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Brighthouse Financial BHF Variable Annuities — Effect of changes in risk margin

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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 bhf:MarketRiskBenefitEffectOfChangesInRiskMargin.

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
Line itemSix Months Ended June 30, 2026Six Months Ended June 30, 2025
Effect of changes in fund returns(980)(799)
Effect of changes in equity index volatility18498
Issuances(2)
Effect of changes in risk margin(8)(11)
Aging of the block and other499560
Balance, end of period, before effect of changes in nonperformance risk4,9075,197
Effect of changes in nonperformance risk1,4691,763
Balance, end of period6,3766,960

Item 1. Financial Statements

FAQ

What is Brighthouse Financial's variable annuities — effect of changes in risk margin?
Brighthouse Financial (BHF) reported variable annuities — effect of changes in risk margin of -$15M in Q2 2026.
How has Brighthouse Financial's variable annuities — effect of changes in risk margin changed year-over-year?
Brighthouse Financial's variable annuities — effect of changes in risk margin increased by 37.5% year-over-year, from -$24M to -$15M.
What is the long-term trend for Brighthouse Financial's variable annuities — effect of changes in risk margin?
Over 2 years (2021 to 2025), Brighthouse Financial's variable annuities — effect of changes in risk margin has grown at a -26.6% compound annual growth rate (CAGR), from -$128M to -$69M.
What does variable annuities — effect of changes in risk margin mean?
This metric reflects adjustments to the valuation of market risk benefits due to changes in the risk margins held for uncertainty in actuarial assumptions. It provides insight into the company's evolving view of the risk profile and the capital required to support its annuity guarantees.

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