Form 8-K

8-K — Brighthouse Financial, Inc.

Accession: 0001685040-26-000017

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001685040

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bhf-20260506.htm (Primary)

EX-99.1 (q12026bhfearningspressrele.htm)

EX-99.2 (q12026bhffinancialsuppleme.htm)

GRAPHIC — BHF GRAPHIC (bhf-20191104_g1a.jpg)

GRAPHIC — BHF GRAPHIC (bhf-20260506_g1.jpg)

GRAPHIC — BHF GRAPHIC (bhfgraphic-buildforwhatsah.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhf-20260506.htm · Sequence: 1

bhf-20260506

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

Brighthouse Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-37905

81-3846992

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

11225 North Community House Road, Charlotte, North Carolina

28277

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (980) 365-7100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 per share BHF The Nasdaq Stock Market LLC

Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series A BHFAP The Nasdaq Stock Market LLC

Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series B BHFAO The Nasdaq Stock Market LLC

Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series C BHFAN The Nasdaq Stock Market LLC

Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series D BHFAM The Nasdaq Stock Market LLC

6.250% Junior Subordinated Debentures due 2058 BHFAL The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”) issued (i) a news release announcing its results for the quarter ended March 31, 2026, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Financial Supplement for the quarter ended March 31, 2026, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 and Exhibits 99.1 and 99.2 listed in Item 9.01 of this Current Report on Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1**

News release of Brighthouse Financial, Inc., dated May 6, 2026, announcing its results for the quarter ended March 31, 2026

99.2**

Financial Supplement for the quarter ended March 31, 2026

104* Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRIGHTHOUSE FINANCIAL, INC.

By: /s/ Melissa B. Pavlovich

Name:

Melissa B. Pavlovich

Title:

Chief Accounting Officer

Date: May 6, 2026

EX-99.1

Filename: q12026bhfearningspressrele.htm · Sequence: 2

Document

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Exhibit 99.1

FOR IMMEDIATE RELEASE

Brighthouse Financial Announces First Quarter 2026 Results

•Estimated combined risk-based capital ("RBC") ratio between 430% and 450%; holding company liquid assets of $0.9 billion

•Annuity sales of $2.2 billion, primarily driven by $1.9 billion in sales of Shield Level Annuities

•Life sales of $32 million, primarily driven by sales of Brighthouse SmartCare

•Net loss available to shareholders of $792 million, or $13.82 per diluted share

•Adjusted earnings, less notable items*, of $251 million, or $4.35 per diluted share

CHARLOTTE, NC, May 6, 2026 — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Results

The company reported a net loss available to shareholders of $792 million in the first quarter of 2026, or $13.82 per diluted share, compared with a net loss available to shareholders of $294 million in the first quarter of 2025, or $5.04 per diluted share. The company anticipates volatility in net income (loss) given the differences between its hedge target and GAAP reserves, which are impacted by market performance.

The company ended the first quarter of 2026 with common stockholders' equity ("book value") of $3.9 billion, or $67.27 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $8.0 billion, or $139.63 per common share.

For the first quarter of 2026, the company reported adjusted earnings* of $239 million, or $4.15 per diluted share, compared with adjusted earnings of $235 million, or $4.01 per diluted share, for the first quarter of 2025.

Adjusted earnings for the quarter reflect a $12 million unfavorable notable item, or $0.21 per diluted share, related to actuarial refinements.

_________

* Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the First Quarter 2026 Brighthouse Financial, Inc. Financial Supplement (which is available on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com). Additional information regarding notable items can be found on the last page of this news release.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Corporate expenses in the first quarter of 2026 were $227 million, down from $239 million in the first quarter of 2025 and $234 million in the fourth quarter of 2025, all on a pre-tax basis. Beginning in 2026, certain costs incurred in connection with the previously announced pending acquisition of the company are not categorized as corporate expenses. Excluding these transaction-related costs in the prior periods, corporate expenses decreased $7 million quarter-over-quarter and increased $8 million sequentially.

In the first quarter of 2026, the company reported annuity sales of $2.2 billion, reflecting a decrease of 4% quarter-over-quarter and 20% sequentially. Life sales for the quarter totaled $32 million, representing an 11% decrease both quarter-over-quarter and sequentially.

Key Metrics (Unaudited, dollars in millions except share and per share amounts)

As of or For the Three Months Ended

March 31, 2026 March 31, 2025

Total Per share Total Per share

Net income (loss) available to shareholders (1)

$(792) $(13.82) $(294) $(5.04)

Adjusted earnings (1)

$239 $4.15 $235 $4.01

Adjusted earnings, less notable items (1)

$251 $4.35 $245 $4.17

Weighted average common shares outstanding - diluted (1)

57,735,327 N/A 58,697,818 N/A

Book value $3,864 $67.27 $3,540 $61.17

Book value, excluding AOCI $8,020 $139.63 $8,210 $141.87

Ending common shares outstanding 57,437,709 N/A 57,868,389 N/A

(1) Per share amounts are on a diluted basis and may not recalculate due to rounding. See Non-GAAP and Other Financial Disclosures discussion in this news release.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Results by Segment (Unaudited, in millions)

For the Three Months Ended

ADJUSTED EARNINGS (LOSS) (1)

March 31,

2026 December 31,

2025 March 31,

2025

Annuities $324 $304 $314

Life

$(6) $18 $9

Run-off

$(48) $(58) $(64)

Corporate & Other

$(31) $(50) $(24)

(1) The company uses the term "adjusted loss" throughout this news release to refer to negative adjusted earnings values.

Sales (Unaudited, in millions)

For the Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Annuities (1) $2,178 $2,734 $2,259

Life $32 $36 $36

(1) Annuities sales include sales of a fixed index annuity product, which represents 100% of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Sales of this product were $87 million for the first quarter of 2026, $142 million for the fourth quarter of 2025 and $26 million for the first quarter of 2025.

Annuities

Adjusted earnings in the Annuities segment were $324 million in the current quarter, compared with adjusted earnings of $314 million in the first quarter of 2025 and adjusted earnings of $304 million in the fourth quarter of 2025.

There were no notable items in the current quarter or the fourth quarter of 2025. The first quarter of 2025 included a $10 million unfavorable notable item.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect lower fees and higher amortization of deferred acquisition costs ("DAC"), primarily offset by higher net investment income. On a sequential basis, adjusted earnings, less notable items, primarily reflect higher fees.

As mentioned above, the company reported annuity sales of $2.2 billion, reflecting a decrease of 4% quarter-over-quarter and 20% sequentially.

Life

The Life segment had an adjusted loss of $6 million in the current quarter, compared with adjusted earnings of $9 million in the first quarter of 2025 and adjusted earnings of $18 million in the fourth quarter of 2025.

The current quarter included a $5 million favorable notable item and the fourth quarter of 2025 included a $6 million unfavorable notable item, both related to actuarial refinements. There were no notable items in the first quarter of 2025.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect a lower underwriting margin and lower net investment income, partially offset by lower expenses. On a sequential basis, adjusted earnings, less notable items, reflect a lower underwriting margin and lower net investment income.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

As mentioned above, Life sales for the quarter totaled $32 million, representing an 11% decrease both quarter-over-quarter and sequentially.

Run-off

The Run-off segment had an adjusted loss of $48 million in the current quarter, compared with an adjusted loss of $64 million in the first quarter of 2025 and an adjusted loss of $58 million in the fourth quarter of 2025.

The current quarter included a $17 million unfavorable notable item and the fourth quarter of 2025 included a $7 million unfavorable notable item, both related to actuarial refinements. There were no notable items in the first quarter of 2025.

On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects a higher underwriting margin and lower expenses. On a sequential basis, the adjusted loss, less notable items, reflects a higher underwriting margin, partially offset by lower net investment income.

Corporate & Other

The Corporate & Other segment had an adjusted loss of $31 million in the current quarter, compared with an adjusted loss of $24 million in the first quarter of 2025 and an adjusted loss of $50 million in the fourth quarter of 2025.

There were no notable items in the current quarter or the comparison quarters.

On a quarter-over-quarter basis, the adjusted loss reflects lower net investment income, partially offset by a higher tax benefit. On a sequential basis, the adjusted loss reflects lower expenses.

Net Investment Income and Adjusted Net Investment Income (Unaudited, in millions)

For the Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Net investment income $1,258 $1,328 $1,297

Adjusted net investment income $1,268 $1,334 $1,291

Net Investment Income

Net investment income was $1,258 million and adjusted net investment income* was $1,268 million in the current quarter.

Adjusted net investment income decreased $23 million on a quarter-over-quarter basis, primarily driven by a reduction in the size of the institutional spread margin business. Adjusted net investment income decreased $66 million sequentially, driven by lower alternative investment income.

The adjusted net investment income yield* was 4.24% during the quarter.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Statutory Capital and Liquidity (Unaudited, in billions)

As of

March 31,

2026 (1)

December 31,

2025 March 31,

2025

Statutory combined total adjusted capital $5.0 $5.3 $5.5

(1) Reflects preliminary statutory results as of March 31, 2026.

