BHF - Earnings call 4 2023 | Brighthouse Financial, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to Brighthouse Financial Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Olivia, and I will be your coordinator today. [Operator Instructions] As a reminder, this conference is being recorded for replay process. I would now like to turn the presentation over to Dana Amante, Head of Investor Relations. Miss Amante, you may proceed.

Dana Amante

morning. good and you, Thank Welcome to Earnings Full XXXX Quarter Financial's Fourth Call. and Year Brighthouse today's last our Materials be were call for released the Relations found night Investor section of website. on can and review all We encourage you of materials. these to

our Today, Executive and Chief Officer. Officer; Eric our Chief Spehar, President you Ed from will Financial hear Steigerwalt, and

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

and actual I'd Before may the from of XX, anticipated today's within begin, this obligation filings Information any meaning differ call in that on the include results call. statements as SEC. uncertainties the like time we Financial's Brighthouse as information our the to discussion securities during in today, a from results to note today's federal only Financial's risks undertakes result to discussed of no materially with The statements forward-looking speaks company of the on forward-looking described may Brighthouse discussed update time laws. call XXXX. February

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

Eric Steigerwalt

Thank you, morning, and good Dana, everyone.

suite amount progress priorities. of of our XXXX, bought back on back proud our substantial strategic all we a and I'm and expenses, delivered while results, grew nicely strong We sheet execute liquidity. sales to as core on controlled we enhanced robust maintaining the and common product balance made stock, Looking continue strong our

We through stock shareholders to common return continue the program. purchase to capital company's

XXXX, sales November, In authorization announced time. and our reducing outstanding of $XXX of $XXX new additional For annuity relative strengthened further by million to portfolios. we XXXX repurchase we insurance an shares ongoing life return over our repurchased further approximately demonstrating strong common up stock, share results capital year a million. shareholders year-end our We to full the commitment to to our X%, and delivered product

full sales total products. totaling strong life were record a down contributor For were in year of sales rate for full-year on annuity XXXX. billion, total annuity annuity for from overall fixed basis. $X.X targets. sales Shield $XX.X was Contributing results sales sales strong to the Sales of XXXX, $XXX fixed exceeded the annuity XXXX total full to sales a a million, year our Level Shield which year XX% total annuity both and in our were flagship also $X.X totaled XXXX billion, annuities billion sales our insurance an rate $X.X billion of increase the

insurance index-linked indexed footprint our also first our November, indexed policy. secure And launched Brighthouse be product May, we we product in annuity In help new life the and insurance our suite insurance expanding buffered continue expanded annuities the we marketplace leader Shield Plus, strengthen launch fixed we our market. our life to fixed Level we life a XXXX, to universal that as mentioned, annuity I annuity of portfolios. In enhancements suite with in Brighthouse annuities, to in we registered As create. introduced to continue key the distribution SmartGuard

a a marketplace, will great also competitive us is to Turning in sustainable this Efficiency low-cost are advantage the for in competitive expenses. offer recognize way products We consistently while industry. what a an to to generating producer that gains shareholders. return being appropriate

on full pretax a number only X%. million, X% corporate up with in year Our environment approximately focus to core $XXX expenses XXXX, expenses illustrated in controlling with of was that's an inflation

ratio our changed, implementation RBC to Finally, the required liquid requirement focus favorable annuity an maintaining driven of effects required $X.X of XXX% The VA the combined the and largely strength composition on variable capital increase we on offsetting continued new to year hedging or and sheet, new impact estimated capital. holding risk-based the company in of our at with statutory of ratio reserves The assets the of has ended anticipated the balance of an approximately billion. implementation reserves. a RBC our by capital, reflect requirement or on this a all with statutory future of had

and remains a to a RBC results statutory to ratio. management our So declined discuss moment. not have impact impact Ed TAC will was our requirement while on cash material want I year-end combined this in our there preliminary statutory total strategy risk billion new and statutory capital in $X.X detail requirement do anticipate that more an free unchanged, will insignificant or long-term we overall adjusted our that as our flows. But XXXX, to highlight new statutory the of

our discuss touch Before moment for our results, like I'd fourth call XXXX. for just to to to over quarter turning the priorities on a Ed financial

sales market and First, position our the our distribution our and with we of we suite worksite in contributions growth into dollar BlackRock. strong choose along leverage We to presence indexed will first and our believe partnership product that depth with offering in in this in lead the competitively in. annuity breadth continue product to expertise, strengthen continue markets combination the compete fixed relationships ourselves expanded will to Shield the and to

