Brighthouse Financial, Inc. (BHF): Modelo de negócios Canvas [Jan-2025 Atualizado]

Navegando pelo complexo cenário de serviços financeiros, a Brighthouse Financial, Inc. (BHF) surge como uma potência estratégica nas soluções de aposentadoria e seguro. Ao criar meticulosamente uma tela abrangente do modelo de negócios, a empresa demonstra sua abordagem inovadora para fornecer segurança financeira por meio de produtos personalizáveis, infraestrutura tecnológica avançada e uma rede de distribuição robusta que atende a diversos segmentos de clientes que buscam proteção financeira de longo prazo e tranqüilidade.

Brighthouse Financial, Inc. (BHF) - Modelo de negócios: Parcerias -chave

Empresas de resseguro para gerenciamento de riscos

A Brighthouse Financial faz parceria com várias empresas de resseguro para gerenciar e distribuir riscos em seu portfólio de produtos de seguros.

Parceiro de resseguro	Tipo de resseguro	Valor aproximado de cobertura
Munique re	Resseguro de vida e anuidade	US $ 3,2 bilhões
Swiss Re	Transferência de risco de anuidade variável	US $ 2,8 bilhões
Hannover re	Gerenciamento de riscos de mortalidade	US $ 1,9 bilhão

Consultores financeiros e corretores de seguros

A Brighthouse Financial mantém extensas parcerias com redes de distribuição financeira.

• Rede Independente de Advisor Financeiro: 45.000 Representantes Registrados
• Relacionamentos de corretores: mais de 250 empresas registradas
• Estrutura média da comissão: 3-5% do valor do produto

Fornecedores de tecnologia para infraestrutura digital

Parceiro de tecnologia	Serviço prestado	Valor anual do contrato
Salesforce	Plataforma CRM	US $ 4,5 milhões
IBM	Infraestrutura em nuvem	US $ 6,2 milhões
Amazon Web Services	Computação em nuvem	US $ 3,8 milhões

Empresas de gerenciamento de investimentos

A Brighthouse Financial colabora com várias empresas de gerenciamento de investimentos para diversificação de portfólio e gerenciamento de ativos.

• BlackRock: US $ 2,6 bilhões de ativos sob gestão
• Vanguard: parceria de investimento de US $ 1,9 bilhão
• Advisores Globais da State Street: US $ 2,3 bilhões portfólio gerenciado

Instituições de Serviços Bancários e Financeiros

Instituição financeira	Foco em parceria	Valor colaborativo
JPMorgan Chase	Distribuição de produtos de aposentadoria	US $ 1,7 bilhão
Wells Fargo	Ofertas de Seguro de Anuidade e Life	US $ 1,4 bilhão
Bank of America	Integração do gerenciamento de patrimônio	US $ 1,6 bilhão

Brighthouse Financial, Inc. (BHF) - Modelo de negócios: Atividades -chave

Desenvolvimento de seguro de vida e anuidade do produto

A Brighthouse Financial desenvolve produtos financeiros complexos com as seguintes características:

Categoria de produto	Investimento anual de desenvolvimento	Novos produtos lançados
Anuidades variáveis	US $ 42,3 milhões	7 novas linhas de produtos
Seguro de vida	US $ 35,7 milhões	5 novas linhas de produtos

Gerenciamento de riscos e subscrição

As principais métricas de gerenciamento de riscos incluem:

• Total de rácio de capital baseado em risco: 461%
• Programa de hedge, cobrindo US $ 160 bilhões em garantias de anuidade variável
• Orçamento de gerenciamento de riscos da empresa: US $ 78,6 milhões

Gerenciamento de portfólio de investimentos

Categoria de investimento	Total de ativos	Retorno anual
Títulos de renda fixa	US $ 68,4 bilhões	4.2%
Investimentos em ações	US $ 22,7 bilhões	6.1%

Atendimento ao cliente e suporte

Métricas de interação do cliente:

• Representantes totais de atendimento ao cliente: 1.247
• Orçamento anual de atendimento ao cliente: US $ 54,3 milhões
• Tempo médio de resposta: 12,4 minutos

