BHF - Earnings call transcript Q1 2019 | Brighthouse Financial, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to Brighthouse Financial’s First Quarter 2019 Earnings Conference Call. My name is Sonia and I will be your coordinator today. At this time, all participants are in a listen-only mode.

We will facilitate a question-and-answer session towards end of the conference call. In fairness to all participants, please limit yourself to one question and one follow-up.

conference recorded this replay reminder, a is for being purposes. As from ask portion speakerphones that we using of you call. question-and-answer Also, the refrain cell-phones, during or today’s headsets David to presentation now Relations. turn would of Investor like over I to Rosenbaum, Head the Mr. Rosenbaum, you may proceed.

David Rosenbaum

and morning Financial’s Call. you for Good First Sonia. joining XXXX Quarter you, thank Thank Earnings Brighthouse

of be website will presentation Investor all the you Relations the release, were materials. at earnings to Chief on Officer; We these Interim Chief to and Steigerwalt, slide refer financial our prepared Our you presentation and Executive released last remarks. of will our Financial our we in Officer. accessed Today, followed Chief supplement and Eric Murphy, Officer night brighthousefinancial.com. our encourage and by Conor hear from can Operating And President section review

Myles the John comments, Following question-and-answer the Also, here our prepared participate Chief us will Rosenthal, discussion Marketing Investment Chief period. we in up a to and Distribution today and Lambert, with Officer. are; for call open Officer;

Our statements including result the within any X, statements differ in in a May will time forward-looking from Financial’s and Brighthouse discussed risks the XXXX. discussed and on the include results Exchange materially The actual the forward-looking on discussion securities with laws. of results federal as undertakes meaning from those Commission. anticipated information time Brighthouse call today, the described company of uncertainties, during to this may obligation Information as today’s only today’s filings Financial’s U.S. update to of Securities call. call no speaks

of the Eric be also Relations these measures to turn comparable on over basis financial the website, on And now, results not financial certain measures. on a timing preliminary of may the And measures I’ll release, portion and Reconciliations Generally found our directly of During or are non-GAAP this due are of call, discussing in non-GAAP be the the most measures Accepted to Steigerwalt. supplement. CEO, definitions presentation Investor Principles, references Accounting as we statutory our related based historical filing statement. GAAP earnings slide to our finally, known will call statuary the to that

Eric Steigerwalt

during expected, you, everyone. performance. Claims we of Investment quarter was were and Thank capital adjusted in as lower quarterly within quarter. markets earnings quarter solid investments Equity XXXX. favorably results reinsurance lower but portfolio morning, good generation investment strong first during were impacted to Brighthouse alternative Sales and manage the delivered income David, the both very and variation. and given market from due expenses. insurance reposition life recoveries, higher strong and remain fourth to normal the continued

forward, our we value. which focused believe will we long-term remain strategy, executing generate on shareholder to continue Moving

$XXX way target. million measured will Last our repurchasing previously capital We approximately capital utilizing And have anticipate XX million approach this the We $XXX believe to to to stock of April. the a we in repurchases are achieving And $X.X continued $XXX we progress one but of repurchase authorizations months, million authorized returning stock. XX% of billion to time. first our announced disclosed, our of goal. purchased an stock. to of be toward our this next quarter. in authorization in goals to through cumulative XXXX of making achieve we have million, over in multiple of quarter shareholders returner XXXX. announced we stock our our repurchased the $XXX the of continue is currently in be towards the within our return fully This stock, that the of XXXX. additional million our have the $XX our As with company authorization levers Through brings target night, we of we’ve common of of remainder million April, repurchased consistent second our under August We we approximately $XX the

capital annuity prudently variable are we the First, block. backing managing our

During Life Insurance the even or us completed quarter, offering. higher Company of position time. And BLIC. better costs The were this puts level Brighthouse reduce we to a assets stock net contributed over hedging in proceeds successful an to preferred

in begin BLIC in implementation are ordinary XXXX, BLIC the capital regular reform variable post Although from has dividend currently the our for financials. company capacity planning of we XXXX, to annuity holding to dividends statutory in

company. an important As said this before, we have the milestone be will for

have robustly the possibility be Second, in reserves excess Delaware the our Company is previously, that could reinsurance of as thus over subsidiary, time Brighthouse and there We said redundancy capital we capitalized. is Reinsurance believe released.

