Form 8-K

8-K — Brighthouse Financial, Inc.

Accession: 0001685040-26-000026

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001685040

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bhf-20260805.htm (Primary)

EX-99.1 (q22026bhfearningspressrele.htm)

EX-99.2 (q22026bhffinancialsuppleme.htm)

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

GRAPHIC — BHF GRAPHIC (bhf-20260805_g1.jpg)

GRAPHIC — BHF GRAPHIC (bhfgraphic-buildforwhatsah.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhf-20260805.htm · Sequence: 1

bhf-20260805

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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): August 5, 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 August 5, 2026, Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”) issued (i) a news release announcing its results for the quarter ended June 30, 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 June 30, 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 August 5, 2026, announcing its results for the quarter ended June 30, 2026

99.2**

Financial Supplement for the quarter ended June 30, 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: August 5, 2026

EX-99.1

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Document

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Exhibit 99.1

FOR IMMEDIATE RELEASE

Brighthouse Financial Announces Second 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 $2.4 billion, primarily driven by $2.1 billion in sales of Shield Level Annuities

•Life sales of $39 million, primarily driven by sales of SmartCare

•Net income available to shareholders of $956 million, or $16.53 per diluted share

•Adjusted earnings* of $258 million, or $4.45 per diluted share

CHARLOTTE, NC, August 5, 2026 — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Results

The company reported net income available to shareholders of $956 million in the second quarter of 2026, or $16.53 per diluted share, compared with net income available to shareholders of $60 million in the second quarter of 2025, or $1.02 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 second quarter of 2026 with common stockholders' equity ("book value") of $4.9 billion, or $84.35 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $9.0 billion, or $156.10 per common share.

For the second quarter of 2026, the company reported adjusted earnings* of $258 million, or $4.45 per diluted share, compared with adjusted earnings of $198 million, or $3.43 per diluted share, for the second quarter of 2025. There were no notable items in the quarter.

Corporate expenses in the second quarter of 2026 were $204 million, up from $202 million in the second quarter of 2025 and down from $227 million in the first quarter of 2026, 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 second quarter of 2025, corporate expenses increased $9 million quarter-over-quarter.

_________

* 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 Second 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

In the second quarter of 2026, the company reported annuity sales of $2.4 billion, reflecting an increase of 11% sequentially, driven by record sales of Shield Level Annuities. Annuity sales decreased 7% quarter-over-quarter and 5% year-to-date, driven by lower fixed annuity sales, partially offset by record sales of Shield Level Annuities, which exceeded $2.1 billion in the quarter and were approximately $4.0 billion in the first half of 2026. Life sales for the quarter totaled $39 million, representing a 22% increase sequentially, an 18% increase quarter-over-quarter and a 3% increase year-to-date.

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

As of or For the Three Months Ended

June 30, 2026 June 30, 2025

Total Per share Total Per share

Net income (loss) available to shareholders (1)

$956 $16.53 $60 $1.02

Adjusted earnings (1)

$258 $4.45 $198 $3.43

Adjusted earnings, less notable items (1)

$258 $4.45 $198 $3.43

Weighted average common shares outstanding - diluted (1)

57,840,353 N/A 57,734,170 N/A

Book value $4,851 $84.35 $3,974 $69.57

Book value, excluding AOCI $8,977 $156.10 $8,231 $144.09

Ending common shares outstanding 57,508,193 N/A 57,122,494 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)

June 30,

2026 March 31,

2026 June 30,

2025

Annuities $349 $324 $332

Life

$(4) $(6) $(26)

Run-off

$(56) $(48) $(83)

Corporate & Other

$(31) $(31) $(25)

(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

June 30,

2026 March 31,

2026 June 30,

2025

Annuities (1) $2,425 $2,178 $2,610

Life $39 $32 $33

(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 $67 million for the second quarter of 2026, $87 million for the first quarter of 2026 and $89 million for the second quarter of 2025.

Annuities

Adjusted earnings in the Annuities segment were $349 million in the current quarter, compared with adjusted earnings of $332 million in the second quarter of 2025 and adjusted earnings of $324 million in the first quarter of 2026.

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

On a quarter-over-quarter basis, adjusted earnings reflect higher net investment income, partially offset by lower income annuity underwriting margin, and higher DAC amortization. On a sequential basis, adjusted earnings primarily reflect lower expenses and higher net investment income.

As mentioned above, the company reported annuity sales of $2.4 billion, reflecting an increase of 11% sequentially, driven by record sales of Shield Level Annuities. Annuity sales decreased 7% quarter-over-quarter and 5% year-to-date, driven by lower fixed annuity sales, partially offset by record sales of Shield Level Annuities, which exceeded $2.1 billion in the quarter and were approximately $4.0 billion in the first half of 2026.

Life

The Life segment had an adjusted loss of $4 million in the current quarter, compared with an adjusted loss of $26 million in the second quarter of 2025 and an adjusted loss of $6 million in the first quarter of 2026.

There were no notable items in the current quarter or in the second quarter of 2025. The first quarter of 2026 included a $5 million favorable notable item.

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

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

As mentioned above, the company reported Life sales of $39 million, representing a 22% increase sequentially, an 18% increase quarter-over-quarter and a 3% increase year-to-date.

Run-off

The Run-off segment had an adjusted loss of $56 million in the current quarter, compared with an adjusted loss of $83 million in the second quarter of 2025 and an adjusted loss of $48 million in the first quarter of 2026.

There were no notable items in the current quarter or the second quarter of 2025. The first quarter of 2026 included a $17 million unfavorable notable item.

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

Corporate & Other

The Corporate & Other segment had an adjusted loss of $31 million in the current quarter, compared with an adjusted loss of $25 million in the second quarter of 2025 and an adjusted loss of $31 million in the first quarter of 2026.

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 higher interest credited. On a sequential basis, the adjusted loss was flat.

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

For the Three Months Ended

June 30,

2026 March 31,

2026 June 30,

2025

Net investment income $1,241 $1,258 $1,285

Adjusted net investment income $1,239 $1,268 $1,292

Net Investment Income

Net investment income was $1,241 million and adjusted net investment income* was $1,239 million in the current quarter.

