•Estimated combined risk-based capital ("RBC") ratio of approximately 400%; reflects $100 million capital contribution made to Brighthouse Life Insurance Company ("BLIC")

•Holding company liquid assets of $1.1 billion; $1.0 billion pro forma for the capital contribution to BLIC made subsequent to December 31, 2024

•The company repurchased $250 million of its common stock in full year 2024, reducing shares outstanding relative to year-end 2023 by approximately 8%; repurchased an additional approximately $25 million year-to-date through February 7, 2025

•Annuity sales for full year 2024 of $10.0 billion, driven by record sales of Shield Level Annuities

•Record life sales for full year 2024 of $120 million, driven by sales of Brighthouse SmartCare

•Fourth quarter 2024 net income available to shareholders of $646 million, or $10.79 per diluted share

•Fourth quarter 2024 adjusted earnings, less notable items*, of $352 million, or $5.88 per diluted share

CHARLOTTE, NC, February 11, 2025 — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the fourth quarter and full year ended December 31, 2024.

The company reported net income available to shareholders of $646 million in the fourth quarter of 2024, or $10.79 per diluted share, compared with a net loss available to shareholders of $942 million in the fourth quarter of 2023, or $14.70 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 fourth quarter of 2024 with common stockholders' equity ("book value") of $3.3 billion, or $55.60 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $8.5 billion, or $145.63 per common share.

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* 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 Fourth Quarter 2024 Brighthouse Financial, Inc. Financial Supplement and/or the Fourth Quarter and Full Year 2024 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com). Additional information regarding notable items can be found on the last page of this news release.

For the fourth quarter of 2024, the company reported adjusted earnings* of $304 million, or $5.07 per diluted share, compared with adjusted earnings of $177 million, or $2.73 per diluted share, in the fourth quarter of 2023.

Adjusted earnings for the quarter reflect a $48 million unfavorable notable item, or $0.80 per diluted share, related to actuarial model updates.

Corporate expenses in the fourth quarter of 2024 were $210 million, down from $244 million in the fourth quarter of 2023 and up from $203 million in the third quarter of 2024, all on a pre-tax basis.

The company's annuity sales decreased 18% quarter-over-quarter, 11% sequentially and 5% year-over-year, primarily driven by lower sales of fixed deferred annuities, partially offset by record sales of Shield Level Annuities. Life sales in 2024 were a record $120 million and increased 14% quarter-over-quarter, 10% sequentially and 18% year-over-year, driven by sales of Brighthouse SmartCare.

On a full year basis, the company reported net income available to shareholders of $286 million in 2024, or $4.64 per diluted share, compared with net loss available to shareholders of $1,214 million in 2023, or $18.39 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. Full year 2024 adjusted earnings, less notable items*, were $1,209 million, or $19.63 per diluted share, compared with full year 2023 adjusted earnings, less notable items, of $930 million, or $13.99 per diluted share.

During the fourth quarter of 2024, the company repurchased $60 million of its common stock, and for the full year 2024 repurchased $250 million of its common stock, reducing shares outstanding relative to year-end 2023 by approximately 8%. Year-to-date through February 7, 2025, the company has repurchased an additional approximately $25 million of its common stock, on a trade date basis.

“During the quarter, we continued to make progress on our capital-focused strategic initiatives, including completing a reinsurance transaction with a third party to reinsure a legacy block of universal life and variable universal life products and fully transitioning to hedging all new business for our Shield Level Annuities Product Suite on a standalone basis,” said Eric Steigerwalt, president and CEO, Brighthouse Financial. “Additionally, our estimated combined RBC ratio as of the end of the year was approximately 400%, reflecting a $100 million capital contribution from our holding company to Brighthouse Life Insurance Company, and we continue to have a robust level of holding company liquid assets.”

"We also made further progress toward the execution of our focused strategy in 2024," Steigerwalt continued. "Our corporate expenses were down 7% over 2023, we delivered record sales of our Shield Level Annuities Product Suite and Brighthouse SmartCare and we repurchased $250 million of our common stock during the year.”

Adjusted earnings in the Annuities segment were $279 million in the current quarter, compared with adjusted earnings of $245 million in the fourth quarter of 2023 and adjusted earnings of $327 million in the third quarter of 2024.

