BHF - Earnings call transcript Q1 2024 | Brighthouse Financial, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to Brighthouse Financial's First Quarter 2024 Earnings Conference Call. My name is Norma, and I'll be your coordinator today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to Dana Amante, Head of Investor Relations. Ms. proceed. may you Amante,

Dana Amante

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

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

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

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

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

be be directly based comparable financial Reconciliations GAAP measures principles, most discussing in we that financial related are non-GAAP earnings measures found measures may supplement. not our presentation these of and call, this known as During basis historical on the to will accounting accepted release, measures. generally certain also non-GAAP on slide definitions a and

the timing the filing by including statutory-based used to are to statutory management preliminary of references results, due the And certain statutory statement. finally, of measures

Eric over call the turn Steigerwalt. I'll to our now CEO, And

Eric Steigerwalt

first Good Brighthouse thank the joining today's Dana. of for our Financial's everyone you you, to results and execution steady demonstrate call. strategy. morning, quarter Thank

strong a a continued expense our strategy executing growth approach we focus sheet, disciplined and the quarter, sustained to on maintained to balance During management.

$X.X ratio management. to essential target of company XXX%, prudent the XXX% us between holding focus is balance and we the of continue quarter billion We the our franchise, the in markets. to in our the with sheet support first of XXX% heard say and an or and our past, ended you've RBC on capital risk strength distribution As normal which to of liquid estimated is middle assets range risk-based in at XXX% and financial

common to program. of strong RBC to $XX our assets of consistently returned liquid our through robust repurchases our We capital XXXX first short through we capital May began have quarter shareholders and stock capital reduced company stock. to to shares repurchase committed outstanding just to XX%. repurchase through of holding $XX ability Since an common Our additional stock. In ratio common XXXX, return of shareholders our repurchased program common support we and million the have we remain X, returning the by of in our shareholders million quarter first through stock XXXX, of

suite distribution of remain achieve of to moment I people like strategy with RILA product continued or market. the annuity financial pleased registered with security. I our index-linked growth in XXXX our as first Shield am annuity sales steady suite quarter very we the especially leader annuity in is a The life complementary providing designed on our products, a Now to focused growth to annuity help franchise. the take about success our of execution a talk and insurance would

first billion of sequentially quarter total increase a annuity XXXX. with quarter the were X% increase a XX% sales for Our first of the XXXX, Shield $X.X and compared

SecureKey annuity sales with fixed our first pleased product. driven with quarter, of we the $XXX indexed are very or sales FIA million our total Additionally, FIA in by

we quarter in call, our FIA, the fixed annuity of distribution November As launched in new XXXX, indexed I footprint expanding market. mentioned our Secure fourth on our Key,

quarter first driver totaled $X.X strong a in sales sequentially first quarter expected. from the with of sales. annuity the $XXX of the our with fourth and an X% billion of also were annuities the XXXX. as of is deferred first Overall, quarter total X% compared sales XXXX million in Fixed down This of quarter, annuity increase

results strong strength the complementary These Financial's product Brighthouse of annuity demonstrate annuity sales and portfolio. nature

First annuity were $X.X approximately billion. quarter outflows net

the As elevated quarter, last period. with we annuity coming discussed XXXX, given interest out coupled were business rate outflows the in environment charge of surrender

fourth the elevated expected offset continued XXXX, partially case That quarter for sales. line in with we And outflows first the annuity by XXXX. strong the was in quarter with surrenders of

has in outflows business. years, Over legacy the to capital-intensive of business several last of spread-based, shift legacy block a away sales business led meaningful more capital-intensive and the higher mix growth business of our the the less combination annuity to our steady from

we an business as to to make up our On approximately risk XX% about our made and the our a have mix business roughly annuity XXXX of of end the spread-based expected Shield XXXX up business. In XX% in at talked on of value account equity product basis, by natural and past, VA legacy the end approximately is offset XXXX. the XX%

Shield helped have now mix, With drive a of point market achieved the significant risk. shift has have growth with sales, we for balance seen which business the we equity in

legacy of This demonstrates away of strategy our to our business. the success core diversify block from

insurance sales. life to Turning

and April announcing results in pleased first a with in am with XX, the year, Paycheck joined we were steady quarter first a quarter that continue start is BlackRock now life million defined XX% We compared especially XXXX. of in the available BlackRock's sales see strong LifePath plans. first on that I to insurance contribution $XX our Overall, suite the quarter sales increase product our in to

over This to take Brighthouse stream industry, the exciting already plan to solution. a be selected it's this issued by a and advantage annuity participants breakthrough is include beginning target retirement. U.S. significant Financial insurer. an income and strategy time, another see date that for to of access allocation a opportunity to This guaranteed LifePath to will, in solution Paycheck innovative an workers is offers contracts

