--- title: "Brighthouse Fin Pref Share BHFAP 6.6 03/25/24 | 8-K: FY2026 Q1 Revenue: USD 1.527 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285435763.md" datetime: "2026-05-06T20:43:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285435763.md) - [en](https://longbridge.com/en/news/285435763.md) - [zh-HK](https://longbridge.com/zh-HK/news/285435763.md) generator: "portal-rs" --- # Brighthouse Fin Pref Share BHFAP 6.6 03/25/24 | 8-K: FY2026 Q1 Revenue: USD 1.527 B Revenue: As of FY2026 Q1, the actual value is USD 1.527 B. EPS: As of FY2026 Q1, the actual value is USD -13.82. EBIT: As of FY2026 Q1, the actual value is USD -948 M. ### Overall Financial Performance Brighthouse Financial, Inc. reported a net loss of - $792 million, or - $13.82 per diluted share, for the first quarter of 2026, compared to a net loss of - $294 million, or - $5.04 per diluted share, in the first quarter of 2025. Adjusted earnings for the first quarter of 2026 were $239 million, or $4.15 per diluted share, an increase from $235 million, or $4.01 per diluted share, in the first quarter of 2025. Adjusted earnings, less notable items, were $251 million, or $4.35 per diluted share, for the first quarter of 2026, compared to $245 million, or $4.17 per diluted share, in the first quarter of 2025, reflecting a $12 million unfavorable notable item related to actuarial refinements in Q1 2026. Common stockholders’ equity (book value) was $3.9 billion, or $67.27 per common share, at the end of the first quarter of 2026, up from $3.54 billion, or $61.17 per common share, at the end of the first quarter of 2025. Book value, excluding accumulated other comprehensive income (“AOCI”), was $8.0 billion, or $139.63 per common share, at the end of the first quarter of 2026, compared to $8.21 billion, or $141.87 per common share, at the end of the first quarter of 2025. Corporate expenses were $227 million in the first quarter of 2026, down from $239 million in the first quarter of 2025 and $234 million in the fourth quarter of 2025, on a pre-tax basis. Excluding transaction-related costs, corporate expenses decreased $7 million quarter-over-quarter and increased $8 million sequentially. Total revenues were $1,527 million for Q1 2026, compared to $1,689 million for Q4 2025 and $2,390 million for Q1 2025. Total expenses were $2,513 million for Q1 2026, compared to $1,539 million for Q4 2025 and $2,744 million for Q1 2025. ### Sales Performance Annuity sales totaled $2.2 billion in the first quarter of 2026, primarily driven by $1.9 billion in sales of Shield Level Annuities, representing a 4% decrease quarter-over-quarter and a 20% decrease sequentially. Annuity sales were $2,178 million in Q1 2026, $2,734 million in Q4 2025, and $2,259 million in Q1 2025. Fixed index annuity sales were $87 million for Q1 2026, $142 million for Q4 2025, and $26 million for Q1 2025. Life sales were $32 million in the first quarter of 2026, primarily driven by sales of Brighthouse SmartCare, marking an 11% decrease both quarter-over-quarter and sequentially. Life sales were $32 million in Q1 2026, $36 million in Q4 2025, and $36 million in Q1 2025. ### Segment Performance (Adjusted Earnings (Loss)) **Annuities:** Adjusted earnings were $324 million in Q1 2026, compared with $314 million in Q1 2025 and $304 million in Q4 2025. Quarter-over-quarter, adjusted earnings, less notable items, reflected lower fees and higher amortization of deferred acquisition costs, primarily offset by higher net investment income. Sequentially, adjusted earnings, less notable items, primarily reflected higher fees. **Life:** The Life segment had an adjusted loss of - $6 million in Q1 2026, compared with adjusted earnings of $9 million in Q1 2025 and $18 million in Q4 2025. The current quarter included a $5 million favorable notable item related to actuarial refinements. **Run-off:** The Run-off segment had an adjusted loss of - $48 million in Q1 2026, compared with an adjusted loss of - $64 million in Q1 2025 and an adjusted loss of - $58 million in Q4 2025. The current quarter included a $17 million unfavorable notable item related to actuarial refinements. **Corporate & Other:** The Corporate & Other segment had an adjusted loss of - $31 million in Q1 2026, compared with an adjusted loss of - $24 million in Q1 2025 and an adjusted loss of - $50 million in Q4 2025. ### Net Investment Income Net investment income was $1,258 million in Q1 2026, compared to $1,328 million in Q4 2025 and $1,297 million in Q1 2025. Adjusted net investment income was $1,268 million in Q1 2026, compared to $1,334 million in Q4 2025 and $1,291 million in Q1 2025. It decreased by $23 million quarter-over-quarter, primarily due to a reduction in the institutional spread margin business, and by $66 million sequentially, driven by lower alternative investment income. The adjusted net investment income yield was 4.24% during the first quarter of 2026. ### Capital and Liquidity Statutory combined total adjusted capital was $5.0 billion as of March 31, 2026, a decline from $5.3 billion as of December 31, 2025, and $5.5 billion as of March 31, 2025, mainly driven by non-trendable items. The estimated combined risk-based capital (“RBC”) ratio was between 430% and 450% as of March 31, 2026, which is at the upper-end of the target range of 400% to 450% in normal market conditions. Holding company liquid assets were $0.9 billion as of March 31, 2026. ### Outlook/Guidance The merger agreement with Aquarian Capital LLC is expected to close in 2026. This transaction is subject to customary closing conditions, including receipt of insurance regulatory approvals. ### Related Stocks - [BHFAP.US](https://longbridge.com/en/quote/BHFAP.US.md) ## Related News & Research - [Brighthouse Financial declares Series A depositary share quarterly distribution of $0.41](https://longbridge.com/en/news/296104311.md) - [WhiteFiber amends 8-K to file real estate purchase and sale agreement as exhibit](https://longbridge.com/en/news/297088090.md) - [Western Digital amends 8-K to disclose 4,653,572 shares issued in $191 million note exchange](https://longbridge.com/en/news/297228224.md) - [Synopsys lifts estimated pre-tax restructuring charges to $425 million-$500 million in 8-K amendment](https://longbridge.com/en/news/297088345.md) - [Northann amends 8-K to file former auditor LAO Professionals’ letter on resignation](https://longbridge.com/en/news/296825824.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**