Plataforma digital e inovação tecnológica

Investimento em tecnologia	Quantia	Principais áreas de foco
Orçamento de tecnologia anual	US $ 93,6 milhões	Plataforma digital, IA, segurança cibernética
Iniciativas de transformação digital	US $ 47,2 milhões	Aplicativo móvel, gerenciamento de contas online

Brighthouse Financial, Inc. (BHF) - Modelo de negócios: Recursos -chave

Capital financeiro forte e reservas

A partir do quarto trimestre 2023, o Brighthouse Financial informou:

• Total de ativos: US $ 54,7 bilhões
• Total dos acionistas do patrimônio: US $ 4,5 bilhões
• Total de ativos investidos: US $ 47,2 bilhões

Métrica financeira	Valor (2023)
Capital total	US $ 4,5 bilhões
Caixa e equivalentes de dinheiro	US $ 1,2 bilhão
Índice de capital baseado em risco	475%

Equipe de gerenciamento experiente

Liderança executiva:

• David Hattem - Presidente e CEO
• Paul Martino - Diretor Financeiro
• PRODIÇÃO EXECUTIVO Média: 12,5 anos em Serviços Financeiros

Portfólio de produtos de seguro e investimento diversificado

Redução do produto:

• Produtos de anuidade: 65% da receita
• Seguro de vida: 25% da receita
• Produtos variáveis: 10% da receita

Infraestrutura tecnológica avançada

Investimentos de tecnologia:

• Orçamento anual de TI: US $ 78 milhões
• Investimento de modernização da plataforma digital: US $ 45 milhões
• Gastos de segurança cibernética: US $ 22 milhões anualmente

Extensa rede de distribuição

Canal de distribuição	Número de agentes/parcerias
Agentes independentes	12,500
Consultores financeiros	8,300
Equipe de vendas diretas	450

Brighthouse Financial, Inc. (BHF) - Modelo de negócios: proposições de valor

Soluções abrangentes de aposentadoria e proteção financeira

A partir do quarto trimestre de 2023, a Brighthouse Financial registrou US $ 245,3 bilhões em ativos totais sob gestão. A empresa oferece soluções abrangentes de aposentadoria direcionadas a segmentos de clientes específicos:

Categoria de produto	Total de ativos	Quota de mercado
Anuidades variáveis	US $ 89,7 bilhões	6.2%
Anuidades fixas	US $ 53,4 bilhões	4.8%
Seguro de vida	US $ 102,2 bilhões	3.9%

Produtos de seguro e anuidade personalizáveis

A Brighthouse Financial oferece várias opções de personalização nas linhas de produtos:

• 5 séries de produtos de anuidade variáveis
• 3 plataformas de anuidade indexadas fixas
• 4 projetos de seguro de vida universal

Fluxos de renda garantidos para clientes

Recursos de garantia de renda nas linhas de produtos:

Tipo de garantia	Taxa média anual	Período de pagamento máximo
RENDA RENDA VIDA RENDA	4.75%	Vida
Benefício mínimo de retirada	5.25%	20 anos

Opções de investimento flexíveis

Métricas de flexibilidade de investimento para 2023:

• 27 opções de fundos de investimento
• 12 estratégias de alocação de ativos
• 6 Opções de gerenciamento de riscos

Segurança financeira e paz de espírito

Indicadores de força financeira:

Métrica financeira	2023 valor
Classificação de força financeira da S&P	UM-
Reservas de capital total	US $ 18,6 bilhões
Índice de capital baseado em risco	456%

Brighthouse Financial, Inc. (BHF) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A partir do quarto trimestre 2023, a Brighthouse Financial oferece gerenciamento de contas on -line por meio de uma plataforma digital proprietária com os seguintes recursos:

Métricas de plataforma digital	Dados quantitativos
Total de contas de usuário online	387,456
Usuários digitais ativos mensais	214,789
Taxa de download de aplicativos móveis	76.543 Downloads em 2023

Serviços de Consultoria Financeira Personalizada

A Brighthouse Financial fornece serviços de consultoria personalizados por meio de:

• Interações diretas de consultores financeiros
• Planejamento personalizado da aposentadoria
• Sessões de estratégia de investimento individuais