Adjusted net investment income decreased $53 million on a quarter-over-quarter basis, driven by lower alternative investment income. Adjusted net investment income decreased $29 million sequentially, driven by lower alternative investment income, partially offset by higher yields.

The adjusted net investment income yield* was 4.17% 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

June 30,

2026 (1)

March 31,

2026 June 30,

2025

Statutory combined total adjusted capital $4.9 $5.0 $5.6

(1) Reflects preliminary statutory results as of June 30, 2026.

Capitalization

As of June 30, 2026:

•Statutory combined total adjusted capital(1) was $4.9 billion, relatively flat from March 31, 2026

•Estimated combined RBC ratio(1) was between 430% and 450%, consistent with the first quarter of 2026 and at the upper end of our target combined RBC range of 400% to 450% in normal markets

▪Holding company liquid assets were $0.9 billion

_______________

(1) Reflects preliminary statutory results as of June 30, 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.

The completion of the merger remains subject to receipt of insurance regulatory approvals in Delaware, New York and Massachusetts. All other conditions to the closing of the merger have been satisfied or waived (other than those conditions that, by their terms, are to be satisfied at the closing and are capable of being satisfied at the closing). Accordingly, if the merger has not closed by September 6, 2026, because the remaining insurance regulatory approvals have not yet been obtained, the merger agreement will be automatically extended to December 6, 2026. The merger is expected to close in 2026.

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 2025 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2026.

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 news release and other oral or written statements that Brighthouse Financial makes from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. Brighthouse Financial has tried, wherever possible, to identify such statements using words such as “anticipate,” “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to the completion of the pending merger with an affiliate of Aquarian Capital, future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they 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 universal life with secondary guarantees 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

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

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 its 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; and other factors described from time to time in documents that Brighthouse Financial files with the U.S. Securities and Exchange Commission (the "SEC").

For the reasons described above, Brighthouse Financial cautions you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in Brighthouse Financial’s most recent Annual Report on Form 10-K, particularly in the sections entitled “Risk Factors” and “Quantitative and Qualitative Disclosures About Market Risk,” as well as in its other subsequent filings with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made, and Brighthouse Financial undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

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

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

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 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.

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").

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

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.

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.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

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.

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.

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

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 June 30,

2026 March 31,

2026 June 30,

2025

Premiums $165 $168 $166

Universal life and investment-type product policy fees 570 533 553

Net investment income 1,241 1,258 1,285

Other revenues 129 129 143

Revenues before NIGL and NDGL 2,105 2,088 2,147

Net investment gains (losses) (6) (52) (39)

Net derivative gains (losses) (477) (509) (1,237)

Total revenues $1,622 $1,527 $871

Expenses

Policyholder benefits and claims $591 $637 $711

Interest credited to policyholder account balances 531 493 537

Amortization of DAC and VOBA 157 158 149

Change in market risk benefits (1,370) 748 (1,101)

Interest expense on debt 38 38 38

Other expenses 449 439 444

Total expenses 396 2,513 778

Income (loss) before provision for income tax 1,226 (986) 93

Provision for income tax expense (benefit) 245 (222) 8

Net income (loss) 981 (764) 85

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

Net income (loss) attributable to Brighthouse Financial, Inc. 981 (766) 85

Less: Preferred stock dividends 25 26 25

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders $956 $(792) $60

PUBLIC RELATIONS

Brighthouse Financial, Inc.

11225 N. Community House Rd.

Charlotte, NC 28277

Condensed Balance Sheets (Unaudited, in millions)

As of

ASSETS June 30,

2026 March 31,

2026 June 30,

2025

Investments:

Fixed maturity securities available-for-sale $80,823 $81,232 $80,835

Trading securities 596 544 520

Equity securities 83 76 74

Mortgage loans 22,607 22,620 22,993

Policy loans 1,455 1,458 1,425

Limited partnerships and limited liability companies 4,568 4,673 4,798

Short-term investments 960 1,236 1,170

Other invested assets 13,940 9,617 8,932

Total investments 125,032 121,456 120,747

Cash and cash equivalents 7,105 4,907 5,540

Accrued investment income 1,235 1,302 1,235

Reinsurance recoverables 20,064 20,313 20,701

Premiums and other receivables 693 513 557

DAC and VOBA 4,487 4,520 4,636

Current income tax recoverable 10 16 17

Deferred income tax asset 1,535 1,781 1,695

Market risk benefit assets 1,025 850 1,084

Other assets 303 324 348

Separate account assets 85,691 80,821 86,085

Total assets $247,180 $236,803 $242,645

LIABILITIES AND EQUITY

Liabilities

Future policy benefits $31,940 $31,773 $31,974

Policyholder account balances 89,076 86,379 88,046

Market risk benefit liabilities 7,439 8,564 8,051

Other policy-related balances 3,836 3,994 3,977

Payables for collateral under securities loaned and other transactions 6,781 4,661 3,994

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

Other liabilities 12,648 11,829 11,625

Separate account liabilities 85,691 80,821 86,085

Total liabilities 240,565 231,175 236,907

Equity

Preferred stock, at par value — — —

Common stock, at par value 1 1 1

Additional paid-in capital 13,847 13,869 13,918

Retained earnings (deficit) (471) (1,452) (1,302)

Treasury stock (2,701) (2,699) (2,687)

Accumulated other comprehensive income (loss) (4,126) (4,156) (4,257)

Total Brighthouse Financial, Inc.’s stockholders’ equity 6,550 5,563 5,673

Noncontrolling interests 65 65 65

Total equity 6,615 5,628 5,738

Total liabilities and equity $247,180 $236,803 $242,645

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

June 30,

2026 March 31,

2026 June 30,

2025

Net income (loss) available to shareholders $956 $(792) $60

Less: Net investment gains (losses) (6) (52) (39)

Less: Investment gains (losses) on trading securities 2 (10) (6)

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

(477) (509) (1,238)

