Earnings call transcript Q2 2023

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Operator

Good morning, ladies and gentlemen, and welcome to Brighthouse Financial's Second Quarter 2023 Earnings Conference Call. My name is Justin, and I'll be your coordinator today. At this time all participants are in a listen-only mode.

We will facilitate a question-and-answer session towards the end of the conference call. [Operator Instructions].

conference being the purposes. for reminder, a call recorded is replay As would the Investor Head turn like Relations. over I to Amante, presentation now to Dana of Ms. Amante, you may proceed.

Dana Amante

Executive quarter Welcome Justin were call Relations night found Brighthouse good section you be last call. morning. can Spehar, Eric the Thank of Today, you Financial's for and released materials. Chief all of Steigerwalt, President our our these second website. Ed on XXXX and We encourage you today's Officer; earnings Materials and Officer. Financial Chief hear our review from to and to Investor will

Following and here our Officer. we with Marketing Head of Officer; the Lambert, Underwriting; the open Also to for today Myles call in David John Investment participate Rosenbaum, up prepared Chief remarks, and Rosenthal, our us discussions Products period. Distribution a and Chief question-and-answer are will our

Federal forward-looking actual the as the may I'd in statements, the a meaning Before Brighthouse this described during we the and from the in results note result with the uncertainties call Laws. Financial's discussion begin, to that SEC. materially time risks statements forward-looking from within may our differ time Securities like filings Brighthouse include anticipated to of of results Financial's

speaks discussed obligation The company on today, to discussed only undertakes update today's Information on August call call. today's no of as X, XXXX. any information

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

Eric T. Steigerwalt

you, on demonstrated Brighthouse the everyone. and continues Financial deliver results goals, and Thank the XXXX. half first as we through Dana by and strategic, to operational, management its milestones good of morning, financial achieved

further focused one, which is our and distribution of focus Reflecting product well strategy, Our annuity offerings, as centered track enhancements markets. two, executing of management a on product with life product opportunities we our down expansive XXXX, our execution we our on suite, annuities of strategy of as priorities to competitive variety help for first and maintaining plans in our announced including level retirement to on to our conditions. and their the footprint, shield clients designed through overall that strengthened sheet by are is separate in insurance half financial complimentary prudent a additional In our protect the our launch the certain strategy keep continued hedge, May, market around providing growth portfolio. options Shield growth balance growth

X% increase XXXX. Additionally, August. a the seen we half which our sales Shield compared pay great last product, success with June we launched shield Level totaled $X.X of annuity XXth, our new Year-to-date with plus through have billion, first

our complementary portfolio sales In to of of intend expanding keep fixed refreshed, our We totaled product through the including billion which portfolio. addition annuities, annuity we strong time. offerings by demonstrating product annuity first deferred to also sales, delivered over XXXX strong $X.X the our annuity of product Shield half our nature

this year. new example, to launch working For a we we annuity on currently indexed which later product are expect fixed

death benefit. offers well life registered to be distribution policy in income used guaranteed index business, as linked insurance I'm to life can share Plus, that our clients launched we July that insurance insurance very product SmartGuard retirement, pleased in a payments life supplement universal guaranteed Regarding new that as a a

XXXX, on We our our the seen insurance persistent and half of made the growth and products. continue products, of of we our insurance life Through have also SimplySelect increased reflecting first in maintaining life our repriced focus SmartCare progress total we half life XXXX, recently the insurance life have as we strong execute the our with sales, strategy. XX% competitiveness which compared first

the and business business to or expenses seen of time. reduce mix with success annuities sales Along outflows managing legacy our high adds to capital ratio have shifting over statutory which to is time. have effectively continued our book, our over that sales further The we on we results, the our our of our growth, in new variable VAs order maintained quality expense enforced focus intensive our fundamental also combination in