Capitalization

As of March 31, 2026:

•Statutory combined total adjusted capital(1) was $5.0 billion, which declined sequentially mainly driven by non-trendable items, including basis risk which can fluctuate quarter to quarter.

•Estimated combined RBC ratio(1) was between 430% and 450%, which is at the upper-end of our target range of 400% to 450% in normal market conditions, and reflects the change in statutory combined total adjusted capital.

▪Holding company liquid assets were $0.9 billion

_______________

(1) Reflects preliminary statutory results as of March 31, 2026.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Pending Merger with Aquarian Capital

On November 6, 2025, Aquarian Capital LLC (“Aquarian Capital”), a diversified global holding company with a strategic portfolio of insurance and asset management businesses, and Brighthouse Financial, announced that they had entered into a definitive merger agreement under which an affiliate of Aquarian Capital will acquire Brighthouse Financial for $70.00 per share in an all-cash transaction valued at approximately $4.1 billion.

At a special meeting held on February, 12, 2026, Brighthouse Financial stockholders voted to adopt the merger agreement. The transaction is expected to close in 2026 and is subject to customary closing conditions, including receipt of insurance regulatory approvals.

About Brighthouse Financial, Inc.

Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,(1) we specialize in products designed to help people protect what they've earned and ensure it lasts. Learn more at brighthousefinancial.com.

(1) Ranked by 2024 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2025.

CONTACT

FOR INVESTORS

Dana Amante

(980) 949-3073

damante@brighthousefinancial.com

FOR MEDIA

Meghan Lantier

(980) 949-4142

mlantier@brighthousefinancial.com

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Note Regarding Forward-Looking Statements

This press release, and any related oral statements, contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. Words such as “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and similar expressions or the negative of those expressions or verbs, identify forward-looking statements. Readers are cautioned that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only Brighthouse Financial’s beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside Brighthouse Financial’s control.

Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, Brighthouse Financial’s ability to complete the merger in the timeframe or manner currently anticipated or at all, including due to a failure to obtain the regulatory approvals required for the closing of the merger or the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the merger agreement; the effect of the pendency of the merger on Brighthouse Financial’s ongoing business and operations, including disruption to Brighthouse Financial’s business relationships, the diversion of management’s attention from ongoing business operations and opportunities, or the outcome of any legal proceedings that may be instituted against Aquarian Capital or Brighthouse Financial following announcement of the merger; restrictions on the conduct of Brighthouse Financial’s business prior to the closing of the merger and on Brighthouse Financial’s ability to pursue alternatives to the merger; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; differences between actual experience and actuarial assumptions and the effectiveness of Brighthouse Financial's actuarial models; higher risk management costs and exposure to increased market risk due to guarantees within certain of Brighthouse Financial's products; the effectiveness of Brighthouse Financial's risk management strategy and the impacts of such strategy on volatility in Brighthouse Financial's profitability measures and the negative effects on Brighthouse Financial's statutory capital; material differences between actual outcomes and the sensitivities calculated under certain scenarios that Brighthouse Financial may utilize in connection with its risk management strategies; the impact of interest rates on Brighthouse Financial's future ULSG policyholder obligations and net income volatility; the potential material adverse effect of changes in accounting standards, practices or policies applicable to Brighthouse Financial; loss of business and other negative impacts resulting from a downgrade or a potential downgrade in Brighthouse Financial's financial strength or credit ratings; the availability of reinsurance and the ability of the counterparties to Brighthouse Financial's reinsurance or indemnification arrangements to perform their obligations thereunder; heightened competition, including with respect to service, product features, product mix, scale, price, actual or perceived financial strength, claims-paying ratings, credit ratings, e-business capabilities and name recognition; Brighthouse Financial's ability to market and distribute its products through distribution channels and maintain relationships with key distribution partners; any failure of third parties to provide services Brighthouse Financial needs, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance it needs from third parties; the ability of Brighthouse Financial's subsidiaries to pay dividends to it, and its ability to pay dividends to its shareholders and repurchase its common stock; the risks associated with climate change; the adverse impact of public health crises, extreme mortality events or similar occurrences on Brighthouse Financial's business and the economy in general; the impact of adverse capital and credit market conditions, including with respect to Brighthouse Financial's ability to meet liquidity needs and access capital; the impact of economic conditions in the capital markets and the U.S. and global economy, as well as geopolitical events, tariffs imposed or threatened by the U.S. or foreign governments, military actions or catastrophic events, on Brighthouse Financial's profitability measures as well as its investment portfolio, including on realized and unrealized losses and impairments, net investment spread and net investment income; the financial risks that Brighthouse Financial's investment portfolio is subject to, including credit risk, interest rate risk, inflation risk, market valuation risk, liquidity risk, real estate risk, derivatives risk, and other factors outside Brighthouse Financial's control; the impact of changes in regulation and in supervisory and enforcement policies or interpretations thereof on Brighthouse Financial's insurance business or other operations; the potential material negative tax

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

impact of potential future tax legislation that could make some of Brighthouse Financial's products less attractive to consumers or increase our tax liability; the effectiveness of Brighthouse Financial's policies, procedures and processes in managing risk; the loss or disclosure of confidential information, damage to Brighthouse Financial's reputation and impairment of its ability to conduct business effectively as a result of any failure in cyber- or other information security systems; whether all or any portion of the tax consequences of Brighthouse Financial's separation from MetLife, Inc. are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact Brighthouse Financial; other factors that may affect future results of Brighthouse Financial; and management’s response to any of the aforementioned factors.

Furthermore, such forward-looking statements speak only as of the date of this press release. Except as required by law, the parties undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to the parties, (ii) that the parties currently deem to be immaterial or (iii) that could apply to any company could also materially adversely affect the future results of Brighthouse Financial. Additional information concerning certain factors is contained in Brighthouse Financial’s SEC filings, including but not limited to its most recent Annual Report on Form 10-K, as well as subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The information contained on or connected to any websites referenced in this press release is not incorporated by reference into this press release.

Non-GAAP and Other Financial Disclosures

Our definitions of non-GAAP and other financial measures may differ from those used by other companies.

Non-GAAP Financial Disclosures

We present certain measures of our performance that are not calculated in accordance with accounting principles generally accepted in the United States of America, also known as "GAAP." We believe that these non-GAAP financial measures enhance the understanding of our performance by the investor community by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures: Most directly comparable GAAP financial measures:

adjusted earnings net income (loss) available to shareholders (1)

adjusted earnings, less notable items net income (loss) available to shareholders (1)

adjusted revenues revenues

adjusted expenses expenses

adjusted earnings per common share earnings per common share, diluted (1)

adjusted earnings per common share, less notable items earnings per common share, diluted (1)

adjusted return on common equity return on common equity (2)

adjusted return on common equity, less notable items return on common equity (2)

adjusted net investment income net investment income

adjusted net investment income yield net investment income yield

__________________

(1) Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to Brighthouse Financial, Inc.'s common shareholders, and earnings per common share, diluted to refer to net income (loss) available to shareholders per common share.

(2) Brighthouse uses return on common equity to refer to return on Brighthouse Financial, Inc.'s common stockholders' equity.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Reconciliations to the most directly comparable historical GAAP measures are included for those measures which are presented herein. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable efforts to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss) available to shareholders.

Adjusted Earnings, Adjusted Revenues and Adjusted Expenses

Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. This financial measure, which may be positive or negative, focuses on our primary businesses by excluding the impact of market volatility, which could distort trends.

Adjusted earnings reflect adjusted revenues less (i) adjusted expenses, (ii) provision for income tax expense (benefit), (iii) net income (loss) attributable to noncontrolling interests and (iv) preferred stock dividends. Provided below are the adjustments to GAAP revenues and GAAP expenses used to calculate adjusted revenues and adjusted expenses, respectively.

The following items are excluded from total revenues in calculating the adjusted revenues component of adjusted earnings:

•Net investment gains (losses);

•Investment gains (losses) on trading securities measured at estimated fair value through net investment income; and

•Net derivative gains (losses) ("NDGL"), excluding earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment Hedge Adjustments").

The following items are excluded from total expenses in calculating the adjusted expenses component of adjusted earnings:

•Change in market risk benefits; and

•Change in fair value of the crediting rate on experience-rated contracts and market value adjustments on institutional group annuities that are economically offset by gains (losses) on the related trading securities ("Market Value Adjustments").

The provision for income tax related to adjusted earnings is calculated using the statutory tax rate of 21%, net of impacts related to the dividends received deduction, tax credits and current period non-recurring items.

Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance.

Adjusted Earnings per Common Share and Adjusted Return on Common Equity

Adjusted earnings per common share and adjusted return on common equity are measures used by management to evaluate the execution of our business strategy and align such strategy with our shareholders' interests.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Adjusted earnings per common share is defined as adjusted earnings for the period divided by the weighted average number of fully diluted shares of common stock outstanding for the period. The weighted average common shares outstanding used to calculate adjusted earnings per share will differ from such shares used to calculate diluted net income (loss) available to shareholders per common share when the inclusion of dilutive shares has an anti-dilutive effect for one calculation but not for the other.