XX mentioned are totaling for plan over in this sponsors date I employees. working option Paycheck as target As to BlackRock to XXX,XXX to solution LifePath make implement planning plan investment billion currently These plan. contribution employees an assets $XX defined last sponsors quarter, available their with with is XX plans

a mission to assist As financial with Brighthouse help more pleased BlackRock LifePath people Paycheck, work for on Americans security, is to through we retirement excited preparing company even with this achieve is solution. to whose and are

that distribution our extremely approach supporting management recognize with a balance on important. disciplined expense sheet we In is franchise, our focus along strength, to maintaining

of on a XXXX of the in sequentially. million expenses corporate the down first compared down XX% first X% quarter were Our with XXXX quarter was basis, which $XXX pretax and

by lower, typically are expenses seasonality. quarter driven First

on to on gains, efficiency expenses expect remain do continued full growth However, commitment expenses than in controlling through the to executing XXXX product continued to BlackRock an with lower working realizing and committed strategy in our with expanded worksite presence We and our LifePath be growth our Paycheck with entrance suite into annuity solution. XXXX. channel we corporate year the fixed Shield indexed our its market

assets. sheet remains return controlling ratio liquid expenses, by strength focus company capital RBC robust to on to and Our continue we and and holding balance supported our shareholders, strong

turn financial results Ed the I quarter to some our first will detail. in more to call discuss over now

Edward Spehar

statutory of results morning, a robust quarter good reported and metrics. you, balance Brighthouse for XXXX, market strong sheet Financial the including liquidity yesterday, Thank XXXX first of After statutory Financial everyone. Through position. closed first maintained Brighthouse and quarter Eric, preliminary the the

and a $XXX reinsurance million reported XXXX, line less of a reduction driver of expectations with to from the TAC as year-end September also rate statutory XXXX. quarter. impact premium retroactive increase company in decrease adjusted reinsurance resulted or XXXX, the approximately our which billion the The results. primary with from notable for $X The earnings arbitration. from Starting of was conclusion XX, March total adjusted items, was capital, preliminary the Combined in TAC,

item. This associated with increase reserve there rate impact no block insurance, from the legacy of was statutory is life and this

normalized statutory to earnings. Moving

said past, million The This from the normal to plus first a $XXX a was dollars. have we increase couple in in million be offset treasury benefit results, largely million which, quarterly XX-year results benefit or yield quarter point reversion basis point minus hundred as MRP. can fluctuations $XXX the XX mean prescribed by a of or in reflect

annuity changes with in-force approximately mind of of from associated an business to source results. variations was key in quarter-to-quarter our that can A block small quarter billion expected on variability actual $XXX this Keep book. impact have in magnified a

a to also see with statutory started earnings impact negative on associated growth. We have normalized

recently, is been VA historically. contrasts capital, earnings consuming to a block risk case In associated statutory growth we providing now our has required equity as capital Shield with normalized are recent of years, More the of statutory with funded growth outside earnings has form been seeing largely annuities risk. capital business normalized the reduced offset with Shield in associated our in-force the business in the as higher which

we as The significant in of pronounced a result been impact annuities. has partially more shift than anticipated, of this growth originally Shield

sales This variable or quarter-over-quarter. As development block increased of the from Eric VA. XX% of Shield highlights diversify core to legacy our strategy annuities our away mentioned, success

Capital versa. are on consumption for position equities, benefit meaning close a that neutral for that adverse market reflects vice are Shield delta and now to we VA movements Shield

future. upfront As to in business a a cash meaningful the generate reminder, the life is where you commit insurance industry capital

we outcomes As towards rate significant range said balanced our believe was flows. consistent today market cash more exposure past, hedges equities predictable generating interest over substantial scenarios. XXXX we statutory more focused increase different in step under long results step on the is have And the long-term the in in toward free of are term. A to we a another narrowing

and in range March charges XXX% associated reduction of our fixed estimated markets. The benefit our At RBC of normal mostly risk annuities. or required is was XXX% was which CAC capital a risk-based a combined for impact middle between the capital XXX% lower to business with by offset for in target ratio new in XX, XXX%,

