Brighthouse Financial, Inc. (BHF): Business Model Canvas [Dec-2025 Updated]

You're digging into Brighthouse Financial's core strategy, and here's the quick take: it's a tightrope walk between managing a massive legacy book and aggressively chasing annuity growth, all while keeping the capital buffers high. Honestly, their focus is defintely razor-sharp: drive sales of products like the Shield Level Annuities-which hit $2.7 billion in Q3 2025 premiums-and maintain fortress-like solvency, backed by $1.0 billion in liquid assets at the holding company level as of Q3 2025. This Business Model Canvas shows you the exact mechanics of how they use their distribution network and complex hedging to deliver guaranteed lifetime income to pre-retirees. It's a masterclass in managing a legacy book while chasing the future. Dive in to see the nine building blocks defining their path.

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

You're looking at the core relationships that let Brighthouse Financial, Inc. get its products into customers' hands and manage the associated risks. These partnerships are critical, especially given the pending change in ownership.

Independent broker-dealers and financial advisors for product distribution

Brighthouse Financial, Inc. relies on a broad independent distribution network to sell its annuities and life insurance products. This channel is fundamental to reaching the target market. The company's ability to maintain these relationships is a key operational focus, as noted in risk disclosures.

• Distributes life insurance and annuities through a diverse network of distribution partners.
• The company had 1,400 employees as of June 2025.
• Annuities segment adjusted earnings for Q3 2025 were $304 million.
• Life segment for Q3 2025 reported adjusted earnings of $9 million.

Strategic alliance with BlackRock for LifePath Paycheck product distribution

The alliance with BlackRock, Inc. centers on the LifePath Paycheck solution, a defined contribution target-date strategy that offers a path to guaranteed lifetime income. Brighthouse Financial, Inc. acts as a designated underwriter for the annuity contracts participants can purchase.

• Brighthouse Financial, Inc. is a designated underwriter for the annuity contracts in the LifePath Paycheck solution.
• The LifePath Paycheck strategy closed 2024 with $16 billion in assets under management (AUM).
• Participants can opt to purchase lifetime income annuities as early as age 59½.
• The allocation to the lifetime income asset class targets approximately 30% of the fund's portfolio by age 65.
• As of Q1 2024, 14 plan sponsors were planning to offer the product to 500,000 employees.

Reinsurance counterparties to manage risk and capital

Managing the long-tail risk inherent in life insurance and annuities requires strong reinsurance agreements. The financial health and performance of these counterparties are a direct consideration for Brighthouse Financial, Inc.'s capital management.

The availability of reinsurance and the ability of the counterparties to perform their obligations is a factor Brighthouse Financial, Inc. monitors closely.

Custodians and asset managers for investment portfolio oversight

While not explicitly named in the latest filings as a distinct partnership category, the oversight of the general account and separate account assets requires relationships with custodians and external asset managers. This is tied to the investment portfolio, which is subject to market risk.

Aquarian Capital LLC (pending acquirer in a $4.1 billion transaction)

This is a transformative relationship, as Aquarian Capital LLC's affiliate has agreed to acquire Brighthouse Financial, Inc. The deal values the company at approximately $4.1 billion, offering shareholders $70.00 per common share in cash. The transaction is expected to close in 2026.

Aquarian Capital LLC, which had approximately $25.6 billion in assets under management as of June 30, 2025, plans to support Brighthouse Financial, Inc.'s platform and distribution franchise, and enhance product innovation through its investment management platform, Aquarian Investments.

Here's a quick look at the scale of the pending acquisition versus Aquarian Capital LLC's current size:

Metric	Brighthouse Financial, Inc. (Implied Equity Value)	Aquarian Capital LLC (AUM as of 6/30/2025)
Value	$4.1 billion	$25.6 billion

What this estimate hides is the final capital structure post-close, but the $4.1 billion figure is the agreed-upon merger consideration.

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

You're looking at the core actions Brighthouse Financial, Inc. takes to deliver value, which is heavily centered on managing complex financial guarantees. These activities are where the real work happens to keep the balance sheet strong and the products competitive.

Manufacturing and underwriting annuity and life insurance products

Brighthouse Financial, Inc. is actively manufacturing and underwriting its suite of protection and retirement solutions. This involves pricing the risk associated with the guarantees embedded in these contracts. The sales figures show the current market appetite for these products.

Consider the sales performance reported for the third quarter of 2025:

Product Category	Q3 2025 Sales Amount	Key Driver/Product Mention
Annuities Total	$2.7 billion	Primarily driven by Shield Level Annuities sales
Life Insurance Total	$38 million	Primarily driven by sales of Brighthouse SmartCare

The activity of underwriting life insurance is reflected in the Q3 2025 life sales of $38 million. Annuity underwriting, especially for the Shield suite, is a massive driver, evidenced by the $2.7 billion in annuity sales in the same period.

Executing a complex hedging strategy for variable annuity risk

A critical activity is managing the embedded risk, particularly within the variable annuity (VA) and older Shield products. Brighthouse Financial, Inc. has been focused on simplifying this by separating the risk management for these blocks. They successfully completed the transition to separate hedging strategies for their Variable Annuity (VA) and Shield products by the end of September 2025. This move shifts from a combined approach to distinct hedging strategies for each block.

