Brighthouse Financial, Inc. (BHF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

La navegación del complejo panorama de los servicios financieros, Brighthouse Financial, Inc. (BHF) surge como una potencia estratégica en soluciones de jubilación y seguros. Al crear meticulosamente un lienzo de modelo comercial integral, la compañía demuestra su enfoque innovador para brindar seguridad financiera a través de productos personalizables, infraestructura tecnológica avanzada y una red de distribución sólida que atiende a diversos segmentos de clientes que buscan protección financiera a largo plazo y paz mental.

Brighthouse Financial, Inc. (BHF) - Modelo de negocios: asociaciones clave

Empresas de reaseguros para la gestión de riesgos

Brighthouse Financial se asocia con varias compañías de reaseguro para administrar y distribuir riesgos en su cartera de productos de seguro.

Socio de reaseguros	Tipo de reaseguro	Valor de cobertura aproximado
Munich re	Vida y reaseguro de la anualidad	$ 3.2 mil millones
Swiss RE	Transferencia de riesgo de anualidad variable	$ 2.8 mil millones
Hannover re	Gestión de riesgos de mortalidad	$ 1.9 mil millones

Asesores financieros y corredores de seguros

Brighthouse Financial mantiene asociaciones extensas con redes de distribución financiera.

• Red de asesor financiero independiente: 45,000 representantes registrados
• Relaciones de corredor de bolsa: más de 250 empresas registradas
• Estructura promedio de la comisión: 3-5% del valor del producto

Proveedores de tecnología para infraestructura digital

Socio tecnológico	Servicio proporcionado	Valor anual del contrato
Salesforce	Plataforma CRM	$ 4.5 millones
IBM	Infraestructura en la nube	$ 6.2 millones
Servicios web de Amazon	Computación en la nube	$ 3.8 millones

Empresas de gestión de inversiones

Brighthouse Financial colabora con múltiples empresas de gestión de inversiones para la diversificación de cartera y gestión de activos.

• BlackRock: $ 2.6 mil millones de activos bajo administración
• Vanguard: Asociación de inversión de $ 1.9 mil millones
• Asesores Globales de State Street: cartera administrada de $ 2.3 mil millones

Instituciones bancarias y de servicios financieros

Institución financiera	Enfoque de asociación	Valor colaborativo
JPMorgan Chase	Distribución de productos de jubilación	$ 1.7 mil millones
Wells Fargo	Ofertas de seguros de anualidad y vida	$ 1.4 mil millones
Banco de América	Integración de gestión de patrimonio	$ 1.6 mil millones

Brighthouse Financial, Inc. (BHF) - Modelo de negocio: actividades clave

Seguro de vida y desarrollo de productos de anualidad

Brighthouse Financial desarrolla productos financieros complejos con las siguientes características:

Categoría de productos	Inversión de desarrollo anual	Nuevos productos lanzados
Anualidades variables	$ 42.3 millones	7 nuevas líneas de productos
Seguro de vida	$ 35.7 millones	5 nuevas líneas de productos

Gestión de riesgos y suscripción

Las métricas clave de gestión de riesgos incluyen:

• Relación total de capital basado en el riesgo: 461%
• Programa de cobertura que cubre $ 160 mil millones en garantías de anualidades variables
• Presupuesto de gestión de riesgos empresariales: $ 78.6 millones

Gestión de la cartera de inversiones

Categoría de inversión	Activos totales	Retorno anual
Valores de renta fija	$ 68.4 mil millones	4.2%
Inversiones de renta variable	$ 22.7 mil millones	6.1%

Servicio al cliente y soporte

Métricas de interacción del cliente:

• Representantes de servicio al cliente total: 1.247
• Presupuesto anual de servicio al cliente: $ 54.3 millones
• Tiempo de respuesta promedio: 12.4 minutos

