Short answer
Brighthouse Financial Inc (BHF) filed its fiscal 2017 10-K annual report with the SEC on Mar 16, 2018. It reported revenue of $6.8B (+126.7% year over year) and net income of −$378M.
- Top risk flagged: NYDFS proposed a December 2017 “best interest” standard for New York life insurance and annuity sales
FY2017 key financial metrics · XBRL
- Revenue
- $6.8B
- +126.7% YoY
- Net income
- −$378M
- +87.1% YoY
- EPS (diluted)
- −$3.16
- +87.1% YoY
- ROE
- -2.6%
- +17.2 pp YoY
- Operating cash flow
- $3.4B
- −9.1% YoY
Source: XBRL data from the Brighthouse Financial Inc (BHF) FY2017 10-K on SEC EDGAR. USD.
Brighthouse Financial Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: U.S. life insurance and annuity manufacturer using independent distribution, emphasizing risk-adjusted cash generation and expense efficiency
- New offerings: Shield Level 10 annuity and MassMutual Index Horizons fixed indexed annuity launched in 2017
- Strategic shift: Completed transition from captive sales force to exclusively independent distributors after selling MPCG to MassMutual
- Quantitative scale: 2.7 million policies and contracts, $224.2 billion assets, $147.5 billion annuity AUM at December 31, 2017
- Distinctive 2017 milestone: Brighthouse became a standalone publicly traded company following separation from MetLife
Management Discussion & Analysis
- Revenue $6.842B, up $3.824B YoY, driven by lower derivative losses
- Net loss $378M vs $2.939B; adjusted earnings $920M vs $686M
- Best segment: Annuities adjusted earnings $1.017B; worst: Run-off adjusted loss $539M
- Net investment income $3.078B vs $3.207B; investment yield 4.44% vs 4.78%
- Key risks: equity volatility, interest rates, policyholder behavior, regulatory changes, and capital-market disruption
Risk Factors
- NYDFS proposed a December 2017 “best interest” standard for New York life insurance and annuity sales
- Low interest rates and stagnant equity markets could increase variable annuity guarantee liabilities and reduce fee revenue
- MetLife administration error: approximately 14,000 group annuitants identified, requiring a $38 million after-tax reserve increase
- Competitive pressure from banks, broker-dealers and asset managers with broader products, stronger ratings or greater resources
- Separation-related leverage: $600 million term loan plus $3.0 billion senior notes, requiring debt service from subsidiary dividends
Generated from the filing text; verify against the original. How to read a 10-K
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