$XX assets Initial more relationship XX XXX,XXX in funding implement planned year. They We totaled Paycheck. include this with sponsors sponsors billion individual These to to BlackRock date working with offering. XX is employees. remain this plan occur very fund this sponsor expanded at expected BlackRock's point deliver than excited our are about plan target LifePath to product and

expenses our corporate be the Second, manage we XXXX to expenses in that will intend continue our XXXX. to down expectation versus with

over balance remains always and company capital look that, and to the XXXX Brighthouse with company. financial holding key a forward XXXX position return shareholders. turn substantial believe proud and franchise RBC to to of allow strong quarter continue Finally, cash and diversified to grow I'm as the ratio priority that achieved to to us results. Ed our in to strength evolve a will discuss And continues we our more to fourth I'll that call we all Financial sheet

Edward Spehar

and pleased the in fourth year full for and am our with Eric, good Thank XXXX. I everyone. results quarter you, morning, the

Our assets subsidiary sequentially company estimated XX assets in holding company ratio at combined paid year-end. in after million billion even risk-based million the we of in increased RBC in points company fourth capital repurchased the the even Liquid at explained And to sequential $XXX dividends XXX%, the the quarter. dividends from $X.X holding increased or XXXX. approximately subsidiary $X billion stock $XXX to liquid at increase holding year-end XXXX, to though

and are anticipated Eric related a to that statutory There the mandates year-end statutory life as reflect to which this reserves requirement. future of all in statutory hedging on of X annuity new results As highlight believe earlier, things I capital. that variable new preliminary requirement impact are XXXX insurers reflect touched our important

at because requirement now future $X.XX asset total our from all the include we was benefits hedging. CTEXX reduced billion by anticipated First,

average reminder, the is a As worst the capital company. tail market conditional that for expectation X% CTEXX a is of of the scenarios

the CTEXX requirement decrease this a reflecting previously hedging at over the existing from substantial is of the asset only because requirement block in from total There business of the reflect life benefit the we now benefit of hedges. versus new

Conditional CTEXX $XXX an asset our equivalent reducing million. And the future market average of hedges capital Second, Expectation scenarios Tail is the or XX% that in combined at TAC. all total inclusion the increase by of for company. to this requirement of is worst anticipated CTEXX capital adjusted reserves, increased total translated a

protect from more a risk is the The total the required impact It reflecting this new that favorable Given was And the on net requirement a the calculation. in on is new ratio is insignificant. now is reflected at and requirement risk because conservative from CTEXX. third, CTEXX more has that to hedging RBC we impact cost is understandable which impact this a statutory reserves. future lower of hedges statutory capital are

associated new requirement As the a decline statutory TAC in capital. with effectively offset by a decline result, the was in required

strategy unchanged. our risk remains Importantly, management

and continue We annuity statutory a manage maximum and first million blocks variable $XXX combined to a with the on loss basis target tolerance. hedge existing a shield

in costs In the material scenarios long-term anticipate basis flow addition, projections changes provided under were statutory we cash free the moderate do we XXXX. in for the adverse not September and that hedge normal,

drivers requirements $X.X in with and third million million of subsidiary XXXX, or and holding to billion Life the of of from of $XXX BLIC XX, statutory dividends from of decline quarter TAC our with The England the million Company December XXXX. were billion, of New company, Insurance $XXX $XX $X.X the Insurance Brighthouse Company. the Life new was the impact compares which key sequential end the as As

benefits approximately the a to negative previously. we with reserves. with York BLIC associated affiliate at billion subject million of balance as also asset unassigned the in year-end. $X.X any approximately and discussed testing dividend New we I we had Also, extraordinary that dividend. realized that its largely to BLIC the reinsurance because approval funds potential requirement, associated reserve the And want from regulatory $XXX at be increase would included of XXXX of you with BLIC this capital note of internal an statutory release had Therefore, new the between adequacy transaction

not dividends Given at holding the plan on from the substantial return our is amount BLIC. capital of company, cash dependent

of share earnings XXXX XXXX. million, notable with adjusted the to unfavorable $XXX $X.XX Adjusted the the from a impact to notable quarter. $XXX in and item fourth were of turning million earnings adjusted third reflected earnings, the related same of of $XXX in the on million in item excluding results million or the per for the earnings fourth basis compares quarter quarter million legal $XX Adjusted quarter $XXX matters. Now which

item, results of below the higher earnings adjusted by our This driven average investment quarter returns impact the in was run fourth quarterly lower Excluding expenses. were the expectation. the and rate notable seasonally alternative

yield or our rate in below the fourth was quarterly share expectation. per income quarter. Alternative approximately $XX million $X.XX investment X.X% average investment The alternative was run

the in quarterly higher resulted average This expectation. typically expenses are seasonality in expenses run corporate higher our rate fourth compared Additionally, with quarter.

