Short answer
Brighthouse Financial Inc (BHF) filed its fiscal 2018 10-K annual report with the SEC on Feb 26, 2019. It reported revenue of $9.0B (+31.0% year over year) and net income of $865M.
- Top risk flagged: NAIC variable-annuity capital reform adopted in 2018, potentially changing reserve and capital sensitivity to equity, rates and volatility
FY2018 key financial metrics · XBRL
- Revenue
- $9.0B
- +31.0% YoY
- Net income
- $865M
- +328.8% YoY
- EPS (diluted)
- $7.21
- +328.2% YoY
- ROE
- 6.0%
- +8.6 pp YoY
- Operating cash flow
- $3.1B
- −9.8% YoY
Source: XBRL data from the Brighthouse Financial Inc (BHF) FY2018 10-K on SEC EDGAR. USD.
Brighthouse Financial Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: U.S. annuity and life insurance manufacturer serving approximately 2.5 million policies through independent distribution partners
- New emphasis: Flex Choice Access launched in Q1 2018, expanding investment flexibility for GMWB4L customers
- Strategic shift: Shield Annuity deposits reached $3.2B, or 71% of annuity deposits, reinforcing lower-risk product positioning
- Capital discipline: $206.3B assets, $134.5B annuity AUM and RBC above 450% at December 31, 2018
- Distinctive development: NAIC approved variable annuity reserve and capital reform framework on August 7, 2018
Management Discussion & Analysis
- Revenue $8.965B, up $2.123B YoY, driven by lower derivative losses and improved GMLB Rider results
- Net loss $378M vs $2.939B loss, effective tax rate 12% vs 39%; adjusted earnings $892M vs $920M
- Best segment: Annuities adjusted earnings $1.023B vs $1.017B; worst: Run-off loss $43M vs $190M loss
- Variable-annuity balances fell to $91.922B from $109.889B; net flows $(9.070B), investment performance $(6.058B)
- Key risks: 2021 long-duration insurance accounting changes, capital-market volatility, interest rates and policyholder behavior impacting earnings
Risk Factors
- NAIC variable-annuity capital reform adopted in 2018, potentially changing reserve and capital sensitivity to equity, rates and volatility
- U.S./China tariff conflict and Federal Reserve tightening, threatening Brighthouse’s global investments and variable-annuity account values
- MetLife administration dependency: approximately 14,000 group annuitants identified and $38 million after-tax reserve increase recorded
- Disruption from banks, broker-dealers and asset managers, plus emerging financial-services technologies, pressuring Brighthouse’s annuity market share
- Approximately $4.0 billion long-term debt, with interest service dependent on holding-company cash and insurance-subsidiary dividends
Generated from the filing text; verify against the original. How to read a 10-K
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