olivLaw · US equity research
Brighthouse Financial, Inc. BHF
Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)
Brighthouse Financial is one of the largest U.S. providers of annuities and life insurance, with over 2.0 million contracts and policies in force at the end of 2025. The company is being acquired in an all-cash deal at $70.00 per share, so its outlook now also depends on regulatory approvals.
At the close of 04 Nov 2026, Brighthouse Financial, Inc. (BHF) stock was 42.45 USD (−0.34% on the day), with market capitalisation 2.4 bn USD, P/E 3.3 on diluted EPS of 12.97 USD over the last 12 months, beta 1.06, 52-week range 42.45–66.61 USD. Latest reported quarter (Q2 2026): revenue of 1.6 bn USD (+86.2% YoY), net income of 981.0 m USD (+1,054.1% YoY), diluted EPS 16.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 22.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 41.66 – 50.43
- in the lower half of the band · %B 0.09 · band width 19.1%
- SMA 50 / 200
- 49.26 / 58.74
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.05 / -1.83
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.8% | −1.1% | −13.7 pp | — |
| 3 months | −31.4% | −0.5% | −30.9 pp | — |
| 6 months | −32.2% | +4.4% | −36.5 pp | — |
| Year to date | −34.5% | +12.3% | −46.8 pp | — |
| 1 year | −21.8% | +13.5% | −35.4 pp | +5.9% |
| 3 years | −12.8% | +76.4% | −89.2 pp | +51.2% |
| 5 years | −21.3% | +63.7% | −85.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 1.2 bn | 2.4 bn | 871.0 m | 1.8 bn | 1.7 bn | 1.5 bn | 1.6 bn |
| Interest expense | 38.0 m | 38.0 m | 38.0 m | 38.0 m | 38.0 m | 38.0 m | 38.0 m | 38.0 m |
| Pre-tax income | 188.0 m | 834.0 m | -354.0 m | 93.0 m | 585.0 m | 150.0 m | -986.0 m | 1.2 bn |
| Income tax | 10.0 m | 162.0 m | -88.0 m | 8.0 m | 104.0 m | 12.0 m | -222.0 m | 245.0 m |
| Net income | 176.0 m | 671.0 m | -268.0 m | 85.0 m | 479.0 m | 137.0 m | -766.0 m | 981.0 m |
| Diluted EPS | 2.47 | 11.03 ≈ | -5.04 | 1.02 | 7.89 | 2.37 ≈ | -13.82 | 16.53 |
| Operating cash flow | 24.0 m ≈ | -118.0 m | 146.0 m | -1.0 m ≈ | 117.0 m ≈ | -3.0 m | -221.0 m | -431.0 m ≈ |
| Share repurchases | 64.0 m ≈ | 60.0 m | 59.0 m | 43.0 m ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 47 percentile of its own 19-quarter history (min 0.5, median 3.6, max 59.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.0 bn | 6.6 bn | 8.5 bn | 5.0 bn | 6.9 bn | 4.1 bn | 4.7 bn | 6.8 bn |
| Revenue YoY | +31.0% | −26.9% | +29.7% | — | +38.1% | −40.1% | +14.7% | +43.2% |
| Net income | 865.0 m | -740.0 m | -1.1 bn | 1.6 bn | 3.9 bn | -1.1 bn | 388.0 m | 433.0 m |
| Net income YoY | unavailable | −185.5% | unavailable | — | +136.1% | −128.7% | unavailable | +11.6% |
| Diluted EPS | 7.21 | -6.76 | -11.58 | 18.39 | 51.30 | -18.39 | 4.64 | 5.71 |
| Diluted EPS YoY | unavailable | −193.8% | unavailable | — | +179.0% | −135.8% | unavailable | +23.1% |
| net % | 9.6% | -11.3% | -12.5% | 33.0% | 56.4% | -27.0% | 8.2% | 6.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.4 bn USD
- Financial debt
- 3.2 bn USD
- Net debt
- -2.2 bn USD
- Equity
- 6.8 bn USD
- Total assets
- 241.8 bn USD
- Debt / equity
- 0.46x
- Current ratio
- unavailable
- ROE
- 7.3%
- ROA
- 0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | -1.4 bn | 2.0 bn | 4.7 bn | -1.5 bn | 422.0 m | 474.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -1.1 bn | 1.6 bn | 3.9 bn | -1.1 bn | 388.0 m | 433.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -11.58 | 18.39 | 51.30 | -18.39 | 4.64 | 5.71 | SEC (XBRL)· 24 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.1 bn | 4.5 bn | 4.1 bn | 3.9 bn | 5.0 bn | 5.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 247.9 bn | 262.3 bn | 224.8 bn | 236.3 bn | 238.5 bn | 241.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 3.4 bn | 3.2 bn | 3.2 bn | 3.2 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 229.8 bn | 253.8 bn | 219.2 bn | 231.3 bn | 233.5 bn | 235.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 18.1 bn | 8.5 bn | 5.6 bn | 5.0 bn | 5.0 bn | 6.8 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Share repurchases | 473.0 m | 499.0 m | 488.0 m | 250.0 m | 250.0 m | 102.0 m | SEC (XBRL)· 24 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality63
- Growth0
- Valuation78
- Balance sheet0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.71 – 225.30 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income122.63 – 128.42 (Mid 125.48)
- Justified P/B162.04 – 217.91 (Mid 185.86)
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/E52.97 – 218.30 (Mid 142.38)16 companies used · median multiple 11.0x · quartiles 4.1x – 16.8xAAME, ANG-PD, ATHS, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
- Peers: P/B39.71 – 225.30 (Mid 111.57)16 companies used · median multiple 1.0x · quartiles 0.3x – 2.0xAAME, ANG-PD, ATHS, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 13.6% | 63 (vs peers) | 25% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -51.9% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | -0.5% | 0 (on a fixed band) | 11% |
| ROA · Balance sheet | 0.3% | 0 (on a fixed band) | 11% |
| P/B · Valuation | 0.4x | 75 (vs peers) | 19% |
| P/E (TTM) · Valuation | 3.3x | 81 (vs peers) | 19% |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 1/1 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality· partial63/100 · 1/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation78/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Brighthouse Financial, Inc. (BHF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: YoY growth 43.2%; net margin 12.5%; ROE 13.6%.