Less: Change in market risk benefits 1,370 (748) 1,101

Less: Market value adjustments (4) 13 6

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

(187) 275 38

Adjusted earnings (loss) 258 239 198

Less: Notable items — (12) —

Adjusted earnings, less notable items $258 $251 $198

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

Net income (loss) available to shareholders per common share $16.53 $(13.82) $1.02

Less: Net investment gains (losses) (0.10) (0.91) (0.68)

Less: Investment gains (losses) on trading securities 0.03 (0.17) (0.10)

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

(8.25) (8.88) (21.44)

Less: Change in market risk benefits 23.69 (13.05) 19.07

Less: Market value adjustments (0.07) 0.23 0.10

Less: Provision for income tax (expense) benefit on reconciling adjustments (3.23) 4.80 0.66

Less: Impact of inclusion of dilutive shares — 0.03 —

Adjusted earnings (loss) per common share 4.45 4.15 3.43

Less: Notable items — (0.21) —

Adjusted earnings, less notable items per common share $4.45 $4.35 $3.43

(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)

June 30,

2026 March 31,

2026 June 30,

2025

Net investment income $1,241 $1,258 $1,285

Add: Investment hedge adjustments

— — 1

Less: Investment gains (losses) on trading securities

2 (10) (6)

Adjusted net investment income $1,239 $1,268 $1,292

Reconciliation of Investment Income Yield to Adjusted Net Investment Income Yield

For the Three Months Ended

ADJUSTED NET INVESTMENT INCOME YIELD (1) June 30,

2026 March 31,

2026 June 30,

2025

Investment income yield 4.32% 4.39% 4.41%

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

Adjusted net investment income yield 4.17% 4.24% 4.28%

Notable Items (Unaudited, in millions)

For the Three Months Ended

NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS

June 30,

2026 March 31,

2026 June 30,

2025

Actuarial items and other insurance adjustments $— $12 $—

Total notable items (1) $— $12 $—

NOTABLE ITEMS BY SEGMENT

Annuities $— $— $—

Life — (5) —

Run-off — 17 —

Corporate & Other — — —

Total notable items (1) $— $12 $—

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

EX-99.2

Filename: q22026bhffinancialsuppleme.htm · Sequence: 3

Document

Exhibit 99.2

Brighthouse Financial, Inc.

Financial Supplement

Second 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) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Net income (loss) available to shareholders $956 $(792) $112 $453 $60

Adjusted earnings (2)

$258 $239 $214 $970 $198

Adjusted earnings, less notable items (2) $258 $251 $227 $261 $198

Total corporate expenses (3) $204 $227 $234 $205 $202

Combined total adjusted capital (4)

$4,900 $4,967 $5,328 $5,400 $5,560

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

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

Stockholders' Equity

Brighthouse Financial, Inc.’s stockholders’ equity $6,550 $5,563 $6,768 $6,363 $5,673

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

Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI $4,851 $3,864 $5,069 $4,664 $3,974

Less: AOCI (4,126) (4,156) (3,729) (4,020) (4,257)

Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI $8,977 $8,020 $8,798 $8,684 $8,231

Return on Common Equity (1)

Return on common equity 16.3% (4.0)% 8.1% 22.5% 16.5%

Return on common equity, excluding AOCI 8.5% (2.0)% 3.9% 10.4% 6.9%

Adjusted return on common equity, excluding AOCI 19.7% 19.3% 19.0% 20.5% 18.4%

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

Net income (loss) available to shareholders per common share $16.53 $(13.82) $1.93 $7.89 $1.02

Adjusted earnings per common share $4.45 $4.15 $3.70 $16.87 $3.43

Adjusted earnings, less notable items per common share $4.45 $4.35 $3.93 $4.54 $3.43

Weighted average common shares outstanding 57,840,353 57,735,327 57,829,186 57,512,901 57,734,170

Book Value Per Common Share

Book value per common share (1) $84.35 $67.27 $88.66 $81.60 $69.57

Book value per common share, excluding AOCI (1) $156.10 $139.63 $153.89 $151.94 $144.09

Ending common shares outstanding 57,508,193 57,437,709 57,171,217 57,153,571 57,122,494

(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 18.

(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 and $195 million for the three months ended December 31, 2025, September 30, 2025 and June 30, 2025, respectively.

(4) Reflects preliminary statutory results as of or for the three months ended June 30, 2026. See additional information on page 22.

(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 Six Months Ended

Revenues June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Premiums $165 $168 $173 $170 $166 $333 $352

Universal life and investment-type product policy fees 570 533 534 531 553 1,103 1,096

Net investment income 1,241 1,258 1,328 1,334 1,285 2,499 2,582

Other revenues 129 129 133 143 143 258 279

Revenues before NIGL and NDGL 2,105 2,088 2,168 2,178 2,147 4,193 4,309

Net investment gains (losses) (6) (52) (23) 48 (39) (58) (122)

Net derivative gains (losses) (477) (509) (456) (410) (1,237) (986) (926)

Total revenues $1,622 $1,527 $1,689 $1,816 $871 $3,149 $3,261

Expenses

Policyholder benefits and claims $591 $637 $697 $(252) $711 $1,228 $1,360

Interest credited to policyholder account balances 531 493 529 561 537 1,024 1,098

Amortization of DAC and VOBA 157 158 159 153 149 315 297

Change in market risk benefits (1,370) 748 (349) 289 (1,101) (622) (208)

Interest expense on debt 38 38 38 38 38 76 76

Other expenses 449 439 465 442 444 888 899

Total expenses 396 2,513 1,539 1,231 778 2,909 3,522

Income (loss) before provision for income tax 1,226 (986) 150 585 93 240 (261)

Provision for income tax expense (benefit) 245 (222) 12 104 8 23 (80)

Net income (loss) 981 (764) 138 481 85 217 (181)

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

Net income (loss) attributable to Brighthouse Financial, Inc. 981 (766) 137 479 85 215 (183)

Less: Preferred stock dividends 25 26 25 26 25 51 51

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders $956 $(792) $112 $453 $60 $164 $(234)

Financial Supplement

GAAP Balance Sheets (Unaudited, in millions)

As of

ASSETS June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Investments:

Fixed maturity securities available-for-sale $80,823 $81,232 $82,014 $81,537 $80,835