this conversations the with regulator on months. We are our coming in beginning topic

we Third, or a and anticipate Company, be the will of holding capital NELICO, the stable Insurance New continue to England source company. been has for Life

during quarter, you As fourth million. $XXX may to recall, paid of a dividend company the the NELICO holding

company ordinary NELICO’s capacity Additionally, to holding million. intend dividend XXXX to later amount year. this $XXX is the We dividend this over

was capital new NELICO determining important to an take authorization. ability from our in repurchase Our out stock factor

over per NELICO $XX at dividend will several capital holding company. the generate to finally, expect capacity of We have next years. to year excess the million $XX And continue million we currently

annual reminder, a at of the target. excess in XXXX, at fixed quarter we charges. X of goal liquid to well least As holding times our assets is first And the have our company of are our as

update our is role. on perspectives I few on you of first in search. lot results, a a to this wanted quarter CFO provide our interest I There Before

like have the I advance begun have earnings process interview quarter in and our second role to of would filled call. this We

on our Slide to quarter presentation. highlights our for Turning first of are key results, earnings quarter the X summarized

billion XXXX. to very public hybrid product, new compared as extremely This in sales, enter is the we sales becoming since the in We product the quarter. insurance launched strategy sales In market. sales presence I’m the our early We result, $X.X life were XX% the first marked in of distribution company in public distributors pleased life of an introduction our approximately product expanding life had annuity First, Annuity from competitive our in knowledge XXXX. independent space an insurance and quarterly up results highest builds our foundation in part outstanding SmartCare. with reestablish market. February, our the first first of product has company to U.S. on experience we insurance quarter, insurance our a our This year. and same hybrid since Brighthouse period launch feedback becoming this positive. out life additional the roll intend throughout been to partners independent The to

in in million expect pre-tax. our XXXX establishment quarter, pre-tax costs first during cumulatively still costs. to approximately and continuing we’re make these In as costs $XXX were approximately necessary We of million $XX to investments XXXX. the technology Second, establishment our investments to We refer $XXX infrastructure and businesses. million establishment

in Adjusted line offset finally, notable lower our manage quarter given markets Third, reinsurance income prudently well fourth strong of to recoveries expectations, items as higher earnings, we let improved by was portfolio, equity by performance our with investment our the in annuity impact due the the in the claims our touch lower driven in from continue results. alternative life sequentially the me positive on XXXX, partially unfavorable as quarter. quarter. And market equity was capitalization. to variable which in less earnings investment This the insurance

our are business about talked to higher. previously, or CTEXX VA managing we have we As

our were end billion $X.X As strategy. CTEXX consistent of with the VA in the excess our of assets first of quarter,

Our our this shareholders. To had excited are for new solid up, it hedging the quarter continues creates authorization and we stock line strategy expectations. about with and in wrap very perform the we to that repurchase results value

our quarter detail. executing in our Conor? focused on Moving that, Conor continue first discuss will forward, financial to the longer-term it over results let that believe strategy turn to remain achieve to more us me our we call continue With to financial targets. and to enable

Conor Murphy

million drivers Thank our quarter Eric, compared adjusted our with balance position. and the quarter notable for X, of the notable $XXX on perspectives the $XX presented of after-tax $XXX in Life everyone. Annuities start sequentially. related to were on There earnings, then in costs. items in the with from in some the morning, results XXXX. the and good you, establishment the results and in and quarter, same lower million XXXX while the excluding strong, earnings earnings one quarter were basis first Adjusted the segment million sheet and and million fourth impact in quarter provide of were item first $XXX hedging on quarter was Adjusted will Slide I of key Run-off

favorably Now, This the in the The impacted mainly impact market equity is earnings recoveries I adjusted claims lower would or the like lower in quarter due results. $XX drivers amortization due on in net higher the investment results a fourth million underlying to perspective reserves. and provide life quarter income market Overall, in of of $X.XX to approximately earnings positive quarter XXXX insurance. more to through offset equity in the The rebound first share. reinsurance DAC by market investment decline driven reflected the per alternative lower SOP to by market partially was approximately favorable resulted adjusted of performance results. after-tax impact the strong and first

at on beginning fewer to billion, fourth account ended first the balances first quarter. equity fees $XX quarter XXXX. balances positive annuity impact quarter with billion the separate a $XX days were at While overall market account the by had from year-end Variable fees, quarter the driven in market due conditions lower challenging sequentially in lower up processing first quarter coupled separate the

