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08-05-2025
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Brighthouse Financial Announces First Quarter 2025 Results
Estimated combined risk-based capital ("RBC") ratio between 420% and 440%; holding company liquid assets of $1.0 billion The company repurchased $85 million of its common stock year-to-date through May 6, 2025 Annuity sales of $2.3 billion, including $2.0 billion in sales of the company's flagship Shield Level Annuities Life sales of $36 million, reflecting continued steady growth of the company's life insurance suite Net loss available to shareholders of $294 million, or $5.04 per diluted share Adjusted earnings, less notable items*, of $245 million, or $4.17 per diluted share CHARLOTTE, N.C., May 08, 2025--(BUSINESS WIRE)--Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2025. First Quarter 2025 Results The company reported a net loss available to shareholders of $294 million in the first quarter of 2025, or $5.04 per diluted share, compared with a net loss available to shareholders of $519 million in the first quarter of 2024, or $8.22 per diluted share. The company anticipates volatility in net income (loss) given the differences between its hedge target and GAAP reserves, which are impacted by market performance. The company ended the first quarter of 2025 with common stockholders' equity ("book value") of $3.5 billion, or $61.17 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $8.2 billion, or $141.87 per common share. _________ * Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the First Quarter 2025 Brighthouse Financial, Inc. Financial Supplement and/or the First Quarter 2025 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relations webpage at Additional information regarding notable items can be found on the last page of this news release. For the first quarter of 2025, the company reported adjusted earnings* of $235 million, or $4.01 per diluted share, compared with an adjusted loss of $98 million, or $1.56 per diluted share, for the first quarter of 2024. Adjusted earnings for the quarter reflect a $10 million unfavorable notable item, or $0.17 per diluted share, related to an actuarial model refinement. Corporate expenses in the quarter were $239 million, up from $207 million in the first quarter of 2024 and $210 million in the fourth quarter of 2024, all on a pre-tax basis. The company's annuity sales decreased 21% quarter-over-quarter, primarily driven by lower sales of fixed annuities, partially offset by increased sales of Shield Level Annuities. Annuity sales increased 1% sequentially. Life sales increased 24% quarter-over-quarter and 9% sequentially. During the first quarter of 2025, the company repurchased $59 million of its common stock, with an additional $26 million of its common stock repurchased, on a trade date basis, through May 6, 2025. "Brighthouse Financial's estimated combined RBC ratio as of the end of the quarter was within our target range, and we maintained a robust level of holding company liquid assets," said Eric Steigerwalt, president and CEO, Brighthouse Financial. "Overall, we produced solid results in the quarter, including growing sales of our flagship Shield Level Annuities Product Suite, which increased 5% quarter-over-quarter and 3% sequentially." Key Metrics (Unaudited, dollars in millions except share and per share amounts) As of or For the Three Months Ended March 31, 2025 March 31, 2024 Total Per share Total Per share Net income (loss) available to shareholders (1) $(294) $(5.04) $(519) $(8.22) Adjusted earnings (loss) (1), (2) $235 $4.01 $(98) $(1.56) Adjusted earnings, less notable items (1) $245 $4.17 $268 $4.25 Weighted average common shares outstanding - diluted (1) 58,697,818 N/A 63,036,773 N/A Book value $3,540 $61.17 $2,496 $39.88 Book value, excluding AOCI $8,210 $141.87 $7,909 $126.35 Ending common shares outstanding 57,868,389 N/A 62,595,426 N/A (1) Per share amounts are on a diluted basis and may not recalculate due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect. See Non-GAAP and Other Financial Disclosures discussion in this news release. (2) The company uses the term "adjusted loss" throughout this news release to refer to negative adjusted earnings values. Results by Segment (Unaudited, in millions) For the Three Months Ended ADJUSTED EARNINGS (LOSS) March 31, 2025 December 31, 2024 March 31, 2024 Annuities $314 $279 $313 Life $9 $52 $(36) Run-off $(64) $(27) $(341) Corporate & Other $(24) $— $(34) Sales (Unaudited, in millions) For the Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Annuities (1) $2,259 $2,239 $2,873 Life $36 $33 $29 (1) Annuities sales include sales of a fixed index annuity product, which represents 100% of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Sales of this product were $26 million for the first quarter of 2025, $62 million for the fourth quarter of 2024 and $191 million for the first quarter of 2024. Annuities Adjusted earnings in the Annuities segment were $314 million in the current quarter, compared with adjusted earnings of $313 million in the first quarter of 2024 and adjusted earnings of $279 million in the fourth quarter of 2024. The current quarter included a $10 million unfavorable notable item related to an actuarial model refinement. There were no notable items in the first quarter of 2024. The fourth quarter of 2024 included a $48 million unfavorable notable item. On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher net investment income and a higher underwriting margin, partially offset by higher expenses and lower fees. On a sequential basis, adjusted earnings, less notable items, were relatively flat. As mentioned above, the company's annuity