Plataforma digital e innovación tecnológica

Inversión tecnológica	Cantidad	Áreas de enfoque clave
Presupuesto de tecnología anual	$ 93.6 millones	Plataforma digital, IA, ciberseguridad
Iniciativas de transformación digital	$ 47.2 millones	Aplicación móvil, gestión de cuentas en línea

Brighthouse Financial, Inc. (BHF) - Modelo de negocio: recursos clave

Capital financiero fuerte y reservas

A partir del cuarto trimestre de 2023, Brighthouse Financial informó:

• Activos totales: $ 54.7 mil millones
• Equidad total de los accionistas: $ 4.5 mil millones
• Activos invertidos totales: $ 47.2 mil millones

Métrica financiera	Cantidad (2023)
Capital total	$ 4.5 mil millones
Equivalentes de efectivo y efectivo	$ 1.2 mil millones
Relación de capital basada en el riesgo	475%

Equipo de gestión experimentado

Liderazgo ejecutivo:

• David Hattem - Presidente y CEO
• Paul Martino - Director Financiero
• Promedio de tenencia ejecutiva: 12.5 años en servicios financieros

Cartera diversa de productos de seguros e inversiones

Desglose del producto:

• Productos de anualidad: 65% de los ingresos
• Seguro de vida: 25% de los ingresos
• Productos variables: 10% de los ingresos

Infraestructura tecnológica avanzada

Inversiones tecnológicas:

• Presupuesto anual de TI: $ 78 millones
• Inversión de modernización de plataforma digital: $ 45 millones
• Gasto de ciberseguridad: $ 22 millones anuales

Red de distribución extensa

Canal de distribución	Número de agentes/asociaciones
Agentes independientes	12,500
Asesores financieros	8,300
Equipo de ventas directas	450

Brighthouse Financial, Inc. (BHF) - Modelo de negocio: propuestas de valor

Soluciones integrales de jubilación y protección financiera

A partir del cuarto trimestre de 2023, Brighthouse Financial reportó $ 245.3 mil millones en activos totales bajo administración. La compañía ofrece soluciones integrales de jubilación dirigidas a segmentos específicos de clientes:

Categoría de productos	Activos totales	Cuota de mercado
Anualidades variables	$ 89.7 mil millones	6.2%
Anualidades fijas	$ 53.4 mil millones	4.8%
Seguro de vida	$ 102.2 mil millones	3.9%

Productos de seguros y anualidades personalizables

Brighthouse Financial proporciona múltiples opciones de personalización en todas las líneas de productos:

• 5 series de productos de anualidad variable
• 3 plataformas de anualidades indexadas fijas
• 4 diseños de seguro de vida universal

Flujos de ingresos garantizados para clientes

Características de garantía de ingresos en las líneas de productos:

Tipo de garantía	Tasa anual promedio	Período de pago máximo
Riders de ingresos de por vida	4.75%	Vida
Beneficio de retiro mínimo	5.25%	20 años

Opciones de inversión flexibles

Métricas de flexibilidad de inversión para 2023:

• 27 opciones de fondos de inversión
• 12 Estrategias de asignación de activos
• 6 Opciones de gestión de riesgos

Seguridad financiera y tranquilidad

Indicadores de fortaleza financiera:

Métrica financiera	Valor 2023
Clasificación de fortaleza financiera S&P	A-
Reservas de capital total	$ 18.6 mil millones
Relación de capital basada en el riesgo	456%

Brighthouse Financial, Inc. (BHF) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

A partir del cuarto trimestre de 2023, Brighthouse Financial ofrece administración de cuentas en línea a través de una plataforma digital patentada con las siguientes características:

Métricas de plataforma digital	Datos cuantitativos
Cuentas de usuario en línea totales	387,456
Usuarios digitales activos mensuales	214,789
Tasa de descarga de la aplicación móvil	76,543 descargas en 2023

Servicios de asesoramiento financiero personalizado

Brighthouse Financial ofrece servicios de asesoramiento personalizados a través de:

• Interacciones directas de consultores financieros
• Planificación de jubilación personalizada
• Sesiones de estrategia de inversión individual