Next, the investment with This lower million driven post-tax. broke our by line quarter. down and net was in $XX income sequentially alternative which investment expectations was in even income, our sequentially

income is As alternative on quarter is investment a lag. one typical, reported

expect impact quarter high-quality by putting asset approximately approximately completion ongoing portfolio. XXXX, from partially of diversified of we was a first favorable of net alternative the and program. alternatives income investment repositioning the XXXX. of way the be assets market the Given second negative towards The investment Through first to from of XX% repositioned we’ve quarter in gains performance, repositioning growth quarter treasuries mix billion $X.X spread offset the income on of the investment of into the higher us

we driver in driven results reinsurance recoveries. by experience. quarter the was first our lower Another higher of claims earnings key claims adjusted insurance life Sequentially, saw

was normal within claims quarterly However, fluctuations. experience

Lastly, XXXX continue level, million, be or full-year in our Brighthouse’s We in approximately $X line to the the down XXXX corporate with expenses we $XXX our sequentially the to quarter expectations. as expenses corporate operating anticipate platform. below were first pre-tax year full transition slightly the consistent with million

basis year-end of $XXX We in million XXXX and additional on projecting an run $XX reduction XXXX. expense are a still corporate million rate by

the offset $XX investment fourth adjusted quarter. to first million were resulting Now, in segment the quarter offset loss Adjusted of results income adjusted the in partially lower, that was net that by partially returns. related discussed lower separate the excludes reinsurance quarter outflow adjusted account by processing $XXX segment rise lower the annuity fewer in balances by impacted due claims were $XX results Other the This in turning were level, recur. of quarter capture quarter. an a quarter period benefit XXXX. segment impacted at alternative the an earnings This were increase from fee as the decrease favorably investment Sequentially, offset million lower million with Sequentially, income. earnings along and $XX sequentially, item. market first in lower Annuities notable alternative was block not DAC Total flows fixed with quarter. tax markets, of SOP end remnants along positive reserves, quarter. a the performance first which lower amortization the equity annuity Life in fourth amortization partially loss million. did Corporate were surrender the recoveries mentioned Sequentially, the in lower earnings XX-year-old in Adjusted of by Run-off impacted here in in improved to had the the previously expenses of business its days segment unfavorably and was returns were fact DAC that higher by beginning results I in the of unfavorably the XXXX to & from reached by The investment. earlier. Sequentially, the despite of in in

to would our balance few a I sheet position like provide on closing, of annuity as March hedging Before variable XX, and updates XXXX.

billion $X.X hedging of of Firstly, both with Balance basis and sheet sensitivities with a CTEXX, line is expectations. our results were in performing XXXX our on GAAP annuity had shared our XX-K. excess and CTEXX block in line in assets in strategy Form variable

stock costs believe our contributed preferred hedging to quarter. million were $XXX successful to a completed we Secondly, better Life during The the issuance time. over Brighthouse this us Company Insurance lower in and proceeds puts a net position we

of scenario company reminder, our leverage approximately billion our ratio down the existing to driven hedging billion, holding liquid requirement. for are the end Reform up was adjusted maturities quarter. call outstanding we which by reserve like we’d that, have finally, standard billion will movements than And This the average was capital With annuity existing which to no scenario, total at of statutory Additionally, the a the market the approximately open were XXXX. first quarter. quarter. $X.X remove VA Also, $X.X adopt first We XX% And at as XXXX, the target. assets reflects year-end for from by questions. $X.X intend our the less debt sensitive end approximately the standard to requirement, prior until NAIC CTE variable reporting

Operator

Our [Operator comes Instructions] question of you. from Thank Ryan Krueger KBW. first

open. Your line now is

Ryan Krueger

you you perspective how give in thoughts captive the on have you Can how entity? may much long And release reserves think the around to may negotiate able redundant morning. it take Good also, with to thanks. any process any regulators? Hi, be and on

Eric Steigerwalt

conversations Ryan our for your planned We’ve this over months. – last Thank and our having Ryan, sorry. Those regulator few with the hey, question. reserves really talked are our there you summer. redundant expectation for of about captive

adoption be have any full adoption, the those later of would following and the we following conversations So VA in expectations year. reform the

going you. the that it to We for we’re XXXX. haven’t focusing But through something on is rest it quantified of be