annuity results Life quarter. sequential underwriting Annuities segment margin of segment million. to segment lower results partially a the On a reflect investment and Sequentially, reported underwriting segment Adjusted by in expenses by $XXX lower million. earnings a an margin. reported sequentially items lower adjusted income lower earnings lower the and $X loss offset in adjusted higher net had Corporate underwriting Turning of $XX were basis, The $XX a The Sequentially, margin and a income. expenses. results partially segment lower investment results million higher were driven Other fourth reflect offset Run-off notable the and by Life million. net fees, expenses, and benefit. adjusted excluding tax of lower an reflects loss, higher

the ended the cash we balance closing, sheet substantial company. and a In holding strong year at with statutory

Our expect financial we your and allowed continue to well position to We questions. support XXXX, XXXX. as as growth for return over to now operator turn the in us this like capital call to to would shareholders the in

Operator

first from Thomas question of Gallagher our the coming And Instructions] line from [Operator Evercore.

Thomas Gallagher

morning, Good guys.

have is, negative this now Ed, net. say impact I rule assigned I heard you can think question talk you change, about surplus. you the First

taking some might has for kind Will plans? the practically what a dividend company. near-term capital limitations management for on the this to of of regard for out But So subs you probably flows what mean that dividends broader flows buybacks? prevent just does it question speaking, cash a with on from this out and holding you bit mean to and

Edward Spehar

try in I'll Good There go order here. to in of a morning, questions are Tom. lot there, but

you first, dividends. X, our on asked unassigned depend So do Number return about funds. subsidiary plans not capital

expenses. There So we company holding don't dividends cover at expenses, you maturities to holding the dividends to have see need are We BLIC XXXX. holding no to a until debt cover holding -- company. cash lot company of

position continue So plan. to from ability in strong capital the very a we're our

The from second current our I thing for point or Life XXXX financial BLIC. up plan Insurance does would Company support taking capital is Brighthouse out us

we at is from that than it's dividends unassigned dividends funds suggests to point. technical fair a approval it for this and for BLIC have it's But need one of negative given we a BLIC fundamental that provide in this So consideration say the is to we more outlook any us. regulatory negative funds dollar think don't a XXXX, for appropriate unassigned any

for see mean financial including reduced in the this outcomes the of of our our statements I because you sentence what question of highlights our today, broader is The that strategy summary range us? and risk total is would does is effectiveness of say hedges the the that all narrower.

CTEXX So between down have billion billion, XX and is XX. that's about and $X.XX you $X of specifically by convergence

on it manage we So mean anything cash doesn't think about I'd how risk we the really a or in broader of say, how basis, terms flows. our

costs about this interest more new see immediate Specifically, under we this requirement. sensitivity the that comments made there's under We hedge requirement had previously. I rate than new

So we purchased significant XXXX. made some rate relative positioning back protection rate modest to have the I'd is the protection. interest in change additional we've say rate purchased in additional we that our

decided As to a interest lot, a lot up put a reminder, of on when rates we protection. went

the curve, factored will that follow rates cost rates the your the adding not hedging that. doing this for statutory we that flows we've for follow relative into you're modest because do And additional scenario, and would if change disclosed so hedge have that curve The to not our reason is long-term assume I any moderate that the under is cash is free this today. requirement forward that costs change forward scenarios new say hedges you to

to Under [ you north if projection forwards U.S. about forward, XX-year our for scenario, at the And like of now. look are treasury X.XX% treasury, where it's in right reverting ] ] the normal XX-year mean is X.XX% XX-year the model. [

drop that in the materially obviously, to has rates, adverse I'd rate So hedging is so interest scenario additional significant any different. adverse then thing. interest X%, and not a say again, for a an going good rates And scenario, on

not anything, sure So I'm but up. you'll if I'm I follow missed sure

Thomas Gallagher

No, that's great. That was helpful color.