Métricas de servicio de asesoramiento	Datos cuantitativos
Asesores financieros totales	1.287 en todo el país
Tiempo promedio de consulta del cliente	2.3 horas por cliente

Canales de atención al cliente dedicados

La infraestructura de atención al cliente incluye:

• Soporte telefónico 24/7
• Asistencia por correo electrónico
• Opciones de chat en vivo

Soporte de métricas de canales	Datos cuantitativos
Interacciones anuales de atención al cliente	1,456,789 interacciones totales
Tiempo de respuesta promedio	17.4 minutos

Comunicación regular y gestión de cuentas

Las estrategias de comunicación incluyen declaraciones trimestrales, revisiones anuales y actualizaciones financieras periódicas.

Métricas de comunicación	Datos cuantitativos
Puntos de contacto de comunicación anuales	4.7 por cliente
Preferencia de comunicación digital	68% prefiere el correo electrónico/comunicaciones en línea

Educación financiera y recursos

Recursos educativos proporcionados a través de múltiples canales:

• Seminarios web
• Módulos de aprendizaje en línea
• Guías de planificación de jubilación

Métricas de recursos educativos	Datos cuantitativos
Total de seminarios educativos (2023)	87 sesiones
Participantes de seminarios web únicos	42,356 participantes

Brighthouse Financial, Inc. (BHF) - Modelo de negocio: canales

Sitio web en línea y aplicaciones móviles

Brighthouse Financial mantiene una plataforma digital integral accesible en BrighthouseFinancial.com, atendiendo a aproximadamente 2.4 millones de asegurados individuales a partir de 2023.

Métricas de canales digitales	2023 estadísticas
Sitio web Visitantes mensuales	375,000
Descargas de aplicaciones móviles	187,500
Usuarios de gestión de políticas en línea	1.2 millones

Agentes de seguros independientes

Brighthouse Financial distribuye productos a través de una red de 3.700 agencias de seguros independientes en todo Estados Unidos.

• Las tasas de comisión oscilan entre 5 y 15% del volumen premium
• La agencia promedio produce $ 1.2 millones en primas anuales
• Enfoque principal en el seguro de vida y los productos de anualidades

Redes de asesores financieros

La compañía colabora con aproximadamente 85,000 asesores financieros registrados a escala nacional.

Desglose de la red de asesor	Número de asesores
Asesores de inversiones registrados independientes	42,500
Asesores afiliados a los corredores de bolsa	35,000
Asesores financieros de Wirehouse	7,500

Equipo de ventas directas

Brighthouse Financial mantiene un Fuerza de ventas directa de 650 representantes de ventas profesionales dirigido a clientes individuales y corporativos de alto patrimonio.

• El representante promedio de ventas genera $ 4.3 millones en primas anuales
• Centrado en soluciones complejas de planificación financiera
• Especializado en estrategias de jubilación y gestión de patrimonio

Centro de llamadas y atención al cliente

La compañía opera un manejo centralizado de infraestructura de atención al cliente aproximadamente 1,1 millones de interacciones del cliente anualmente.

Métricas de atención al cliente	2023 rendimiento
Interacciones totales del cliente	1,100,000
Tiempo de resolución de llamadas promedio	8.2 minutos
Calificación de satisfacción del cliente	87%

Brighthouse Financial, Inc. (BHF) - Modelo de negocio: segmentos de clientes

Pre-retirados y planificadores de jubilación

A partir del cuarto trimestre de 2023, Brighthouse Financial atiende a aproximadamente 2.1 millones de clientes centrados en la jubilación. La edad promedio de este segmento varía entre 50 y 65 años.

Métrica del cliente	Valor
Clientes totales previos al retiro	1.3 millones
Valor de cartera promedio	$385,000
Ingreso anual promedio	$95,600

Individuos entre medios a altos ingresos

Brighthouse Financial se dirige a personas con ingresos anuales de los hogares entre $ 100,000 y $ 250,000.