Adjusted return on common equity is defined as total annual adjusted earnings on a four quarter trailing basis, divided by the simple average of the most recent five quarters of total Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI.

Adjusted Net Investment Income

Adjusted net investment income is used by management to measure our performance, and we believe it enhances the understanding of our investment portfolio results. Adjusted net investment income represents GAAP net investment income plus Investment Hedge Adjustments less investment gains (losses) on trading securities.

Adjusted Net Investment Income Yield

Similar to adjusted net investment income, adjusted net investment income yield is used by management as a performance measure that we believe enhances the understanding of our investment portfolio results. Adjusted net investment income yield represents adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties. Investment fee and expense yields are calculated as a percentage of average quarterly asset estimated fair values. Asset estimated fair values exclude collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties.

Other Financial Disclosures

Corporate Expenses

Corporate expenses includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation.

Notable Items

Certain of the non-GAAP measures described above may be presented further adjusted to exclude notable items. Notable items reflect the unfavorable (favorable) after-tax impact on our results of certain unanticipated items and events, as well as certain items and events that were anticipated. The presentation of notable items and non-GAAP measures, less notable items is intended to help investors better understand our results and to evaluate and forecast those results.

Book Value per Common Share and Book Value per Common Share, excluding AOCI

Brighthouse uses the term "book value" to refer to "Brighthouse Financial, Inc.'s common stockholders' equity, including AOCI." Book value per common share is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, including AOCI, divided by ending common shares outstanding. Book value per common share, excluding AOCI, is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI, divided by ending common shares outstanding.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Holding Company

Holding company means, collectively, Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC.

Holding Company Liquid Assets

Holding company liquid assets include liquid assets in Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC. Liquid assets are comprised of cash and cash equivalents, short-term investments and publicly-traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include assets held in trust.

Total Adjusted Capital

Total adjusted capital primarily consists of statutory capital and surplus, as well as the statutory asset valuation reserve. When referred to as “combined,” represents that of our insurance subsidiaries as a whole.

Sales

Life insurance sales consist of 100 percent of annualized new premium for term life, first-year paid premium for whole life, universal life, and variable universal life, and total paid premium for indexed universal life. We exclude company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life.

Annuity sales consist of 100 percent of direct statutory premiums, except for fixed index annuity sales, which represents 100 percent of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Annuity sales exclude certain internal exchanges. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

Risk-Based Capital Ratio

The risk-based capital ratio is a method of measuring an insurance company’s capital, taking into consideration its relative size and risk profile, in order to ensure compliance with minimum regulatory capital requirements set by the National Association of Insurance Commissioners. When referred to as “combined,” represents that of our insurance subsidiaries as a whole. The reporting of our combined risk-based capital ratio is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Condensed Statements of Operations (Unaudited, in millions)

For the Three Months Ended

Revenues March 31,

2026 December 31,

2025 March 31,

2025

Premiums $168 $173 $186

Universal life and investment-type product policy fees 533 534 543

Net investment income 1,258 1,328 1,297

Other revenues 129 133 136

Revenues before NIGL and NDGL 2,088 2,168 2,162

Net investment gains (losses) (52) (23) (83)

Net derivative gains (losses) (509) (456) 311

Total revenues $1,527 $1,689 $2,390

Expenses

Policyholder benefits and claims $637 $697 $649

Interest credited to policyholder account balances 493 529 561

Amortization of DAC and VOBA 158 159 148

Change in market risk benefits 748 (349) 893

Interest expense on debt 38 38 38

Other expenses 439 465 455

Total expenses 2,513 1,539 2,744

Income (loss) before provision for income tax (986) 150 (354)

Provision for income tax expense (benefit) (222) 12 (88)

Net income (loss) (764) 138 (266)

Less: Net income (loss) attributable to noncontrolling interests 2 1 2

Net income (loss) attributable to Brighthouse Financial, Inc. (766) 137 (268)

Less: Preferred stock dividends 26 25 26

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders $(792) $112 $(294)

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Condensed Balance Sheets (Unaudited, in millions)

As of

ASSETS March 31,

2026 December 31,

2025 March 31,

2025

Investments:

Fixed maturity securities available-for-sale $81,232 $82,014 $80,640

Trading securities 544 506 365

Equity securities 76 79 73

Mortgage loans 22,620 22,755 23,051

Policy loans 1,458 1,450 1,436

Limited partnerships and limited liability companies 4,673 4,696 4,839

Short-term investments 1,236 1,197 1,569

Other invested assets 9,617 7,932 5,284

Total investments 121,456 120,629 117,257

Cash and cash equivalents 4,907 5,387 4,667

Accrued investment income 1,302 1,260 1,267

Reinsurance recoverables 20,313 20,903 20,454

Premiums and other receivables 513 676 734

DAC and VOBA 4,520 4,567 4,672

Current income tax recoverable 16 16 20

Deferred income tax asset 1,781 1,442 1,808

Market risk benefit assets 850 1,060 914

Other assets 324 332 364

Separate account assets 80,821 85,528 82,524

Total assets $236,803 $241,800 $234,681

LIABILITIES AND EQUITY

Liabilities

Future policy benefits $31,773 $32,025 $31,834

Policyholder account balances 86,379 87,952 85,618

Market risk benefit liabilities 8,564 8,063 9,165

Other policy-related balances 3,994 3,893 3,866

Payables for collateral under securities loaned and other transactions 4,661 4,705 3,904

Long-term debt 3,154 3,155 3,155

Other liabilities 11,829 9,646 9,311

Separate account liabilities 80,821 85,528 82,524

Total liabilities 231,175 234,967 229,377

Equity

Preferred stock, at par value — — —

Common stock, at par value 1 1 1

Additional paid-in capital 13,869 13,870 13,939

Retained earnings (deficit) (1,452) (686) (1,387)

Treasury stock (2,699) (2,688) (2,644)

Accumulated other comprehensive income (loss) (4,156) (3,729) (4,670)

Total Brighthouse Financial, Inc.’s stockholders’ equity 5,563 6,768 5,239

Noncontrolling interests 65 65 65

Total equity 5,628 6,833 5,304

Total liabilities and equity $236,803 $241,800 $234,681

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings (Loss) and Adjusted Earnings, Less Notable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to Adjusted Earnings (Loss) per Common Share and Adjusted Earnings, Less Notable Items, per Common Share (Unaudited, in millions except per share data)

For the Three Months Ended

ADJUSTED EARNINGS, LESS NOTABLE ITEMS

March 31,

2026 December 31,

2025 March 31,

2025

Net income (loss) available to shareholders $(792) $112 $(294)

Less: Net investment gains (losses) (52) (23) (83)

Less: Investment gains (losses) on trading securities (10) (7) 6

Less: Net derivative gains (losses), excluding investment hedge adjustments

(509) (455) 311

Less: Change in market risk benefits (748) 349 (893)

Less: Market value adjustments 13 6 (10)

Less: Provision for income tax (expense) benefit on reconciling adjustments

275 28 140

Adjusted earnings (loss) 239 214 235

Less: Notable items (12) (13) (10)

Adjusted earnings, less notable items $251 $227 $245

ADJUSTED EARNINGS, LESS NOTABLE ITEMS, PER COMMON SHARE (1)

Net income (loss) available to shareholders per common share $(13.82) $1.93 $(5.04)

Less: Net investment gains (losses) (0.91) (0.40) (1.42)

Less: Investment gains (losses) on trading securities (0.17) (0.12) 0.10

Less: Net derivative gains (losses), excluding investment hedge adjustments

(8.88) (7.87) 5.34

Less: Change in market risk benefits (13.05) 6.04 (15.33)

Less: Market value adjustments 0.23 0.10 (0.17)

Less: Provision for income tax (expense) benefit on reconciling adjustments 4.80 0.48 2.40

Less: Impact of inclusion of dilutive shares 0.03 — 0.03

Adjusted earnings (loss) per common share 4.15 3.70 4.01

Less: Notable items (0.21) (0.22) (0.17)

Adjusted earnings, less notable items per common share $4.35 $3.93 $4.17

(1) Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. See Non-GAAP and Other Financial Disclosures discussion in this news release.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Reconciliation of Net Investment Income to Adjusted Net Investment Income (Unaudited, in millions)

For the Three Months Ended

ADJUSTED NET INVESTMENT INCOME (1)

March 31,

2026 December 31,

2025 March 31,

2025

Net investment income $1,258 $1,328 $1,297

Add: Investment hedge adjustments

— (1) —

Less: Investment gains (losses) on trading securities

(10) (7) 6

Adjusted net investment income $1,268 $1,334 $1,291

Reconciliation of Investment Income Yield to Adjusted Net Investment Income Yield

For the Three Months Ended

ADJUSTED NET INVESTMENT INCOME YIELD (1) March 31,

2026 December 31,

2025 March 31,

2025

Investment income yield 4.39% 4.60% 4.39%

Investment fees and expenses (0.15)% (0.16)% (0.14)%

Adjusted net investment income yield 4.24% 4.44% 4.25%

Notable Items (Unaudited, in millions)

For the Three Months Ended

NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS

March 31,

2026 December 31,

2025 March 31,

2025

Actuarial items and other insurance adjustments $12 $13 $10

Total notable items (1) $12 $13 $10

NOTABLE ITEMS BY SEGMENT

Annuities $— $— $10

Life (5) 6 —

Run-off 17 7 —

Corporate & Other — — —

Total notable items (1) $12 $13 $10

(1) See Non-GAAP and Other Financial Disclosures discussion in this news release.

