•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, NC, May 8, 2025 — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2025.

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 http://investor.brighthousefinancial.com). 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.”

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.

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.

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.

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 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.

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.

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 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-conf.media-server.com/register/BI037295eefd1c4f5886dc75c173cc1412.

A replay of the conference call will be made available until Friday, May 23, 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 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.

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. 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.

•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").

•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").

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.