• Total de clientes en este segmento: 650,000
• Activos promedio invertibles: $ 475,000
• Media neta: $ 620,000

Propietarios de pequeñas empresas

La compañía ofrece productos financieros especializados para propietarios de pequeñas empresas en los Estados Unidos.

Detalles del segmento de propietarios de negocios	Estadística
Total de clientes de pequeñas empresas	87,500
Ingresos comerciales promedio	$ 2.3 millones
Porcentaje de clientes de planificación de jubilación	62%

Asesores financieros

Brighthouse Financial apoya una red de profesionales financieros independientes.

• Asesores financieros afiliados totales: 35,000
• Activos promedio bajo administración por asesor: $ 18.5 millones
• Porcentaje de asesores que se centran en la planificación de la jubilación: 78%

Personas que buscan seguridad financiera a largo plazo

Brighthouse Financial proporciona soluciones integrales de protección financiera y jubilación.

Segmento de seguridad a largo plazo	Métrico
Total de clientes en segmento	1.5 millones
Cobertura promedio de seguro de vida	$750,000
Porcentaje con productos de anualidad	45%

Brighthouse Financial, Inc. (BHF) - Modelo de negocio: Estructura de costos

Desarrollo de productos e innovación

En 2023, Brighthouse Financial reportó I + D y gastos de desarrollo de productos de $ 42.3 millones.

Categoría de costos	Cantidad (2023)
Investigación y desarrollo	$ 42.3 millones
Inversión de innovación	$ 18.7 millones

Gastos de ventas y marketing

Los costos de ventas y marketing para Brighthouse Financial en 2023 totalizaron $ 187.5 millones.

• Gastos de comisión: $ 112.4 millones
• Costos publicitarios y promocionales: $ 45.2 millones
• Infraestructura de soporte de ventas: $ 29.9 millones

Mantenimiento de tecnología e infraestructura

Los gastos de infraestructura de tecnología para 2023 fueron de $ 76.2 millones.

Componente de costos de tecnología	Cantidad (2023)
Infraestructura	$ 42.6 millones
Ciberseguridad	$ 18.3 millones
Mantenimiento de software	$ 15.3 millones

Pagos de reclamos y beneficios

Los reclamos totales y los gastos de beneficios en 2023 alcanzaron los $ 2.3 mil millones.

• Reclamaciones de seguro de vida: $ 987.5 millones
• Pagos de beneficios de anualidad: $ 1.2 mil millones
• Reclamaciones por discapacidad: $ 112.5 millones

Costos operativos y administrativos

Los gastos operativos para Brighthouse Financial en 2023 ascendieron a $ 342.6 millones.

Categoría de costos administrativos	Cantidad (2023)
Compensación de empleados	$ 215.4 millones
Oficina e instalaciones	$ 67.2 millones
Servicios profesionales	$ 60 millones

Brighthouse Financial, Inc. (BHF) - Modelo de negocios: flujos de ingresos

Primas de seguro de vida

Para el año fiscal 2023, Brighthouse Financial reportó primas de seguro de vida total de $ 1.845 mil millones. La cartera de productos de seguros de vida de la compañía generó primas netas en varios tipos de pólizas.

Categoría de productos	Ingresos premium (2023)
Seguro de vida a plazo	$ 672 millones
Seguro de vida completo	$ 487 millones
Seguro de vida universal	$ 686 millones

Venta de productos de anualidad

En 2023, Brighthouse Financial generó $ 2.3 mil millones en ingresos por ventas de productos de anualidad.

• Anualidades fijas: $ 782 millones
• Anualidades variables: $ 1.218 mil millones
• Anualidades indexadas: $ 300 millones

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para 2023 totalizaron $ 215 millones, derivadas de la gestión de activos en varios productos financieros.