Trading securities 596 544 506 528 520

Equity securities 83 76 79 78 74

Mortgage loans 22,607 22,620 22,755 22,862 22,993

Policy loans 1,455 1,458 1,450 1,439 1,425

Limited partnerships and limited liability companies 4,568 4,673 4,696 4,816 4,798

Short-term investments 960 1,236 1,197 778 1,170

Other invested assets 13,940 9,617 7,932 8,842 8,932

Total investments 125,032 121,456 120,629 120,880 120,747

Cash and cash equivalents 7,105 4,907 5,387 6,606 5,540

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

Reinsurance recoverables 20,064 20,313 20,903 20,400 20,701

Premiums and other receivables 693 513 676 844 557

DAC and VOBA 4,487 4,520 4,567 4,603 4,636

Current income tax recoverable 10 16 16 17 17

Deferred income tax asset 1,535 1,781 1,442 1,531 1,695

Market risk benefit assets 1,025 850 1,060 979 1,084

Other assets 303 324 332 342 348

Separate account assets 85,691 80,821 85,528 87,127 86,085

Total assets $247,180 $236,803 $241,800 $244,679 $242,645

LIABILITIES AND EQUITY

Liabilities

Future policy benefits $31,940 $31,773 $32,025 $32,021 $31,974

Policyholder account balances 89,076 86,379 87,952 88,703 88,046

Market risk benefit liabilities 7,439 8,564 8,063 8,529 8,051

Other policy-related balances 3,836 3,994 3,893 3,918 3,977

Payables for collateral under securities loaned and other transactions 6,781 4,661 4,705 4,347 3,994

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

Other liabilities 12,648 11,829 9,646 10,451 11,625

Separate account liabilities 85,691 80,821 85,528 87,127 86,085

Total liabilities 240,565 231,175 234,967 238,251 236,907

Equity

Preferred stock, at par value — — — — —

Common stock, at par value 1 1 1 1 1

Additional paid-in capital 13,847 13,869 13,870 13,893 13,918

Retained earnings (deficit) (471) (1,452) (686) (823) (1,302)

Treasury stock (2,701) (2,699) (2,688) (2,688) (2,687)

Accumulated other comprehensive income (loss) (4,126) (4,156) (3,729) (4,020) (4,257)

Total Brighthouse Financial, Inc.’s stockholders’ equity 6,550 5,563 6,768 6,363 5,673

Noncontrolling interests 65 65 65 65 65

Total equity 6,615 5,628 6,833 6,428 5,738

Total liabilities and equity $247,180 $236,803 $241,800 $244,679 $242,645

Earnings and

Select Metrics from

Segments

Financial Supplement

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

For the Three Months Ended June 30, 2026

Adjusted revenues Annuities Life Run-off Corporate & Other Total

Premiums $68 $94 $3 $— $165

Universal life and investment-type product policy fees 393 89 88 — 570

Net investment income 799 66 242 132 1,239

Other revenues 114 4 6 5 129

Total adjusted revenues $1,374 $253 $339 $137 $2,103

Adjusted expenses

Policyholder benefits and claims $119 $148 $324 $— $591

Interest credited to policyholder account balances 345 29 62 91 527

Amortization of DAC and VOBA 137 20 — — 157

Interest expense on debt — — — 38 38

Other operating costs 342 63 23 21 449

Total adjusted expenses 943 260 409 150 1,762

Adjusted earnings (loss) before provision for income tax 431 (7) (70) (13) 341

Provision for income tax expense (benefit) 82 (3) (14) (7) 58

Adjusted earnings (loss) after provision for income tax 349 (4) (56) (6) 283

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

Less: Preferred stock dividends — — — 25 25

Adjusted earnings (loss) $349 $(4) $(56) $(31) $258

For the Three Months Ended June 30, 2025

Adjusted revenues Annuities Life Run-off Corporate & Other Total

Premiums $60 $104 $2 $— $166

Universal life and investment-type product policy fees 385 78 90 — 553

Net investment income 757 97 283 155 1,292

Other revenues 129 4 7 3 143

Total adjusted revenues $1,331 $283 $382 $158 $2,154

Adjusted expenses

Policyholder benefits and claims $98 $213 $400 $— $711

Interest credited to policyholder account balances 354 28 58 103 543

Amortization of DAC and VOBA 127 22 — — 149

Interest expense on debt — — — 38 38

Other operating costs 342 53 29 20 444

Total adjusted expenses 921 316 487 161 1,885

Adjusted earnings (loss) before provision for income tax 410 (33) (105) (3) 269

Provision for income tax expense (benefit) 78 (7) (22) (3) 46

Adjusted earnings (loss) after provision for income tax 332 (26) (83) — 223

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

Less: Preferred stock dividends — — — 25 25

Adjusted earnings (loss) $332 $(26) $(83) $(25) $198

Financial Supplement

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

For the Six Months Ended June 30, 2026

Adjusted revenues Annuities Life Run-off Corporate & Other Total

Premiums $147 $183 $3 $— $333

Universal life and investment-type product policy fees 781 146 176 — 1,103

Net investment income 1,570 164 510 263 2,507

Other revenues 231 8 13 6 258

Total adjusted revenues $2,729 $501 $702 $269 $4,201

Adjusted expenses

Policyholder benefits and claims $243 $318 $667 $— $1,228

Interest credited to policyholder account balances 679 58 115 181 1,033

Amortization of DAC and VOBA 274 41 — — 315

Interest expense on debt — — — 76 76

Other operating costs 702 99 51 36 888

Total adjusted expenses 1,898 516 833 293 3,540

Adjusted earnings (loss) before provision for income tax

831 (15) (131) (24) 661

Provision for income tax expense (benefit) 158 (5) (27) (15) 111

Adjusted earnings (loss) after provision for income tax

673 (10) (104) (9) 550

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

Less: Preferred stock dividends — — — 51 51

Adjusted earnings (loss)

