Brighthouse Financial, Inc. reported significant financial results for the second quarter and first half of 2026, showcasing a marked improvement in profitability compared to the same periods in 2025. For the three months ended June 30, 2026, the company achieved a net income of $956 million, a substantial increase from $60 million in the prior year. This growth was primarily driven by favorable changes in variable annuity hedges and a reduction in market risk benefits liabilities. Adjusted earnings for the same period rose to $258 million, up from $198 million in 2025. For the first half of 2026, net income available to shareholders was $164 million, compared to a loss of $234 million in the previous year, while adjusted earnings increased to $497 million from $433 million.
The company’s total revenues for the second quarter reached $1.622 billion, a significant increase from $871 million in the same quarter of 2025. This growth was attributed to higher universal life and investment-type product policy fees, which amounted to $570 million, and net investment income of $1.241 billion. However, net investment losses and net derivative losses negatively impacted overall revenue, with losses of $6 million and $477 million, respectively. Total expenses for the quarter were $396 million, down from $778 million in the previous year, reflecting a decrease in policyholder benefits and claims.
Brighthouse Financial has also made strategic moves, including a pending merger with Aquarian Holdings VI L.P., which is expected to close in 2026, subject to regulatory approvals. Under the terms of the merger agreement, shareholders will receive $70 per share in cash. The company has also maintained a robust capital position, with total assets increasing to $247.18 billion as of June 30, 2026, up from $241.8 billion at the end of 2025. This growth was supported by an increase in investments, which totaled $125.03 billion, compared to $120.63 billion in the previous period.
Operationally, Brighthouse Financial has seen a slight increase in customer engagement, with total premiums for the second quarter at $165 million, down marginally from $166 million in 2025. The company continues to focus on its core segments: Annuities, Life, Run-off, and Corporate & Other, with the Annuities segment generating the highest revenue. The company’s employee headcount remained stable, reflecting its commitment to maintaining operational efficiency amid ongoing market challenges.
Looking ahead, Brighthouse Financial anticipates continued volatility in the capital markets, which may impact its investment portfolio and overall profitability. The company is closely monitoring economic conditions, including interest rates and inflation, which could affect its product offerings and customer demand. Management remains optimistic about the future, emphasizing the importance of strategic initiatives and risk management practices to navigate potential challenges in the financial 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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