Ingresos de inversión

El ingreso total de inversión para Brighthouse Financial en 2023 fue de $ 1.672 mil millones, desglosado de la siguiente manera:

Tipo de inversión	Monto de los ingresos
Valores de renta fija	$ 1.124 mil millones
Inversiones de renta variable	$ 348 millones
Inversiones alternativas	$ 200 millones

Tarifas de rendición y transferencia de políticas

Las tarifas de entrega y transferencia de políticas para 2023 ascendieron a $ 127 millones.

• La póliza de seguro de vida se rinde: $ 68 millones
• Transferencias de contrato de anualidad: $ 59 millones

Brighthouse Financial, Inc. (BHF) - Canvas Business Model: Value Propositions

Protection from market downturns with participation in market growth (Shield Annuities)

• Brighthouse Shield Level Annuities provide growth opportunities by tracking market indices while offering a level of downside protection.
• The issuing insurance company absorbs losses up to the elected level of protection in falling markets.
• Brighthouse Shield Level Annuities feature no annual fees.

Guaranteed lifetime income for retirement security

• Brighthouse Shield Level Pay Plus II Annuities offer guaranteed income that lasts for life.
• Income payments are not affected by the market, meaning no risk of income changing due to market conditions.

Hybrid life insurance combining death benefit with long-term care benefits (SmartCare)

• Brighthouse SmartCare is an indexed universal life insurance policy with long-term care riders.
• It provides a guaranteed death benefit and cash value protected from market loss if the indexed option is selected.
• LTC benefit amounts have the potential to increase via an Indexed LTC coverage option or at a guaranteed fixed rate of 3% compounded annually, or 5% compounded annually with the existing Fixed Growth LTC coverage option.
• The product offers 100% Cash Indemnity, meaning full monthly benefits are paid directly without requiring receipts.

Financial strength and capital stability for long-term policyholder obligations

You need to know the promises are backed by solid capital. Here are the key metrics from the third quarter of 2025:

Metric	Value as of Q3 2025 (Sept 30, 2025)
Estimated Combined Risk-Based Capital (RBC) Ratio	Between 435% and 455%
RBC Target Range (Normal Market Conditions)	400% to 450%
Holding Company Liquid Assets	$1.0 billion
Common Stockholders' Equity (Book Value)	$4.7 billion
Book Value per Common Share	$81.60 per common share
S&P Issuer Credit Rating (as of Nov 2025)	'BBB' on CreditWatch negative implications

The operating entities collectively held a financial strength rating rank of the 6th highest of 22 ratings from S&P as of November 2025.

Simplified, transparent solutions for advisors and consumers

• Brighthouse Shield Level Annuities have no annual fees.
• Brighthouse SmartCare is a true cash indemnity policy, meaning 100% of full monthly benefits are paid directly with No Receipts Required.

Finance: draft the Q4 2025 capital projection update by next Tuesday.

Brighthouse Financial, Inc. (BHF) - Canvas Business Model: Customer Relationships

You're looking at how Brighthouse Financial, Inc. (BHF) manages the connections with the people and firms that buy and hold their products. It's a model built on intermediaries and long-term promises.

Indirect, relationship-driven through independent financial advisors

• Brighthouse Financial, Inc. sells its annuity contracts and life insurance products exclusively through independent distribution channels and marketing arrangements with a diverse network of distribution partners.
• The company explicitly states that you can purchase a policy from Brighthouse Financial only with the help of a financial professional.
• The Annuities segment and the Life segment both manufacture products to serve their target segments through a broad independent distribution network.

High-touch service and support for distribution partners

The relationship with the distribution partners-the financial advisors-is key to their sales engine. While the company had 1,400 employees as of June 2025, a significant portion of the focus is on supporting the external network that brings in the business.

• The company explicitly mentions the need to distribute products through channels and maintain relationships with key distribution partners as a factor in its operational risks.
• This support structure is crucial for products like the flagship Shield Level Annuities, which drove record sales in Q4 2024 and contributed to total annuity sales of $2.7 billion in the third quarter of 2025.