$673 $(10) $(104) $(62) $497

For the Six Months Ended June 30, 2025

Adjusted revenues Annuities Life Run-off Corporate & Other Total

Premiums $125 $225 $2 $— $352

Universal life and investment-type product policy fees 781 137 178 — 1,096

Net investment income 1,510 204 555 314 2,583

Other revenues 259 8 14 (2) 279

Total adjusted revenues $2,675 $574 $749 $312 $4,310

Adjusted expenses

Policyholder benefits and claims $208 $400 $752 $— $1,360

Interest credited to policyholder account balances 712 55 118 209 1,094

Amortization of DAC and VOBA 253 44 — — 297

Interest expense on debt — — — 76 76

Other operating costs 705 98 65 31 899

Total adjusted expenses 1,878 597 935 316 3,726

Adjusted earnings (loss) before provision for income tax 797 (23) (186) (4) 584

Provision for income tax expense (benefit) 151 (6) (39) (8) 98

Adjusted earnings (loss) after provision for income tax 646 (17) (147) 4 486

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

Less: Preferred stock dividends — — — 51 51

Adjusted earnings (loss) $646 $(17) $(147) $(49) $433

Financial Supplement

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

For the Three Months Ended For the Six Months Ended

Adjusted revenues June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Premiums $68 $79 $72 $68 $60 $147 $125

Universal life and investment-type product policy fees 393 388 364 372 385 781 781

Net investment income 799 771 776 770 757 1,570 1,510

Other revenues 114 117 122 126 129 231 259

Total adjusted revenues $1,374 $1,355 $1,334 $1,336 $1,331 $2,729 $2,675

Adjusted expenses

Policyholder benefits and claims $119 $124 $123 $125 $98 $243 $208

Interest credited to policyholder account balances 345 334 352 357 354 679 712

Amortization of DAC and VOBA 137 137 138 131 127 274 253

Interest expense on debt — — — — — — —

Other operating costs 342 360 344 348 342 702 705

Total adjusted expenses 943 955 957 961 921 1,898 1,878

Adjusted earnings before provision for income tax 431 400 377 375 410 831 797

Provision for income tax expense (benefit) 82 76 73 71 78 158 151

Adjusted earnings $349 $324 $304 $304 $332 $673 $646

Financial Supplement

Annuities — Select Operating Metrics (Unaudited, in millions)

For the Three Months Ended

VARIABLE AND SHIELD LEVEL ANNUITIES ACCOUNT VALUE (1) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

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

Premiums and deposits (2) 2,382 2,109 2,342 2,309 2,188

Withdrawals, surrenders and contract benefits (4,799) (4,670) (5,009) (4,594) (4,190)

Net flows (3) (2,417) (2,561) (2,667) (2,285) (2,002)

Investment performance (4) 11,707 (2,650) 2,621 6,129 8,758

Policy charges and other (541) (467) (518) (554) (539)

Account value, end of period $132,977 $124,228 $129,906 $130,470 $127,180

FIXED ANNUITIES ACCOUNT VALUE (5)

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

Premiums and deposits (2) 134 144 469 506 504

Withdrawals, surrenders and contract benefits (845) (755) (1,277) (1,615) (688)

Net flows (3) (711) (611) (808) (1,109) (184)

Interest credited 160 159 164 170 169

Other 101 36 8 56 (1)

Account value, end of period $16,954 $17,404 $17,820 $18,456 $19,339

INSTITUTIONAL GROUP ANNUITIES ACCOUNT VALUE (1)

Institutional group annuities account value, end of period

$660 $595 $569 $584 $566

INCOME ANNUITIES (1)

Income annuity insurance liabilities, end of period $4,817 $4,750 $4,788 $4,755 $4,645

(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 Six Months Ended

VARIABLE AND SHIELD LEVEL ANNUITY SALES June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Shield Level Annuities (1) $2,119 $1,868 $2,074 $2,052 $1,925 $3,987 $3,882

GMWB 110 107 118 115 109 217 212

GMDB only 60 55 69 55 67 115 125

GMIB 3 3 2 3 4 6 8

Total variable and Shield Level annuity sales $2,292 $2,033 $2,263 $2,225 $2,105 $4,325 $4,227

FIXED AND INCOME ANNUITY SALES

Fixed index annuities (2) $67 $87 $142 $126 $89 $154 $115

Fixed deferred annuities 64 55 324 377 412 119 515

Single premium immediate annuities 2 2 2 1 2 4 7

Other fixed and income annuities — 1 3 2 2 1 5

Total fixed and income annuity sales $133 $145 $471 $506 $505 $278 $642

(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 Six Months Ended

Adjusted revenues June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Premiums $94 $89 $101 $102 $104 $183 $225

Universal life and investment-type product policy fees 89 57 83 74 78 146 137

Net investment income 66 98 111 117 97 164 204

Other revenues 4 4 3 4 4 8 8

Total adjusted revenues $253 $248 $298 $297 $283 $501 $574

Adjusted expenses

Policyholder benefits and claims $148 $170 $182 $142 $213 $318 $400

Interest credited to policyholder account balances 29 29 30 30 28 58 55

Amortization of DAC and VOBA 20 21 21 22 22 41 44

Interest expense on debt — — — — — — —

Other operating costs 63 36 46 54 53 99 98

Total adjusted expenses 260 256 279 248 316 516 597

Adjusted earnings (loss) before provision for income tax (7) (8) 19 49 (33) (15) (23)

Provision for income tax expense (benefit) (3) (2) 1 9 (7) (5) (6)

Adjusted earnings (loss) $(4) $(6) $18 $40 $(26) $(10) $(17)

Financial Supplement

Life — Select Operating Metrics (Unaudited, in millions)

For the Three Months Ended

LIFE ACCOUNT VALUE: GENERAL ACCOUNT June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

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

Premiums and deposits (1) 69 61 66 65 62

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

Net flows 36 28 28 29 21

Net transfers from (to) separate account 9 8 10 12 8

Interest credited 31 27 29 29 26

Policy charges and other (52) (61) (55) (60) (47)

Universal and variable universal life account value, end of period $2,653 $2,629 $2,627 $2,615 $2,605

LIFE ACCOUNT VALUE: SEPARATE ACCOUNT

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

Premiums and deposits 32 34 35 34 36

Withdrawals, surrenders and contract benefits (84) (87) (83) (89) (71)

