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Brighthouse Financial BHF Universal Life Insurance — Deferred Policy Acquisition Cost

Other product segments

Variable Annuities
$2.03B
Index-linked Annuities
$1.52B
Fixed Rate Annuities
$118M

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$1.14B+26.8%
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PRUGuaranteed Universal Life — Deferred Policy Acquisition Cost
$545M+3.8%
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PRUVariable Universal Life — Deferred Policy Acquisition Cost
$5.07B+10.9%
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$4.19B+1.1%
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PRUTerm Life Insurance — Deferred Policy Acquisition Cost
$2.2B-0.3%

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:DeferredPolicyAcquisitionCosts.

The source filing: Brighthouse Financial’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:12 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001685040-26-000028
Six Months Ended June 30, 2026Variable AnnuitiesFixed Rate AnnuitiesIndex-linked AnnuitiesTerm and Whole Life InsuranceUniversal Life Insurance
Balance, beginning of period$1,949$120$1,581$265$315
Capitalization221203(1)10
Amortization(103)(1)(155)(21)(18)
Balance, end of period1,8681201,629243307
VOBA:
Balance, beginning of period25151332
Amortization(13)(2)(2)
Balance, end of period23849330

Item 1. Financial Statements

FAQ

What is Brighthouse Financial's universal life insurance — deferred policy acquisition cost?
Brighthouse Financial (BHF) reported universal life insurance — deferred policy acquisition cost of $307M in Q2 2026.
How has Brighthouse Financial's universal life insurance — deferred policy acquisition cost changed year-over-year?
Brighthouse Financial's universal life insurance — deferred policy acquisition cost decreased by 5.0% year-over-year, from $323M to $307M.
What is the long-term trend for Brighthouse Financial's universal life insurance — deferred policy acquisition cost?
Over 3 years (2022 to 2025), Brighthouse Financial's universal life insurance — deferred policy acquisition cost has grown at a -7.5% compound annual growth rate (CAGR), from $1.62B to $1.28B.
What does universal life insurance — deferred policy acquisition cost mean?
Reflects the capitalized costs associated with acquiring new universal life insurance business, which are amortized over the life of the policies. This metric is essential for understanding the timing of profitability and the efficiency of sales distribution channels.

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