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Brighthouse Financial Inc (BHF) filed its Q3 2018 10-Q quarterly report on Nov 6, 2018 for the quarter ended Sep 30, 2018.
Brighthouse Financial Inc Q3 2018 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1,422M, down $550M YoY, driven by net derivative losses of $691M vs $164M
- Adjusted earnings $270M vs $(676)M YoY, with adjusted net investment income yield 4.50% vs 4.32%
- Best segment Annuities: adjusted earnings increased $46M, worst Run-off: adjusted earnings decreased $188M
- Liquid assets $33.9B vs $38.3B, consolidated short-term liquidity $1.8B vs $1.6B
- Outlook: target debt-to-capital ratio 25%, maintain $2.0B to $3.0B above CTE95, variable annuity reform effective January 1, 2020
Risk Factors
- No new or changed risk factors disclosed, the filing provides no substantive Item 1A discussion
- Market risk: increasing long-term interest rates and widening credit spreads drove unrealized losses to $1.3 billion
- Insurance risk: variable-annuity guarantees exposed to equity volatility, interest rates, policyholder behavior, and mortality assumptions
- Liquidity risk: securities-lending cash collateral of $3.746 billion could require rapid asset sales
- Financial risk: $3.966 billion long-term debt and $2.144 billion cash and equivalents at September 30, 2018
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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