Net flows (52) (53) (48) (55) (35)

Investment performance 825 (249) 118 341 605

Net transfers from (to) general account (9) (8) (10) (12) (8)

Policy charges and other (52) (53) (59) (47) (55)

Variable universal life account value, end of period $7,209 $6,497 $6,860 $6,859 $6,632

(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 Six Months Ended

LIFE SALES June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Total life sales $39 $32 $36 $38 $33 $71 $69

As of

LIFE INSURANCE IN-FORCE June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Whole Life

Life Insurance in-force, before reinsurance $15,754 $15,931 $16,098 $16,280 $16,441

Life Insurance in-force, net of reinsurance $2,709 $2,737 $2,761 $2,799 $2,818

Term Life

Life Insurance in-force, before reinsurance $300,615 $306,263 $312,477 $319,061 $325,210

Life Insurance in-force, net of reinsurance $249,861 $253,538 $258,169 $263,178 $267,845

Universal and Variable Universal Life

Life Insurance in-force, before reinsurance $40,451 $40,235 $41,053 $41,500 $41,726

Life Insurance in-force, net of reinsurance $31,225 $30,886 $31,603 $31,915 $32,026

Financial Supplement

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

For the Three Months Ended For the Six Months Ended

Adjusted revenues June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Premiums $3 $— $— $— $2 $3 $2

Universal life and investment-type product policy fees 88 88 87 85 90 176 178

Net investment income 242 268 305 292 283 510 555

Other revenues 6 7 6 8 7 13 14

Total adjusted revenues $339 $363 $398 $385 $382 $702 $749

Adjusted expenses

Policyholder benefits and claims $324 $343 $392 $(519) $400 $667 $752

Interest credited to policyholder account balances 62 53 56 61 58 115 118

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

Interest expense on debt — — — — — — —

Other operating costs 23 28 31 32 29 51 65

Total adjusted expenses 409 424 479 (426) 487 833 935

Adjusted earnings (loss) before provision for income tax (70) (61) (81) 811 (105) (131) (186)

Provision for income tax expense (benefit) (14) (13) (23) 170 (22) (27) (39)

Adjusted earnings (loss) $(56) $(48) $(58) $641 $(83) $(104) $(147)

Financial Supplement

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

For the Three Months Ended

UNIVERSAL LIFE WITH SECONDARY GUARANTEES ACCOUNT VALUE June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

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

Premiums and deposits (1) 151 152 145 146 156

Withdrawals, surrenders and contract benefits (16) (26) (34) (20) (42)

Net flows 135 126 111 126 114

Interest credited 37 37 39 39 39

Policy charges and other (239) (236) (237) (236) (244)

Account value, end of period $4,321 $4,388 $4,461 $4,548 $4,619

As of

LIFE INSURANCE IN-FORCE June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Universal Life with Secondary Guarantees

Life Insurance in-force, before reinsurance $65,481 $65,867 $66,293 $66,904 $67,445

Life Insurance in-force, net of reinsurance $31,608 $31,867 $32,190 $32,556 $32,879

(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 Six Months Ended

Adjusted revenues June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Premiums $— $— $— $— $— $— $—

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

Net investment income 132 131 142 148 155 263 314

Other revenues 5 1 2 5 3 6 (2)

Total adjusted revenues $137 $132 $144 $153 $158 $269 $312

Adjusted expenses

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

Interest credited to policyholder account balances 91 90 97 103 103 181 209

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

Interest expense on debt 38 38 38 38 38 76 76

Other operating costs 21 15 44 8 20 36 31

Total adjusted expenses 150 143 179 149 161 293 316

Adjusted earnings before provision for income tax (13) (11) (35) 4 (3) (24) (4)

Provision for income tax expense (benefit) (7) (8) (11) (9) (3) (15) (8)

Adjusted earnings (loss) after provision for income tax (6) (3) (24) 13 — (9) 4

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

Less: Preferred stock dividends 25 26 25 26 25 51 51

Adjusted earnings (loss) $(31) $(31) $(50) $(15) $(25) $(62) $(49)

INSTITUTIONAL SPREAD MARGIN BUSINESS ACCOUNT BALANCE

Institutional spread margin business account balance, end of period

$9,106 $9,328 $9,477 $9,850 $10,149

Other Information

Financial Supplement

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

For the Three Months Ended For the Six Months Ended

CHANGE IN MARKET RISK BENEFITS June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Market risk benefits mark-to-market $1,304 $(835) $205 $(424) $1,020 $469 $21

Market risk benefits fees, net of claims 84 75 151 136 97 159 192

Ceded reinsurance (18) 12 (7) (1) (16) (6) (5)

Total change in market risk benefits $1,370 $(748) $349 $(289) $1,101 $622 $208

For the Three Months Ended For the Six Months Ended

NET DERIVATIVE GAINS (LOSSES) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Net derivative gains (losses):

Variable annuity and Shield hedges $2,745 $(1,327) $(12) $1,310 $1,073 $1,418 $196

Shield embedded derivatives (3,209) 805 (354) (1,694) (2,103) (2,404) (932)

ULSG hedges 11 (8) (69) (10) (154) 3 (132)

Other hedges and embedded derivatives (24) 21 (20) (16) (54) (3) (59)

Subtotal (477) (509) (455) (410) (1,238) (986) (927)

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

Total net derivative gains (losses) $(477) $(509) $(456) $(410) $(1,237) $(986) $(926)

Financial Supplement

Notable Items (Unaudited, in millions)

For the Three Months Ended For the Six Months Ended

NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

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

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

NOTABLE ITEMS BY SEGMENT

Annuities $— $— $— $7 $— $— $10

Life — (5) 6 (11) — (5) —

Run-off — 17 7 (705) — 17 —

Corporate & Other — — — — — — —

Total notable items (1) $— $12 $13 $(709) $— $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 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Total Quarterly VA separate account gross returns 9.75% (1.84)% 2.14% 4.96% 7.59%