As XXXX total more up end annuity XX, of account end percentage of approximately than and percentage XXXX, of a our annuities XXXX. points increase an made since XX% Shield point and value, year June increase XX year fixed since XX

only as is value account reflecting Additionally, business of XX% intensive XXth made approximately roughly our representing capital VAs annuity represented with less of we capital total by VAs intensive the the mix. further progress XX% higher evolving have the towards June

continued took over cash through the a the value our variety of balance quality to We shareholder further measures scenarios recent sheet, which to earnings call of will market flows mix help shift produce the increased more de-risking along quarter discussed and improve expect with this first we proactive that time. consistent that on we

our of a view to year-to-date cautious economic be market continue the to with environment. operate we we and returner stock capital, common repurchased $XXX million Xth both on August a consistent In while effort through of

in program. said I've an intend we As share repurchase to maintain opportunistic past, the active and

portfolio. conservatively and operational investments and and to management, high financial also As to diversified risk we execute a manage our we quality and maintain continue well we our our remain in strategic goals, disciplined on

between end As of our is ratio at range XXX% and capital target normal upper markets. to of based of XXX% combined risk end was the quarter, XXX% second the the be RBC our estimated to in XXX% or which of

of of million company over the cash quarter. $XXX robust, at second and Our end with liquid of liquidity the holding the assets position remains as

results franchise range broad XXXX and our the first in Ed growth of and half over I of market financial commitment to discuss scenarios. strong shareholders turn a Our of through results to detail. more through call our the will to to the now supporting demonstrate achievements our our

Edward Spehar

Thank reported the as Brighthouse XXth, XXst. June Last or was total solid results of you, And XXXX. night, everyone. of results, $X.X $X.X as Eric. billion quarter estimated Financial statutory with combined for TAC compares statutory March billion, good of with second adjusted capital morning, Starting preliminary which our

based of of of our March annuity XXst, XXX% and capital to March XXst, from range estimated XXX% upper between or was from and down at decline RBC our in the target to markets. XXX% end The XXX% primarily driven combined by Our XXX% range at largest enforced and risk ratio a funds normal capital was XXX% normal in basis of impacted market risk related to in volatility portion business. our the risk decline linked various the to refers the of performance was in the difference of by underlying variable annuity hedges performance and The liability. annuity which was separate business, accounts the book indices. Basis of the between is

Company affiliate book significant New address of through factor end. between we efficiency our Shield enhancing year before plan of by was our which Life The York business, reinsurance or related capital Insurance the Brighthouse to to geography and BLIC other

$XXX will decline the in of expect reinsurance million optimization second of this TAC. benefits, agreement in including capital We result quarter approximately the reversal

the our holding liquid of cash of company, with of billion million interest $XXX timing holding robust, June the to our of cash to position XXth, program. remains company assets $X.X ongoing over primarily in with related and as dividends XXst. The during is company year which repurchase and Moving subsidiary decline as compares the expense share March holding

a have until covered of on any to debt maturities we basis, As XXXX. holding our the not annual most charges, non-dividend fixed and do reminder, an flows company

we in dividends in expect subsidiary year-to-date, have approximately ordinary the not XXXX. $XXX holding dividends while Finally, of we taken the company still subsidiary to million any

would turning have take earnings. a adjusted to Before referred the on as free previously to earnings long-term I touch what cash of or projections moment to we upcoming results, release flow our distributable to like

expect working scenarios projection We through to are in later cash flow updated our September. free publish the currently of process stages and the

will We Relations free flow one our released the website before long-term Investor provide approximately we on notice cash week projections.

adjusted run the earnings $XXX $XXX million the XXXX. million, Brighthouse first the adjusted improvements, quarter in generally basis compares on targeted of acquisition deferred impacts post earnings in earnings and our quarter were both with no quarter to long notable adjusted generally expectations results DAC in earnings, with XXXX. on duration second and line of in of items was items January were quarter of of straightforward LDTI which mortality in returns basis as are a There XXXX the there were notable X, alternative of quarterly line of turning the market same in no rate or expectation. in investment and on less reported the with second as adjusted an quarter quarter of the the $XXX implementation adjusted second Financial million costs, amortization earnings The XXXX. Now or This