sales decreased 21% quarter-over-quarter, primarily driven by lower sales of fixed annuities, partially offset by increased sales of Shield Level Annuities. Annuity sales increased 1% sequentially. Life Adjusted earnings in the Life segment were $9 million in the current quarter, compared with an adjusted loss of $36 million in the first quarter of 2024 and adjusted earnings of $52 million in the fourth quarter of 2024. There were no notable items in the current quarter. The first quarter of 2024 included a $73 million unfavorable notable item. There were no notable items in the fourth quarter of 2024. On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect a lower underwriting margin and higher expenses. On a sequential basis, adjusted earnings, less notable items, reflect a lower underwriting margin, lower net investment income and higher expenses. As mentioned above, life sales increased 24% quarter-over-quarter and 9% sequentially. Run-off The Run-off segment had an adjusted loss of $64 million in the current quarter, compared with an adjusted loss of $341 million in the first quarter of 2024 and an adjusted loss of $27 million in the fourth quarter of 2024. There were no notable items in the current quarter. The first quarter of 2024 included a $293 million unfavorable notable item. There were no notable items in the fourth quarter of 2024. On both a quarter-over-quarter and sequential basis, the adjusted loss, less notable items, reflects lower net investment income, partially offset by a higher underwriting margin. Corporate & Other The Corporate & Other segment had an adjusted loss of $24 million in the current quarter, compared with an adjusted loss of $34 million in the first quarter of 2024 and break-even adjusted earnings in the fourth quarter of 2024. There were no notable items in the current quarter or the comparison quarters. On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects a higher tax benefit, partially offset by lower net investment income. On a sequential basis, the adjusted loss reflects higher expenses. Net Investment Income and Adjusted Net Investment Income (Unaudited, in millions) For the Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net investment income $1,297 $1,373 $1,254 Adjusted net investment income $1,291 $1,376 $1,267 Net Investment Income Net investment income was $1,297 million and adjusted net investment income* was $1,291 million in the current quarter. Adjusted net investment income increased $24 million on a quarter-over-quarter basis and decreased $85 million sequentially. The quarter-over-quarter increase was primarily driven by asset growth. The sequential decrease was primarily driven by lower alternative investment income. The adjusted net investment income yield* was 4.25% during the quarter. Statutory Capital and Liquidity (Unaudited, in billions) As of March 31,2025 (1) December 31, 2024 March 31, 2024 Statutory combined total adjusted capital $5.5 $5.4 $6.0 (1) Reflects preliminary statutory results as of March 31, 2025. Capitalization As of March 31, 2025: Statutory combined total adjusted capital(1) was $5.5 billion Estimated combined RBC ratio(1) was between 420% and 440% Holding company liquid assets were $1.0 billion _______________ (1) Reflects preliminary statutory results as of March 31, 2025. Earnings Conference Call Brighthouse Financial will hold a conference call and audio webcast to discuss its financial results for the first quarter of 2025 at 8:00 a.m. Eastern Time on Friday, May 9, 2025. In connection with this call, the company has prepared a presentation for use with investors and other members of the investment community. This presentation is available on the Brighthouse Financial Investor Relations webpage at To listen to the audio webcast via the internet and to access the related presentation, please visit the Brighthouse Financial Investor Relations webpage at To join the conference call via telephone as a participant, please register in advance at A replay of the conference call will be made available until Friday, May 23, 2025, on the Brighthouse Financial Investor Relations webpage at About Brighthouse Financial, Inc. Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,(1) we specialize in products designed to help people protect what they've earned and ensure it lasts. Learn more at (1) Ranked by 2023 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2024. Note Regarding Forward-Looking Statements This news release and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as "anticipate," "estimate," "expect," "project," "may," "will," "could," "intend," "goal," "target," "guidance," "forecast," "preliminary," "objective," "continue," "aim," "plan," "believe" and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results. Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others: differences between actual experience and actuarial assumptions and the effectiveness of our actuarial models; higher risk management costs and exposure to increased market risk due to guarantees within certain of our products; the effectiveness of our risk management strategy and the impacts of such strategy on volatility in our profitability measures and the negative effects on our statutory capital; material differences between actual outcomes and the sensitivities calculated under certain scenarios that we may utilize in connection with our risk management strategies; the impact of interest rates on our future universal life with secondary guarantees ("ULSG") policyholder obligations and net income volatility; the potential material adverse effect of changes in accounting standards, practices or policies applicable to us, including changes in the accounting for long-duration