like it's you a their it And out. see strong. RBC approval your I before getting perspective more of from so sounds And technicality really, looks dividends need

be a think I regulators. shouldn't that from So item, wouldn't gating

rate cash free Eric, trying heard mention just a Is is, sense I by get to guess, you follow-up Should for your higher So so, guess is interest flow flow? flow all this? my if you Ed, we of this. I X impacted bit not couple hedging intermediate-term a at only it? best is next by of X, long-term cash guess the you little impacted I free for, costs. I'm mentioned, -- And cash years could quantify expect

Eric Steigerwalt

is We not affected said long saying I'm either. term, intermediate and

But change. any accounting flows technical we This cash your any we're don't going So we changes like plans. a see our don't word to see not and in technical. really I is buyback change here. change

We will continue to buyback stock.

Operator

from And line KBW. our the of next Ryan question coming with Krueger

Ryan Krueger

on the of January would it was in on statutory reflection give have Or thought previously? us My update an to it question first I sensitivity reversion on prior different guess, increase have particular, would XX-basis-point in change as any there? rate you than is the mean you the is in the the Can hedges? the it been the X. same

Edward Spehar

it's Ryan, Ed.

first will we basis the points So the in get XX quarter.

to will basis points different that the in impact. be past an it equates statutory $XXX the XX look to It of requirement. does new have like said million We under $XXX million

it's too early will how much different think be. it though, I quantify, to

Ryan Krueger

previously, just Okay. I to the And reflect level, your option asset all statutory higher maybe then, the reserves you hedges and have would I requirement. total in guess, think had

VA are think that. companies I already some doing

on -- of seems really process what other impact doesn't guess doing it guess curious from have was So it really I like this surplus, But thought previously? already maybe it I'm on doesn't curious negative I impact. a not signing the any just high the kind level, just the have than

Edward Spehar

Sure.

I us. companies, things a to we think let for obviously, there couple are for by speak can't start me consider So but of saying other that

based first, we're a approach commentary that is do peer on different I'd risk. have managing and sources, hear obviously, first we industry to The statutory. the focused on say, you us,

is limit a Secondly, RBC within combined we tolerance max And and framework, that have do million to hedge the calibrated VA to on up that a ratio. we and to $XXX shield downside then loss of the basis. statutory

of total, than all in companies. of somewhat think mean some we I those a different that other So approach have

though. correct, are You

line would future. calculation. of we had there the were hedge a think say of Since to initiatives there would CDHS, CDHS from for to if bit sort of And hedging putting related been accomplish. time and history CDHS, it's little The I a second the here we significant requirement a company. out clearly X was about we of that we've from defined a to strategy think runoff further impact is MetLife, using been implemented have lot separated had in or a necessitated that consideration different. the When VA we a I out point I'd go thing think needed that I that And stuff important the

and may we effectively for to CDHS. when a type for we full to was strategy we you hedging performance late doing, where did at early we and restarting lowered XXXX a loss clock when as history was meaningful get of sufficient our late The hedging We the you history was 'XX, of it 'XX, the separation. changed we tolerance strategy. our in the get back first XXXX. from were know, reset strategy, had to in that first viewed of in implement performance CDHS, maximum that so intended loss the we And our And the the change and VA max a derisked the back early nature the go benefit also in the significantly where risk needed CDHS initially the terms it hedging need to of to benefit as tolerance

focus XXXX of thing transformation. was through put into that other that significant occurred end the around and actuarial of amount on The -- we the time

you a that to the That variable XXXX. valuation did we environment. X was was annuities, may which and last significant year-end initiative, So recall moving conversion by was systems very from multiple valuation

the So system. we've into little of for CDHS sort this the it an a terms important since VA and to revision we made that's was a VMXX. understand then the long we we're the into didn't option but valuation I we been when years how doing we new we CDHS converting to to I a even think requirement, it of into separation. implementing how and in And not we're a new were so manage go also question, were everything in think the XXXX, knew to of sense know have middle this obviously, because that going doing different answer last several maybe we risk is

Operator

our coming question line Barnidge with from And the John Sandler. of next Piper

John Barnidge

Appreciate the opportunity. you the what above was. bit activity your a surrender prior rate outlook Previously, for run talked about being

Given with sales where has should given the rate surrender another gone how volume? experience, of outlook your environment thinking visibility activity be year's for about the we

Unknown Executive

John. Thanks, Sure.