EX-99.2

Filename: q12026bhffinancialsuppleme.htm · Sequence: 3

Document

Exhibit 99.2

Brighthouse Financial, Inc.

Financial Supplement

First Quarter 2026

Table of Contents Financial Results

Key Metrics

GAAP Statements of Operations

GAAP Balance Sheets

Earnings and Select Metrics from Segments

Statements of Adjusted Earnings by Segment

Annuities — Statements of Adjusted Earnings

Annuities — Select Operating Metrics

Life — Statements of Adjusted Earnings

Life — Select Operating Metrics

Run-off — Statements of Adjusted Earnings

Run-off — Select Operating Metrics

Corporate & Other — Statements of Adjusted Earnings and Select Operating Metrics

Other Information

Change in Market Risk Benefits and Net Derivative Gains (Losses)

Notable Items

Variable Annuity Separate Account Returns and Allocations

Summary of Investments

Statutory Statement of Operations Information

Statutory Balance Sheet and Surplus Information

Appendix

A-1

Note Regarding Forward-Looking Statements

A-2

Non-GAAP and Other Financial Disclosures

A-6

Acronyms

A-7

A-8

Reconciliation of Return on Common Equity to Adjusted Return on Common Equity, Excluding AOCI

A-9

Reconciliation of Total Revenues to Adjusted Revenues and Reconciliation of Total Expenses to Adjusted Expenses

A-10

Investment Reconciliation Details

Note: See the Appendix for non-GAAP financial information, definitions and reconciliations. Financial information, unless otherwise noted, is rounded to millions. Some financial information, therefore, may not sum to the corresponding total.

As used in this financial supplement, “Brighthouse Financial,” “Brighthouse,” the “Company,” “we,” “our” and “us” refer to Brighthouse Financial, Inc.

Financial Results

Financial Supplement

Key Metrics (Unaudited, dollars in millions except per share amounts)

As of or For the Three Months Ended

Financial Results and Metrics (1) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Net income (loss) available to shareholders $(792) $112 $453 $60 $(294)

Adjusted earnings (2)

$239 $214 $970 $198 $235

Adjusted earnings, less notable items (2) $251 $227 $261 $198 $245

Total corporate expenses (3) $227 $234 $205 $202 $239

Combined total adjusted capital (4)

$5,000 $5,328 $5,400 $5,560 $5,549

Combined risk-based capital ratio (4), (5)

430%-450% 456% 435%-455% 405%-425% 420%-440%

Stockholders' Equity

Brighthouse Financial, Inc.’s stockholders’ equity $5,563 $6,768 $6,363 $5,673 $5,239

Less: Preferred stock, net 1,699 1,699 1,699 1,699 1,699

Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI $3,864 $5,069 $4,664 $3,974 $3,540

Less: AOCI (4,156) (3,729) (4,020) (4,257) (4,670)

Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI $8,020 $8,798 $8,684 $8,231 $8,210

Return on Common Equity (1)

Return on common equity (4.0)% 8.1% 22.5% 16.5% 16.4%

Return on common equity, excluding AOCI (2.0)% 3.9% 10.4% 6.9% 6.3%

Adjusted return on common equity, excluding AOCI 19.3% 19.0% 20.5% 18.4% 20.4%

Earnings Per Common Share, Diluted (1), (6)

Net income (loss) available to shareholders per common share $(13.82) $1.93 $7.89 $1.02 $(5.04)

Adjusted earnings per common share $4.15 $3.70 $16.87 $3.43 $4.01

Adjusted earnings, less notable items per common share $4.35 $3.93 $4.54 $3.43 $4.17

Weighted average common shares outstanding 57,735,327 57,829,186 57,512,901 57,734,170 58,697,818

Book Value Per Common Share

Book value per common share (1) $67.27 $88.66 $81.60 $69.57 $61.17

Book value per common share, excluding AOCI (1) $139.63 $153.89 $151.94 $144.09 $141.87

Ending common shares outstanding 57,437,709 57,171,217 57,153,571 57,122,494 57,868,389

(1) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.

(2) See additional information regarding notable items on page 17.

(3) Includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation. Beginning in 2026, corporate expenses exclude certain transaction-related costs. Corporate expenses excluding certain transaction-related costs were $219 million, $200 million, $195 million and $234 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

(4) Reflects preliminary statutory results as of or for the three months ended March 31, 2026. See additional information on page 21.

(5) The RBC ratio is reported as a preliminary range for all periods, except those ended December 31.

(6) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or adjusted earnings (loss) per common share as inclusion of such shares would have an anti-dilutive effect.

Financial Supplement

GAAP Statements of Operations (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

Revenues March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Premiums $168 $173 $170 $166 $186 $168 $186

Universal life and investment-type product policy fees 533 534 531 553 543 533 543

Net investment income 1,258 1,328 1,334 1,285 1,297 1,258 1,297

Other revenues 129 133 143 143 136 129 136

Revenues before NIGL and NDGL 2,088 2,168 2,178 2,147 2,162 2,088 2,162

Net investment gains (losses) (52) (23) 48 (39) (83) (52) (83)

Net derivative gains (losses) (509) (456) (410) (1,237) 311 (509) 311

Total revenues $1,527 $1,689 $1,816 $871 $2,390 $1,527 $2,390

Expenses

Policyholder benefits and claims $637 $697 $(252) $711 $649 $637 $649

Interest credited to policyholder account balances 493 529 561 537 561 493 561

Amortization of DAC and VOBA 158 159 153 149 148 158 148

Change in market risk benefits 748 (349) 289 (1,101) 893 748 893

Interest expense on debt 38 38 38 38 38 38 38

Other expenses 439 465 442 444 455 439 455

Total expenses 2,513 1,539 1,231 778 2,744 2,513 2,744

Income (loss) before provision for income tax (986) 150 585 93 (354) (986) (354)

Provision for income tax expense (benefit) (222) 12 104 8 (88) (222) (88)

Net income (loss) (764) 138 481 85 (266) (764) (266)

Less: Net income (loss) attributable to noncontrolling interests 2 1 2 — 2 2 2

Net income (loss) attributable to Brighthouse Financial, Inc. (766) 137 479 85 (268) (766) (268)

Less: Preferred stock dividends 26 25 26 25 26 26 26

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders $(792) $112 $453 $60 $(294) $(792) $(294)

Financial Supplement

GAAP Balance Sheets (Unaudited, in millions)

As of

ASSETS March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Investments:

Fixed maturity securities available-for-sale $81,232 $82,014 $81,537 $80,835 $80,640

Trading securities 544 506 528 520 365

Equity securities 76 79 78 74 73

Mortgage loans 22,620 22,755 22,862 22,993 23,051

Policy loans 1,458 1,450 1,439 1,425 1,436

Limited partnerships and limited liability companies 4,673 4,696 4,816 4,798 4,839

Short-term investments 1,236 1,197 778 1,170 1,569

Other invested assets 9,617 7,932 8,842 8,932 5,284

Total investments 121,456 120,629 120,880 120,747 117,257

Cash and cash equivalents 4,907 5,387 6,606 5,540 4,667

Accrued investment income 1,302 1,260 1,350 1,235 1,267

Reinsurance recoverables 20,313 20,903 20,400 20,701 20,454

Premiums and other receivables 513 676 844 557 734

DAC and VOBA 4,520 4,567 4,603 4,636 4,672

Current income tax recoverable 16 16 17 17 20

Deferred income tax asset 1,781 1,442 1,531 1,695 1,808

Market risk benefit assets 850 1,060 979 1,084 914

Other assets 324 332 342 348 364

Separate account assets 80,821 85,528 87,127 86,085 82,524

Total assets $236,803 $241,800 $244,679 $242,645 $234,681

LIABILITIES AND EQUITY

Liabilities

Future policy benefits $31,773 $32,025 $32,021 $31,974 $31,834

Policyholder account balances 86,379 87,952 88,703 88,046 85,618

Market risk benefit liabilities 8,564 8,063 8,529 8,051 9,165

Other policy-related balances 3,994 3,893 3,918 3,977 3,866

Payables for collateral under securities loaned and other transactions 4,661 4,705 4,347 3,994 3,904

Long-term debt 3,154 3,155 3,155 3,155 3,155

Other liabilities 11,829 9,646 10,451 11,625 9,311

Separate account liabilities 80,821 85,528 87,127 86,085 82,524

Total liabilities 231,175 234,967 238,251 236,907 229,377

Equity

Preferred stock, at par value — — — — —

Common stock, at par value 1 1 1 1 1

Additional paid-in capital 13,869 13,870 13,893 13,918 13,939

Retained earnings (deficit) (1,452) (686) (823) (1,302) (1,387)