contracts; loss of business and other negative impacts resulting from a downgrade or a potential downgrade in our financial strength or credit ratings; the availability of reinsurance and the ability of the counterparties to our reinsurance or indemnification arrangements to perform their obligations thereunder; heightened competition, including with respect to service, product features, product mix, scale, price, actual or perceived financial strength, claims-paying ratings, credit ratings, e-business capabilities and name recognition; our ability to market and distribute our products through distribution channels and maintain relationships with key distribution partners; any failure of third parties to provide services we need, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance we need from third parties; the ability of our subsidiaries to pay dividends to us, and our ability to pay dividends to our shareholders and repurchase our common stock; the risks associated with climate change; the adverse impact of public health crises, extreme mortality events or similar occurrences on our business and the economy in general; the impact of adverse capital and credit market conditions, including with respect to our ability to meet liquidity needs and access capital; the impact of economic conditions in the capital markets and the U.S. and global economy, as well as geopolitical events, tariffs imposed or threatened by the U.S. or foreign governments, military actions or catastrophic events, on our profitability measures as well as our investment portfolio, including on realized and unrealized losses and impairments, net investment spread and net investment income; the financial risks that our investment portfolio is subject to, including credit risk, interest rate risk, inflation risk, market valuation risk, liquidity risk, real estate risk, derivatives risk, and other factors outside our control; the impact of changes in regulation and in supervisory and enforcement policies or interpretations thereof on our insurance business or other operations; the potential material negative tax impact of potential future tax legislation that could make some of our products less attractive to consumers or increase our tax liability; the effectiveness of our policies, procedures and processes in managing risk; the loss or disclosure of confidential information, damage to our reputation and impairment of our ability to conduct business effectively as a result of any failure in cyber- or other information security systems; whether all or any portion of the tax consequences of our separation from MetLife, Inc. are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact us; and other factors described from time to time in documents that we file with the U.S. Securities and Exchange Commission (the "SEC"). For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024, particularly in the sections entitled "Risk Factors" and "Quantitative and Qualitative Disclosures About Market Risk," as well as in our other subsequent filings with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. Non-GAAP and Other Financial Disclosures Our definitions of non-GAAP and other financial measures may differ from those used by other companies. Non-GAAP Financial Disclosures We present certain measures of our performance that are not calculated in accordance with accounting principles generally accepted in the United States of America, also known as "GAAP." We believe that these non-GAAP financial measures enhance the understanding of our performance by the investor community by highlighting the results of operations and the underlying profitability drivers of our business. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Non-GAAP financial measures: Most directly comparable GAAP financial measures: adjusted earnings net income (loss) available to shareholders (1) adjusted earnings, less notable items net income (loss) available to shareholders (1) adjusted revenues revenues adjusted expenses expenses adjusted earnings per common share earnings per common share, diluted (1) adjusted earnings per common share, less notable items earnings per common share, diluted (1) adjusted return on common equity return on common equity (2) adjusted return on common equity, less notable items return on common equity (2) adjusted net investment income net investment income adjusted net investment income yield net investment income yield __________________ (1) Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to Brighthouse Financial, Inc.'s common shareholders, and earnings per common share, diluted to refer to net income (loss) available to shareholders per common share. (2) Brighthouse uses return on common equity to refer to return on Brighthouse Financial, Inc.'s common stockholders' equity. Reconciliations to the most directly comparable historical GAAP measures are included for those measures which are presented herein. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable efforts to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss) available to shareholders. Adjusted Earnings, Adjusted Revenues and Adjusted Expenses Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. This financial measure, which may be positive or negative, focuses on our primary businesses by excluding the impact of market volatility, which could distort trends. Adjusted earnings was updated during the first quarter of 2025 in connection with the establishment of a trading portfolio comprised of certain fixed income securities. The company did not have trading securities prior to the first quarter of 2025. Adjusted earnings reflect adjusted revenues less (i) adjusted expenses, (ii) provision for income tax expense (benefit), (iii) net income (loss) attributable to noncontrolling interests and (iv) preferred stock dividends. Provided below are the adjustments to GAAP revenues and GAAP expenses used to calculate adjusted revenues and adjusted expenses, respectively. The following items are excluded from total revenues in calculating the adjusted revenues component of adjusted earnings: Net investment gains (losses); Investment gains (losses) on trading securities measured at estimated fair value through net investment income; and Net derivative gains (losses) ("NDGL"), excluding earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment Hedge Adjustments"). The following items are excluded from total expenses in calculating the adjusted expenses component of adjusted earnings: Change in market risk benefits; and Change in fair value of the crediting rate on experience-rated contracts and market value adjustments on institutional group annuities that are economically offset by gains (losses) on the related trading securities ("Market Value Adjustments"). The provision for income tax related to adjusted earnings is calculated using the statutory tax rate of 21%, net of impacts related to the dividends received deduction, tax credits and current period non-recurring items. Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance. Adjusted Earnings per Common Share and Adjusted Return on Common Equity Adjusted earnings per common share and adjusted return on common equity are measures used by management to evaluate the execution of our business strategy and align such strategy with our shareholders' interests. Adjusted earnings per common share is defined as adjusted earnings for the period divided by the weighted average number of fully diluted shares of common stock outstanding for the period. The weighted average common shares outstanding used to calculate adjusted earnings per share will differ from such shares used to calculate diluted net income (loss) available to shareholders per common share when the inclusion of dilutive shares has an anti-dilutive effect for one calculation but not for the other. Adjusted return on common equity is defined as total annual adjusted earnings on a four quarter trailing basis, divided by the simple average of the most recent five quarters of total Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI. Adjusted Net Investment Income Adjusted net investment income is used by management to measure our performance, and we believe it enhances the understanding of our investment portfolio results. Adjusted net investment income represents GAAP net investment income plus Investment Hedge Adjustments less investment gains (losses) on trading securities. Adjusted Net Investment Income Yield Similar to adjusted net investment income, adjusted net investment income yield is used by management as a performance measure that we believe enhances the understanding of our investment portfolio results. Adjusted net investment income yield represents adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties. Investment fee and expense yields are calculated as a percentage of average quarterly asset estimated fair values. Asset estimated fair values exclude collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties. Other Financial Disclosures Corporate Expenses Corporate expenses includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation. Notable Items Certain of the non-GAAP measures described above may be presented further adjusted to exclude notable items. Notable items reflect the unfavorable (favorable) after-tax impact on our results of certain unanticipated items and events, as well as certain items and events that were anticipated. The presentation of notable items and non-GAAP measures, less notable items is intended to help investors better understand our results and to evaluate and forecast those results. Book Value per Common Share and Book Value per Common Share, excluding AOCI Brighthouse uses the term "book value" to refer to "Brighthouse Financial, Inc.'s common stockholders' equity, including AOCI." Book value per common share is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, including AOCI, divided by ending common shares outstanding. Book value per common share, excluding AOCI, is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI, divided by ending common shares outstanding. CTE70 CTE70 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst thirty percent of a set of capital market scenarios over the life of the contracts. CTE98 CTE98 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst two percent of a set of capital market scenarios over the life of the contracts. Holding Company Holding company means, collectively, Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC. Holding Company Liquid Assets Holding company liquid assets include liquid assets in Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC. Liquid assets are comprised of cash and cash equivalents, short-term investments and publicly-traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include assets held in trust. Total Adjusted Capital Total adjusted capital primarily consists of statutory capital and surplus, as well as the statutory asset valuation reserve. When referred to as "combined," represents that of our insurance subsidiaries as a whole. Sales Life insurance sales consist of 100 percent of annualized new premium for term life, first-year paid premium for whole life, universal life, and variable universal life, and total paid premium for indexed universal life. We exclude company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life. Annuity sales consist of 100 percent of direct statutory premiums, except for fixed index annuity sales, which represents 100 percent of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Annuity sales exclude certain internal exchanges. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Normalized Statutory Earnings (Loss) Normalized statutory earnings (loss) is used by management to measure our insurance companies' ability to pay future distributions and incorporates the effectiveness of our hedging program as well as other factors related to our business. Normalized statutory earnings (loss) is calculated as statutory pre-tax net gain (loss) from operations adjusted for the favorable or unfavorable impacts of (i) net realized capital gains (losses) before capital gains tax (excluding gains (losses) and taxes transferred to the interest maintenance reserve), (ii) the change in total asset requirement at CTE98, net of the change in our variable annuity reserves, which are calculated at CTE70, and (iii) pre-tax unrealized gains (losses) associated with our variable annuities and Shield hedges, net of reinsurance, and other equity risk management strategies. Normalized statutory earnings (loss) may be further adjusted for certain unanticipated items that impact our results in order to help management and investors better understand, evaluate and forecast those results. Risk-Based Capital Ratio The risk-based capital ratio is a method of measuring an insurance company's capital, taking into consideration its relative size and risk profile, in order to ensure compliance with minimum regulatory capital requirements set by the National Association of Insurance Commissioners. When referred to as "combined," represents that of our insurance subsidiaries as a whole. The reporting of our combined risk-based capital ratio is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. Condensed Statements of Operations (Unaudited, in millions) For the Three Months Ended Revenues March 31, 2025 December 31, 2024 March 31, 2024 Premiums $186 $207 $202 Universal life and investment-type product policy fees 543 540 436 Net investment income 1,297 1,373 1,254 Other revenues 136 150 145 Revenues before NIGL and NDGL 2,162 2,270 2,037 Net investment gains (losses) (83) (73) (42) Net derivative gains (losses) 311 (992) (1,921) Total revenues $2,390 $1,205 $74 Expenses Policyholder benefits and claims $649 $662 $968 Interest credited to policyholder account balances 561 569 502 Amortization of DAC and VOBA 148 148 151 Change in market risk benefits 893 (1,487) (1,440) Interest expense on debt 38 38 38 Other expenses 455 441 469 Total expenses 2,744 371 688 Income (loss) before provision for income tax (354) 834 (614) Provision for income tax expense (benefit) (88) 162 (123) Net income (loss) (266) 672 (491) Less: Net income (loss) attributable to noncontrolling interests 2 1 2 Net income (loss) attributable to Brighthouse Financial, Inc. (268) 671 (493) Less: Preferred stock dividends 26 25 26 Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders $(294) $646 $(519) Condensed Balance Sheets (Unaudited, in millions) As of ASSETS March 31, 2025 December 31, 2024 March 31, 2024 Investments: Fixed maturity securities available-for-sale $80,640 $80,055 $80,474 Trading securities 365 — — Equity securities 73 77 86 Mortgage loans 23,051 23,286 22,670 Policy loans 1,436 2,024 1,651 Limited partnerships and limited liability companies 4,839 4,827 4,920 Short-term investments 1,569 1,868 1,347 Other invested assets 5,284 5,250 4,746 Total investments 117,257 117,387 115,894 Cash and cash equivalents 4,667 5,045 3,823 Accrued investment income 1,267 1,277 1,297 Reinsurance recoverables 20,454 20,515 19,570 Premiums and other receivables 734 611 664 DAC and VOBA 4,672 4,710 4,829 Current income tax recoverable 20 19 28 Deferred income tax asset 1,808 1,875 2,063 Market risk benefit assets 914 1,092 839 Other assets 364 370 349 Separate account assets 82,524 85,636 90,332 Total assets $234,681 $238,537 $239,688 LIABILITIES AND EQUITY Liabilities Future policy benefits $31,834 $31,475 $32,245 Policyholder account balances 85,618 87,989 84,159 Market risk benefit liabilities 9,165 8,329 8,964 Other policy-related balances 3,866 3,878 3,798 Payables for collateral under securities loaned and other transactions 3,904 3,891 3,653 Long-term debt 3,155 3,155 3,155 Other liabilities 9,311 9,160 9,122 Separate account liabilities 82,524 85,636 90,332 Total liabilities 229,377 233,513 235,428 Equity Preferred stock, at par value — — — Common stock, at par value 1 1 1 Additional paid-in capital 13,939 13,927 13,989 Retained earnings (deficit) (1,387) (1,119) (2,000) Treasury stock (2,644) (2,572) (2,382) Accumulated other comprehensive income (loss) (4,670) (5,278) (5,413) Total Brighthouse Financial, Inc.'s stockholders' equity 5,239 4,959 4,195 Noncontrolling interests 65 65 65 Total equity 5,304 5,024 4,260 Total liabilities and equity $234,681 $238,537 $239,688 Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings (Loss) and Adjusted Earnings, Less Notable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to Adjusted Earnings (Loss) per Common Share and Adjusted Earnings, Less Notable Items, per Common Share (Unaudited, in millions except per share data) For the Three Months Ended ADJUSTED EARNINGS, LESS NOTABLE ITEMS March 31, 2025 December 31, 2024 March 31, 2024 Net income (loss) available to shareholders $(294) $646 $(519) Less: Net investment gains (losses) (83) (73) (42) Less: Investment gains (losses) on trading securities 6 — — Less: Net derivative gains (losses), excluding investment hedge adjustments 311 (995) (1,934) Less: Change in market risk benefits (893) 1,487 1,440 Less: Market value adjustments (10) 14 4 Less: Provision for income tax (expense) benefit on reconciling adjustments 