The estimated value range is 87.80–218.10 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 133.93 USD, the price of 42.45 USD leaves a potential of 215.5% (value / price − 1) and a margin of safety of 68.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 0.4x
- P/E (TTM): 3.3x
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -51.9%
- Revenue CAGR 3Y: -0.5%
- ROA: 0.3%
Not assessed (insufficient data or a ratio without meaning): Loss ratio, Dividend yield, Payout ratio (EPS).
Versus the vertical median
Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PUKPrudential PLC | 67.2 bn | 17.2 | 21.2% | 34.6% | +7.0% | −10% / +20% |
| METMetLife, Inc. | 65.4 bn | 19.5 | 13.2% | 4.6% | +8.6% | +34% / +62% |
| RGAReinsurance Group Of America, Incorporated | 17.4 bn | 11.7 | 11.7% | 5.8% | +7.2% | +40% / +64% |
| GLGlobe Life Inc. | 12.2 bn | 10.8 | 19.3% | 18.9% | +3.7% | +20% / +31% |
| VOYAVoya Financial, Inc. | 9.3 bn | 16.7 | 14.3% | 7.8% | +1.7% | +49% / +46% |
| CRBDCorebridge Financial, Inc. | 9.3 bn | 4.6 | 21.7% | 10.6% | −1.2% | −11% / unavailable |
| JXNJackson Financial Inc. | 9.1 bn | 11.1 | 9.5% | 13.4% | +104.3% | +40% / +188% |
| PRIPrimerica, Inc. | 8.8 bn | 11.4 | 33.0% | 23.2% | +6.6% | +11% / +36% |
| LNCLincoln National Corp | 8.0 bn | 3.6 | 22.6% | 12.2% | −1.2% | +1% / +75% |
| PFHPrudential Financial, Inc. | 5.3 bn | 1.4 | 12.6% | 6.3% | −13.7% | −11% / −20% |
| GNWGenworth Financial, Inc. | 3.5 bn | 17.5 | 2.4% | 2.9% | +0.1% | +6% / +56% |
| FGF&G Annuities & Life, Inc. | 2.9 bn | 7.4 | 9.2% | 6.9% | −0.2% | −32% / −46% |
| BHFBrighthouse Financial, Inc. | 2.4 bn | 3.3 | 13.6% | 12.5% | +43.2% | −22% / −13% |
| CIACitizens, Inc. | 209.2 m | 18.0 | 5.0% | 4.5% | +4.3% | −31% / +25% |
| AAMEAtlantic American Corporation | 24.3 m | 4.3 | 5.2% | 2.9% | +11.9% | −51% / −39% |
| ATHSAthene Holding Ltd | 4.7 m | 0.0 | 4.5% | 2.9% | +24.1% | −8% / unavailable |
| ANG-PDAmerican National Group Inc. | 215.5 k | 0.0 | 8.4% | 12.6% | −0.4% | −15% / unavailable |
| AEGAegon Ltd. | — | — | 10.5% | — | +1.1% | +7% / +56% |
| SLFSun Life Financial Inc | — | — | 14.2% | 8.5% | +8.0% | +39% / +62% |
| MFCManulife Financial Corporation | — | — | 11.0% | 68.5% | +7.1% | +31% / +135% |
1- and 3-year price returns: for BHF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 26.54 Total return -37% · Per year -37% | 47.05 Total return 11% · Per year 11% | 71.03 Total return 67% · Per year 67% |
| 3 years | 23.23 Total return -45% · Per year -18% | 46.56 Total return 10% · Per year 3% | 77.54 Total return 83% · Per year 22% |
| 5 years | 20.32 Total return -52% · Per year -14% | 46.07 Total return 9% · Per year 2% | 84.64 Total return 99% · Per year 15% |
- Exit P/E± 11.64
- Net margin± 8.15
- Annual revenue growth± 7.03
- Annual dilution± 0.68
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Brighthouse Financial is one of the largest U.S. providers of annuities and life insurance, with over 2.0 million contracts and policies in force at the end of 2025 1. The company is being acquired in an all-cash deal at $70.00 per share 2, so its outlook now also depends on regulatory approvals.