Treasury stock (2,699) (2,688) (2,688) (2,687) (2,644)

Accumulated other comprehensive income (loss) (4,156) (3,729) (4,020) (4,257) (4,670)

Total Brighthouse Financial, Inc.’s stockholders’ equity 5,563 6,768 6,363 5,673 5,239

Noncontrolling interests 65 65 65 65 65

Total equity 5,628 6,833 6,428 5,738 5,304

Total liabilities and equity $236,803 $241,800 $244,679 $242,645 $234,681

Earnings and

Select Metrics from

Segments

Financial Supplement

Statements of Adjusted Earnings by Segment (Unaudited, in millions)

For the Three Months Ended March 31, 2026

Adjusted revenues Annuities Life Run-off Corporate & Other Total

Premiums $79 $89 $— $— $168

Universal life and investment-type product policy fees 388 57 88 — 533

Net investment income 771 98 268 131 1,268

Other revenues 117 4 7 1 129

Total adjusted revenues $1,355 $248 $363 $132 $2,098

Adjusted expenses

Policyholder benefits and claims $124 $170 $343 $— $637

Interest credited to policyholder account balances 334 29 53 90 506

Amortization of DAC and VOBA 137 21 — — 158

Interest expense on debt — — — 38 38

Other operating costs 360 36 28 15 439

Total adjusted expenses 955 256 424 143 1,778

Adjusted earnings (loss) before provision for income tax 400 (8) (61) (11) 320

Provision for income tax expense (benefit) 76 (2) (13) (8) 53

Adjusted earnings (loss) after provision for income tax 324 (6) (48) (3) 267

Less: Net income (loss) attributable to noncontrolling interests — — — 2 2

Less: Preferred stock dividends — — — 26 26

Adjusted earnings (loss) $324 $(6) $(48) $(31) $239

For the Three Months Ended March 31, 2025

Adjusted revenues Annuities Life Run-off Corporate & Other Total

Premiums $65 $121 $— $— $186

Universal life and investment-type product policy fees 396 59 88 — 543

Net investment income 753 107 272 159 1,291

Other revenues 130 4 7 (5) 136

Total adjusted revenues $1,344 $291 $367 $154 $2,156

Adjusted expenses

Policyholder benefits and claims $110 $187 $352 $— $649

Interest credited to policyholder account balances 358 27 60 106 551

Amortization of DAC and VOBA 126 22 — — 148

Interest expense on debt — — — 38 38

Other operating costs 363 45 36 11 455

Total adjusted expenses 957 281 448 155 1,841

Adjusted earnings (loss) before provision for income tax 387 10 (81) (1) 315

Provision for income tax expense (benefit) 73 1 (17) (5) 52

Adjusted earnings (loss) after provision for income tax 314 9 (64) 4 263

Less: Net income (loss) attributable to noncontrolling interests — — — 2 2

Less: Preferred stock dividends — — — 26 26

Adjusted earnings (loss) $314 $9 $(64) $(24) $235

Financial Supplement

Annuities — Statements of Adjusted Earnings (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

Adjusted revenues March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Premiums $79 $72 $68 $60 $65 $79 $65

Universal life and investment-type product policy fees 388 364 372 385 396 388 396

Net investment income 771 776 770 757 753 771 753

Other revenues 117 122 126 129 130 117 130

Total adjusted revenues $1,355 $1,334 $1,336 $1,331 $1,344 $1,355 $1,344

Adjusted expenses

Policyholder benefits and claims $124 $123 $125 $98 $110 $124 $110

Interest credited to policyholder account balances 334 352 357 354 358 334 358

Amortization of DAC and VOBA 137 138 131 127 126 137 126

Interest expense on debt — — — — — — —

Other operating costs 360 344 348 342 363 360 363

Total adjusted expenses 955 957 961 921 957 955 957

Adjusted earnings before provision for income tax 400 377 375 410 387 400 387

Provision for income tax expense (benefit) 76 73 71 78 73 76 73

Adjusted earnings $324 $304 $304 $332 $314 $324 $314

Financial Supplement

Annuities — Select Operating Metrics (Unaudited, in millions)

For the Three Months Ended

VARIABLE AND SHIELD LEVEL ANNUITIES ACCOUNT VALUE (1) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Account value, beginning of period $129,906 $130,470 $127,180 $120,963 $125,121

Premiums and deposits (2) 2,109 2,342 2,309 2,188 2,201

Withdrawals, surrenders and contract benefits (4,670) (5,009) (4,594) (4,190) (4,156)

Net flows (3) (2,561) (2,667) (2,285) (2,002) (1,955)

Investment performance (4) (2,650) 2,621 6,129 8,758 (1,715)

Policy charges and other (467) (518) (554) (539) (488)

Account value, end of period $124,228 $129,906 $130,470 $127,180 $120,963

FIXED ANNUITIES ACCOUNT VALUE (5)

Account value, beginning of period $17,820 $18,456 $19,339 $19,355 $19,577

Premiums and deposits (2) 144 469 506 504 131

Withdrawals, surrenders and contract benefits (755) (1,277) (1,615) (688) (562)

Net flows (3) (611) (808) (1,109) (184) (431)

Interest credited 159 164 170 169 168

Other 36 8 56 (1) 41

Account value, end of period $17,404 $17,820 $18,456 $19,339 $19,355

INSTITUTIONAL GROUP ANNUITIES ACCOUNT VALUE (1)

Institutional group annuities account value, end of period

$595 $569 $584 $566 $401

INCOME ANNUITIES (1)

Income annuity insurance liabilities, end of period $4,750 $4,788 $4,755 $4,645 $4,583

(1) Includes general account and separate account.

(2) Includes premiums and deposits directed to the general account investment option of variable products.

(3) Deposits and withdrawals include policy exchanges.

(4) Includes the interest credited on the general account option of variable products.

(5) Includes fixed index annuities.

Financial Supplement

Annuities — Select Operating Metrics (Cont.) (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

VARIABLE AND SHIELD LEVEL ANNUITY SALES March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Shield Level Annuities (1) $1,868 $2,074 $2,052 $1,925 $1,957 $1,868 $1,957

GMWB 107 118 115 109 103 107 103

GMDB only 55 69 55 67 58 55 58

GMIB 3 2 3 4 4 3 4

Total variable and Shield Level annuity sales $2,033 $2,263 $2,225 $2,105 $2,122 $2,033 $2,122

FIXED AND INCOME ANNUITY SALES

Fixed index annuities (2) $87 $142 $126 $89 $26 $87 $26

Fixed deferred annuities 55 324 377 412 103 55 103

Single premium immediate annuities 2 2 1 2 5 2 5

Other fixed and income annuities 1 3 2 2 3 1 3

Total fixed and income annuity sales $145 $471 $506 $505 $137 $145 $137

(1) Shield Level Annuities refers to our suite of structured annuities consisting of products marketed under various names.

(2) Represents 100% of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements.

Financial Supplement

Life — Statements of Adjusted Earnings (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

Adjusted revenues March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Premiums $89 $101 $102 $104 $121 $89 $121

Universal life and investment-type product policy fees 57 83 74 78 59 57 59

Net investment income 98 111 117 97 107 98 107

Other revenues 4 3 4 4 4 4 4

Total adjusted revenues $248 $298 $297 $283 $291 $248 $291

Adjusted expenses

Policyholder benefits and claims $170 $182 $142 $213 $187 $170 $187

Interest credited to policyholder account balances 29 30 30 28 27 29 27

Amortization of DAC and VOBA 21 21 22 22 22 21 22

Interest expense on debt — — — — — — —

Other operating costs 36 46 54 53 45 36 45

Total adjusted expenses 256 279 248 316 281 256 281

Adjusted earnings (loss) before provision for income tax (8) 19 49 (33) 10 (8) 10

Provision for income tax expense (benefit) (2) 1 9 (7) 1 (2) 1

Adjusted earnings (loss) $(6) $18 $40 $(26) $9 $(6) $9

Financial Supplement

Life — Select Operating Metrics (Unaudited, in millions)

For the Three Months Ended

LIFE ACCOUNT VALUE: GENERAL ACCOUNT March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Universal and variable universal life account value, beginning of period $2,627 $2,615 $2,605 $2,597 $2,590

Premiums and deposits (1) 61 66 65 62 69

Withdrawals, surrenders and contract benefits (33) (38) (36) (41) (46)

Net flows 28 28 29 21 23

Net transfers from (to) separate account 8 10 12 8 10

Interest credited 27 29 29 26 27

Policy charges and other (61) (55) (60) (47) (53)

Universal and variable universal life account value, end of period $2,629 $2,627 $2,615 $2,605 $2,597

LIFE ACCOUNT VALUE: SEPARATE ACCOUNT

Variable universal life account value, beginning of period $6,860 $6,859 $6,632 $6,125 $6,419

Premiums and deposits 34 35 34 36 38

Withdrawals, surrenders and contract benefits (87) (83) (89) (71) (92)

Net flows (53) (48) (55) (35) (54)

Investment performance (249) 118 341 605 (180)

Net transfers from (to) general account (8) (10) (12) (8) (10)

Policy charges and other (53) (59) (47) (55) (50)

Variable universal life account value, end of period $6,497 $6,860 $6,859 $6,632 $6,125

(1) Includes premiums and deposits directed to the general account investment option of variable products.