in results, other in a by had along $XX the income were net higher Sequentially, annuity million Turning adjusted driver to Adjusted higher higher segment income higher reported was basis sequentially. million, off $XX driven a $XXX higher the of income. adjusted On reflecting investment of an investment the were run adjusted the fees by life an margin. investment sequential loss million. with earnings Corporate and offset reflect Higher $XX higher quarter. The were underwriting loss partially earnings reserves segment change results and annuity expenses higher and expenses million. sequentially. net and segment results of net

we this strong wrap position. we continued to continued lower the for and to through capital have optimize to earnings solid we actions of value. shareholder your robust capital support to over a and the while quarter like questions. operator delivering the see and call in company our the to taken to franchise, with With profile results To financial year separation, growth and Since would have continue create up, that, opportunities of we cash long-term second risk adjusted our turn

Operator

from from Wells our Fargo. And [Operator comes first Elyse Instructions]. Greenspan question

Your open. line now is

Elyse Greenspan

-- or morning XXX that you versus half provide the million dividend you around take of from thoughts Hi, any thanks. there timing to that QX? QX are guys Good the guys Ed. first second question, reaffirm BLIC reaffirmed My expecting you in you can year,

Eric T. Steigerwalt

point. it half Good this morning, think stick Yeah, the plan in take just second at I Elyse. to with we'll the

Elyse Greenspan

cadence we what know would of you'd do sources repurchases think think I Should similar fund far potentially non-dividend we expense. you then, up cash or increasing can to to the maintain year? you timing, of we've parent, that's because thought said take about that say. about this look interest of dividend kind the buybacks And so seen you as Okay, if right I

Eric T. Steigerwalt

I the linkage -- of in of that up there which do we of it's expense The million buyback, mean, we the about first all the interest at first expense, really because here to have have with quarter, some I timing we the about think as dividends holding XX So, you're third than the quarter outstanding timing and is what of we company. I to, I question and quarter think debt fourth quarter in the about and of seasonality our think more the I look alluding second have our in would interest and don't between coupons. a the the repurchase the

Elyse Greenspan

so And and and for back year, color conditions on pretty half market? -- you could just in thanks. of looking you could just trended well, in some it's the you little this guys then, well of the Eric, they've anything incremental color Shield -- Okay, are how the terms a in year competitive think provided how of seeing the you sales just terms in sales far trend

Eric T. Steigerwalt

half. good to and in. start I'll we're is jump of want pleased difference first environment, believe. with see think I much the to half and a a very the don't we're in second sales Well, going really Myles Look, in to going probably I It's

ask our our didn't across pleased a we're with as been coming degree. of what different distributors. about but see factors. with You The sales there bit. couple has getting a interest pleased board some on fixed with sales fixed now does depends happens the to little at rates. We'll down all Shield very But It mostly, well. economy the we're of matter We're

anything. So Myles, to I know don't add if you want

Myles J. Lambert

good Shield year. the in suite with and I what say of would is half of growth we second I expect to Eric, continued absolutely Yeah, guess, see products our morning. the do

I think there's reasons for that. few a

to going enhance hedge, been the year, earlier which grow but we has quarter. that will are bit Level Plus we're also of our shift out second received be think mentioned in is being But was launched continue a in sales as see we to we starting the do And back the customers [ph] market. the I launched like products, year. little a year, able market. the competitive the products our from we well in then And last second is remains to solution RYLE away where FRA. landscape the half Shield some ago, to separate FRA offer, we the Eric in of industry other Pay industry down in well which a this received this moments few income in to there right, continue believe

Elyse Greenspan

you. Thank

Operator

KBW. And [Operator And comes thank from from Instructions]. question you. next Ryan our Krueger

is line open. now Your

Ryan Krueger

Hey, good morning.

as on reversal are occurred Is internal the the well? additional question beyond York. First to expect the the New quarter, there reinsurance XXX that second million of was beat expected impact impacts you'd transaction that, that in

