Brighthouse Financial (BHF) S-3ASR Automatic shelf registration

Exhibit 12.1

Brighthouse Financial, Inc.

Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,						Years Ended December 31,
	2018			2017			2017			2016			2015			2014		2013
	(In millions, except ratios)
Income (loss) before provision for income tax	$	(430	)	$	(269	)	$	(615	)	$	(4,705	)	$	1,462		$	1,528	$	1,364
Less: Undistributed income (loss) from equity investees		30			38			46			7			(118	)		15		82
Adjusted earnings before fixed charges		(460	)		(307	)		(661	)		(4,712	)		1,580			1,513		1,282
Add: Fixed charges
Interest and debt issue costs(1)		70			82			153			175			170			201		266
Interest credited to policyholder account balances		536			559			1,111			1,165			1,259			1,278		1,376
Total fixed charges		606			641			1,264			1,340			1,429			1,479		1,642
Total earnings and fixed charges	$	146		$	334		$	603		$	(3,372	)	$	3,009		$	2,992	$	2,924
Ratio of earnings to fixed charges(2)		—			—			—			—			2.11			2.02		1.78

(1) Interest costs related to variable interest entities for the six months ended June 30, 2018 and 2017 and for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 did not have a significant effect on the ratios for the periods presented.

(2) Earnings for the six months ended June 30, 2018 and 2017 and the years ended December 31, 2017 and 2016 were inadequate to cover fixed charges at a 1:1 ratio by $460 million, $307 million, $661 million and $4,712 million, respectively.