So I'll start.

came you saw period out pricing was and As business of given earnings the that said in that consistent and did said outflows XXXX, we on in assumptions. of the as with that XXXX, we've the higher rates, surrender higher with previous coupled calls, we box and charge expect

when Shield is weighted are they in Brighthouse to contribution mix with with years from but the VA. of rates, pricing growing, the years we've as and last outflows, higher fixed coupled given in line But annuities outflows So again, sold certain the several assumptions. think of the we about the over that business

just So context. for some maybe

XXXX? holders benefits. of in using the contract what amount dollar So XXXX their relative to So overall changed

used XXXX. as debt changed as the increased, rates. what in annuitizations, because coming of level withdrawals, well partial full that of out same the But withdrawals blocks business that was was higher of the benefits, was surrender again, of So the about

was pricing So all with consistent assumptions. that

that and kind a the surrender XXXX, they've that last business back think rates, the same look you of period rates bit, years, we in still out though come of higher when in of the time. So the would holds, as charge little even say than forward coming higher of about handful blocks I over point

XXXX, in on the the outflows XXXX charge We the level based business to period. coming we to expect little mix what different surrender recur out but blocks in a experienced will similar a be of of of

John Barnidge

year in anticipating go that scenarios earnings distributable to out because your March it normal out put cadence? put you of in normally are September and LDTI, to back last You

Edward Spehar

John, it's Ed.

we publishing So but time we don't flows. we do on have the do date we up at specific plan point, statutory line a We when to when will get closer you long-term keep this think it. to free cash we'll

Operator

Fargo. question Wells coming the next Greenspan with from of our line And Elyse

Elyse Greenspan

My normalized costs. you corporate alts, of if for first and in to EPS question, adjust the QX Ed, little higher went bit kind And quarter. down the know, we a I alluded

And So of just something earnings normal with run as kind back said, range for range the put sense being of give alts? $X, thoughts then of XXXX in as expectations assuming rate kind the can any for a well? into about we for when think us of of you you And that the VII just QX?

Edward Spehar

Sure, Elyse.

you're correct. So

run expense is, start get the is the to a results, that's of a see or $X.XX the rate or that's high our ex for the the corporate quarter a and XXX from $X.XX because as typically you can that's the quarter average type share And going neighborhood approximately. the in range. to still quarter probably relative kind VII of historically, share something. fourth fourth normal run rate the number $X of You're in with you alts then adjust off to of And you normal notable

So as alts terms you're going I'm And John. normal number to that of to a type going $X, over get quarter. in to pass that to of $X-plus

John Rosenthal

business Elyse, near-term predicting suggested returns. to I in the as into think want don't of we've we get past, really alt the

So invest and the as we'll long essentially a liabilities. private term. asset is for is And fit long-term we all us see. wait a which for have class just good for reminder, the our alternatives, to equity And in

of to purposes. earn that use X% XX% and short-term midpoint interim, planning the there for the to will of in XX% over be expect these the recognizing volatility to life to We assets, continue X% we

Elyse Greenspan

a of $XX good million the Ed, quarter that Does year-to-date. I in of And to going some you does amount the -- that's $XX kind a then being the think question, mean, about of perspective? But as the from million back like guys it my back guys cadence capital should discussion said, second have buyback feel holdco. and and capital a bought fourth we you recognizing

Edward Spehar

Elyse, decision of to on pace look while that made a not so we repurchase. give back we're a a going forward

should and I to I both said you that think continue are expect you year. heard this buybacks Eric that something

look what can You and say at of in would of our just off And we've and done can history timing. terms base it you amount that. I

was things of said, little a that One the we late 'XX in have starting that we back guess, were I cautious on the environment.

had long market a strong, in makes last credit this sense about haven't good since time a a prudent little year was bit We that. cycle There was a a to it's year time. but think cycle, -- credit Obviously, do and year. it be was been -- long we

Operator

line from Sachs. with next of coming Alex our question Scott And Goldman the

Unknown Analyst

enough, of of the of And at requirement this think going one providing CTE affected being First far time? the that? back get would scenarios give for it different how over back change used emergence we are all? us and we detail, a in guys that accounting to at was how the hoping changes to I you I but obviously, an for just of you feel us CTEXX is and wanted an have CTE point far did if it indication level this peak indication when away maybe could from I level you lower. I give to go