Financial Supplement

Life — Select Operating Metrics (Cont.) (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

LIFE SALES March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Total life sales $32 $36 $38 $33 $36 $32 $36

As of

LIFE INSURANCE IN-FORCE March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Whole Life

Life Insurance in-force, before reinsurance $15,931 $16,098 $16,280 $16,441 $16,666

Life Insurance in-force, net of reinsurance $2,737 $2,761 $2,799 $2,818 $2,855

Term Life

Life Insurance in-force, before reinsurance $306,263 $312,477 $319,061 $325,210 $331,301

Life Insurance in-force, net of reinsurance $253,538 $258,169 $263,178 $267,845 $272,711

Universal and Variable Universal Life

Life Insurance in-force, before reinsurance $40,235 $41,053 $41,500 $41,726 $41,735

Life Insurance in-force, net of reinsurance $30,886 $31,603 $31,915 $32,026 $31,926

Financial Supplement

Run-off — Statements of Adjusted Earnings (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

Adjusted revenues March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Premiums $— $— $— $2 $— $— $—

Universal life and investment-type product policy fees 88 87 85 90 88 88 88

Net investment income 268 305 292 283 272 268 272

Other revenues 7 6 8 7 7 7 7

Total adjusted revenues $363 $398 $385 $382 $367 $363 $367

Adjusted expenses

Policyholder benefits and claims $343 $392 $(519) $400 $352 $343 $352

Interest credited to policyholder account balances 53 56 61 58 60 53 60

Amortization of DAC and VOBA — — — — — — —

Interest expense on debt — — — — — — —

Other operating costs 28 31 32 29 36 28 36

Total adjusted expenses 424 479 (426) 487 448 424 448

Adjusted earnings (loss) before provision for income tax (61) (81) 811 (105) (81) (61) (81)

Provision for income tax expense (benefit) (13) (23) 170 (22) (17) (13) (17)

Adjusted earnings (loss) $(48) $(58) $641 $(83) $(64) $(48) $(64)

Financial Supplement

Run-off — Select Operating Metrics (Unaudited, in millions)

For the Three Months Ended

UNIVERSAL LIFE WITH SECONDARY GUARANTEES ACCOUNT VALUE March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Account value, beginning of period $4,461 $4,548 $4,619 $4,710 $4,779

Premiums and deposits (1) 152 145 146 156 157

Withdrawals, surrenders and contract benefits (26) (34) (20) (42) (20)

Net flows 126 111 126 114 137

Interest credited 37 39 39 39 40

Policy charges and other (236) (237) (236) (244) (246)

Account value, end of period $4,388 $4,461 $4,548 $4,619 $4,710

As of

LIFE INSURANCE IN-FORCE March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Universal Life with Secondary Guarantees

Life Insurance in-force, before reinsurance $65,867 $66,293 $66,904 $67,445 $68,039

Life Insurance in-force, net of reinsurance $31,867 $32,190 $32,556 $32,879 $33,212

(1) Includes premiums and deposits directed to the general account investment option of variable products.

Financial Supplement

Corporate & Other — Statements of Adjusted Earnings and Select Operating Metrics (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

Adjusted revenues March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Premiums $— $— $— $— $— $— $—

Universal life and investment-type product policy fees — — — — — — —

Net investment income 131 142 148 155 159 131 159

Other revenues 1 2 5 3 (5) 1 (5)

Total adjusted revenues $132 $144 $153 $158 $154 $132 $154

Adjusted expenses

Policyholder benefits and claims $— $— $— $— $— $— $—

Interest credited to policyholder account balances 90 97 103 103 106 90 106

Amortization of DAC and VOBA — — — — — — —

Interest expense on debt 38 38 38 38 38 38 38

Other operating costs 15 44 8 20 11 15 11

Total adjusted expenses 143 179 149 161 155 143 155

Adjusted earnings before provision for income tax (11) (35) 4 (3) (1) (11) (1)

Provision for income tax expense (benefit) (8) (11) (9) (3) (5) (8) (5)

Adjusted earnings (loss) after provision for income tax (3) (24) 13 — 4 (3) 4

Less: Net income (loss) attributable to noncontrolling interests 2 1 2 — 2 2 2

Less: Preferred stock dividends 26 25 26 25 26 26 26

Adjusted earnings (loss) $(31) $(50) $(15) $(25) $(24) $(31) $(24)

INSTITUTIONAL SPREAD MARGIN BUSINESS ACCOUNT BALANCE

Institutional spread margin business account balance, end of period

$9,328 $9,477 $9,850 $10,149 $10,092

Other Information

Financial Supplement

Change in Market Risk Benefits and Net Derivative Gains (Losses) (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

CHANGE IN MARKET RISK BENEFITS March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Market risk benefits mark-to-market $(835) $205 $(424) $1,020 $(999) $(835) $(999)

Market risk benefits fees, net of claims 75 151 136 97 95 75 95

Ceded reinsurance 12 (7) (1) (16) 11 12 11

Total change in market risk benefits $(748) $349 $(289) $1,101 $(893) $(748) $(893)

For the Three Months Ended For the Three Months Ended

NET DERIVATIVE GAINS (LOSSES) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Net derivative gains (losses):

Variable annuity and Shield hedges $(1,327) $(12) $1,310 $1,073 $(877) $(1,327) $(877)

Shield embedded derivatives 805 (354) (1,694) (2,103) 1,171 805 1,171

ULSG hedges (8) (69) (10) (154) 22 (8) 22

Other hedges and embedded derivatives 21 (20) (16) (54) (5) 21 (5)

Subtotal (509) (455) (410) (1,238) 311 (509) 311

Investment hedge adjustments — (1) — 1 — — —

Total net derivative gains (losses) $(509) $(456) $(410) $(1,237) $311 $(509) $311

Financial Supplement

Notable Items (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Actuarial items and other insurance adjustments $12 $13 $(709) $— $10 $12 $10

Total notable items (1) $12 $13 $(709) $— $10 $12 $10

NOTABLE ITEMS BY SEGMENT

Annuities $— $— $7 $— $10 $— $10

Life (5) 6 (11) — — (5) —

Run-off 17 7 (705) — — 17 —

Corporate & Other — — — — — — —

Total notable items (1) $12 $13 $(709) $— $10 $12 $10

(1) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.

Financial Supplement

Variable Annuity Separate Account Returns and Allocations (Unaudited)

For the Three Months Ended

VARIABLE ANNUITY SEPARATE ACCOUNT RETURNS March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Total Quarterly VA separate account gross returns (1.84)% 2.14% 4.96% 7.59% (0.54)%

TOTAL VARIABLE ANNUITY SEPARATE ACCOUNT ALLOCATIONS

Percent allocated to equity funds 31.81% 32.56% 32.61% 32.54% 31.28%

Percent allocated to bond funds/other funds 9.50% 9.20% 9.13% 9.04% 9.58%

Percent allocated to target volatility funds 18.14% 17.77% 17.85% 17.81% 18.41%

Percent allocated to balanced funds 40.55% 40.47% 40.41% 40.61% 40.73%

Financial Supplement

Summary of Investments (Unaudited, dollars in millions)

March 31, 2026 December 31, 2025

Amount % of Total Amount % of Total

Fixed maturity securities:

U.S. corporate securities $38,336 30.34% $38,909 30.88%

Foreign corporate securities 11,103 8.79% 11,497 9.12%

Residential mortgage-backed securities 8,879 7.03% 8,532 6.77%

U.S. government and agency securities 6,663 5.27% 6,711 5.32%

Asset-backed securities 6,102 4.83% 6,059 4.81%

Commercial mortgage-backed securities 5,840 4.62% 5,870 4.66%

State and political subdivision securities 3,414 2.70% 3,494 2.77%

Foreign government securities 895 0.71% 942 0.75%

Total fixed maturity securities 81,232 64.29% 82,014 65.08%

Trading securities 544 0.43% 506 0.40%

Equity securities 76 0.06% 79 0.06%

Mortgage loans:

Commercial mortgage loans 12,134 9.60% 12,323 9.78%

Residential mortgage loans 6,052 4.79% 5,976 4.74%

Agricultural mortgage loans 4,644 3.68% 4,656 3.70%

Allowance for credit losses (210) (0.17)% (200) (0.16)%

Total mortgage loans, net 22,620 17.90% 22,755 18.06%

Policy loans 1,458 1.15% 1,450 1.15%

Limited partnerships and limited liability companies 4,673 3.70% 4,696 3.73%

Cash, cash equivalents and short-term investments 6,143 4.86% 6,584 5.22%

Other invested assets:

Derivatives:

Equity market 7,715 6.11% 6,121 4.86%

Interest rate 278 0.22% 297 0.23%

Foreign currency exchange rate 436 0.35% 350 0.28%

Credit 19 0.01% 11 0.01%

Total derivatives 8,448 6.69% 6,779 5.38%

ICOLI 837 0.66% 822 0.65%

FHLB common stock 217 0.17% 217 0.17%

Other 115 0.09% 114 0.10%

Total other invested assets 9,617 7.61% 7,932 6.30%

Total investments and cash and cash equivalents $126,363 100.00% $126,016 100.00%

For the Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Adjusted net investment income yield (1)

4.24% 4.44% 4.40% 4.28% 4.25%

(1) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.