March with fixed holding liquidity of position non-dividend XXXX. I as maturities the robust company flows the have $X.X until debt would to assets cover most remind charges, Our not our that and of any remains XX. you billion company holding of do liquid we also

Moving results. to earnings adjusted

September first The a related in the to loss adjusted reinsurance $XXX quarter rate quarter to per the of compares in diluted first million or retroactive adjusted increase million, of loss $X.XX entirely first share notable earnings million item XXXX includes The was XXXX adjusted $XXX which $XX of quarter with million the XXXX. of $XXX quarter of premium adjusted in and earnings XXXX. fourth the unfavorable

And life the impact over block higher the the the business. from of premium of the rate related reserve increase of expected

of rate evaluate any with recapturing increase, In this the increase. determined case, As option accept the rate the to reinsurance the accepting versus business we increase. we price

which quarter adjusted yield investment alternative our was with Excluding the share, impact of earnings the the were or the in the quarter million quarter. primary are expectations X.X% notable X% of were income. $X.XX return The consistent investment the driver with our XX%. of the net $XXX consistent is annual in in assumption item, per for investment long-term increase Alternative to sequential returns

however, The expectations underwriting our direct for higher line fourth the margin XXXX as in with quarter, was in there were compared seasonality net claims quarter is the of claims. with

Additionally, seasonality. corporate expenses driven mainly sequentially, lower by were

to notable X.XX% excluding the million sequential by partially lower items in were by quarter. of investment earnings, were variable the Sequentially, segment fees, which offset income. net sequentially, separate annuity fees Adjusted higher $XXX lower by reflect segment. was in driven the returns Turning along higher with expenses results annuity Annuity account results

On Run-off investment excluding adjusted higher an notable a sequential items, relatively which $XX lower a reported The million, in on million was sequential net segment reflect of of the flat segment basis, Life income expenses. margin, loss results basis. quarter. and adjusted underwriting earnings, reported $XX higher The a

basis, investment had a driven items of notable by underwriting loss, lower net a an adjusted tax On were margin. $XX Other sequential and results benefit. offset million. a excluding by income Higher was lower Corporate

business focus statutory conclusion, continue predictable on over we legacy cash more our flow long away In the free and from term. generating to diversifying

with reduced markets the have in rates, associated near-term equity we outcomes interest anticipate and While we movements results. range still volatility in of

for and we to your strong that, questions. However, would the we that to the the believe capital to shareholders. With consistent our call like over sheet of position liquidity support robust operator turn balance return continue to

Operator

first Jefferies. will Suneet the question with Instructions] of Kamath And come [Operator our line from

Suneet Kamath

a remarks, quarter? prepared your more in provide about happened of just expected to bit in some regulatory terms the little Can annuity business what Ed, the that in impacts you talked actual color affected in capital. you

Edward Spehar

Sure.

that about in business. annuity So I a billion we're mentioned remarks block $XXX talking of my also

by fluctuations mortality have actual in-force it and will expected driven will And you in-force quarter. every annuitizations. So be in between withdrawals,

you of to again, a We deviation don't a expectations. And lot time attributions and analyzing to for working it need for have spent versus of matter on much results earnings.

was that was risk notable basis about talk to was an There quarter notable. -- that as us this move past And point every heard this in around. quarter, you've the X example, the in in are For item that factors many quarter out.

Suneet Kamath

it. Got

more I and equity market then typically earnings those an on impact going the you Is And Okay. you're growth that spring? distributable Shield in of guess now situation. of sort to give in the that neutral us scenarios

Edward Spehar

with in said start expand some me prepared of Let things remarks a little then I and the that bit.

Shield than expectations. pressure And exerted norm We our sales has that's stat have some been experienced on better growth earnings. this

now And manage capital consumer, this that are a is for phase how a that I moving say Shield into would product. we we new

standpoint. we capital managed from together, standpoint well Shield as VA been and risk have from that So and has a us as a risk beneficial reminder, a as management historically, to

modify delta approach our are Now this in equities, opportunity that neutral see we for to Shield. for hedging position we an

doing a managing planning selling options basis basket versus is offset going with product. VA in purchasing specifically, directly forward the stand-alone will are a we And that that entail of mixing the on guarantee and on are Shield we will what that

So a we see we which think we us change to will be for is beneficial in forward. manage going going this, how

flows, lot there things And work, into factors a know, are a of lot those there's as And that of on the numbers. specifically move minus. goes just you that and plus providing cash