Ryan Krueger

seems that baseline least bit are in just Thanks. And little a to the like all, then, it claims your Life Can at you expectation? relative quarter. size at elevated

Eric Steigerwalt

of a were were claims also across in Life say the segment they both – and a would segment. get you’re well. Run-off into this impacted in were I Both in right, lower the by those elevated we’ll little. little Yeah, sure Life, segments alternative I’m as returns.

based Life It’s bit more the of so Run-off. a rate. was actual alternative within probably of than that the little mortality, little little had circumstantial of of It would in just to that within frequency, claims, a more quarter. again the I an of individuals the do but not the Run-off with an elevated we to That’s But it expected happen. impact a lower run it’s on in less do reinsurance in was really the range returns. was can the more level severity. of So segment, average mortality. the But affected had from much underline level sort with claims lower our impactful And not

from level prior we little be. have different but quarter, a terribly not elevated bit perhaps, So to still from would where expected average the

Ryan Krueger

Okay, understood. Thank you.

Operator

from Thank Suneet comes you. next our And Kamath of question Citi.

now line open. Your is

Suneet Kamath

I Thanks. generation. the Good morning. to start with want VA capital

capital about or over buffer come seems assets. amount it of has time, of increase we As think a like the building from infusions the fair repurposing

start want what expectations get to the organically, of to So a just capital does build sense VA are business when your there?

Eric Steigerwalt

are a to so you, Well, thank There Suneet. few that. elements

and time what time. a over contributed in less that And actually expected, XXXX would little have that’s expected yes, separate. we in probably we we’re into business. as capital back the really, beginning some I was and than argue might line over I we So, VA But

In the terms very much quarter. earnings in we’re We with of this generated in line would I approximately of $XXX of expectations our generation quarter. million business, the normalized say, this [ph] [start] even

assets last with the we’ll really We more we’re sure generation capabilities year. we’ve But help block. and took hedging the don’t to into NELICO very out forward, been to is contributing Clearly, able feeling of authorization. aligned what within that I’m authorization earnings So we there. the fund more new get power anticipate going our program. VA comfortable But distributable

program with is comfortable working. how the very We’re

our where above excess comfortable amount very quarter in with up the terms CTEXX. we’ve of ended We’re

Suneet Kamath

forward in currently that And return, what which at it. your higher about we assume assumptions, than rates if interest past, you I base the the of on think $X.X predicated was capital believe billion, then, the of Got I of said that a in is terms least sort think rates level macro implying. curve case

if guidance years, deployment given? confident capital they the So feel $X.X are, pick X.XX where you’ve in up of that you XX don’t so stay to of sort still billion they over rates

Eric Steigerwalt

Hi, whether end Eric. whether have cash it’s it’s it’s dividends XXXX, that do. said levels Suneet, Yeah, prepared whether move it’s BRCD, into us now just even forced that in my of we numerous NELICO, we’re the company levers, companies. holding we I’ve remarks from as many back

You got to pick some scenario, right.

Something the has base to sort of case. be

I with that And are point, capital so return. you we’re numbers feel know in those at what your question, changing answer yeah, comfortable target our to But and not this are. direct for

Suneet Kamath

Thanks. Okay.

Operator

from Instructions] comes And question Thank Dowling next Partners. you. [Operator & Humphrey of Lee our

now is open. line Your

Humphrey Lee

my taking morning, thank for you Good questions. and

also it Looking helped past to should withdrawals, forward. about where like in net past $X.X at your been kind and versus quarter looked that the surrenders this and you’ve we billion and Do of your relative on running think sustainable? the general, is VA feel number. the was flows wondering net just in But specifically the in how flows going but better this surrenders withdrawals I $X.X definitely quarter you billion

Conor Murphy

Humphrey. Thanks, Yeah.

a Let over of in making about talk new the to things this been me business few the increasingly and that the We for feel progress call. Brighthouse. great terms we’ve begun we say about