Financial Supplement

Statutory Statement of Operations Information (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

COMBINED REVENUES AND EXPENSES (1) PRELIMINARY

March 31,

2026 (2) December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025 PRELIMINARY

March 31,

2026 (2) March 31,

2025

Total revenues (Line 9) $5,000 $3,002 $2,293 $1,455 $4,809 $5,000 $4,809

Total benefits and expenses before dividends to policyholders (Line 28)

$3,600 $2,919 $3,679 $2,360 $3,584 $3,600 $3,584

COMBINED NET INCOME (LOSS) (1), (3)

Gain (loss) from operations net of taxes and dividends to policyholders (Line 33)

$1,400 $122 $(1,333) $(921) $1,225 $1,400 $1,225

Net realized capital gains (losses), net of taxes and certain transfers to interest maintenance reserve (Line 34)

(500) (434) 599 (643) (784) (500) (784)

Net income (loss) (Line 35)

$900 $(312) $(734) $(1,564) $441 $900 $441

COMBINED CHANGE IN NET UNREALIZED GAIN (LOSS) (3), (4)

Change in net unrealized gain (loss) recorded in surplus, net of tax (Lines 38, 39, 46 & 47) $(1,000) $133 $508 $1,414 $(119) $(1,000) $(119)

(1) Combined statutory results are for Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY and New England Life Insurance Company.

(2) Reflects preliminary statutory results for the three months ended March 31, 2026.

(3) Combined net income (loss) and combined change in net unrealized gain (loss) should be considered in aggregate for a more complete understanding of our business, including realized and unrealized gains (losses) associated with our variable annuities and Shield hedges and other equity risk management strategies.

(4) Combined statutory results are for Brighthouse Life Insurance Company and New England Life Insurance Company.

Financial Supplement

Statutory Balance Sheet and Surplus Information (Unaudited, in millions)

As of

COMBINED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS (1) PRELIMINARY

March 31,

2026 (2) December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Total assets (Line 28)

$197,000 $201,005 $203,382 $202,943 $193,978

Total liabilities (Line 28) $193,500 $197,152 $199,492 $198,900 $189,859

Total capital and surplus (Line 38)

$3,500 $3,853 $3,890 $4,043 $4,119

COMBINED TAC AND RBC RATIO (1), (3)

Combined total adjusted capital

$5,000 $5,328 $5,400 $5,560 $5,549

Combined risk-based capital ratio (4)

430%-450% 456% 435%-455% 405%-425% 420%-440%

DIVIDENDS PAID TO HOLDING COMPANY (1), (3)

Total dividends paid $— $— $— $— $—

(1) Combined statutory results are for Brighthouse Life Insurance Company and New England Life Insurance Company.

(2) Reflects preliminary statutory results as of March 31, 2026.

(3) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.

(4) The RBC ratio is reported as a preliminary range for all periods, except those ended December 31.

Appendix

Financial Supplement

A-1

Note Regarding Forward-Looking Statements

This financial supplement, and any related oral statements, contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. Words such as “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and similar expressions or the negative of those expressions or verbs, identify forward-looking statements. Readers are cautioned that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only Brighthouse Financial’s beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside Brighthouse Financial’s control.

Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, Brighthouse Financial’s ability to complete the merger on the timeframe or in the manner currently anticipated or at all, including due to a failure to obtain the regulatory approvals required for the closing of the merger or the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the merger agreement; the effect of the pendency of the merger on Brighthouse Financial’s ongoing business and operations, including disruption to Brighthouse Financial’s business relationships, the diversion of management’s attention from ongoing business operations and opportunities, or the outcome of any legal proceedings that may be instituted against Aquarian Capital or Brighthouse Financial following announcement of the merger; restrictions on the conduct of Brighthouse Financial’s business prior to the closing of the merger and on Brighthouse Financial’s ability to pursue alternatives to the merger; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; differences between actual experience and actuarial assumptions and the effectiveness of Brighthouse Financial's actuarial models; higher risk management costs and exposure to increased market risk due to guarantees within certain of Brighthouse Financial's products; the effectiveness of Brighthouse Financial's risk management strategy and the impacts of such strategy on volatility in Brighthouse Financial's profitability measures and the negative effects on Brighthouse Financial's statutory capital; material differences between actual outcomes and the sensitivities calculated under certain scenarios that Brighthouse Financial may utilize in connection with its risk management strategies; the impact of interest rates on Brighthouse Financial's future ULSG policyholder obligations and net income volatility; the potential material adverse effect of changes in accounting standards, practices or policies applicable to Brighthouse Financial; loss of business and other negative impacts resulting from a downgrade or a potential downgrade in Brighthouse Financial's financial strength or credit ratings; the availability of reinsurance and the ability of the counterparties to Brighthouse Financial's reinsurance or indemnification arrangements to perform their obligations thereunder; heightened competition, including with respect to service, product features, product mix, scale, price, actual or perceived financial strength, claims-paying ratings, credit ratings, e-business capabilities and name recognition; Brighthouse Financial's ability to market and distribute its products through distribution channels and maintain relationships with key distribution partners; any failure of third parties to provide services Brighthouse Financial needs, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance it needs from third parties; the ability of Brighthouse Financial's subsidiaries to pay dividends to it, and its ability to pay dividends to its shareholders and repurchase its common stock; the risks associated with climate change; the adverse impact of public health crises, extreme mortality events or similar occurrences on Brighthouse Financial's business and the economy in general; the impact of adverse capital and credit market conditions, including with respect to Brighthouse Financial's ability to meet liquidity needs and access capital; the impact of economic conditions in the capital markets and the U.S. and global economy, as well as geopolitical events, tariffs imposed or threatened by the U.S. or foreign governments, military actions or catastrophic events, on Brighthouse Financial's profitability measures as well as its investment portfolio, including on realized and unrealized losses and impairments, net investment spread and net investment income; the financial risks that Brighthouse Financial's investment portfolio is subject to, including credit risk, interest rate risk, inflation risk, market valuation risk, liquidity risk, real estate risk, derivatives risk, and other factors outside Brighthouse Financial's control; the impact of changes in regulation and in supervisory and enforcement policies or interpretations thereof on Brighthouse Financial's insurance business or other operations; the potential material negative tax impact of potential future tax legislation that could make some of Brighthouse Financial's products less attractive to consumers or increase our tax liability; the effectiveness of Brighthouse Financial's policies, procedures and processes in managing risk; the loss or disclosure of confidential information, damage to Brighthouse Financial's reputation and impairment of its ability to conduct business effectively as a result of any failure in cyber- or other information security systems; whether all or any portion of the tax consequences of Brighthouse Financial's separation from MetLife, Inc. are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact Brighthouse Financial; other factors that may affect future results of Brighthouse Financial; and management’s response to any of the aforementioned factors.

Financial Supplement

A-2

Non-GAAP and Other Financial Disclosures

Our definitions of non-GAAP and other financial measures may differ from those used by other companies.

Non-GAAP Financial Disclosures

We present certain measures of our performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by the investor community by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures: Most directly comparable GAAP financial measures:

(i) adjusted earnings (i) net income (loss) available to shareholders (1)

(ii) adjusted earnings, less notable items (ii) net income (loss) available to shareholders (1)

(iii) adjusted revenues (iii) revenues

(iv) adjusted expenses (iv) expenses

(v) adjusted earnings per common share (v) earnings per common share, diluted (1)

(vi) adjusted earnings per common share, less notable items (vi) earnings per common share, diluted (1)

(vii) adjusted return on common equity (vii) return on common equity (2)

(viii) adjusted return on common equity, less notable items (viii) return on common equity (2)

(ix)

adjusted net investment income

(ix) net investment income

(x)

adjusted net investment income yield

(x)

net investment income yield

__________________

(1) Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to Brighthouse Financial, Inc.’s common shareholders, and earnings per common share, diluted to refer to net income (loss) available to shareholders per common share.

(2) Brighthouse uses return on common equity to refer to return on Brighthouse Financial, Inc.’s common stockholders' equity.

Adjusted Earnings, Adjusted Revenues and Adjusted Expenses

Financial Supplement

A-3

Non-GAAP and Other Financial Disclosures (Cont.)

The following items are excluded from total revenues in calculating the adjusted revenues component of adjusted earnings:

•Net investment gains (losses);

•Investment gains (losses) on trading securities measured at estimated fair value through net investment income; and

•Net derivative gains (losses), excluding earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment Hedge Adjustments”).

The following items are excluded from total expenses in calculating the adjusted expenses component of adjusted earnings:

•Change in market risk benefits; and

Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance.

Adjusted Earnings per Common Share and Adjusted Return on Common Equity

Adjusted Net Investment Income

Financial Supplement

A-4

Non-GAAP and Other Financial Disclosures (Cont.)