Edward Spehar

to the that to that timing our similar of much, requirement. the this to of initial going be would sort change new not is what view it that Alex, it's was so that prior

Unknown Analyst

is from like ] mean reversion this release The change AAT I the the second that XQ. and negative, in year, onetime included on point normalized one [ statutory benefits sounded earnings. a and weaker it It's have both I some little think

where So you the Or us terms statutory year power -- I normalized know help of two? to or thinking in how in kind low. of the number, unfold over thinking next are pretty way just any Any that the will maybe further an there run seems on the of any already earnings through company? but help rate we it's can give

Edward Spehar

still give volatility. don't that on a of is view. for So there Alex, amount I can help I reason think the any And X-year that fair is you a

approximately correct, we -- So the you're XXXX. loss $XXX-million in

If look had $X XXXX, at norm of billion earnings. stat you we

over the If been stat range of it's X or you look the pretty wide. earnings norm so, last at years

earnings. been even Now of obviously, to that still not where year we predictable we the at pretty more this talked predictable an talking flows, have scenarios, I between we we're But as going volatile. think any flows convergence about at single cash And it's look we're about, think more you that point, outlook. cash don't over see time, our

since go $XXX stat than net averaged you $XXX and year company million averaged If over has to back holding our like norm XXXX, our earnings has million slightly a flow a less cash the year.

Unknown Analyst

to I'm rebuild? unassigned time could is is funds it the understand to go to take get away. that's it what mean trying take I just period I So have negative and that this trying mean how long that a rough could way think of about at and to to recovery

Edward Spehar

TAC, it's driving because driving going in movement movement is going and a CTEXX reserves funds, in to the will and CTEXX the CTEXX very our on to obviously, so the happen impact what's Yes, ability that's And market environment. depending funds. and that's to have impact of that's lot difficult to see because you driving TAC going unassigned versus and to predict the unassigned

could just over So look expectation, I we I which in I is to capital response said plan, our what think, support when we at go time. our would back what Tom's question, to

should BLIC plan would that be from we take financial able suggest in capital to Our up XXXX.

to our position, But to you Now financial have regulatory it capital ratio, expectation suggest and XXXX. do taking about our obviously, see support of and we the that that. should with we're when at the negative we unassigned in as be can have that would was able where funds, year, would need think you an capital approval end risk-based we to imagine, up looking we at

Operator

And coming the Suneet Kamath with line Jefferies. from our of next question

Suneet Kamath

the XX wanted out. implied guys longer, longer of would deck earnings. looked years distributable through September So just X sort of that step-up to at to it to back distributable a you put that scenario, If the earnings seem have in I sort go in term, we

in wondering, as of is a of of this by result just And does change. kind what I'm obviously any accounting that So this the any change I material mean way?

Edward Spehar

I would to based going change much Yes. think on that not pattern this is requirement. Suneet, new the

Suneet Kamath

terms guess, BLIC at holdco play then, Got talking been cash? into about but subsidiary. of And about in Does it. NELICO, haven't that your really we've lot I we of captive talked all reinsurance a a and come source

Edward Spehar

of Reinsurance you're Delaware, Brighthouse Company talking BRCD? about So

Suneet Kamath

Correct.

Edward Spehar

what capital in So to source the we I said is holding holding company. would the to a just not past, or the I've or as company view BRCD repeat ongoing of BLIC which do

two BRCD, the As and you It's $X.X of dividends know, to our of that Life of a capitalization risk $XXX is we it's We life appropriate concentration billion. ULSG that took think risk. level entity of in so brought entity. business. the a is with out that a that lot million runoff the risk

holding holding source capital to entity not would -- the as ongoing to BLIC I or view company. company the of So an that to

Suneet Kamath

X And if I maybe then more Okay. could sneak in. just

that. with new your of strain sales associated and terms in Just the

and of of RBC. in business terms where kind still for think, are of maybe we in past, talked I about X plan new Ed, Is the the points that you the 'XX?

Edward Spehar

reasonable still think that's a I expectation.

Operator

over I'm for remarks. showing call time. this at back will now turn the Amante queue in Dana no I further to closing the questions

Dana Amante

for everyone, And morning. our a Olivia. this great thank joining you, call Have you, day. Thank

Operator

ends your and Thank today. gentlemen, our you participation. conference for for that Ladies

now disconnect. You may

Brighthouse Financial (BHF) 13 Feb 242023 Q4 Earnings call transcript