Brighthouse Financial, Inc. (BHF) Stock

Brighthouse Financial, Inc. (BHF) is a Financials stock trading at $53.74 (as of 2026-09-03), with a market capitalization of $3.09B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Brighthouse Financial, Inc. offers annuity and life insurance products in the United States through Annuities, Life, and Run-off segments. It provides variable, fixed, index-linked, and income annuities, term and other life insurance policies, and Run-off products including structured settlements and certain related contracts.

Understand Brighthouse Financial, Inc.: how it makes money

Brighthouse Financial sells retirement annuities (variable, fixed, and index-linked) and life insurance policies to individual consumers through advisors, earning asset-management fees on annuity balances and insurance premiums. The Annuities segment is by far the profit center, while the smaller Life and Run-off (legacy pension and structured-settlement) segments are marginal or loss-making.

Profit is generated primarily by asset-management fees charged on variable annuity separate-account balances (which track equity market performance) plus spread income on fixed and index-linked annuity reserves, making the P&L directly levered to market returns.

Business quality (Weak): The consolidated picture is alarming (operating margin at -65%, revenue down 36% YoY), but the annuity franchise still clears $320M in adjusted earnings, so the core product is alive even as the top line contracts sharply.

Bull case

  • Annuities is a real profit engine: The Annuities segment produced $320M in adjusted earnings excluding notable items, equal to 21% of quarterly revenue. That means the core franchise earns a substantial margin on its own, independent of the loss-making legacy book.

Bear case

  • Top line is collapsing: Quarterly revenue fell 36% year over year to $1.5B while the consolidated operating margin sits at -65%, a combination that signals a sharp contraction where expenses now far outstrip income.
  • Run-off is a permanent drain: The Run-off segment posted a $60M adjusted loss (4% of revenue) from legacy structured-settlement and pension-risk-transfer contracts that will continue to absorb capital until those obligations fully mature; it cannot be fixed by product changes.
Valuation — source: SEC EDGAR (first-party)
Price$53.74
Market Cap$3.09B
Price / Book0.55
Price / Sales0.52
DCF Value (model)$98.21
DCF Upside vs Price82.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$6.77B
Net Margin6.4%
Revenue Growth (YoY)-36.1%
EPS Growth (YoY)174.2%
Valuation vs Sector & Industry
Sector P/E (Financials)15.2
Industry P/E (Insurance)12.4
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($350.55M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorFinancials
IndustryInsurance
CEOEric Thomas Steigerwalt
Employees1,400
CountryUS
IPO Date2017-07-17

Brighthouse Financial, Inc. earnings call transcripts

  • BHF Q2 FY25 earnings call transcript (reported 2025-08-07) · analysis

All BHF earnings calls

Related Companies (Insurance; 8 comparable insurers)

  • Globe Life Inc. (GL)
  • Jackson Financial Inc. (JXN)
  • F&G Annuities & Life, Inc. (FG)
  • Genworth Financial, Inc. (GNW)
  • Voya Financial, Inc. (VOYA)
  • Lincoln National Corporation (LNC)
  • Corebridge Financial, Inc. (CRBG)
  • Primerica, Inc. (PRI)
BHF earnings history · BHF institutional & insider holders · BHF KPIs & operating metrics · BHF financials · BHF investor presentations & press releases · BHF SEC filings · BHF peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-03.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.