---
title: "Brighthouse Fin Pref Share BHFAP 6.6 03/25/24 | 8-K: FY2025 Q4 Revenue: USD 1.689 B"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/276646625.md"
datetime: "2026-02-23T21:28:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276646625.md)
  - [en](https://longbridge.com/en/news/276646625.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276646625.md)
generator: "portal-rs"
---

# Brighthouse Fin Pref Share BHFAP 6.6 03/25/24 | 8-K: FY2025 Q4 Revenue: USD 1.689 B

Revenue: As of FY2025 Q4, the actual value is USD 1.689 B.

EPS: As of FY2025 Q4, the actual value is USD 1.93.

#### Overall Financial Performance

-   **Net Income Available to Shareholders**:
    -   Fourth quarter 2025: $112 million
    -   Fourth quarter 2024: $646 million
    -   Full year 2025: $331 million
    -   Full year 2024: $286 million
-   **Net Income** (GAAP basis):
    -   Fourth quarter 2025: $138 million
    -   First quarter 2025: - $266 million
    -   Fourth quarter 2024: $672 million
    -   Full year 2025: $438 million
    -   Full year 2024: $393 million
-   **Adjusted Earnings**:
    -   Fourth quarter 2025: $214 million
    -   Fourth quarter 2024: $304 million
    -   Full year 2025: $1,617 million
    -   Full year 2024: $1,319 million
-   **Adjusted Earnings, less notable items**:
    -   Fourth quarter 2025: $227 million
    -   Fourth quarter 2024: $352 million
    -   Full year 2025: $931 million
    -   Full year 2024: $1,209 million

#### Total Revenues and Expenses

-   **Total Revenues** (GAAP basis):
    -   Fourth quarter 2025: $1,689 million
    -   First quarter 2025: $2,390 million
    -   Fourth quarter 2024: $1,205 million
    -   Full year 2025: $6,766 million
    -   Full year 2024: $4,724 million
-   **Total Expenses** (GAAP basis):
    -   Fourth quarter 2025: $1,539 million
    -   First quarter 2025: $2,744 million
    -   Fourth quarter 2024: $371 million
    -   Full year 2025: $6,292 million
    -   Full year 2024: $4,302 million

#### Net Investment Income

-   **Net Investment Income**:
    -   Fourth quarter 2025: $1,328 million
    -   Fourth quarter 2024: $1,373 million
-   **Adjusted Net Investment Income**:
    -   Fourth quarter 2025: $1,334 million
    -   Fourth quarter 2024: $1,376 million
-   **Adjusted Net Investment Income Yield**:
    -   Fourth quarter 2025: 4.44%
    -   Fourth quarter 2024: 4.51%

#### Corporate Expenses (Pre-Tax)

-   Fourth quarter 2025: $234 million, an increase from $210 million in fourth quarter 2024 .
-   Full year 2025: $880 million, compared with $820 million for full year 2024 .
-   These expenses include $15 million for Q4 2025 and $32 million for full year 2025 related to the pending acquisition of Brighthouse Financial, Inc. .

#### Segment Adjusted Earnings

-   **Annuities**:
    -   Q4 2025 Adjusted Earnings: $304 million
    -   Q4 2024 Adjusted Earnings: $279 million
    -   Full year 2025 Adjusted Earnings: $1,254 million
    -   Full year 2024 Adjusted Earnings: $1,251 million
    -   Q4 2025 Total Adjusted Revenues: $1,334 million
    -   Q4 2024 Total Adjusted Revenues: $1,350 million
    -   Full year 2025 Total Adjusted Revenues: $5,345 million
    -   Full year 2024 Total Adjusted Revenues: $5,282 million
-   **Life**:
    -   Q4 2025 Adjusted Earnings: $18 million
    -   Q4 2024 Adjusted Earnings: $52 million
    -   Full year 2025 Adjusted Earnings: $41 million
    -   Full year 2024 Adjusted Earnings: $33 million
    -   Q4 2025 Total Adjusted Revenues: $298 million
    -   Q4 2024 Total Adjusted Revenues: $318 million
    -   Full year 2025 Total Adjusted Revenues: $1,169 million
    -   Full year 2024 Total Adjusted Revenues: $1,135 million
-   **Run-off**:
    -   Q4 2025 Adjusted Loss: - $58 million
    -   Q4 2024 Adjusted Loss: - $27 million
    -   Full year 2025 Adjusted Earnings: $436 million
    -   Full year 2024 Adjusted Earnings: $65 million
    -   Q4 2025 Total Adjusted Revenues: $398 million
    -   Q4 2024 Total Adjusted Revenues: $433 million
    -   Full year 2025 Total Adjusted Revenues: $1,532 million
    -   Full year 2024 Total Adjusted Revenues: $1,595 million
-   **Corporate & Other**:
    -   Q4 2025 Adjusted Loss: - $50 million
    -   Q4 2024 Adjusted Earnings: $0 million
    -   Full year 2025 Adjusted Loss: - $114 million
    -   Full year 2024 Adjusted Loss: - $30 million
    -   Q4 2025 Total Adjusted Revenues: $144 million
    -   Q4 2024 Total Adjusted Revenues: $172 million
    -   Full year 2025 Total Adjusted Revenues: $609 million
    -   Full year 2024 Total Adjusted Revenues: $706 million

