Brighthouse Financial, Inc. reported significant financial results for the third quarter and the first nine months of 2025, showcasing a marked improvement in profitability compared to the same periods in 2024. For the three months ended September 30, 2025, the company achieved a net income of $481 million, or $7.93 per share, compared to $178 million, or $2.49 per share, in the prior year. For the nine months, net income available to shareholders was $219 million, a recovery from a net loss of $360 million in the same period last year. The increase in profitability was primarily driven by higher pre-tax adjusted earnings and a net investment gain from the sale of a subsidiary.
Total revenues for the third quarter of 2025 were reported at $1.816 billion, a decrease from $2.018 billion in the same quarter of 2024. The decline was attributed to lower premiums and investment income, which were partially offset by increased policy fees. Specifically, premiums fell to $170 million from $180 million year-over-year, while net investment income rose slightly to $1.334 billion from $1.288 billion. The company also experienced net investment losses of $74 million for the nine months ended September 30, 2025, compared to losses of $222 million in the previous year.
Brighthouse Financial has been actively managing its product offerings and operational strategies. The company reported a total of $244.679 billion in assets as of September 30, 2025, up from $238.537 billion at the end of 2024. The increase in total assets was driven by a rise in investments, particularly in fixed maturity securities, which reached $81.537 billion, compared to $80.055 billion at the end of the previous year. The company also noted a slight increase in policyholder account balances, which stood at $88.703 billion, reflecting a strategic focus on enhancing customer engagement and product adoption.
In terms of operational metrics, Brighthouse Financial's employee headcount remained stable, and the company continued to expand its geographic footprint. The firm is currently navigating a merger agreement with Aquarian Holdings, which, if completed, will see Brighthouse Financial become a wholly-owned subsidiary of Aquarian. Under the terms of the merger, shareholders will receive $70 per share in cash. The merger is subject to customary closing conditions, including regulatory approvals, and is expected to enhance the company's market position.
Looking ahead, Brighthouse Financial anticipates continued challenges from market volatility and interest rate fluctuations, which could impact its investment portfolio and overall financial performance. The company remains committed to maintaining a strong capital position and is focused on executing its strategic initiatives to drive growth and profitability in the coming quarters.
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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