But definitely and about both seeing XX% you Myles well. certainly can year-over-year improvement, as the withdrawals, increase And the we’ve of a color number. I’ll just see in fixed, terms in reduction XX% an in and variable add are annuity let not in sales terms in but some the across sequentially the a a net You improvement business, moment. of significant

be seeing last down. been while. To little just was a for honest, you’re It this come has happening withdrawals quarter. So clouded a

fixed on so evident fixed fixed why is account the quarter, would coming side, of that out net of was we had if you value wasn’t a quarter. elevated. flows business the much this XX-year-old on the last which progress, little that number even And will, say, is remember, I If you surrender, block a

So to really forward, that writing, But I’m little a say, color the neutral on number. and ask seeing $X yeah, increase to as billion going on the business we’re the give annuity much more a Myles variable, for which we’re the well. obviously we’re going month the mark fixed, in a business decline to I’d on below an a

Myles Lambert

Yeah. Conor. Thank you,

about solution that are and this indexed market will that obviously, expectations year our flows but throughout majority our relates our to of think, So of moving our Shield, of conditions. we’re sales, most from our it new come you confident will forward, suite I flows But and as from change as can our FIA Shield. with business the think pretty that FIA products, come

Conor Murphy

because And, been last color I’ve as me Humphrey, let the adding couple one of thing, add quarters some well.

we the we’d versus that retain might is be those us good are as outflows A In had for based the level whether of quite on outflows terms of happy been outflows, really term consider able outflows we what quarter’s to lot being them. Brighthouse’s XX% perspective being of capital of business. of XX% the the balance the Brighthouse or them to about outflows intensiveness capital and good gross – of would we sheet. outflows the And as you from required, outflows at characterize this

Humphrey Lee

then, VA it. deductible moving of Got kind And your to gear shifting – position.

billion you the at year think, ended range. I $X.X

you VA you or targeting it you contribution compared quarter, want still to stand that are where With to is the And – $X kind of then, where capital this billion terms as of be? and do deductible level? in you

Conor Murphy

Yeah.

yes. speaking, broadly So

at at – billion, obviously, objective $X.X year-end operating to CTEXX protect we level, we the we ensure level. but about underlying we the at We and – have are highlighted is been that that

been there preferred of able But you of in accomplish can maybe that a now we it So yes, a are the of that to we’ve couple more lot ways, we about this. if flexibility proceeds ways in. the think put have

$X.X We’re currently above sitting at CTEXX. billion

were at we we or even billion, So require XX. use if exactly still be would the to $X.X almost

So great flexibility we’re have there, which happy we very with.

XX XX is, about this, consider be of just capital. a were be and A might what might a to a might we simpler way level think would of –really Another maybe, that we AA capital, be level perspective

would going in amount, the above So to Using keep protect us we’re AA. A likely current at AA mark. the extreme But we’re the still comfortably that scenario.

everything earnings hedging So generate the much we with normalized ability that to. our we and to how in – we it continues really with effectively the the expected work the the upside program very participate and is how working that quarter, to start in really in line earnings

Humphrey Lee

Thank color. for you the Okay.

Operator

next Scott our from And Goldman Alex you. comes of Thank Sachs. question

now is line open. Your

Alex Scott

Hi, good morning.

talk I could question the you level, was specifics you – First probably about had to comment more FASB impact might just and value like I how impact. know, value deal I But thinking book you’re on that. transition guess, book high just on not a with to plan at in this course any hedging sort increased your volatility business? the would to the reinsurance strategy current of at manage in you just of the changes the this potentially remain strategy? way like future? anything change terms Is approach, Or is that in ready you to the look plan

Conor Murphy

you. Thank

the fair early VA reform. adoption really could where view – CTE company manage to If of it’s distribute our the So things, a within to just basis on the with basis, on and a a but capability that statutory couple continue we and of tell. and maybe a too ability to shareholders to even a to full I question, underscore remember, it��s

of after to able of working But accounting of long while to we’re are peers operational as going we’re say, but to I respect this, with to – elements that’s that work have our or be to the other see a same we is going would we our some our calls. through contract that’s the So the this accounting XXXX. some it’s capital towards to come duration bit to as return going Brighthouse talked return ability adopted know the there’s nothing implications. to target capital the to we’re there’s be duration contract maybe long little to – I well, going about $X.X today. our course, as the And on reach shareholders really impact billion speak before really are a up going be to question and of has doing we

