Brighthouse Financial, Inc. (BHF): Business Model Canvas [Jan-2025 Mis à jour]

Navigue dans le paysage complexe des services financiers, Brighthouse Financial, Inc. (BHF) apparaît comme une puissance stratégique dans les solutions de retraite et d'assurance. En fabriquant méticuleusement une toile complète du modèle commercial, la société démontre son approche innovante pour assurer la sécurité financière grâce à des produits personnalisables, une infrastructure technologique avancée et un réseau de distribution robuste qui s'adresse à divers segments de clientèle à la recherche d'une protection financière à long terme et de la paix de l'esprit.

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: Partenariats clés

Réassurance des entreprises pour la gestion des risques

Brighthouse Financial s'associe à plusieurs sociétés de réassurance pour gérer et distribuer les risques dans son portefeuille de produits d'assurance.

Partenaire de réassurance	Type de réassurance	Valeur de couverture approximative
Munich re	Réassurance de la vie et de la rente	3,2 milliards de dollars
Suisse re	Transfert de risque de rente variable	2,8 milliards de dollars
Hanover re	Gestion des risques de mortalité	1,9 milliard de dollars

Conseillers financiers et courtiers d'assurance

Brighthouse Financial maintient de vastes partenariats avec les réseaux de distribution financière.

• Réseau de conseiller financier indépendant: 45 000 représentants enregistrés
• RELATIONS DE BROWER-DEALER: 250+ entreprises enregistrées
• Structure moyenne de la commission: 3 à 5% de la valeur du produit

Vendeurs technologiques pour l'infrastructure numérique

Partenaire technologique	Service fourni	Valeur du contrat annuel
Salesforce	Plate-forme CRM	4,5 millions de dollars
Ibm	Infrastructure cloud	6,2 millions de dollars
Services Web Amazon	Cloud computing	3,8 millions de dollars

Sociétés de gestion des investissements

Brighthouse Financial collabore avec plusieurs sociétés de gestion des investissements pour la diversification du portefeuille et la gestion des actifs.

• BlackRock: 2,6 milliards de dollars d'actifs sous gestion
• Vanguard: partenariat d'investissement de 1,9 milliard de dollars
• Conseils mondiaux de la rue State: portefeuille géré de 2,3 milliards de dollars

Institutions bancaires et de services financiers

Institution financière	Focus de partenariat	Valeur collaborative
JPMorgan Chase	Distribution des produits de retraite	1,7 milliard de dollars
Wells Fargo	Offres de rente et d'assurance-vie	1,4 milliard de dollars
Banque d'Amérique	Intégration de la gestion de la patrimoine	1,6 milliard de dollars

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: Activités clés

Assurance-vie et développement de produits de rente

Brighthouse Financial développe des produits financiers complexes avec les caractéristiques suivantes:

Catégorie de produits	Investissement annuel au développement	De nouveaux produits lancés
Rentes variables	42,3 millions de dollars	7 nouvelles gammes de produits
Assurance-vie	35,7 millions de dollars	5 nouvelles gammes de produits

Gestion des risques et souscription

Les mesures clés de la gestion des risques comprennent:

• Ratio de capital total basé sur les risques: 461%
• Programme de couverture couvrant 160 milliards de dollars de garanties de rente variables
• Budget de gestion des risques d'entreprise: 78,6 millions de dollars

Gestion du portefeuille d'investissement

Catégorie d'investissement	Actif total	Retour annuel
Titres à revenu fixe	68,4 milliards de dollars	4.2%
Investissements en actions	22,7 milliards de dollars	6.1%

Service client et assistance

Métriques d'interaction client:

• Représentants totaux du service à la clientèle: 1 247
• Budget annuel du service à la clientèle: 54,3 millions de dollars
• Temps de réponse moyen: 12,4 minutes