Eric T. Steigerwalt

Ryan. morning, Good

you've say Shield risk of offset And the creates little as give to book. capital result, our a think is heard VA of efficiency just the So book us a business I natural on the this, us. that for to background combination a

So our New Shield the have we balance issue exposure primarily that the York with to that very now exposure VA. is little with affiliate sheet is

us the grown to our Shield has optimize ways structure given capital our affiliate, operating less for the look some a capital, So efficient, and at has become New subsidiary, operating to that. book chance as York has

benefit that. is saw as optimization So $XXX would reinsurance this quarter, the us to as and in second million that a capital going well standpoint say proposed the beyond it's capital from I we

the reversal affiliate. will impact we So certainly growth Shield arrangement in I this would second the expect of saw we point, But this reinsurance XXX York is future as million we in quarter think what far as go. at that our of New support

Ryan Krueger

the different you flow And provide about free of terms can be and then gone you've format it than it cash color will if projections how Okay, past? of in the thanks. in any the upcoming

Eric T. Steigerwalt

out Well, community into that over time. say, do that would best something that should just company value the flows how I of assessment year our feed put would provides future the every this, of about investment we intrinsic the we we view think try to with cash the

ability about always so the the company you get for to to look ways to improve help think out this format And is we what model to worth. and

see long IR will give little And would website you're I to but said, results you're notice going leave what and as at the of so, when it going before that so are a be bit we it's the prepared that we that to not on you for release occurs.

Ryan Krueger

Okay, great. Thank you.

Operator

comes moment one question our our next And you. thank for from And question. And Goldman Alex Scott from Sachs. next

Your line is open. now

Alex Scott

morning. good Hi,

the relative went in where quarter under rates benefits First of I one every a line in that I and this direction. sort think rates income in which reported I market quarter, opposite been historically quarter, on follow have net risk a that LDTI, income had net increased, you've the for it quarter. direction you understanding the this adjusted to market performance in of is the was more with the under neutral little actually

difference big we would have what from expected. magnitude pretty So

to moved is wanted of in rate if filings, your the rate approach help find program it changed there, think what the hedges from and you in through us just interest what interest general? notion your mean, up just and could to out statutory was I XQ has So significantly maybe hedging if I

Edward Spehar

Alex. morning, Good

market we say would did benefit. have from in of rates first I all, risk benefit So up going the a

restated is step and as sensitivity rates, last will numbers to So certainly put so a there impact target think We hedges hedge for and are might was but think the our versus a seen more be other relative thing the benefit rate a of on lot that LDTI. lot that from about had here to One GAAP there well. did factors LDTI. and back helpful relates I what historical how you from year

under benefit mark it's the new that to is over fair say old liabilities because assets framework. market, have GAAP significant risk GAAP, we and So both improvement now market to a accounting

risk framework. is real return a is is includes to you benefit versus of the statutory driver think statutory the on this, statutory asset a and rate I market benefit. key are few give rider the is differences hedged free return tail there know a And returns those, probably between metric. a risk classes, versus The across you and we calculation the stat MRB expected just mean And MRB However, as market but and fees only and based statutory assumes of all world versus all fees finally, the stat, to risk expenses.

stat differences just on And would just illustrate fees, that a quarter, it's are a some all you this GAAP. that into than would on when you might drivers for were taking if have these more that for using that you hedging account framework statutory targeting liability and last you hedging point, where to have equity suggest of you and

of I'd so this quarter And managing that was I shorter risk. from we the also because add, stat then And of that driver the to the framework. GAAP equities a framework basis mentioned of loss standpoint the in were

Now obviously, GAAP both basis factor risk for and is stat. a

another well. that's as contributor So

there's how we So change about think our hedges. in interest no rate

I believe. We ourselves believe, amortizing think it I came question I not SSAPXXX, last about there you was of night, a what hedging up avail results. is do that are

that. our gains do losses any with associated not to hedges we or just variable amortize clarify So annuity on

Alex Scott

appreciate all that you, Thank color.