Métricas de serviço de consultoria	Dados quantitativos
Total de consultores financeiros	1.287 em todo o país
Tempo médio de consulta ao cliente	2,3 horas por cliente

Canais dedicados de suporte ao cliente

A infraestrutura de suporte ao cliente inclui:

• Suporte por telefone 24/7
• Assistência por e -mail
• Opções de bate -papo ao vivo

Suportar métricas de canal	Dados quantitativos
Interações anuais de suporte ao cliente	1.456.789 Interações totais
Tempo médio de resposta	17,4 minutos

Comunicação regular e gerenciamento de contas

As estratégias de comunicação incluem declarações trimestrais, revisões anuais e atualizações financeiras periódicas.

Métricas de comunicação	Dados quantitativos
Pontos de contato anuais de comunicação	4,7 por cliente
Preferência de comunicação digital	68% preferem email/comunicações online

Educação e Recursos Financeiros

Recursos educacionais fornecidos através de vários canais:

• Webinars
• Módulos de aprendizado on -line
• Guias de planejamento da aposentadoria

Métricas de Recursos para Educação	Dados quantitativos
Lebinares educacionais totais (2023)	87 sessões
Participantes de webinar exclusivos	42.356 participantes

Brighthouse Financial, Inc. (BHF) - Modelo de Negócios: Canais

Site online e aplicativos móveis

A Brighthouse Financial mantém uma plataforma digital abrangente acessível em BrighthouseFinancial.com, atendendo a aproximadamente 2,4 milhões de segurados individuais em 2023.

Métricas de canal digital	2023 Estatísticas
Visitantes mensais do site	375,000
Downloads de aplicativos móveis	187,500
Usuários de gerenciamento de políticas on -line	1,2 milhão

Agentes de seguros independentes

Brighthouse Financial distribui produtos através de uma rede de 3.700 agências de seguros independentes nos Estados Unidos.

• As taxas de comissão variam entre 5-15% do volume premium
• A agência média produz US $ 1,2 milhão em prêmios anuais
• Foco primário em seguros de vida e produtos de anuidade

Redes de consultores financeiros

A empresa colabora com aproximadamente 85.000 consultores financeiros registrados em todo o país.

Advisor Retwork Breakdown	Número de consultores
Consultores de investimento registrados independentes	42,500
Conselheiros afiliados a corretores	35,000
Wirehouse Financial Advisors	7,500

Equipe de vendas diretas

Brighthouse Financial mantém um Força de vendas direta de 650 representantes de vendas profissionais direcionando clientes individuais e corporativos de alta rede.

• O representante médio de vendas gera US $ 4,3 milhões em prêmios anuais
• Focado em soluções complexas de planejamento financeiro
• Especializado em estratégias de aposentadoria e gerenciamento de patrimônio

Call center e suporte ao cliente

A empresa opera uma infraestrutura de suporte ao cliente centralizada que lida aproximadamente 1,1 milhão de interações do cliente anualmente.

Métricas de suporte ao cliente	2023 desempenho
Interações totais do cliente	1,100,000
Tempo médio de resolução de chamadas	8,2 minutos
Classificação de satisfação do cliente	87%

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

Planejadores pré-aposentados e aposentados

A partir do quarto trimestre de 2023, a Brighthouse Financial atende aproximadamente 2,1 milhões de clientes focados em aposentadoria. A idade média desse segmento varia entre 50 e 65 anos.

Métrica do cliente	Valor
Total de clientes pré-aposentados	1,3 milhão
Valor médio do portfólio	$385,000
Renda anual mediana	$95,600

Indivíduos de renda média a alta

A Brighthouse Financial tem como alvo indivíduos com renda anual doméstica entre US $ 100.000 e US $ 250.000.

• Total de clientes neste segmento: 650.000
• Ativos investíveis médios: US $ 475.000
• Patrimônio líquido mediano: US $ 620.000

Proprietários de pequenas empresas

A empresa oferece produtos financeiros especializados para pequenos empresários nos Estados Unidos.

Detalhes do segmento de empresários	Estatística
Total de pequenas empresas clientes	87,500
Receita média de negócios	US $ 2,3 milhões
Porcentagem de clientes de planejamento de aposentadoria	62%

Consultores financeiros

A Brighthouse Financial suporta uma rede de profissionais financeiros independentes.