TOTAL VARIABLE ANNUITY SEPARATE ACCOUNT ALLOCATIONS

Percent allocated to equity funds 33.08% 31.81% 32.56% 32.61% 32.54%

Percent allocated to bond funds/other funds 9.00% 9.50% 9.20% 9.13% 9.04%

Percent allocated to target volatility funds 17.70% 18.14% 17.77% 17.85% 17.81%

Percent allocated to balanced funds 40.22% 40.55% 40.47% 40.41% 40.61%

Financial Supplement

Summary of Investments (Unaudited, dollars in millions)

June 30, 2026 December 31, 2025

Amount % of Total Amount % of Total

Fixed maturity securities:

U.S. corporate securities $38,208 28.91% $38,909 30.88%

Foreign corporate securities 11,043 8.36% 11,497 9.12%

Residential mortgage-backed securities 8,929 6.76% 8,532 6.77%

U.S. government and agency securities 6,927 5.24% 6,711 5.32%

Asset-backed securities 5,808 4.40% 6,059 4.81%

Commercial mortgage-backed securities 5,798 4.39% 5,870 4.66%

State and political subdivision securities 3,272 2.48% 3,494 2.77%

Foreign government securities 838 0.63% 942 0.75%

Total fixed maturity securities 80,823 61.17% 82,014 65.08%

Trading securities 596 0.45% 506 0.40%

Equity securities 83 0.06% 79 0.06%

Mortgage loans:

Commercial mortgage loans 11,930 9.03% 12,323 9.78%

Residential mortgage loans 6,211 4.70% 5,976 4.74%

Agricultural mortgage loans 4,686 3.55% 4,656 3.70%

Allowance for credit losses (220) (0.17)% (200) (0.16)%

Total mortgage loans, net 22,607 17.11% 22,755 18.06%

Policy loans 1,455 1.10% 1,450 1.15%

Limited partnerships and limited liability companies 4,568 3.46% 4,696 3.73%

Cash, cash equivalents and short-term investments 8,065 6.10% 6,584 5.22%

Other invested assets:

Derivatives:

Equity market 12,148 9.19% 6,121 4.86%

Interest rate 210 0.16% 297 0.23%

Foreign currency exchange rate 375 0.29% 350 0.28%

Credit 16 0.01% 11 0.01%

Total derivatives 12,749 9.65% 6,779 5.38%

ICOLI 849 0.64% 822 0.65%

FHLB common stock 232 0.18% 217 0.17%

Other 110 0.08% 114 0.10%

Total other invested assets 13,940 10.55% 7,932 6.30%

Total investments and cash and cash equivalents $132,137 100.00% $126,016 100.00%

For the Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Adjusted net investment income yield (1)

4.17% 4.24% 4.44% 4.40% 4.28%

(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 Six Months Ended

COMBINED REVENUES AND EXPENSES (1) PRELIMINARY

June 30,

2026 (2) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 PRELIMINARY

June 30,

2026 (2) June 30,

2025

Total revenues (Line 9) $200 $5,009 $3,002 $2,293 $1,455 $5,209 $6,264

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

$2,600 $3,615 $2,919 $3,679 $2,360 $6,215 $5,944

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

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

$(2,400) $1,397 $122 $(1,333) $(921) $(1,003) $304

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

(1,300) (515) (434) 599 (643) (1,815) (1,427)

Net income (loss) (Line 35)

$(3,700) $882 $(312) $(734) $(1,564) $(2,818) $(1,123)

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) $3,300 $(997) $133 $508 $1,414 $2,303 $1,295

(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 and six months ended June 30, 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

June 30,

2026 (2) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Total assets (Line 28)

$208,100 $196,990 $201,005 $203,382 $202,943

Total liabilities (Line 28) $204,600 $193,512 $197,152 $199,492 $198,900

Total capital and surplus (Line 38)

$3,500 $3,478 $3,853 $3,890 $4,043

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

Combined total adjusted capital

$4,900 $4,967 $5,328 $5,400 $5,560

Combined risk-based capital ratio (4)

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

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 June 30, 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 other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as “anticipate,” “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to the completion of the pending merger with an affiliate of Aquarian Capital LLC, future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others: our 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 our ongoing business and operations, including disruption to our 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 LLC or Brighthouse Financial following announcement of the merger; restrictions on the conduct of our business prior to the closing of the merger and on our 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 our actuarial models; higher risk management costs and exposure to increased market risk due to guarantees within certain of our products; the effectiveness of our risk management strategy and the impacts of such strategy on volatility in our profitability measures and the negative effects on our statutory capital; material differences between actual outcomes and the sensitivities calculated under certain scenarios that we may utilize in connection with our risk management strategies; the impact of interest rates on our future ULSG policyholder obligations and net income volatility; the potential material adverse effect of changes in accounting standards, practices or policies applicable to us; loss of business and other negative impacts resulting from a downgrade or a potential downgrade in our financial strength or credit ratings; the availability of reinsurance and the ability of the counterparties to our 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; our ability to market and distribute our products through distribution channels and maintain relationships with key distribution partners; any failure of third parties to provide services we need, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance we need from third parties; the ability of our subsidiaries to pay dividends to us, and our ability to pay dividends to our shareholders and repurchase our common stock; the risks associated with climate change; the adverse impact of public health crises, extreme mortality events or similar occurrences on our business and the economy in general; the impact of adverse capital and credit market conditions, including with respect to our 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 our profitability measures as well as our investment portfolio, including on realized and unrealized losses and impairments, net investment spread and net investment income; the financial risks that our 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 our control; the impact of changes in regulation and in supervisory and enforcement policies or interpretations thereof on our insurance business or other operations; the potential material negative tax impact of potential future tax legislation that could make some of our products less attractive to consumers or increase our tax liability; the effectiveness of our policies, procedures and processes in managing risk; the loss or disclosure of confidential information, damage to our reputation and impairment of our 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 our separation from MetLife, Inc. are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact us; and other factors described from time to time in documents that we file with the U.S. Securities and Exchange Commission (the "SEC").