good through to things can at us so great look the a around, move run year-to-date know think of a numbers. through a probably lot earlier the I point one ex Next XQ. stat normalized impact earnings. year little Could reversion is weaker of on had change They've far mean so the not just been help what is the in I you rate here,

help should stat of over through So months expect what earnings? norm next the XX any out we way think you like us can

Edward Spehar

talk said a that We've the earnings. in direction to very rate quarter. a dollars the might Yes, that of movements in anticipate either stat interest in about what couple equity norm run have a in outside and you that million I is in given for movement think can we it's rate difficult quarter number past hundred of

it's stat that think I time. norm to at earnings, better that looking like metrics do over

I think the is time. and stat because can measure to disclosures free norm you think a flow cash stat cash numbers when between linkage flow about next there we and over give generation you supposed norm capital free our is excess those month,

cash in flow see can just to about short about So how for a free I period. it's fashion because that I metric time think it don't think you see a when you numbers in and multiyear think best rate those run give periods, you this

Alex Scott

thanks for Understood, all answers. the

Operator

And thank Tracy from you. question. next And next moment one Benguigui our comes And from our question Barclays. for

now line Your open. is

Tracy Benguigui

Good since breakage? basis Are a a morning. you it customized risk there is more of percentage seeing to using like way indices, hedging put you're simple

Edward Spehar

Tracy. Hi

more go stat norm hedging. We we We the are at than for effectiveness obviously would that But I our which $XXX I management always for ways look say, this had VA million I to say, indices don't in would basis other beyond loss ways program. look looking risk our you driver risk. risk was success, of includes think introducing the of to basis terms by hedging if the into that improve of biggest strategy, and have quarter, reducing

out I talked have about what than basis was this We've we've quarters, this think that the had key basis in on risk but what there So than we have in quarter, and more past. seen net been stood other in items offsetting a a it quarter. factor

Tracy Benguigui

Okay.

One completed reinsurance commission. ceding transaction of had to New an from pay to a they York but also entity, non-New a York your internal competitors

will that reserves by moving like transaction? leave compressed it RBC understand any $XXX well talking figure does I New So reversal, wondering, net just those New New be into helpful ceding your also a when more York? at taking be I'm is to where York sure, Shield just York And you're commission how be post just to you're that to entity, Delaware, want just about to will capitalized account million

Edward Spehar

Sure.

subsidiary first thing wholly remember, owned the BLIC. is of So New York is, a BLIC

is improve the the And net as meaningfully. is not BLIC ceding a an result commission New secondly, this capital So the metrics of York for of will expectation the then impact issue.

Tracy Benguigui

Okay.

both a they So improve way? in

Edward Spehar

Correct.

Tracy Benguigui

Okay, you. thank

Operator

Sandler. And you. our And thank Barnidge question. for moment Piper And from our John question one next from next comes

line now open. Your is

John Barnidge

about the rolled for you you. Thanks indexed maybe morning. annuity your the talking through out you're you Can opportunity. widely new anticipate Good fixed rolling Thank out product being how distribution? about it and talk initially

Eric T. Steigerwalt

mute. David, Hey you're on

David Rosenbaum

Yeah, it. you. good Got Hey, John. morning thank

that. about Sorry

Eric mentioned, year. are new on as we So product and this next to annuity fixed working later a launch

you $XX As however. is relatively billion. index fixed been were annuities last and marketplace, small, billion in and $XX footprint this Sales that's sales year It year, a far intentional. know, so around big is our almost

a we're So to a more enter that big looking way. in broad market, and so

we're start how going we So handful relationships of this and thinking have and entry about our what solid partners target kind more really what we're this we're planning are into to where to really market, to to later of that's distribution a of year. it really start

So come. more to

John Barnidge

you it then you level follow-up my the What's have and for years Thank you. you'd exposure to? of a all number that. get like again. targeted Thank to your been fell question, And modestly for office reducing

John L. Rosenthal

the over buying or given it's We're now. John. mind. Thanks with not roll have going a office right to figure generally But not at specific loans John, more specific portfolio question. we're near the level don't more that any office that in we investing any to we'd mind. be the off. target I'm come have in targeted portfolio in of a expect down And we sure term, XX% Hi for

John Barnidge

Thanks for the answers.

