Brighthouse Financial, Inc. reported a significant decline in financial performance for the first quarter of 2026, with a net loss attributable to common shareholders of $792 million, compared to a loss of $294 million in the same period of 2025. Total revenues for the quarter were $1.527 billion, down from $2.390 billion year-over-year. The decrease in revenue was primarily driven by lower premiums, net investment income, and unfavorable net derivative gains, which were impacted by market conditions affecting variable annuity guarantees and hedges.
The company's total assets decreased to $236.8 billion as of March 31, 2026, from $241.8 billion at the end of 2025. This decline was attributed to a reduction in policyholder account balances and market risk benefit liabilities. The company’s liabilities also fell to $231.2 billion from $234.9 billion, reflecting a decrease in future policy benefits and policyholder account balances. The equity attributable to Brighthouse Financial's shareholders decreased to $5.563 billion, down from $6.768 billion at the end of the previous fiscal year.
Brighthouse Financial is currently navigating a strategic merger with Aquarian Holdings VI L.P., which was approved by shareholders in February 2026. Under the terms of the merger agreement, each share of common stock will be converted into $70 in cash at the closing of the transaction, which is expected to finalize later in 2026, pending regulatory approvals. This merger is part of the company's broader strategy to enhance its market position and operational efficiency.
Operationally, Brighthouse Financial reported a decrease in customer engagement metrics, with total premiums from annuity products falling to $584 million from $592 million year-over-year. The company also experienced a decline in its life insurance segment, with fee income dropping to $61 million from $63 million. The overall market environment, characterized by rising interest rates and economic uncertainty, has posed challenges for the company, particularly in managing its investment portfolio and insurance liabilities.
Looking ahead, Brighthouse Financial anticipates continued volatility in the capital markets, which may impact its financial results. The company is focused on managing its investment risks and maintaining adequate liquidity to meet its obligations. The management has indicated that it will continue to monitor market conditions closely and adjust its strategies accordingly to navigate the evolving economic landscape.
About Brighthouse Financial, Inc.
Brighthouse Financial, Inc. is a leading U.S. provider of annuity and life insurance products, including variable, fixed, index-linked, and income annuities, as well as term, universal, whole, and variable life insurance. Serving individual customers primarily through independent distribution channels, the company focuses on risk-managed product design, capital efficiency, and long-term financial security solutions. Its business model emphasizes disciplined underwriting, diversified reinsurance, and fee-based revenue from investment management and insurance guarantees.
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