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in our most recent Annual Report on Form 10-K, particularly in the sections entitled “Risk Factors” and “Quantitative and Qualitative Disclosures About Market Risk,” as well as in our other subsequent filings with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

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 net investment income

(viii) net investment income

(ix) adjusted net investment income yield (ix)

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 Six Months Ended

ADJUSTED EARNINGS, LESS NOTABLE ITEMS (1) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Net income (loss) available to shareholders $956 $(792) $112 $453 $60 $164 $(234)

Less: Net investment gains (losses) (6) (52) (23) 48 (39) (58) (122)

Less: Investment gains (losses) on trading securities 2 (10) (7) 7 (6) (8) —

Less: Net derivative gains (losses), excluding investment hedge adjustments (477) (509) (455) (410) (1,238) (986) (927)

Less: Change in market risk benefits 1,370 (748) 349 (289) 1,101 622 208

Less: Market value adjustments (4) 13 6 (10) 6 9 (4)

Less: Provision for income tax (expense) benefit on reconciling adjustments (187) 275 28 137 38 88 178

Adjusted earnings (loss) 258 239 214 970 198 497 433

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

Adjusted earnings, less notable items $258 $251 $227 $261 $198 $509 $443

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

Net income (loss) available to shareholders per common share $16.53 $(13.82) $1.93 $7.89 $1.02 $2.84 $(4.06)

Less: Net investment gains (losses) (0.10) (0.91) (0.40) 0.83 (0.68) (1.00) (2.11)

Less: Investment gains (losses) on trading securities 0.03 (0.17) (0.12) 0.12 (0.10) (0.14) —

Less: Net derivative gains (losses), excluding investment hedge adjustments (8.25) (8.88) (7.87) (7.13) (21.44) (17.06) (16.03)

Less: Change in market risk benefits 23.69 (13.05) 6.04 (5.02) 19.07 10.76 3.60

Less: Market value adjustments (0.07) 0.23 0.10 (0.17) 0.10 0.16 (0.07)

Less: Provision for income tax (expense) benefit on reconciling adjustments (3.23) 4.80 0.48 2.38 0.66 1.52 3.08

Less: Impact of inclusion of dilutive shares — 0.03 — — — — 0.05

Adjusted earnings (loss) per common share 4.45 4.15 3.70 16.87 3.43 8.59 7.44

Less: Notable items

— (0.21) (0.22) 12.33 — (0.21) (0.17)

Adjusted earnings, less notable items per common share $4.45 $4.35 $3.93 $4.54 $3.43 $8.81 $7.61

(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

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Net income (loss) available to shareholders $729 $(167) $331 $865 $562

Less: Net investment gains (losses) (33) (66) (97) (147) (255)

Less: Investment gains (losses) on trading securities (8) (16) — 7 —

Less: Net derivative gains (losses), excluding investment hedge adjustments (1,851) (2,612) (1,792) (2,332) (2,021)

Less: Change in market risk benefits 682 413 268 1,406 1,085

Less: Market value adjustments 5 15 (8) — (1)

Less: Provision for income tax (expense) benefit on reconciling adjustments 253 478 343 224 250

Adjusted earnings $1,681 $1,621 $1,617 $1,707 $1,504

Five Quarters Average Stockholders' Equity Basis

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

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Brighthouse Financial, Inc.’s stockholders’ equity $6,183 $5,921 $5,800 $5,552 $5,107

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

Brighthouse Financial, Inc.’s common stockholders’ equity 4,484 4,222 4,101 3,853 3,408

Less: AOCI (4,058) (4,166) (4,391) (4,470) (4,750)

Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI $8,542 $8,388 $8,492 $8,323 $8,158

Five Quarters Average Common Stockholders' Equity Basis

ADJUSTED RETURN ON COMMON EQUITY, EXCLUDING AOCI

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Return on common equity 16.3% (4.0)% 8.1% 22.5% 16.5%

Return on AOCI (18.0)% 4.0% (7.5)% (19.4)% (11.8)%

Return on common equity, excluding AOCI 8.5% (2.0)% 3.9% 10.4% 6.9%

Less: Return on net investment gains (losses) (0.4)% (0.8)% (1.1)% (1.8)% (3.1)%

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

Less: Return on net derivative gains (losses), excluding investment hedge adjustments (21.7)% (31.1)% (21.1)% (28.0)% (24.8)%

Less: Return on change in market risk benefits 8.0% 4.9% 3.2% 16.9% 13.3%

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

Less: Return on provision for income tax (expense) benefit on reconciling adjustments 2.9% 5.7% 4.0% 2.7% 3.1%

Adjusted return on common equity, excluding AOCI 19.7% 19.3% 19.0% 20.5% 18.4%

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 Six Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Total revenues $1,622 $1,527 $1,689 $1,816 $871 $3,149 $3,261

Less: Net investment gains (losses) (6) (52) (23) 48 (39) (58) (122)

Less: Investment gains (losses) on trading securities 2 (10) (7) 7 (6) (8) —

Less: Net derivative gains (losses) (477) (509) (456) (410) (1,237) (986) (926)

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

Total adjusted revenues $2,103 $2,098 $2,174 $2,171 $2,154 $4,201 $4,310

Total expenses $396 $2,513 $1,539 $1,231 $778 $2,909 $3,522

Less: Change in market risk benefits (1,370) 748 (349) 289 (1,101) (622) (208)

Less: Market value adjustments 4 (13) (6) 10 (6) (9) 4

Total adjusted expenses $1,762 $1,778 $1,894 $932 $1,885 $3,540 $3,726

Financial Supplement

A-10

Investment Reconciliation Details (Unaudited, dollars in millions)

For the Three Months Ended For the Six Months Ended

NET INVESTMENT GAINS (LOSSES) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Investment portfolio gains (losses) $6 $(26) $(14) $52 $(5) $(20) $(36)

Investment portfolio credit loss (provision) release and (writedowns) (12) (26) (9) (4) (34) (38) (86)

Net investment gains (losses) $(6) $(52) $(23) $48 $(39) $(58) $(122)

For the Three Months Ended

ADJUSTED NET INVESTMENT INCOME YIELD (1) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Investment income yield 4.32% 4.39% 4.60% 4.54% 4.41%

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

Adjusted net investment income yield 4.17% 4.24% 4.44% 4.40% 4.28%

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

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