Operator

you. our thank And from And from Research. Byer next Autonomous Zach question. for comes our And one question moment next

Your line open. is now

Zachary Byer

considering you're further guess on forward? guess sheet transaction, the you. going optimizes the I I to was thank that balance balance there your other reinsurance curious, Hi, sheet. just are optimize I opportunities

Edward Spehar

it's Hi Zach, Ed.

don't we point balance for that have We're it pretty of taking optimize opportunities sense, good looking sheet. would advantage more always we the point, anything do opportunities to I I job see out. this a done makes think I of But will. specifically when at

Zachary Byer

shifting of then RYLA to kind just [ph]. Got it. And

more competitors how evolve you and have to and not, your dynamics and So relative entrants, competitive the as think versus has thinking or share, just been if difference about expanded seen there a products design positions? evolved their as And product is market do leading there's retain leaders what you your market market's allowed new well? between the

David Rosenbaum

jump I'll start to Myles I'm want and in. then sure will probably

that product we've the from is one about that's the things design a there maintaining perspective, When And we that that we are or thought of XX transparency so think enhancements with I the think discipline. And we matter. -- product from in players built had. pricing the with economics of beginning are the about that have market, and we're kind competitive. so comfortable it's our economics, how our design, the we simplicity

looking enable earlier heard and have We enhancements in variety of the and market compete in the prepared we been some product you our remarks, Eric that of enhance in supplementing conditions. will retirement a to income And about that to last talked did us launch of continue the more thinking year. Pay to with look addressing as needs, to of about we and that Shield Plus and do client August as well really Level

Myles J. Lambert

Yes.

I I So what I agree said. said, with to he would guess what David add

customer continues with to round ago to think out And multiple needs address been suite that as focus are a approach share. to allowed expectations distributors, continue maintain moment sure well share going time, compete us. we to over Our can that David the as a differentiator focus said and us in top a of of product that on market has variety be type comprehensive that I and to continue Shield offerings for to make conditions. real our to grow to that's continue our the of And

Operator

ISI. from question moment next question. Instructions]. our And next our thank [Operator you. for Evercore Gallagher Tom from And comes One

Your line is now open.

Thomas Gallagher

morning. Good

performance. the risk all or really any that VA Shield? is breakage Is coming of First, on a and legacy question coming from from hedge that of basis

Edward Spehar

as Yes. overall I manage block. we -- would a this

know specifically. would break I managed I be to remember, able for that don't mean, I So together. you that this is out

don't think there's give I you on to answer a that. So good

Thomas Gallagher

it, you the do and listening think were the the in been you see power I underlying some which I you tighter understanding different the the potentially you about high stable the level going always is, want does to about been we'll annuities saying a in what change ALM hedging of volatility was newer shift, business. call roll clock sure higher from, beginning have performance, three, just about want same when a forward aspect earnings four when ask more there's or years, Ed, we sounds them being the similar reason just still AUM are coming like mix as side? net it I Shield more meaningfully a meaningful income volatility think with on or story of represent does hedging to also multiple, see make Shield and has are associated buffer coming of accounting my to we to the know, from the much two, much, I the product the degree

Edward Spehar

Okay.

way remember and they first Shield it generally basis risk So don't to a mean, as -- not okay. does indices, is all, contribute VA, as I that so liquid of and meaningful

first question. -- would that I on getting specific without your more So any say giving

again, we're this right. is, second together, The managing

-- and saying, you if at look you're think I if put, and Shield were I say So pretty I a buy if you like straightforward. I it's -- write call yes, spread a

what to hedging. referring as that's think I tighter you're

But correct, we're this you I used you're don't not think hedging, the but remember tighter I know. separately. managing word

with this together VA block. are We managing our

slightly it that So about when it think is in a you fashion. different

opinion, pick you our other is over our flow regulated answer that to relative definition, as to say the When cash target. a our I think and are cash would to that critically what as is to target, the targets looking to company from franchise. that all time that question, that, Alex's sheet, happens operating for those means protecting important going statutory we by the gave most a hedge free back entity is, I again, holding The thing is target sense generate us to balance distribution we is have chosen in which I secondary. subsidiaries And other while targets measured think the by right secondary the our it makes