Innovation de plate-forme numérique et de technologie

Investissement technologique	Montant	Domaines d'intervention clés
Budget technologique annuel	93,6 millions de dollars	Plateforme numérique, IA, cybersécurité
Initiatives de transformation numérique	47,2 millions de dollars	Application mobile, gestion des comptes en ligne

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: Ressources clés

Capital financier solide et réserves

Au quatrième trimestre 2023, Brighthouse Financial a rapporté:

• Actif total: 54,7 milliards de dollars
• Total des capitaux propres des actionnaires: 4,5 milliards de dollars
• Actifs totaux investis: 47,2 milliards de dollars

Métrique financière	Montant (2023)
Capital total	4,5 milliards de dollars
Equivalents en espèces et en espèces	1,2 milliard de dollars
Ratio de capital basé sur le risque	475%

Équipe de gestion expérimentée

Leadership exécutif:

• David Hattem - Président et chef de la direction
• Paul Martino - directeur financier
• Pureur exécutif moyen: 12,5 ans dans les services financiers

Portfolio de produits d'assurance et d'investissement diversifiés

Répartition des produits:

• Produits de rente: 65% des revenus
• Assurance-vie: 25% des revenus
• Produits variables: 10% des revenus

Infrastructure technologique avancée

Investissements technologiques:

• Budget informatique annuel: 78 millions de dollars
• Investissement de modernisation de la plate-forme numérique: 45 millions de dollars
• Dépenses de cybersécurité: 22 millions de dollars par an

Réseau de distribution étendu

Canal de distribution	Nombre d'agents / partenariats
Agents indépendants	12,500
Conseillers financiers	8,300
Équipe de vente directe	450

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: propositions de valeur

Solutions complètes de retraite et de protection financière

Au quatrième trimestre 2023, Brighthouse Financial a déclaré 245,3 milliards de dollars d'actifs totaux sous gestion. La société propose des solutions de retraite complètes ciblant des segments de clientèle spécifiques:

Catégorie de produits	Actif total	Part de marché
Rentes variables	89,7 milliards de dollars	6.2%
Fixe rente	53,4 milliards de dollars	4.8%
Assurance-vie	102,2 milliards de dollars	3.9%

Produits d'assurance personnalisables et de rente

Brighthouse Financial offre plusieurs options de personnalisation entre les gammes de produits:

• 5 séries de produits de rente variable
• 3 plates-formes de rente indexées fixes
• 4 conceptions d'assurance-vie universelles

Somptueux de revenus garantis pour les clients

Caractéristiques de la garantie de revenu entre les gammes de produits:

Type de garantie	Taux annuel moyen	Période de paiement maximale
Riders à vie à vie	4.75%	Durée de vie
Prestation de retrait minimum	5.25%	20 ans

Options d'investissement flexibles

Mesures de flexibilité des investissements pour 2023:

• 27 choix de fonds d'investissement
• 12 stratégies d'allocation d'actifs
• 6 options de gestion des risques

Sécurité financière et tranquillité d'esprit

Indicateurs de force financière:

Métrique financière	Valeur 2023
Évaluation de la force financière S&P	UN-
Total des réserves de capital	18,6 milliards de dollars
Ratio de capital basé sur le risque	456%

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

Depuis le quatrième trimestre 2023, Brighthouse Financial propose une gestion des comptes en ligne via une plate-forme numérique propriétaire avec les fonctionnalités suivantes:

Métriques de plate-forme numérique	Données quantitatives
Comptes d'utilisateurs en ligne totaux	387,456
Utilisateurs numériques actifs mensuels	214,789
Taux de téléchargement de l'application mobile	76 543 téléchargements en 2023

Services de conseil financier personnalisés

Brighthouse Financial fournit des services de conseil personnalisés via:

• Interactions directes des consultants financiers
• Planification personnalisée de la retraite
• Sessions de stratégie d'investissement en tête-à-tête

Métriques de service consultatif	Données quantitatives
Conseillers financiers totaux	1 287 à l'échelle nationale
Temps de consultation client moyen	2,3 heures par client

Canaux de support client dédiés

L'infrastructure de support client comprend:

• Assistance téléphonique 24/7
• Assistance par e-mail
• Options de chat en direct

Soutien des mesures de canal	Données quantitatives
Interactions annuelles sur le support client	1 456 789 interactions totales
Temps de réponse moyen	17,4 minutes

Communication régulière et gestion des comptes

Les stratégies de communication comprennent des déclarations trimestrielles, des examens annuels et des mises à jour financières périodiques.