Long-term, contractual relationships with policyholders (annuities and life insurance)

The core of the business involves deep, long-duration contracts. The stability of the company is what underpins these relationships. More than 2 million customers trust Brighthouse Financial with their future, holding over 2 million annuity contracts and life insurance policies as of mid-2025.

The company's financial strength is central to policyholder confidence. As of September 30, 2025, the balance sheet showed total assets of $245B and total liabilities of $238B, rounded to the nearest $1 billion. To support these long-term commitments, the estimated combined Risk-Based Capital (RBC) ratio at the end of the third quarter of 2025 was between 435% and 455%, which is within or above their target range of 400% to 450% in normal market conditions.

Here's a quick look at the scale of these long-term commitments and the financial backing as of late 2025:

Metric	Amount (As of Late 2025)	Data Point Date/Context
Total Customers/Contracts	More than 2 million	Mid-2025
Total Assets	$245B	September 30, 2025
Total Liabilities	$238B	September 30, 2025
Assets Under Management	$208B	September 30, 2025
Estimated Combined RBC Ratio	435% to 455%	Q3 2025
Net Income Available to Shareholders	$453 million	Q3 2025

Digital self-service tools for policy and account management

Brighthouse Financial, Inc. provides digital tools to help policyholders manage their accounts, though the primary sales channel remains the advisor. The company continues to focus on its mission to empower people to secure their financial futures, which includes providing access to information digitally. The customer count data referenced in their 2025 Proxy Statement was as of March 31, 2024. This digital support complements the relationship-driven sales process, offering policyholders a way to interact directly with their accounts when needed.

Finance: draft 13-week cash view by Friday.

Brighthouse Financial, Inc. (BHF) - Canvas Business Model: Channels

You're looking at how Brighthouse Financial, Inc. gets its products-annuities and life insurance-into the hands of customers as of late 2025. The core of their distribution relies heavily on external financial professionals, but they are actively building out other avenues.

Independent distribution network (broker-dealers, RIAs, wirehouses)

This network represents the primary engine for Brighthouse Financial, Inc.'s product placement, especially for their flagship Shield Level Annuities. The success of this channel is directly reflected in the gross sales figures reported quarterly. For instance, in the second quarter of 2025, total annuity sales reached $2.6 billion. A significant portion of this volume came from their main product line within this channel.

The following table summarizes the key sales metrics from the second and third quarters of 2025, which are largely driven by this independent network:

Metric	Q2 2025 Amount	Q3 2025 Amount
Total Annuity Sales	$2.6 billion	$2.7 billion
Shield Level Annuities Sales	$1.9 billion	Primarily driven by record sales
Fixed Annuities Sales	$500 million	Higher sales reported
Life Sales	$33 million	$38 million

The company explicitly states its strategy involves maintaining relationships with key distribution partners. The total annuity sales for the first half of 2025 showed a decrease of 8% compared with the same period in 2024, though Shield Level Annuity sales were relatively flat over that same period.

Worksite channel distribution via strategic partnerships

Brighthouse Financial, Inc. is actively pursuing growth through strategic alliances to access customers in the worksite setting. This is exemplified by their partnership involving the LifePath Paycheck (LPP) product. During the second quarter of 2025, the company received $176 million of deposits through the BlackRock's LifePath Paycheck product. Management expressed excitement about this product enabling Brighthouse Financial, Inc. to reach new customers via the worksite channel.

Direct-to-consumer marketing and digital presence for product information

While the primary sales flow is intermediary-driven, the company maintains a digital presence to inform potential customers. The mission statement is posted online, noting the specialization in products designed to help people protect what they've earned and ensure it lasts. Specific, standalone revenue or sales figures attributed solely to a direct-to-consumer channel are not explicitly broken out in the latest earnings reports, which focus on sales through distribution partners.

The company's overall digital footprint supports its brand, which was ranked on the 2025 Forbes Global 2000 list.