I any them time until for numbers give think so indication those don't appropriate of it's us to disclose again. to And it's

Operator

line ISI. with Our next of Tom come question from will Gallagher the Evercore

Thomas Gallagher

was possible perspective settlements and a done question, been can think Was larger charges. you you some reinsurance there this? it modest your as arbitrations, on is X to on give any see Or various arbitration. other more the you larger. Ed, This we'll First recaptures docket unique to, lot alluded historically, for maybe that. just something you've about they've as overall

Edward Spehar

Good morning, Tom.

different increase have standpoint So because contract. it's was dispute of we around retroactive specific the premium involved a in a this from this been rate

the at reinsurers coming premium in is sizable us And had this if back years' the we've past. increases, relative rate X worth stuff X.X looking of you're and increases. had that's of to So that reason instances rate the look, you to we've with

And we instances, this increase take rate have those of and decided recapture to in in to the chosen case. we X

Thomas Gallagher

kind directionally other think similar next a of as beyond feel the anything one-off. might Or situations, this about and And we over you unique couple that do years? you something of like see was

Edward Spehar

dispute is year was and it different standpoint size I the was of resolved the feel like it material. multiple from therefore, a that was

at changes you at which book if very business, we I our question look our over have you're is little years. really, think the I of mortality think, trying here, to the assumptions to had get

quarter. So every every at change looking do actuarial versus our mortality, with all deep the which that. assumptions, third what had year, and of we we know we've critical go for we actual of through analysis And we're our in little you very assumed experience year, had a associated

is this business. believe of indicative overall don't of that do I to book So with our anything

Eric Steigerwalt

up. my second, too, here, as for talking jump difference. in Tom, try mind the usual. unique what pretty distinguish that's In maybe of it's helpful respect to concept It forward, to Ed a situation, to a to with you're it's as I'll about, said. business just was Hopefully, Eric. the going wrap this

Thomas Gallagher

make means are through may pricing Can you through But that Considering to kind be you through broader That is sounds help a lens. question as -- going to going purchase managing and more result, going us follow-up on differently costs how change? hedges. just think stand-alone guys. that change just how stand-alone what hedging. of that appreciate that X that on something do And of describing about your I like you Shield you're is a you final this to were if the will need it up

Edward Spehar

out maybe pricing, hedging about start our fashion I'll are am the David I already we follow-up. forward. some in Sure. we assuming are talking will and have If look going shield we at that that

to going give to assumed So already pricing. business. David price the some But give in I'm more to details it that's how on we

David Rosenbaum

maybe here. Tom, a comments of couple just

our say seen little that and products that and we You've well. new applies of that and the the view, manage tremendous we end talked back pricing we've bit in XX% a to value XXXX over that company of at And times a across multiyear approach was before heard Ed the the as many Shield account in quarter. about growth of X% time, around was multi-scenario

maintained So basis, that. stand-alone -- to writing we period written have economics will comfortable this at growth with that we and up, wrap business just and not have always pricing of of kind our we pricing change of during Shield the discipline and on are have a so I looked that mentioned, are as the

Operator

Our come Greenspan from with next line of Elyse Wells the question will Fargo.

Elyse Greenspan

one, this kind -- distributable actually, would earnings specific I Ed, the you I were provide still know don't if line they disclosed earlier. told in guess, first were it don't you of a last guess, September My to with I them have when frame, Is I be, talking year. plan about us time

Edward Spehar

Good morning, Elyse.

haven't But we was number had We determined that I I -- that. of things would yet. year off about were would talked of on I bit last going going a do remember, think for when of an I cycle related earnings. time you we're it So to a LDTI, the to distributable release that remind I

of our been had There things were in-house using. some external -- that to that a number of modeling moving all modeling we versus

did it And so, September. we that's in why

prior of the that, in had recall, we been March you to year. If doing it

just to So out. that point

a a standpoint. but decision a little from We was haven't last year yet, made bit timing different

Elyse Greenspan

lower charges business. of then just X-point about on business. on the different new know the from kind the talk typically I you annuity strain Okay. fixed RBC And given a QX in

kind going X a of forward? still should think rule of So kind you points of how use quarter we thumb would that same -- of

Edward Spehar

Yes.