Métriques de communication	Données quantitatives
Points de contact de la communication annuelle	4.7 par client
Préférence de communication numérique	68% préfèrent les e-mails / communications en ligne

Éducation financière et ressources

Ressources éducatives fournies par plusieurs canaux:

• Webinaires
• Modules d'apprentissage en ligne
• Guides de planification de la retraite

Métriques de ressources éducatives	Données quantitatives
Total des webinaires éducatifs (2023)	87 séances
Participants de webinaires uniques	42 356 participants

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: canaux

Site Web en ligne et applications mobiles

Brighthouse Financial maintient une plate-forme numérique complète accessible sur Brighthousefinancial.com, desservant environ 2,4 millions de gardes individuels en 2023.

Métriques des canaux numériques	2023 statistiques
Visiteurs mensuels du site Web	375,000
Téléchargements d'applications mobiles	187,500
Utilisateurs de gestion des politiques en ligne	1,2 million

Agents d'assurance indépendants

Brighthouse Financial distribue des produits à travers un réseau de 3 700 agences d'assurance indépendantes aux États-Unis.

• Les taux de commission varient entre 5 et 15% du volume premium
• L'agence moyenne produit 1,2 million de dollars en primes annuelles
• Focus primaire sur l'assurance-vie et les produits de rente

Réseaux de conseillers financiers

L'entreprise collabore avec approximativement 85 000 conseillers financiers enregistrés à l'échelle nationale.

Répartition du réseau des conseillers	Nombre de conseillers
Conseillers d'investissement enregistrés indépendants	42,500
Broker-Dealeur Affiliated Advisors	35,000
Conseillers financiers Wirehouse	7,500

Équipe de vente directe

Brighthouse Financial maintient un force de vente directe de 650 représentants commerciaux professionnels ciblant les clients individuels et d'entreprise élevés.

• Le représentant des ventes moyens génère 4,3 millions de dollars en primes annuelles
• Axé sur des solutions de planification financière complexes
• Spécialisé dans les stratégies de retraite et de gestion de la patrimoine

Centre d'appels et support client

L'entreprise exploite une infrastructure centralisée de support client gantant approximativement 1,1 million d'interactions client par an.

Métriques du support client	Performance de 2023
Interactions totales du client	1,100,000
Temps de résolution des appels moyens	8,2 minutes
Évaluation de satisfaction du client	87%

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: segments de clientèle

Pré-retraités et planificateurs de retraite

Au quatrième trimestre 2023, Brighthouse Financial dessert environ 2,1 millions de clients axés sur la retraite. L'âge moyen de ce segment varie entre 50 et 65 ans.

Métrique client	Valeur
Clients totaux pré-retraités	1,3 million
Valeur de portefeuille moyenne	$385,000
Revenu annuel médian	$95,600

Individus à revenu moyen à élevé

Brighthouse financier cible les personnes dont le revenu des ménages annuels entre 100 000 $ et 250 000 $.

• Total des clients dans ce segment: 650 000
• Actifs investissables moyens: 475 000 $
• Valeur nette médiane: 620 000 $

Propriétaires de petites entreprises

La société propose des produits financiers spécialisés pour les propriétaires de petites entreprises à travers les États-Unis.

Détails du segment des propriétaires d'entreprise	Statistique
Clients totaux de petites entreprises	87,500
Revenus commerciaux moyens	2,3 millions de dollars
Pourcentage de clients de la planification de la retraite	62%

Conseillers financiers

Brighthouse Financial soutient un réseau de professionnels financiers indépendants.