Alex Scott

Annuities over should Okay. quarter? through points. pretty that run anything yield second know about think I be segment. into the in was the there I I that net you up looked on had but is and thinking My like It reallocation, follow-up XXX or investment went ticked a some up significantly, question it income you’re rate as number head think that basis Do good is I we going

Conor Murphy

a Well, so couple of but the performance terms yes, you a of segments, expectations, will, little we and less. has compared And a relative Annuities in yes, of that stronger with of perhaps the and if that Life things, annuity is deck. about, quarter But of had or the the talked highlighted a Run-off NII. bulk our higher beneficiary we in favorable it market recurring

couple seeing you’re benefits of things a So the of here.

seeing growth is Shield of You’re showing here. up the

seeing that, We repositioning. it stage. well, And completed you’re much XX% this benefits north lot about of of been last talked year highlighted portfolio at So of also Investor portfolio the Day. we at repositioning a the has that

bit an It Annuities is that market. but had It as repositioning the asset-based that about. fees, a was of yes, it did well. of had it seeing more favorable – little we’ve been outperform talking portfolio bit, because a lower are you offset that too. So benefit of But,

Alex Scott

you. Thank Okay.

Operator

question Thank Instructions] Evercore. Tom of from [Operator comes next you. Our Gallagher

is line Your open. now

Unidentified Analyst

question. [ph] is on this guess, follow-up on [Casta] I for a Hey, Alex’s Tom. just

different talk what about are fair it And is your assume in expectations level? going are frame or could – follow-up you For just the just going this sequential NII Annuities, much like that forward stay re-positioning the to down that’s Can to come impacts a of – there? then, or between that, Shield around of to benefits how you increase? as a different and the terms the in a

Conor Murphy

Thank little I How terms would really I rate you in let more [Casta] little your [ph]. help of a bit about question. getting for a at here out think a maybe a question. think annuities Well, run of me bit Okay. after, you you’re –

be forward, yes, that it acknowledge Obviously, you but had can about compared small be annuity did is, as And we implications fee – you [odds] really underperformance line remember allocation and in – highlighted continue good should perform think the guide, you so [ph] as would I with the in the mentioned We mentioning of just underperformance are that in the might in portfolio, the our a what forthcoming should portfolio. run And worth you to do really have forward. wholly was consider we is you kind will to Run-off. relative so earlier, as the days I of in expectations old consider will. probably Life the ongoing rate would a Then a or we expectations, with they that, have to continue broadly fees, quarter. actually something. that going annuity should, volatile next market the that’s what other that we the speaking, be quarters those little favorable well. so but And about Annuities the improve going But would of the on if mentioned call to impact number going element offsets the concentrated

Unidentified Analyst

Got it. Thanks.

Operator

Sachs. of we And you. Alex Goldman from question do Thank a have Scott follow-up

Your line is now open.

Alex Scott

capacity one me and only that of I dividend like another help to you that you just I capacity statutory strong looking understand Could is surplus dividend it’s from Hey, thanks million. for the I taking looks wanted the entity? NELICO around the balance to $XXX so mentioned. sheet, guess go just out why at me. guess, year-end

it at how there, next be to surprised you you that have take be So, out would any the over to color of helpful? Do years. I several much that consistently I’m expect guess, able

Conor Murphy

continue our maybe to It’s it that is is of a that new at the of an block continue many $XX of – in about million on less not That kind out rate generate taken lot a $XXX sensitive business. million. so we $XX after, do year-end annual around think to it’s years million or million average million. would Therefore, close million, will expectation market. NELICO, expectation and fluctuate the might terms business. the having to but $XXX the vagaries remember, run likely for The little $XXX that $XX Well, come. obviously, Okay. And between it’s predicates I capacity NELICO to way writing a any that basis of

Alex Scott

it. Got Thanks.

Operator

and remarks. Thank gentlemen, back for ladies you. And, closing Rosenbaum over like to the Mr. to now turn I would call

David Rosenbaum

you. to Brighthouse for interest Thank Thank call and joining speaking for for conference and first you thank your look Financial. And you. we quarter forward us again next our today quarter. in questions And earnings

Operator

This thank program. gentlemen, for in concludes you and participating today’s conference. Ladies today’s

You great may Everyone, have all disconnect. day. a

Brighthouse Financial (BHF) 7 May 192019 Q1 Earnings call transcript