timing you business said the time. a as the X the roll So which charge, beneficial grows see of will then actually because the capital year will quarter, end over note, we and risk points correctly that on each the to quarter you first it have of be at off of

business the capital assume mean, is we consider because else equal, fixed so risk going will using that's would key X driver I sales of chart. that what everything beyond the X year not have And level to obviously equal. in is another be else that you always be versus being of the everything points to but

be important that. will levels sales think So fixed about you for when

that in our specifics In now earnings. we're amount earnings. of to statutory that's say we're emerge hedging. stat normalized the I process talk the don't starting about terms the of change seeing of making I through to in in it's seeing And we're coming time strain really think Again, what would this of norm

of you I would stick given outlook what the directly for comes So denominator the RBC the associated is that for I've ratio. through now, sort strain the of the capital think business with you with

Eric Steigerwalt

But here Look, to online we Shield. LifePath you slowing Paycheck, Elyse, be is of sales the with heard as going throughout of it's no Eric. discuss me to coming down year. have respect course, intention And

second little the give though, you will FRA a to you small sales. quarter, sense, Just of in see amount a

So it a want you that? do David, amount. will fair be comment on down to

David Rosenbaum

Sure.

as that it do we manage second really we FRA versus relative last year. together. the index rate quarter lower and Elyse, reinsurers FIA are fixed-rate And relative quarter. to to this our annuities quarter is expect annuity specifically, the first more expect the we and quarter business. -- fixed as And really, transitioning first for annuities we And fixed sales to be the So do lower Eric year this mentioned, business

the really is lower why second be of quarter. the we in sales driver to expect that So

Operator

line of Our Research. the next Wes comes Autonomous with from Carmichael question

Wesley Carmichael

I related of think but mentioned On statutory you impact a on impact nature was retroactive reserves, the no impact, that item? to statutory the there was there reinsurance

Edward Spehar

million Yes, $XXX stat. it was for

Wesley Carmichael

you And picked annuity Shield, surrenders sequentially. just on in mentioned up and VA they

of remarks, we're bucket, You think talked being in as XXXX, about run in the and rate that but in quarter? level I kind about little we that a more billion a in prepared bit about think, outflows this of $X.X should

David Rosenbaum

is Wes, this David.

talked commented on earnings about the to we So XXXX we Eric call and really, expected the a prepared XXXX albeit activity surrender that the that and is with in things remarks and continue of seeing on we're had in his then one saw mix, that. last elevated different we in that

the VA the to the of they kind and given higher Shield to surrenders account flat compared balance total higher over respect really of and with on average given last So market quarter first outflows, full were equity and a quarter up performance.

about it and in of think the the VA. volatility, see by we sequential a quarter, kind driven that when so So We on outflows. fourth quarter-to-quarter of saw do that majority the quarter versus is higher driving we basis,

in account and We also Shield. slight a had balances increase the higher

continue a of overall Overall, respect outflows capital-intensive comments legacy second an to and VA sales, of annuity to the And outflows on on do to we could are driving minute from that with weighted we ago net have the sort higher. benefit impact blocks. fixed-rate the quarter in made flows

Operator

next the Burdis of line Raymond Our with comes James. Wilma from question

Wilma Jackson Burdis

repricing? Could impacted the you little reinsurance products just by about talk a that the bit were

Edward Spehar

so was Yes, had to extent. ULSG Wilma. the primarily UL, -- we VUL, it lesser

Operator

question comes next Ryan with the line KBW. from Our Krueger of

Ryan Krueger

had couple was going of that outcomes first quarter. is a A I'm COI something sure, in if broader or not on. the coincidence litigation companies

you there. if curious have outstanding just So anything

Eric Steigerwalt

Eric. Ryan, it's

'XX, can our situation X different seen you in things is there If have look what you've from from XX-K probably a at that we see COIs. the previously. But little you on

We raised policyholders. on of any have class COI not rates

on And of class X Brighthouse COI litigations rates so COI Brighthouse that allegations a the based raised not on policyholders. are

are a The the you've at but they it's related least these disclosures COI rate of different to seen So identify cases. COI not than X what some little in increases. other litigations,

Ryan Krueger

can potential That's start? size, think like $XX LifePath you single-digit you anything do to guess, AUM, to eligible that? low annuities I about Okay. then would And a to I anticipate of billion guess the the the helpful. you you allocation Paycheck, when to anything Or can on do frame frame

Eric Steigerwalt

it -- to would take frame I we're by believe But I'm just can't to step you going much to love how step. Ryan, going that.

excited about extremely this. are We

coming the as here in you money plan. you're see and through XXX(k) LifePath Paycheck we in see, April, more to in adopt got going their companies As first

start who get buying XX allocation and the X from older the are then to And units income from carriers. we those folks

So of I sense to be hopefully be what looks to able some is we're it what to we'll over able what year, going look like a of like it an give might then has forward. until give to do think this start sense just for going year, time to a all I'm going the development it's will wait we say very I This but coming, later are excited. exciting and been in long of and us.