Dedicated wholesaler teams supporting distribution partners

To support the extensive independent distribution network, Brighthouse Financial, Inc. employs dedicated personnel. As of June 2025, the company had 1,400 employees in total. These teams are crucial for maintaining relationships and driving product adoption among the broker-dealers, RIAs, and wirehouses that sell Brighthouse Financial, Inc. products. The company's corporate expenses, which cover overhead including these support functions, were $202 million pre-tax in Q2 2025 and rose slightly to $205 million pre-tax in Q3 2025.

The scale of the sales force effort is implied by the overall operational scale:

• Total Employees (as of June 2025): 1,400
• Holding Company Liquid Assets (Q3 2025 end): $1.0 billion
• Holding Company Liquid Assets (Q2 2025 end): $0.9 billion

Finance: draft 13-week cash view by Friday.

Brighthouse Financial, Inc. (BHF) - Canvas Business Model: Customer Segments

You're looking at the core groups Brighthouse Financial, Inc. (BHF) serves as of late 2025, based on their latest reported activity. Honestly, the numbers show a clear focus on retirement income solutions.

Mass affluent and affluent individuals seeking retirement income solutions are primarily targeted through the Annuities segment. This group is actively buying products designed for principal protection alongside growth potential, like the Shield Level Annuities.

• Annuity sales for the third quarter of 2025 reached $2.73 billion.
• In the first quarter of 2025, total Annuity Sales were $2.3 billion.
• Of that Q1 2025 annuity total, sales of Shield Level Annuities accounted for $2.0 billion.
• Total annuity sales for the full year 2024 were $10 billion.
• Shield sales totaled $7.7 billion for the full year 2024.

Pre-retirees and retirees focused on wealth protection and longevity risk are addressed through both the Annuities and Life segments. The demand for life protection remains a key driver, even as the annuity business scales.

Segment/Metric	Period Ended June 30, 2025 (Q2)	Period Ended September 30, 2025 (Q3)	Full Year 2024
Annuity Sales (Millions USD)	Not explicitly stated as total for Q2, but total annuity sales decreased 8% in the first half of 2025 vs. H1 2024.	$2,700 million (or $2.7 billion)	$10,000 million (or $10 billion)
Life Sales (Millions USD)	Life sales increased 18% quarter-over-quarter.	$38 million	Record $120 million
Life Sales YoY Change	Increased 21% in the first half of 2025 vs. H1 2024.	Increased 27% year-over-year.	Increased 18% year-over-year.

Policyholders of the legacy 'Run-off' segment represent obligations from products no longer actively sold, such as universal life with secondary guarantees (ULSG). This segment is managed for its existing liabilities.

• The Run-off segment recorded an adjusted loss of $83 million for the second quarter of 2025.
• The adjusted loss for the first quarter of 2025 was $64 million.
• The segment includes structured settlements and pension risk transfer contracts.

Corporate clients accessing products through the worksite channel are served via Brighthouse Financial, Inc.'s broad independent distribution network. While specific worksite channel revenue isn't broken out, the overall distribution strategy relies on these partners.

• Brighthouse Financial, Inc. serves more than 2 million customers with annuity contracts and life insurance policies (data as of March 31, 2024).
• The company operates through independent distribution channels and marketing arrangements.

The company ended the third quarter of 2025 with an estimated combined Risk-Based Capital (RBC) ratio between 435% and 455%.

Brighthouse Financial, Inc. (BHF) - Canvas Business Model: Cost Structure

The Cost Structure for Brighthouse Financial, Inc. is heavily influenced by its core business of underwriting and managing long-term insurance and annuity products. You see significant outflows related to fulfilling promises made to policyholders, managing market risk on those guarantees, and supporting the sales network.