The current quarter included a $48 million unfavorable notable item related to actuarial model updates. There were no notable items in the fourth quarter of 2023. The third quarter of 2024 included a $20 million favorable notable item related to the annual actuarial review and related refinements.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher fees and higher net investment income. On a sequential basis, adjusted earnings, less notable items, reflect higher net investment income, partially offset by a lower underwriting margin.

As mentioned above, the company's annuity sales decreased 18% quarter-over-quarter, 11% sequentially and 5% year-over-year, primarily driven by lower sales of fixed deferred annuities, partially offset by record sales of Shield Level Annuities.

Adjusted earnings in the Life segment were $52 million in the current quarter, compared with adjusted earnings of $4 million in the fourth quarter of 2023 and an adjusted loss of $25 million in the third quarter of 2024.

There were no notable items in the current quarter or the fourth quarter of 2023. The third quarter of 2024 included a $66 million unfavorable notable item related to the annual actuarial review and related refinements.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect a higher underwriting margin and higher net investment income. On a sequential basis, adjusted earnings, less notable items, reflect higher net investment income and a higher underwriting margin, partially offset by higher expenses.

As mentioned above, the company reported record life sales in 2024. Life sales increased 14% quarter-over-quarter, 10% sequentially and 18% year-over-year, driven by sales of Brighthouse SmartCare.

The Run-off segment had an adjusted loss of $27 million in the current quarter, compared with an adjusted loss of $50 million in the fourth quarter of 2023 and adjusted earnings of $463 million in the third quarter of 2024.

There were no notable items in the current quarter or the fourth quarter of 2023. The third quarter of 2024 included a $570 million favorable notable item related to the annual actuarial review and related refinements.

On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects higher net investment income and lower expenses, partially offset by a lower underwriting margin. On a sequential basis, the adjusted loss, less notable items, reflects higher net investment income and a higher underwriting margin.

The Corporate & Other segment had break-even adjusted earnings in the current quarter, compared with an adjusted loss of $22 million in the fourth quarter of 2023 and adjusted earnings of $2 million in the third quarter of 2024.

There were no notable items in the current quarter or the third quarter of 2024. The fourth quarter of 2023 included a $12 million unfavorable notable item related to legal matters.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect lower expenses and a higher tax benefit. On a sequential basis, adjusted earnings reflect a lower tax benefit, partially offset by lower expenses.

Net investment income was $1,373 million and adjusted net investment income* was $1,376 million in the current quarter.

Adjusted net investment income increased $150 million on a quarter-over-quarter basis and $82 million sequentially. The quarter-over-quarter and sequential increases were primarily driven by higher alternative investment income and asset growth.

The adjusted net investment income yield* was 4.51% during the quarter.

As of December 31, 2024:

•Statutory combined total adjusted capital ("TAC") of approximately $5.4 billion(1) and estimated combined RBC ratio of approximately 400%(1) reflect the $100 million capital contribution made to BLIC

•Holding company liquid assets of $1.1 billion; $1.0 billion pro forma for the capital contribution to BLIC made subsequent to December 31, 2024

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(1) Reflects preliminary statutory results as of December 31, 2024.

Brighthouse Financial will hold a conference call and audio webcast to discuss its financial results for the fourth quarter and full year 2024 at 8:00 a.m. Eastern Time on Wednesday, February 12, 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 http://investor.brighthousefinancial.com.

To listen to the audio webcast via the internet and to access the related presentation, please visit the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com. To join the conference call via telephone as a participant, please register in advance at https://register.vevent.com/register/BI95610f62e71f4d29ad6284211586c8cc.

A replay of the conference call will be made available until Friday, February 28, 2025, on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com.

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 brighthousefinancial.com.

(1) Ranked by 2023 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2024.

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 variable annuity exposure 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 variable annuity risk management strategies; the impact of interest rates on our future 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, 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; 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, 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, 2023, 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.

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.

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. The company uses the term “adjusted loss” throughout this news release to refer to negative adjusted earnings values.

•Net investment gains (losses); 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").

•Change in market risk benefits; and

•Change in fair value of the crediting rate on experience-rated contracts ("Market Value Adjustments").

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 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.

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.

Note: See the Appendix for non-GAAP financial information, definitions and reconciliations. Financial information, unless otherwise noted, is rounded to millions. Some financial information, therefore, may not sum to the corresponding total.

As used in this financial supplement, “Brighthouse Financial,” “Brighthouse,” the “Company,” “we,” “our” and “us” refer to Brighthouse Financial, Inc.