Ryan Krueger

you in Or where Annuity will segment? Will that come those the report through?

Eric Steigerwalt

Yes, will. we

Edward Spehar

very quickly, So or could percentage I I as up was reinsurance force you I breakdown the want Wilma's to on just follow our was those a relative if providing for categories. question in because various that to clarify

contract, at was and was percentage UL of than other VUL, looking our around. you're if specifically as ULSG way this the but this reinsured more a book, So it total it's

Operator

of from from next come question JPMorgan. Bhullar Jimmy Instructions] line the Our will [Operator

Jamminder Bhullar

on business about rule impact talk you can your us any color? you and Ed, DOL expect can that to details the or give extent from you if any the

Eric Steigerwalt

the lot you've Eric. the number this of now heard it's Look, all Jimmy, situation previous years ago. back to about a a way

think exactly here, to all are of to trying with figure still do happen. will what on we what it distributors we're But what mean. companies think out working I might our

designed been called It by We any suitability states. model and hit. we've annuities But out don't a suitability. -- sales is respect XX It's to got protect there. sense to It's NAIC adopted have transactions really consumers. with the look,

You've heard this before.

to concerns impact potential of we many generally, in regulation So that respect industry the regarding is the not just with here even share necessary. the

potential any So hit. it's hard quantify to sales sales

to a that of for think be the et it. compliance are say really being, cetera. time can't can you, sales to I higher et number would are quantify cetera, fair going I I would strong. costs, that it companies tell But And have

have all this future So I plays in really out that's months, how can we'll see about to tell you. but

Jamminder Bhullar

and and not able on then assume it what future modestly quantify reinsurance, increase, on income stat should negative would sure, GAAP I'm the And you're a price if be? impact we to the

Edward Spehar

for normal Jimmy, $X, run us it's have that of I $X. around Ed. something north EPS said rate is

notables, you You I've was for GAAP with in of any not we saw the rate it earnings. which in of the this terms if price increase X.XX%, line outlook run expectations. would what change said adjusted be This does the normal quarter, was given our for

because in rate terms does my what more. a negative run It view But it's to of earnings going not change company have the impact the for paying significance on you're are.

Jamminder Bhullar

the but absorbed There's overall I of, EPS, something right? major on in gets not sort guess, to needle division, the move enough overall it

Edward Spehar

Correct.

Jamminder Bhullar

And then could just more. I X ask if

products. time reason grown you've from a Shield of well. obviously terms product, of standpoint? the pretty similar in have market many the peers On over that terms, attractiveness And fast and overall I'm is asking your your as of have How conditions, is lot other companies

companies are of some and rational come are better disciplined that that to just conditions trying to have Or competition? sort there in share? you offer So and fairly are terms seeing gain

Eric Steigerwalt

I'll market start grown then Look, has this in, you're going and Myles, correct. to maybe Jimmy, jump well. really

the say, market, Myles competition it's that a over the I because a grown know product good consumers and has product welcome You Myles years, of probably couple last we good the is you've for it for say, manufacturers. and this heard heard

still think nicely here. I quarter even grow don't where it's the rational. understand. situations can't second we enter continue to we We as we see And just very

we growing to at any this additional want to here Myles, keep certainly. So make? conversation want you Brighthouse, business

Myles Lambert

has say, a think what been and thing it's competition we advisers is believe I appropriate. guess And would I consumers. good for I agree, I Eric,

certainly I growing. is strong, sales. and has on had think is it category impact But it some overall, I the think

year, pleased relates quarters we We of very quarter our X competitiveness perspective, remain best the crediting the our is new and like to From Step like Shield sales last as offered we Pay sales. that round and which continue with product, was overall things with -- our Edge. to our Level strategy a offering Shield Plus first it of out Rate yet we

and overall. at like our category competitive we like we where is So the positioning

Operator

remarks. closing Q&A turn session. now I back for to This call Amante concludes the our will Dana

Dana Amante

and Thank today. day. the you, for Have thank Norma, a joining call great you, everyone,

Operator

This conference participation. your for call. you concludes Thank today's

You a may Everyone, have day. disconnect. wonderful now

Brighthouse Financial (BHF) 8 May 242024 Q1 Earnings call transcript