The following is a summary of the Brighthouse Financial, Inc. (BHF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Brighthouse Financial ended Q1 2024 with $1.3 billion in liquid assets at the holding company.
They estimated an RBC ratio between 415% and 435%, within their target range.
The company returned $62 million of capital to shareholders through common stock repurchases in Q1 2024, reducing shares by almost 50% since 2018.
Total SHIELD annuity sales were $1.9 billion in Q1 2024, a 2% sequential increase and 20% YoY increase.
Total annuity sales were $2.9 billion in Q1, up 5% sequentially and 3% YoY.
Q1 2024 pre-tax corporate expenses were $207 million, a 1% decrease YoY and a 15% decrease sequentially.
Business Progress:
Brighthouse Financial continued to focus on maintaining a robust balance sheet, executing growth strategies, and practicing disciplined expense management.
Steady growth in SHIELD Annuity product suite continued, which placed Brighthouse Financial as a leader in the Registered Index-Linked Annuity market.
Business mix significantly shifted due to steady annuity sales growth and outflows of legacy business. Predictions show that by 2027, spread-based business will make up approximately 55% of annuity product mix.
Life insurance sales experienced steady growth with a 26% YoY increase in Q1 2024 to $29 million.
The company expanded into the worksite channel, partnering with BlackRock on its LifePath Paycheck Solution.
Brighthouse expects robust sales and minor impacts from potential higher compliance costs due to the DOL rule.
The company expects a positive impact on sales from bringing LifePath Paycheck online throughout the year.
Brighthouse's SHIELD product continues its rapid growth, attracting competition but maintaining a promising competitive positioning.
More details: Brighthouse Financial IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.