140 (91) 111 Adjusted earnings (loss) 235 304 (98) Less: Notable items (10) (48) (366) Adjusted earnings, less notable items $245 $352 $268 ADJUSTED EARNINGS, LESS NOTABLE ITEMS, PER COMMON SHARE (1) Net income (loss) available to shareholders per common share $(5.04) $10.79 $(8.22) Less: Net investment gains (losses) (1.42) (1.22) (0.67) Less: Investment gains (losses) on trading securities 0.10 — — Less: Net derivative gains (losses), excluding investment hedge adjustments 5.34 (16.63) (30.68) Less: Change in market risk benefits (15.33) 24.86 22.84 Less: Market value adjustments (0.17) 0.23 0.06 Less: Provision for income tax (expense) benefit on reconciling adjustments 2.40 (1.52) 1.76 Less: Impact of inclusion of dilutive shares 0.03 — — Adjusted earnings (loss) per common share 4.01 5.07 (1.56) Less: Notable items (0.17) (0.80) (5.81) Adjusted earnings, less notable items per common share $4.17 $5.88 $4.25 (1) Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect. See Non-GAAP and Other Financial Disclosures discussion in this news release. Reconciliation of Net Investment Income to Adjusted Net Investment Income (Unaudited, in millions) For the Three Months Ended ADJUSTED NET INVESTMENT INCOME (1) March 31, 2025 December 31, 2024 March 31, 2024 Net investment income $1,297 $1,373 $1,254 Add: Investment hedge adjustments — 3 13 Less: Investment gains (losses) on trading securities 6 — — Adjusted net investment income $1,291 $1,376 $1,267 Reconciliation of Investment Income Yield to Adjusted Net Investment Income Yield For the Three Months Ended ADJUSTED NET INVESTMENT INCOME YIELD (1) March 31, 2025 December 31, 2024 March 31, 2024 Investment income yield 4.39% 4.64% 4.39% Investment fees and expenses (0.14)% (0.13)% (0.14)% Adjusted net investment income yield 4.25% 4.51% 4.25% Notable Items (Unaudited, in millions) For the Three Months Ended NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS March 31, 2025 December 31, 2024 March 31, 2024 Actuarial items and other insurance adjustments $10 $48 $366 Total notable items (1) $10 $48 $366 NOTABLE ITEMS BY SEGMENT Annuities $10 $48 $— Life — — 73 Run-off — — 293 Corporate & Other — — — Total notable items (1) $10 $48 $366 (1) See Non-GAAP and Other Financial Disclosures discussion in this news release. View source version on Contacts FOR INVESTORS Dana Amante(980) 949-3073damante@ FOR MEDIA Deon Roberts(980)
Time Business News
30-04-2025
- Business
- Time Business News
Ready to Grow? Smart Agents Choose These Medicare Leads.
Insurance agencies and brokers thrive when they connect with seniors actively seeking Medicare solutions. At Daily Medicare Leads, we specialize in delivering CMS-compliant, high-intent leads that transform your outreach efforts into meaningful client relationships. Let's explore how we help you achieve more with less effort—so you can focus on what truly matters: serving your clients. Imagine working with prospects who already want to learn about Medicare Advantage, Supplement, or Part D plans. Medicare Leads connects you with seniors actively researching their options, attending seminars, or requesting information online. These aren't cold leads—they're motivated individuals eager to make informed decisions, giving you a head start in building trust. Navigating CMS guidelines can feel overwhelming, but it doesn't have to be. Daily Medicare Leads ensures every lead adheres to strict compliance standards, including explicit consent for contact. Our ethical sourcing methods—like educational content campaigns and direct mail—keep your agency protected while fostering trust with prospects. Every lead from Daily Medicare Leads is pre-qualified. We verify age (65+), confirm Medicare eligibility, and ensure prospects are actively comparing plans. This means you spend time talking to seniors ready to enroll, not sifting through unresponsive contacts. Partners regularly see 30–50% conversion rates, proving that quality truly drives results. Why cast a wide net when you can focus on your ideal client? Customize your leads by location, income level, enrollment period, or specific plan interests. Whether you're helping retirees in Texas explore Medigap policies or guiding Florida seniors through Advantage plans, our filters ensure you reach the right audience. Speed is your ally. With 78% of seniors choosing the first agent they contact, our real-time SMS/email alerts ensure you're first in line. exclusive life insurance leads arrive within minutes of submission, so you engage prospects while their interest is highest—turning opportunities into enrollments faster. We're so confident in our exclusive life insurance leads that we invite you to test them firsthand. Request 3–5 free leads to experience the quality of seniors eager to connect. Over 90% of agents convert these into clients, showcasing the tangible value we deliver. The study found agents who contact prospects within 5 minutes convert 8x more exclusive life insurance leads . Use CRM tools like HubSpot or Zoho to automate follow-ups, ensuring no opportunity slips away. A quick, personalized response shows seniors you're attentive and reliable. Simplify Medicare's complexity with clear, jargon-free resources. Share comparison charts, eligibility checklists, or video explainers to help prospects feel confident in their choices. When you educate, you don't just close a sale—you become their lifelong advisor. Whether you're a solo broker or a growing agency, our flexible pricing fits your budget. With plans starting at 18–18–35 per lead and bulk discounts, you scale costs alongside your success—no long-term contracts required. Join 1,200+ agents who've doubled their Medicare sales using Daily Medicare Leads. As one partner shared, 