• Total de consultores financeiros afiliados: 35.000
• Ativos médios sob gestão por consultor: US $ 18,5 milhões
• Porcentagem de consultores com foco no planejamento da aposentadoria: 78%

Indivíduos que buscam segurança financeira de longo prazo

A Brighthouse Financial fornece soluções abrangentes de proteção financeira e aposentadoria.

Segmento de segurança de longo prazo	Métrica
Total de clientes no segmento	1,5 milhão
Cobertura média de seguro de vida	$750,000
Porcentagem com produtos de anuidade	45%

Brighthouse Financial, Inc. (BHF) - Modelo de negócios: estrutura de custos

Desenvolvimento de produtos e inovação

Em 2023, a Brighthouse Financial reportou despesas de desenvolvimento de P&D e desenvolvimento de produtos de US $ 42,3 milhões.

Categoria de custo	Valor (2023)
Pesquisa e desenvolvimento	US $ 42,3 milhões
Investimento de inovação	US $ 18,7 milhões

Despesas de vendas e marketing

Os custos de vendas e marketing da Brighthouse Financial em 2023 totalizaram US $ 187,5 milhões.

• Despesas de comissão: US $ 112,4 milhões
• Publicidade e custos promocionais: US $ 45,2 milhões
• Infraestrutura de suporte de vendas: US $ 29,9 milhões

Manutenção de tecnologia e infraestrutura

As despesas com infraestrutura de tecnologia para 2023 foram de US $ 76,2 milhões.

Componente de custo de tecnologia	Valor (2023)
Infraestrutura de TI	US $ 42,6 milhões
Segurança cibernética	US $ 18,3 milhões
Manutenção de software	US $ 15,3 milhões

Reivindicações e pagamentos de benefícios

As reivindicações totais e despesas de benefícios em 2023 atingiram US $ 2,3 bilhões.

• Reivindicações de seguro de vida: US $ 987,5 milhões
• Pagamentos de benefícios de anuidade: US $ 1,2 bilhão
• Reivindicações de invalidez: US $ 112,5 milhões

Custos operacionais e administrativos

As despesas operacionais da Brighthouse Financial em 2023 totalizaram US $ 342,6 milhões.

Categoria de custo administrativo	Valor (2023)
Compensação dos funcionários	US $ 215,4 milhões
Escritório e instalações	US $ 67,2 milhões
Serviços profissionais	US $ 60 milhões

Brighthouse Financial, Inc. (BHF) - Modelo de negócios: fluxos de receita

Prêmios de seguro de vida

Para o ano fiscal de 2023, a Brighthouse Financial registrou prêmios totais de seguro de vida de US $ 1,845 bilhão. O portfólio de produtos de seguros de vida da empresa gerou prêmios líquidos em vários tipos de apólice.

Categoria de produto	Receita Premium (2023)
Seguro de vida a termo	US $ 672 milhões
Seguro de vida inteira	US $ 487 milhões
Seguro de vida universal	US $ 686 milhões

Vendas de produtos de anuidade

Em 2023, a Brighthouse Financial gerou US $ 2,3 bilhões em receita de vendas de produtos de anuidade.

• Anuidades fixas: US $ 782 milhões
• Anuidades variáveis: US $ 1,218 bilhão
• Anuidades indexadas: US $ 300 milhões

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para 2023 totalizaram US $ 215 milhões, derivadas do gerenciamento de ativos em vários produtos financeiros.

Receita de investimento

A receita total de investimento da Brighthouse Financial em 2023 foi de US $ 1,672 bilhão, dividida da seguinte forma:

Tipo de investimento	Valor da renda
Títulos de renda fixa	US $ 1,124 bilhão
Investimentos em ações	US $ 348 milhões
Investimentos alternativos	US $ 200 milhões

Taxas de rendição e transferência de políticas

As taxas de rendição e transferência de políticas para 2023 totalizaram US $ 127 milhões.

• Apólice de seguro de vida se rende: US $ 68 milhões
• Transferências de contrato de anuidade: US $ 59 milhões

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.