, or $10.79 per share in Q4 2024. Adjusted earnings, less notable items, totaled $227 million, or $3.93 per diluted share, down from $352 million, or $5.88 per share a year earlier.
2. Full-Year 2025 Financial Performance
For the full year 2025, net income available to shareholders was $331 million, or $5.71 per diluted share, up from $286 million, or $4.64 per share in 2024. Full-year adjusted earnings, less notable items, were $931 million, or $16.07 per diluted share, versus $1.21 billion, or $19.63 per share in the prior year.
3. Sales and Segment Metrics
Annuity sales for 2025 reached $10.3 billion, a 3% year-over-year increase, driven by record Shield Level Annuities. Life sales set a record at $143 million, up 19% year-over-year. In Q4, annuities segment adjusted earnings were $304 million, while life segment adjusted earnings were $18 million.
4. Capital Position and Expenses
Brighthouse ended Q4 with a preliminary risk-based capital ratio of 456% and holding company liquid assets of $0.9 billion. Book value per common share was $88.66, and corporate expenses for the quarter rose to $234 million, including $15 million related to the pending acquisition.