SWOT
Strengths
- A solid position in the U.S. annuity and life insurance market, with a large in-force book of contracts 1.
- The flagship product, Shield Level Annuities, posted record sales in the second quarter of 2026 3.
- Capitalization sits within the target range, with the combined RBC ratio at the upper end of the target 3.
Weaknesses
Opportunities
Risks
- Policyholder behavior assumptionshigh
If actual experience differs from actuarial assumptions about use of guarantees, liabilities could rise and weigh on profit and capital 1.
- Hedging effectivenesshigh
The hedging strategy may not fully offset changes in GAAP liabilities, which could produce high profit volatility 3.
- Regulatory approvals for the acquisitionmedium
Delays or refusals from authorities in three states could change the timing or terms of the transaction 2.
- Uncertainty in ongoing operationsmedium
The pending merger may lead to loss of distribution partners or key staff during the transition 1.
- Quality of the investment portfoliolow
Lower alternative investment income and losses on fixed-income sales could reduce adjusted earnings 3.
Investment thesis
What would need to be true (bull case)
- Record sales of Shield Level Annuities point to solid demand for the company's products, which could support future revenue 3.
- The all-cash offer at $70.00 per share gives shareholders a clear value if the transaction closes 2.
- A combined RBC ratio within the target range suggests strong capitalization, which could support sales activity 3.
What would break the thesis
What to watch
- Receipt of insurance regulatory approvals in Delaware, New York and Massachusetts2026
- Sales trends of Shield Level Annuities and fixed annuitiesQ3 2026
- Combined RBC ratio and statutory capitalQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Brighthouse Financial, Inc. operates mainly through its insurance subsidiaries Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY and New England Life Insurance Company, the last of which no longer writes new business 1. Products are distributed through several independent channels and marketing arrangements, and the strategy emphasizes disciplined risk management and a strong capital base at the holding company 1. Operations are concentrated in the U.S., since substantially all premiums and fee revenues originate there 1. The company reported net income available to shareholders of $331 million for fiscal 2025 1.
Segments
Market context
The U.S. annuity and life insurance market is dominated by a few large players, and demand is supported by demographic trends and a growing need for retirement security, as the company notes 1. The market for index-linked products is expanding, and record sales of Shield Level Annuities point to strong customer and distributor interest 3.
Sensitivity to interest rates and capital market performance remains central to the company's results, because guarantees and hedging instruments are directly affected by these variables 1. If capital markets become more volatile, reported results could vary significantly from quarter to quarter 3.
Trends
- Growth of index-linked productstailwind
Demand for Shield Level Annuities has grown steadily and supported the company's sales in 2026 3. If this continues, it could offset the decline in fixed annuity sales.
- Aging population and private retirement needstailwind
Demographic trends and the shift of retirement responsibility from employers to individuals are seen by the company as opportunities for its products 1. This could support long-term demand.
- Market volatility and hedgingmixed
Market changes can create significant volatility in profit measures, because hedging targets do not always fully offset changes in GAAP liabilities 3. This could affect quarterly results.
- Regulation and completion of the mergerheadwind
Completion depends on insurance regulatory approvals in Delaware, New York and Massachusetts, and delays could extend uncertainty 2. If approvals are not obtained, the agreement provides for an automatic extension of the deadline 3.
Competitive position
The company operates in a competitive U.S. annuity and life insurance market, where it competes with other large providers of similar products 1. Differentiation rests on products designed to grow savings with protection against declines, such as Shield Level Annuities 1.
Competitive pressure also shows up in distribution channels, where companies compete for the same independent intermediaries and distribution partners 1. Sustaining record sales in a changing interest rate and market environment will be an important point of comparison 3.
- Other major U.S. annuity and life insurance providers
The company places itself among the largest providers in the sector, but the sources do not name its direct competitors.
- Other issuers of index-linked annuities
Competition comes from other index-linked annuity issuers similar to Shield Level Annuities, not identified in the sources.
- Independent intermediaries and distribution partners
These intermediaries can choose among several product providers, which influences the company's sales volume.
- Acquirer Aquarian Capital
This diversified holding company is acquiring Brighthouse rather than competing directly, but it shapes the company's future.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Aquarian Seeks More Backers for $4.1 Billion Brighthouse DealBloomberg Markets · 21 May 2026 · EN
The latest news item in our archive is from 21 May 2026; the newest SEC filing is from 18 Aug 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report18 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement14 Apr 2026
- Annual report24 Feb 2026
- Current report23 Feb 2026Results of operations · Financial statements and exhibits
- Current report12 Feb 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Brighthouse Financial, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Brighthouse Financial, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Brighthouse Financial, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.