This execution is a major operational focus. The company made modifications to its hedges at the beginning of the third quarter, aiming for completion by the end of September 2025 to manage the in-force VA and first-generation Shield business.

Managing the large legacy 'Run-off' book of business

Managing the legacy 'Run-off' book is an ongoing activity that requires careful reserving and monitoring. The financial results from this segment can fluctuate based on actuarial assumptions and market conditions. For instance, in the third quarter of 2025, the Run-off segment delivered substantial adjusted earnings of $641 million, which was significantly boosted by favorable notable items related to actuarial reviews. This contrasts with the second quarter of 2025, where the segment reported an adjusted loss of $83 million.

Here's a look at the segment's performance comparison:

Segment	Q3 2025 Adjusted Earnings (Loss)	Q2 2025 Adjusted Earnings (Loss)
Run-off	$641 million	$(83 million)
Annuities	$970 million (Total Adjusted Earnings)	$332 million (Adjusted Earnings)

The activity here is about extracting value and managing liabilities from older business lines effectively. The large positive result in Q3 2025 was due to specific, non-recurring actuarial review impacts.

Capital management to maintain a strong estimated combined RBC ratio (435%-455% in Q3 2025)

Capital management is paramount, defined by maintaining a strong statutory position. Brighthouse Financial, Inc. ended the third quarter of 2025 with an estimated combined risk-based capital (RBC) ratio between 435% and 455%. This places the company at the upper end of its target range of 400% to 450% under normal market conditions. The company also ended Q3 2025 with holding company liquid assets of $1.0 billion. This strong capital base supports all other activities.

Key balance sheet metrics as of the end of Q3 2025 include:

• Common stockholders' equity ('book value'): $4.7 billion
• Book value per common share: $81.60
• Book value, excluding AOCI: $8.7 billion
• Book value per common share, excluding AOCI: $151.94

The company anticipates remaining within its combined RBC ratio target range at year-end 2025 without needing to contribute additional capital to its insurance subsidiaries.

Developing and promoting the Shield Level Annuities product suite

Developing and promoting the Shield Level Annuities product suite is a key growth activity, as these products were the primary driver of record annuity sales. The Shield Level Pay Plus® II Annuities are part of the larger Shield® Level Annuities Product Suite. These index-linked annuities offer market growth opportunities with downside protection.

Specific product features that require ongoing development and promotion include:

• Available term lengths: 1-, 2-, 3-, or 6-year terms
• Available Shield Rates (level of protection): 10%, 15%, and 25%
• Annual fees: no annual fees

Shield sales were a significant contributor to total annuity sales, hitting $1.9 billion in Q2 2025, contributing to year-to-date Shield sales of $3.9 billion at that time. The record sales in Q3 2025 further underscore this as a central activity.

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

You're looking at the core assets that make Brighthouse Financial, Inc. run, the things they own or control that are essential to delivering their value proposition. These aren't just line items; they are the engines of the business.

The sheer scale of the balance sheet is a primary resource. You have to manage massive pools of capital effectively to generate the required returns for policyholders and shareholders. As of June 30, 2025, the total assets stood at $242.6 billion, against total liabilities of $236.9 billion.

Financial flexibility is maintained through readily available cash. For instance, the holding company liquid assets were reported at $1.0 billion as of the third quarter of 2025. This liquidity acts as a buffer and allows for strategic maneuvers without disrupting insurance operations.

The intellectual property tied to their product suite is critical, especially the Shield Level Annuities. These proprietary designs are what draw in new premiums. In the third quarter of 2025, total annuity sales hit $2.7 billion, with record sales coming specifically from the Shield Level Annuities.

Underpinning the product guarantees is the technology for managing risk. The advanced actuarial and risk management platforms allow Brighthouse Financial, Inc. to maintain a strong capital position. As of Q3 2025, the estimated combined risk-based capital (RBC) ratio was between 435% and 455%, well within the target range. Furthermore, the Q3 2025 GAAP actuarial review itself delivered a $316 million favorable impact to net income available to shareholders, demonstrating the value derived from these systems.

The reach into the market is facilitated by a broad distribution footprint. Brighthouse Financial, Inc. does not rely on a captive sales force; instead, they use an independent network. This network consists of over 400 distribution partners across the U.S.

Here's a quick look at some of the key financial metrics supporting these resources as of late 2025:

Financial Metric	Value	As Of Date/Period
Total Assets (Consolidated)	$242.6 billion	June 30, 2025
Holding Company Liquid Assets	$1.0 billion	Q3 2025
Estimated Combined RBC Ratio	435% to 455%	Q3 2025
Total Annuity Sales	$2.7 billion	Q3 2025
Distribution Partners	Over 400	As of late 2023 data point referenced
Favorable Impact from Q3 2025 Actuarial Review	$316 million	Q3 2025

You can see the company uses its technology to manage capital, which in turn supports the product sales through the established network. It's a tightly linked set of tangible and intangible assets.

• Proprietary product intellectual property includes the Shield Level Annuities.
• Risk management technology is evidenced by the RBC ratio staying at the upper end of the target range.
• The distribution strategy relies on leveraging relationships with over 400 independent partners.

Finance: draft 13-week cash view by Friday.

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.