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Brighthouse Financial BHF Direct Reinsurance — Market risk benefit liabilities

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Other financials

Income statement

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Revenue$1.6B+86.2%
Net income$981.0M+1,054%
EPS (diluted)$16.53+1,521%

Balance sheet

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Cash & equivalents$7.1B+28.2%
Total debt$3.2B0.0%
Total equity$6.6B+15.5%
Total assets$247.18B+1.9%

Cash flow

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Operating cash flow-$431.0M

Valuation

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Market cap$3.57B+31.0%
Enterprise value-$379.6M-211%
P/E4.3×+0.2×
P/S0.5×+0.1×

Profitability

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Net margin12.5%+2.2pp

Returns & leverage

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Return on equity13.6%+0.1pp
Debt / equity0.5×-0.1×

Where this comes from

Reported directly by Brighthouse Financial in its filing.

Tagged under the XBRL concept us-gaap:MarketRiskBenefitLiabilityAmount.

The source filing: Brighthouse Financial’s 10-K, filed February 24, 2026.

Filed
Feb 24, 2026, 5:13 PM EST
Fiscal year
FY2025
Accession
0001685040-26-000011
Line itemDecember 31, 2025 / DirectDecember 31, 2025 / AssumedDecember 31, 2025 / CededDecember 31, 2025 / Total Balance SheetDecember 31, 2024 / DirectDecember 31, 2024 / AssumedDecember 31, 2024 / CededDecember 31, 2024 / Total Balance Sheet
Premiums, reinsurance and other receivables (net of allowance for credit losses)$473$1$21,105$21,579$507$3$20,616$21,126
Market risk benefit assets$1,052$8$1,060$1,075$17$1,092
Liabilities
Future policy benefits$31,913$112$32,025$31,366$109$31,475
Policyholder account balances$84,538$3,414$87,952$83,846$4,143$87,989
Market risk benefit liabilities$8,049$14$8,063$8,313$16$8,329
Other policy-related balances$2,376$1,517$3,893$2,324$1,554$3,878
Other liabilities$7,419$16$2,211$9,646$7,422$25$1,713$9,160

Item 8. Financial Statements and Supplementary Data

FAQ

What is Brighthouse Financial's direct reinsurance — market risk benefit liabilities?
Brighthouse Financial (BHF) reported direct reinsurance — market risk benefit liabilities of $8.05B in Q4 2025.
What does direct reinsurance — market risk benefit liabilities mean?
Represents the fair value of liabilities associated with market risk benefits provided through direct reinsurance contracts. These liabilities account for the company's obligation to provide specific benefits linked to market performance, such as guaranteed minimums. Tracking this metric is vital for understanding the potential financial impact of market fluctuations on the company's balance sheet.

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