BHF - Brighthouse Financial Q1 earnings miss consensus hurt by Run-off segment

2023-05-08 17:21:54 ET

Brighthouse Financial ( NASDAQ: BHF ) stock slipped 1.4% in Monday after-hours trading after the insurer posted earnings that missed the average analyst estimate and fell Q/Q and Y/Y.

Q1 adjusted EPS , less notable items, of $2.86, trailing the $3.24 consensus, dropped from $4.04 in the prior quarter and from $5.30 a year before.

Still, "we achieved 35% quarter-over-quarter growth in annuity sales and 15% quarter-over-quarter growth in life sales, maintained our robust balance sheet and strong liquidity position, prudently managed our expenses and repurchased more of our common stock," said President and CEO Eric Steigerwalt.

Adjusted earnings by segment:

• Annuities: $314M -- up 61.9% Q/Q and down 11.3% Y/Y.
• Life: $1M -- down 94.1% Q/Q and 98.5% Y/Y.
• Run-off: -$106M vs. $236M in Q4 2022 and $24M in Q1 2022.

During the quarter, BHF bought back $62M of its common stock, with an additional ~$27M of its common stock repurchased, on a trade date basis, through May 5, 2023.

Adjusted net investment income came in at $1.10B compared with $1.08B in Q4 2022 and $1.16B in the year-earlier period.

Conference call on May 9 at 9:30 a.m. ET.

More on Brighthouse Financial

• Brighthouse Financial Non-GAAP EPS of $2.86 misses by $0.38, revenue of $1.28B
• Brighthouse Financial eases up on pace of stock buybacks amid uncertain markets
• Brighthouse Financial: Dull At present But Rebound Potential Still Evident

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