#### Sales

-   **Annuity Sales**:
    -   Full year 2025: $10.3 billion, an increase of 3% year-over-year .
    -   Fourth quarter 2025: $2,734 million .
    -   Fourth quarter 2024: $2,239 million .
    -   Shield Level Annuities sales increased 4% year-over-year .
    -   Total variable and Shield Level annuity sales for full year 2025: $8,715 million, an increase from $8,300 million in 2024 .
    -   Total fixed and income annuity sales for full year 2025: $1,619 million, a decrease from $1,748 million in 2024 .
-   **Life Sales**:
    -   Full year 2025: $143 million, an increase of 19% year-over-year .
    -   Fourth quarter 2025: $36 million .
    -   Fourth quarter 2024: $33 million .
    -   Total life sales for full year 2025: $143 million, an increase from $120 million in 2024 .

#### Capital and Liquidity

-   **Preliminary Combined Risk-Based Capital (RBC) Ratio**: 456% as of December 31, 2025, which is above the target range of 400% to 450% . The ratio was 402% at the end of 2024 .
-   **Holding Company Liquid Assets**: $0.9 billion as of December 31, 2025 .
-   **Statutory Combined Total Adjusted Capital**: $5.3 billion as of December 31, 2025 , decreased from $5,373 million at December 31, 2024 .
-   **Book Value (Common Stockholders’ Equity)**:
    -   As of December 31, 2025: $5.1 billion
    -   As of December 31, 2024: $3.26 billion
-   **Book Value, excluding Accumulated Other Comprehensive Income (AOCI)**:
    -   As of December 31, 2025: $8.8 billion
    -   As of December 31, 2024: $8.538 billion
-   **Common Stockholders’ Equity, excluding AOCI**: Increased to $8,798 million as of December 31, 2025, from $8,538 million at December 31, 2024 .
-   **Adjusted Return on Common Equity, excluding AOCI**: 19.0% for the four quarters ending December 31, 2025, compared to 16.2% for the same period in 2024 .
-   **Book Value per Common Share, excluding AOCI**: $153.89 as of December 31, 2025, an increase from $145.63 at December 31, 2024 .

#### Balance Sheet

-   **Total Assets**: $241,800 million as of December 31, 2025, compared to $238,537 million as of December 31, 2024 .
-   **Total Liabilities**: $234,967 million at December 31, 2025, compared to $233,513 million at December 31, 2024 .
-   **Total Equity**: $6,833 million as of December 31, 2025, an increase from $5,024 million at December 31, 2024 .

#### Account Values and In-Force Metrics

-   **Annuities Account Values**:
    -   Variable and Shield Level Annuities Account Value: $129,906 million at December 31, 2025, compared to $125,121 million at December 31, 2024 .
    -   Fixed Annuities Account Value: $17,820 million at December 31, 2025, down from $19,577 million at December 31, 2024 .
    -   Institutional Group Annuities Account Value: $569 million at December 31, 2025, up from $370 million at December 31, 2024 .
    -   Income Annuity insurance liabilities: $4,788 million at December 31, 2025, compared to $4,518 million at December 31, 2024 .
-   **Life Account Values and In-Force**:
    -   Universal and variable universal life account value (general account): $2,627 million at December 31, 2025, up from $2,590 million at December 31, 2024 .
    -   Variable universal life account value (separate account): $6,860 million at December 31, 2025, compared to $6,419 million at December 31, 2024 .
    -   Life Insurance in-force, net of reinsurance (Whole Life): $2,761 million at December 31, 2025, down from $2,932 million at December 31, 2024 .
    -   Life Insurance in-force, net of reinsurance (Term Life): $258,169 million at December 31, 2025, compared to $277,203 million at December 31, 2024 .
    -   Universal and Variable Universal Life in-force, net of reinsurance: $31,603 million at December 31, 2025, a decrease from $32,459 million at December 31, 2024 .
-   **Run-off Account Values and In-Force**:
    -   Universal Life with Secondary Guarantees Account Value: $4,461 million at December 31, 2025, compared to $4,779 million at December 31, 2024 .
    -   Life Insurance in-force, net of reinsurance (Universal Life with Secondary Guarantees): $32,190 million at December 31, 2025, down from $33,537 million at December 31, 2024 .
-   **Corporate & Other Account Balances**:
    -   Institutional spread margin business account balance: $9,477 million at December 31, 2025, down from $10,976 million at December 31, 2024 .

#### Cash Flow

-   No specific cash flow metrics (e.g., operating cash flow, free cash flow) were provided in the reference text.

#### Outlook / Guidance

Brighthouse Financial, Inc. entered into a definitive merger agreement with Aquarian Capital LLC on November 6, 2025, for an all-cash transaction valued at approximately $4.1 billion, or $70.00 per share . Stockholders adopted the merger agreement on February 12, 2026, and the transaction is expected to close in 2026, subject to customary closing conditions including regulatory approvals . The company’s corporate expenses in Q4 2025 and full year 2025 included costs incurred in connection with this pending acquisition . While a general disclaimer about forward-looking statements is present, no specific financial guidance or outlook beyond general market factors and operational risks is provided .

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**