Adjusted Net Investment Income Yield

Other Financial Disclosures

Corporate Expenses

Corporate expenses includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation.

Notable Items

Book Value per Common Share and Book Value per Common Share, excluding AOCI

Brighthouse uses the term “book value” to refer to “Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI.” Book value per common share is defined as ending Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI, divided by ending common shares outstanding. Book value per common share, excluding AOCI, is defined as ending Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI, divided by ending common shares outstanding.

Holding Company

Holding company means, collectively, Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC.

Holding Company Liquid Assets

Total Adjusted Capital

Financial Supplement

A-5

Non-GAAP and Other Financial Disclosures (Cont.)

Other Financial Disclosures (cont.)

Sales

Risk-Based Capital Ratio

Financial Supplement

A-6

Acronyms

AOCI Accumulated other comprehensive income (loss)

DAC Deferred policy acquisition costs

FHLB Federal Home Loan Bank

GAAP Accounting principles generally accepted in the United States of America

GMDB Guaranteed minimum death benefits

GMIB Guaranteed minimum income benefits

GMWB Guaranteed minimum withdrawal benefits

ICOLI Insurance company-owned life insurance

NDGL Net derivative gains (losses)

NIGL Net investment gains (losses)

RBC Risk-based capital

TAC Total adjusted capital

ULSG Universal life insurance with secondary guarantees

VA Variable annuity

VOBA Value of business acquired

Financial Supplement

A-7

Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings (Loss) and Adjusted Earnings, Less Notable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to Adjusted Earnings (Loss) per Common Share and Adjusted Earnings, Less Notable Items per Common Share (Unaudited, in millions except per share data)

For the Three Months Ended For the Three Months Ended

ADJUSTED EARNINGS, LESS NOTABLE ITEMS (1) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Net income (loss) available to shareholders $(792) $112 $453 $60 $(294) $(792) $(294)

Less: Net investment gains (losses) (52) (23) 48 (39) (83) (52) (83)

Less: Investment gains (losses) on trading securities (10) (7) 7 (6) 6 (10) 6

Less: Net derivative gains (losses), excluding investment hedge adjustments (509) (455) (410) (1,238) 311 (509) 311

Less: Change in market risk benefits (748) 349 (289) 1,101 (893) (748) (893)

Less: Market value adjustments 13 6 (10) 6 (10) 13 (10)

Less: Provision for income tax (expense) benefit on reconciling adjustments 275 28 137 38 140 275 140

Adjusted earnings (loss) 239 214 970 198 235 239 235

Less: Notable items (12) (13) 709 — (10) (12) (10)

Adjusted earnings, less notable items $251 $227 $261 $198 $245 $251 $245

ADJUSTED EARNINGS, LESS NOTABLE ITEMS PER COMMON SHARE (1), (2)

Net income (loss) available to shareholders per common share $(13.82) $1.93 $7.89 $1.02 $(5.04) $(13.82) $(5.04)

Less: Net investment gains (losses) (0.91) (0.40) 0.83 (0.68) (1.42) (0.91) (1.42)

Less: Investment gains (losses) on trading securities (0.17) (0.12) 0.12 (0.10) 0.10 (0.17) 0.10

Less: Net derivative gains (losses), excluding investment hedge adjustments (8.88) (7.87) (7.13) (21.44) 5.34 (8.88) 5.34

Less: Change in market risk benefits (13.05) 6.04 (5.02) 19.07 (15.33) (13.05) (15.33)

Less: Market value adjustments 0.23 0.10 (0.17) 0.10 (0.17) 0.23 (0.17)

Less: Provision for income tax (expense) benefit on reconciling adjustments 4.80 0.48 2.38 0.66 2.40 4.80 2.40

Less: Impact of inclusion of dilutive shares 0.03 — — — 0.03 0.03 0.03

Adjusted earnings (loss) per common share 4.15 3.70 16.87 3.43 4.01 4.15 4.01

Less: Notable items

(0.21) (0.22) 12.33 — (0.17) (0.21) (0.17)

Adjusted earnings, less notable items per common share $4.35 $3.93 $4.54 $3.43 $4.17 $4.35 $4.17

(1) See definitions for Non-GAAP and Other Financial Disclosures in this Appendix.

(2) Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

Financial Supplement

A-8

Reconciliation of Return on Common Equity to Adjusted Return on Common Equity, Excluding AOCI (Unaudited, dollars in millions)

Four Quarters Cumulative Trailing Basis

ADJUSTED EARNINGS

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Net income (loss) available to shareholders $(167) $331 $865 $562 $511

Less: Net investment gains (losses) (66) (97) (147) (255) (336)

Less: Investment gains (losses) on trading securities (16) — 7 — 6

Less: Net derivative gains (losses), excluding investment hedge adjustments (2,612) (1,792) (2,332) (2,021) (1,454)

Less: Change in market risk benefits 413 268 1,406 1,085 340

Less: Market value adjustments 15 (8) — (1) (1)

Less: Provision for income tax (expense) benefit on reconciling adjustments 478 343 224 250 304

Adjusted earnings $1,621 $1,617 $1,707 $1,504 $1,652

Five Quarters Average Stockholders' Equity Basis

BRIGHTHOUSE FINANCIAL, INC.’S COMMON STOCKHOLDERS’ EQUITY, EXCLUDING AOCI

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Brighthouse Financial, Inc.’s stockholders’ equity $5,921 $5,800 $5,552 $5,107 $4,812

Less: Preferred stock, net 1,699 1,699 1,699 1,699 1,699

Brighthouse Financial, Inc.’s common stockholders’ equity 4,222 4,101 3,853 3,408 3,113

Less: AOCI (4,166) (4,391) (4,470) (4,750) (4,981)

Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI $8,388 $8,492 $8,323 $8,158 $8,094

Five Quarters Average Common Stockholders' Equity Basis

ADJUSTED RETURN ON COMMON EQUITY, EXCLUDING AOCI

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Return on common equity (4.0)% 8.1% 22.5% 16.5% 16.4%

Return on AOCI 4.0% (7.5)% (19.4)% (11.8)% (10.3)%

Return on common equity, excluding AOCI (2.0)% 3.9% 10.4% 6.9% 6.3%

Less: Return on net investment gains (losses) (0.8)% (1.1)% (1.8)% (3.1)% (4.2)%

Less: Return on investment gains (losses) on trading securities (0.2)% —% 0.1% —% 0.1%

Less: Return on net derivative gains (losses), excluding investment hedge adjustments (31.1)% (21.1)% (28.0)% (24.8)% (18.0)%

Less: Return on change in market risk benefits 4.9% 3.2% 16.9% 13.3% 4.2%

Less: Return on market value adjustments 0.2% (0.1)% —% —% —%

Less: Return on provision for income tax (expense) benefit on reconciling adjustments 5.7% 4.0% 2.7% 3.1% 3.8%

Adjusted return on common equity, excluding AOCI 19.3% 19.0% 20.5% 18.4% 20.4%

Financial Supplement

A-9

Reconciliation of Total Revenues to Adjusted Revenues and Reconciliation of Total Expenses to Adjusted Expenses (Unaudited, in millions)

For the Three Months Ended For the Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Total revenues $1,527 $1,689 $1,816 $871 $2,390 $1,527 $2,390

Less: Net investment gains (losses) (52) (23) 48 (39) (83) (52) (83)

Less: Investment gains (losses) on trading securities (10) (7) 7 (6) 6 (10) 6

Less: Net derivative gains (losses) (509) (456) (410) (1,237) 311 (509) 311

Less: Investment hedge adjustments — 1 — (1) — — —

Total adjusted revenues $2,098 $2,174 $2,171 $2,154 $2,156 $2,098 $2,156

Total expenses $2,513 $1,539 $1,231 $778 $2,744 $2,513 $2,744

Less: Change in market risk benefits 748 (349) 289 (1,101) 893 748 893

Less: Market value adjustments (13) (6) 10 (6) 10 (13) 10

Total adjusted expenses $1,778 $1,894 $932 $1,885 $1,841 $1,778 $1,841

Financial Supplement

A-10

Investment Reconciliation Details (Unaudited, dollars in millions)

For the Three Months Ended For the Three Months Ended

NET INVESTMENT GAINS (LOSSES) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2026 March 31,

2025

Investment portfolio gains (losses) $(26) $(14) $52 $(5) $(31) $(26) $(31)

Investment portfolio credit loss (provision) release and (writedowns) (26) (9) (4) (34) (52) (26) (52)

Net investment gains (losses) $(52) $(23) $48 $(39) $(83) $(52) $(83)

For the Three Months Ended

ADJUSTED NET INVESTMENT INCOME YIELD (1) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Investment income yield 4.39% 4.60% 4.54% 4.41% 4.39%

Investment fees and expenses (0.15)% (0.16)% (0.14)% (0.13)% (0.14)%

Adjusted net investment income yield 4.24% 4.44% 4.40% 4.28% 4.25%

(1) See definitions for Non-GAAP and Other Financial Disclosures in this Appendix.

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