• Conseillers financiers affiliés totaux: 35 000
• Actif moyen sous gestion par conseiller: 18,5 millions de dollars
• Pourcentage de conseillers axés sur la planification de la retraite: 78%

Les personnes à la recherche de sécurité financière à long terme

Brighthouse Financial fournit des solutions complètes de protection financière et de retraite.

Segment de sécurité à long terme	Métrique
Total des clients du segment	1,5 million
Couverture d'assurance-vie moyenne	$750,000
Pourcentage avec des produits de rente	45%

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: Structure des coûts

Développement et innovation de produits

En 2023, Brighthouse Financial a déclaré des frais de développement de la R&D et des produits de 42,3 millions de dollars.

Catégorie de coûts	Montant (2023)
Recherche et développement	42,3 millions de dollars
Investissement en innovation	18,7 millions de dollars

Dépenses de vente et de marketing

Les coûts de vente et de marketing pour Brighthouse Financial en 2023 ont totalisé 187,5 millions de dollars.

• Dépenses de commission: 112,4 millions de dollars
• Coûts publicitaires et promotionnels: 45,2 millions de dollars
• Infrastructure de soutien aux ventes: 29,9 millions de dollars

Maintenance de technologie et d'infrastructure

Les dépenses d'infrastructure technologique pour 2023 étaient de 76,2 millions de dollars.

Composant de coût technologique	Montant (2023)
Infrastructure informatique	42,6 millions de dollars
Cybersécurité	18,3 millions de dollars
Maintenance des logiciels	15,3 millions de dollars

Réclamations et paiements de prestations

Les réclamations totales et les frais de prestations en 2023 ont atteint 2,3 milliards de dollars.

• Réclamations d'assurance-vie: 987,5 millions de dollars
• Paiements de prestations de rente: 1,2 milliard de dollars
• Réclamations d'invalidité: 112,5 millions de dollars

Coûts opérationnels et administratifs

Les dépenses opérationnelles de Brighthouse Financial en 2023 s'élevaient à 342,6 millions de dollars.

Catégorie de coût administratif	Montant (2023)
Compensation des employés	215,4 millions de dollars
Bureau et installations	67,2 millions de dollars
Services professionnels	60 millions de dollars

Brighthouse Financial, Inc. (BHF) - Modèle d'entreprise: Strots de revenus

Primes d'assurance-vie

Pour l'exercice 2023, Brighthouse Financial a déclaré des primes d'assurance-vie totales de 1,845 milliard de dollars. Le portefeuille de produits d'assurance-vie de l'entreprise a généré des primes nettes dans divers types de politiques.

Catégorie de produits	Revenus premium (2023)
Assurance-vie à terme	672 millions de dollars
Assurance vie entière	487 millions de dollars
Assurance-vie universelle	686 millions de dollars

Ventes de produits de rente

En 2023, Brighthouse Financial a généré 2,3 milliards de dollars de revenus de vente de produits de rente.

• Sentités fixes: 782 millions de dollars
• Rentes variables: 1,218 milliard de dollars
• Annuités indexées: 300 millions de dollars

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 ont totalisé 215 millions de dollars, dérivé de la gestion des actifs sur divers produits financiers.

Revenus de placement

Le revenu total de placements pour Brighthouse Financial en 2023 était de 1,672 milliard de dollars, décomposé comme suit:

Type d'investissement	Montant du revenu
Titres à revenu fixe	1,124 milliard de dollars
Investissements en actions	348 millions de dollars
Investissements alternatifs	200 millions de dollars

Frais de reddition et de transfert des politiques

Les frais de reddition et de transfert de la politique pour 2023 s'élevaient à 127 millions de dollars.

• Police d'assurance-vie Remands: 68 millions de dollars
• Transferts de contrat de rente: 59 millions de dollars

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.