If of we to none we And try to would argue to I you think the all you appropriate managing them. to them, one. are managed manage of

you of think of free it's And income, be what we flow cash predict. growing is convergence talk -- end cash the difficult flow it so it free about volatile, it So stream is. when making it at cash and about the drivers across of overall we talk have flow, net why a But some the will we're of will I I decisions try anticipate a scenarios to can profile. a to to day, free predictable generate more be of

Thomas Gallagher

for fringe, still the that but further are makes against still annuity a the on in That insurers competitors buffer talk think getting hearing just they're the I true, you're annuity And they're ago, it elaboration space? a can really any Thanks. you in alternative about products, follow-up, the the insurers of is of are recall that aggressive little couple more competitively, color, who is any the the on traditional you generally space, bit domain I buffer quarters kind seeing of rolling so backed competing a that sense. out just there,

Myles J. Lambert

different or And in my on of competitors. any become over landscape variety go significant colleagues and years, as last of [ph] I competitive the Yes, decade it's one that with Myles. mean, contribute competing in has so. you're the RYLE the I'll jump well. can a over ahead and the category

So some not obviously, in just backed but It's across the strategies, a the by insurers only seeing, product you're accumulation enhanced shops. And really board. indices. the ways. portfolio Obviously, it's number of not protected investment alternative are custom that

forward. the seeing enhancements you're of to a evolution you'll number of think and moving see I continue Now income

So see even XX one on more of a in you have mean not couple this it's really time. and particular expect now, competitive personally I got But will the others category become focused over filed category think type I of products. I for insurer. to that carriers

much the pretty So it's board. across

Thomas Gallagher

you. thank Okay,

Operator

our And Kamath And thank next next our Jefferies. one question Suneet you. moment And question. from from for comes

is line Your open. now

Suneet Kamath

still at it strain recent just the maybe you expectations Thanks, sales or second points, business, that you'd expect changed? X are Ed, has given good the just you that in a an on it give I we half, us from quarter, RBC update for Can in put neighborhood think new your sales morning.

Edward Spehar

Suneet. morning good Hi,

second I'll the So in neighborhood. in quarter, tell was that that it you

to on the hold that first consider out first for quarter was when that there's I did I year fixed normal, the in out contributor RBC. then I believe release lot of quarter actually upfront we a right. it sell would the say -- big subsequent like you and more I beginning annuity you CX an a fixed call what have XXXX, let's at quarter So the rate charge, the pointed to be the In quarter, you right. call. growth X the because capital first in that charge of to a annuities a year, pointed

this And to fact the first just did to I in that's very benefit we would the markets. that points to obviously the more the of normal quarter see benefit RBC. say normal for earlier, a target we with account quarter RBC another RBC, good our of that and that discussed from reinsurance think So back about take I overall, end topic on now we're upper feel into XX-plus impact. the type get if you mean, at this TAC we we are we

good lower RBC funding growth. for we feel shift about good higher as are part to we products. So is important business risk cash a ratio. we an position toward story feel in like of continue this We the growth mix our to Obviously, fund us flow,

Suneet Kamath

of the surplus end as an unassigned second you for And Got do it. BLIC? of then have on the the update quarter

Eric T. Steigerwalt

Yes.

you on get to might that We on Let back to me one. check that. have

Suneet Kamath

Okay, Thanks. that’s fine.

Operator

you. questions. I back closing showing over remarks. Amante to further Dana like call turn am the now no to I for would thank And And

Dana Amante

joining and you today. you, for all Justin us Have day. great a thank Thank

Operator

call. conference you today's concludes This Thank for participating.

You disconnect. may now

Brighthouse Financial (BHF) 9 Aug 232023 Q2 Earnings call transcript