'The quality of leads allowed us to focus on consultations, not cold calls. Our client base grew 60% in six months.' Q: How does Daily Medicare Leads protect my agency's reputation? A: We prioritize compliance, sourcing leads through ethical methods like educational content and opt-in forms. Every prospect consents to contact, aligning with CMS, TCPA, and CAN-SPAM guidelines. Q: Can I focus on my local community? A: Absolutely! Filter leads by ZIP code, city, or state to serve seniors in your licensed areas. Build local expertise and become the go-to agent in your region. Q: What if a lead isn't a fit? A: We offer a 100% replacement guarantee for leads outside your criteria. Your satisfaction is our priority. Q: How quickly can I start seeing results? A: Many agents close their first lead within 24 hours of signing up. With real-time delivery, your pipeline stays full and active. Your agency's success starts with seniors who are ready to act. Daily Medicare Leads removes the guesswork, delivering compliant, motivated prospects who value your expertise. With our proven strategies and your dedication, there's no limit to what you can achieve. TIME BUSINESS NEWS
Yahoo
31-03-2025
- Business
- Yahoo
Ero Copper Extends Precious Metals Purchase Arrangements with Royal Gold by US$50 million at the Xavantina Operations
(all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the 'Company') is pleased to announce that, in return for upfront proceeds of $50 million, it has extended the June 2021 Precious Metals Purchase Agreement (the 'Original Xavantina Stream') with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (collectively, 'Royal Gold'), under an additional precious metals purchase agreement in relation to a portion of future gold production from the Xavantina Operations in Mato Grosso, Brazil (the 'Stream Supplement'). The Stream Supplement is incremental to the Original Xavantina Stream. Under the terms of the Stream Supplement, Ero has received a further $50 million in proceeds from Royal Gold, bringing total proceeds from Royal Gold under the Xavantina streaming agreements to $160 million since 2021. In exchange, the Company has extended the gold delivery threshold milestones under Stage II (as further defined below) and has agreed to expand the area of influence covered by the stream to incorporate additional tenements acquired by the Company since the Original Xavantina Stream was completed. The delivery of additional ounces under the Stream Supplement is expected to commence in 2028. 'The performance and growth prospects for the Xavantina Operations, combined with recent increases in mineral reserves and resources, creates an opportunity to capitalize on what continues to be a significant dislocation of value for the Xavantina Operations with a strong strategic partner in Royal Gold," said Makko DeFilippo, President & Chief Executive Officer. 'Proceeds from the Stream Supplement will support ongoing growth and asset integrity investment programs at the Xavantina Operations, which were included in our 2025 capital expenditure guidance. We continue to see significant potential in the Xavantina Operations. With the support of Royal Gold, we are focused on positioning the mine for future growth, improved operating performance and long-term value creation.' KEY TERMS OF EXTENDED XAVANTINA STREAM Stage I: Royal Gold will continue to receive 25% of gold produced in exchange for cash payments equal to 20% of the prevailing spot gold price for the first 49,000 ounces delivered. Stage I remains unchanged from the Original Xavantina Stream, with a cumulative 45,177 ounces delivered as of December 31, 2024. Stage II: Royal Gold will receive 25% of gold produced in exchange for cash payments equal to 40% of the prevailing spot gold price until a cumulative 160,000 ounces have been delivered. Stage III: Following the completion of Stage II, Royal Gold will receive 10% of gold production for the remaining life of mine in exchange for cash payments equal to 40% of the prevailing spot gold price. The terms of Stage III remain unchanged from the Original Xavantina Stream. In effect, the Stream Supplement equates to an additional 40,200 ounces of gold to be delivered to Royal Gold, for which it will make cash payments equal to 40% of the prevailing spot gold price. All terms and conditions of the Original Xavantina Stream remain in place. For more information please see the Company's press release dated June 30, 2021. GenCap Mining Advisory Ltd. acted as financial advisor to the Company. ABOUT ERO COPPER CORP Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations, an operating gold and silver mine located in Mato Grosso State, Brazil. In July 2024, the Company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold Project, located in the Carajás Mineral Province in Pará State, Brazil. For more information on the earn-in agreement, please see the Company's press releases dated October 30, 2023 and July 22, 2024. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations, Tucumã Operation and the Furnas Copper-Gold Project, can be found on the Company's website ( on SEDAR+ ( and on EDGAR ( The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol 'ERO'. FOR MORE INFORMATION, PLEASE CONTACT Courtney Lynn, Executive Vice President, External Affairs and Strategy (604) 335-7504 info@ CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS This press release contains 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation (collectively, 'forward-looking statements'). Forward-looking statements include statements that use forward-looking terminology such as 'may', 'could', 'would', 'will', 'should', 'intend', 'target', 'plan', 'expect', 'budget', 'estimate', 'forecast', 'schedule', 'anticipate', 'believe', 'continue', 'potential', 'view' or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the anticipated timeframe for the delivery of additional ounces under the Stream Supplement and the expected future growth, increased operating performance and long-term value creation at the Xavantina Operation. . Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking statements, including, without limitation, risks discussed in this press release and in the Company's Annual Information Form for the year ended December 31, 2023 ('AIF') under the heading 'Risk Factors'. The risks discussed in this press release and in the AIF are not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company's actual results, achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to herein and in the AIF under the heading 'Risk Factors'. The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company's control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this press release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
Web Release
01-03-2025
- Health
- Web Release
LYMA FORMULA NOW INCLUDES NEW INGREDIENT FOR "EXERCISE IN A PILL" TO COMBAT THE EFFECTS OF A SEDENTARY LIFESTYLE
The rise of the desk jockey sees Brits sit for as long as 8.9 hours per-day*2 and Americans sit almost 6 hours per-day*2 – and our sedentary lifestyles are known to be damaging to our health The LYMA Supplement is the only award-winning nutraceutical to include ten patented, peer-reviewed ingredients (targeting focus, immunity, beauty), in the doses proven to work, and it is now adding an eleventh The new ingredient is a patented adaptogen that studies have found to mimic some of the effects of exercise such as fat-burning and energy producing metabolic processes* It can be beneficial for those on Ozempic, as studies have is found to support muscle maintenance*4 – muscle loss is a commonly reported side effect of the weight loss drug LYMA Supplement £199 / $269 is available NOW ( The LYMA Supplement is an award-winning nutraceutical that includes 10 patented, peer-reviewed ingredients and now LYMA is adding an 11th ingredient to the formulation that can deliver a metabolic reset*5. Available from 25th February 2025. WHY METABOLISM IS OUR SUPERPOWER Together with optimal nutrition, the human body requires regular exercise and the need to be active as a prerequisite for human health. Our nutritional needs are rooted in life conditions that existed over 10,000 years ago, only today, diet and lifestyles are radically different. When firing on all cylinders, our metabolism regulates the body's whole system processes, but the rise in technology (which has resulted in us leading sedentary lifestyles) together with the ageing process has resulted in a dramatic rise in cases of underperforming metabolisms, weight gain and inflammation – the catalyst of many modern chronic diseases. The WHO statistics outline a concerning trend among adults worldwide, uncovering nearly one-third (31 per cent) of adults do not meet their recommended levels of physical activity, an increase of 5% since 2010*. THE PROVEN POWER OF THE NEW LYMA SUPPLEMENT The introduction of ActivAMP® into the LYMA Supplement adds to the brand's anti-ageing innovations. ActivAMP® is a patented adaptogenic herb extract of gynostemma pentaphyllum containing a family of compounds that upregulate alarmins, including the sestrins, which are produced during exercise. The production of these sestrins activates an energy-sensing enzyme called AMP-kinase (AMPK), typically stimulated by physical activity and fasting, the AMPK enzyme increases the production of cellular energy and metabolic activity throughout the body . The Science: Professor Paul Clayton PhD, clinical pharmacologist and world leading expert in the fast-developing science of preventative ageing, and LYMA Director of Science: 'The LYMA Supplement is already a world class product, and never before has so much validated science and patented technology been combined into one formula and this new ingredient further adds to that. ActivAMP® is the first of a new class of natural compounds called 'exercise mimetics'. Hailed by some as 'exercise in a pill,' it flips on AMPK – the metabolic master switch, to induce the benefits of exercise. ActivAMP® is also recommended for anyone taking Ozempic, as it may protect the muscle loss induced by weight-loss injections, which over the long haul, carries some major health risk factors. If you choose to use a semaglutide injectable like Ozempic, adding ActivAMP®, may ensure that you lose fat while keeping your valuable muscle.' LYMA Founder, Lucy Goff also comments 'When I read our science team's report on the research behind this new ingredient, I knew straight away we had to formulate it into the LYMA Supplement. This clinically proven ingredient is the only one of its kind, with clinical trials to prove it can help burn fat and enhance performance for years to come. It presents all the metabolic benefits of exercise in a pill, that's truly remarkable for people with busy lives that want to maximise their wellbeing.' A DAILY DOSE OF THE NEW LYMA SUPPLEMENT CAN TURBO-CHARGE A WORKOUT For those who are fully dedicated to their workouts the ingredient is also found to have some positive implications for athletic performance*5. It is also found to optimize glucose uptake, enabling muscles to better convert glucose to energy for higher endurance and less physical fatigue*3*5. The condition and operation of the metabolism is fundamental to long-term health, particularly when regulating metabolic activity in the liver, skeletal muscle and brain. When we master our body's metabolic switch, longevity becomes a realisable goal for all.