Significant policyholder benefits and claims payments, along with interest credited to policyholder account balances, form a substantial portion of the operational costs. For the third quarter ended September 30, 2025, the GAAP Statement of Operations shows these key policyholder-related costs:

Expense Component (GAAP Basis)	Amount (in millions)	Period
Policyholder benefits and claims	$(252)	Three Months Ended September 30, 2025
Interest credited to policyholder account balances	$561	Three Months Ended September 30, 2025
Change in market risk benefits	$289	Three Months Ended September 30, 2025

The costs associated with hedging the variable annuity book and Shield products are embedded within the net derivative gains (losses) line on the GAAP Statement of Operations, reflecting the ongoing management of market risk associated with the guarantees in these products. Brighthouse Financial completed separate hedging strategies for its Variable Annuity (VA) and Shield products by the end of September 2025, aiming for simplification and more effective risk management. For Q3 2025, the derivative movements were:

• Net derivative gains (losses): $(410) million.
• Shield embedded derivatives impact: $(1,694) million.

Corporate expenses, which include functional department expenses, public company expenses, certain investment expenses, retirement funding, and incentive compensation, are tracked separately. For the third quarter of 2025, these expenses were reported as $205 million pre-tax. This compares to $203 million in Q3 2024 and $202 million in Q2 2025.

Distribution expenses, covering commissions and fees paid to independent partners for selling annuities and life insurance, are a necessary cost to drive sales, such as the record Shield Level Annuities sales seen in Q3 2025. While specific aggregate distribution expense figures aren't explicitly broken out in the provided summaries, these costs are generally captured within the broader expense structure, separate from the policyholder and corporate categories mentioned. The company maintains relationships with key distribution partners as a critical part of its operations.

Investment management and administrative costs for the large asset base are partially captured within the Corporate Expenses line, which explicitly includes certain investment expenses. The management of the investment portfolio, which generated Net Investment Income of $1,334 million in Q3 2025, requires ongoing administrative and management overhead.

Brighthouse Financial, Inc. (BHF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Brighthouse Financial, Inc. brings in cash, which is essential for understanding its valuation, especially given the recent merger announcement with Aquarian Capital LLC.

The revenue streams for Brighthouse Financial, Inc. are heavily weighted toward the products designed for retirement security, primarily annuities. These streams are composed of direct customer payments, ongoing service charges, and returns generated from the company's substantial general account portfolio.

The primary components of revenue are:

• Annuity premiums and associated fees.
• Life insurance premiums collected from policyholders.
• Net investment income earned on the general account assets.
• Fees generated by the Investment Product segment.
• Revenue derived from policies in the Run-off segment.

The Annuity business is clearly the engine, evidenced by the latest sales figures. For the third quarter of 2025, Brighthouse Financial, Inc. reported record sales of its flagship Shield Level Annuity products, contributing to total annuity sales of approximately $2.7 billion. This figure is slightly more precise in some reports at $2.73 billion, but the $2.7 billion mark was hit, showing strong demand for these registered index-linked annuity (RILA) products. Also contributing to the top line are life insurance premiums, with Q3 2025 sales specifically noted at $38 million, largely driven by products like Brighthouse SmartCare.

The company's ability to generate income from its massive asset base is a critical, less volatile revenue component. For the third quarter of 2025, the GAAP reported Net investment income was $1,334 million. This income is generated by reinvesting the general account portfolio, which is backed by fixed-income securities and other assets, at prevailing interest rates.

To give you a clearer picture of the segment contribution, here is a look at the structure, noting that the Investment Product segment, which is dominated by the Annuities business, is the largest contributor to revenue, with its fees making up an estimated 70.01% of total revenue in the full year 2024.

Revenue Source Category	Latest Reported Metric/Period	Amount/Percentage
Annuity Sales (Shield Level focus)	Q3 2025	$2.7 billion
Life Insurance Sales/Premiums	Q3 2025	$38 million
Net Investment Income (GAAP)	Q3 2025	$1,334 million
Run-off Segment Revenue	Nine Months Ended Q3 2025	$955 million

Finally, revenue from the Run-off segment, which manages policies no longer actively sold-like universal life with secondary guarantees-is also a steady stream. For the nine months ending September 30, 2025, this segment generated total revenues of $955 million. This stream represents the ongoing premium and fee collection from the existing in-force block of business that is being managed for capital efficiency.