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Brighthouse Financial BHF Variable Annuities — Deferred Policy Acquisition Costs, Amortization Expense

Other product segments

Index-linked Annuities
$65M
Fixed Rate Annuities
$0

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$2M-33.3%
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$54M+20.0%
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$90M+40.6%
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GNWFixed annuities — Deferred Policy Acquisition Costs, Amortization Expense
$2M0.0%
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$56M+19.1%
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APOTraditional Deferred Annuities — Deferred Policy Acquisition Costs, Amortization Expense
$114M+29.5%

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:DeferredPolicyAcquisitionCostAmortizationExpense.

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
DAC:
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)

Item 1. Financial Statements

FAQ

What is Brighthouse Financial's variable annuities — deferred policy acquisition costs, amortization expense?
Brighthouse Financial (BHF) reported variable annuities — deferred policy acquisition costs, amortization expense of $51M in Q2 2026.
How has Brighthouse Financial's variable annuities — deferred policy acquisition costs, amortization expense changed year-over-year?
Brighthouse Financial's variable annuities — deferred policy acquisition costs, amortization expense decreased by 5.6% year-over-year, from $54M to $51M.
What is the long-term trend for Brighthouse Financial's variable annuities — deferred policy acquisition costs, amortization expense?
Over 4 years (2021 to 2025), Brighthouse Financial's variable annuities — deferred policy acquisition costs, amortization expense has grown at a -6.9% compound annual growth rate (CAGR), from $284M to $213M.
What does variable annuities — deferred policy acquisition costs, amortization expense mean?
The periodic expense recognized as the capitalized acquisition costs are systematically written off over the expected life of the annuity contracts. High amortization rates may indicate a faster-than-expected runoff of the underlying policy block.

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