BHF - Brighthouse Financial Q3 profit drops 75% Y/Y as Life Run-off units lose money

Brighthouse Financial ( NASDAQ: BHF ) third-quarter adjusted earnings topped the average Wall Street estimate Monday but cratered from a year before as its Life and Run-off segments lost money, and the value of its hedges fell due to market volatility.

Q3 adjusted EPS of $1.35, exceeding the $1.33 consensus, collapsed from $5.41 a year earlier.

Revenue of $1.94B, surpassing the average analyst estimate of $1.89B, dipped from $2.47B in the year-ago quarter.

Premiums came in at $162M, down from $193M in Q3 2021.

Net investment income decreased to $877M from $1.28B a year earlier.

Net derivative losses were $416M in Q3 compared with gains of $56M in Q3 of last year.

Annuities adjusted earnings of $125M plunged from $385M in the year-ago period. Life adjusted loss was $7M vs. gain of $110M a year ago. And Run-off adjusted loss of $21M compared with a gain of $38M in Q3 2021.

Total expenses were $2.35B versus $2.02B in Q3 2021.

Book value of $1.35 a share retreated from $5.41 a share in Q3 2021.

Conference call on November 8 at 8:00 a.m. ET.

Earlier, Brighthouse Financial Non-GAAP EPS of $1.35 beats by $0.02, revenue of $1.94B beats by $50M .

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