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Brighthouse Financial, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a net income available to shareholders of $150 million for the third quarter of 2024, compared to $453 million in the same period the previous year.
Adjusted earnings for the quarter were $767 million, up from $326 million in the prior year, reflecting higher pre-tax adjusted earnings.
The company reported total revenues of $2,018 million for the third quarter of 2024, an increase from $1,170 million in the same quarter of 2023.
Net investment income for the quarter was $1,288 million, compared to $1,202 million in the previous year.
The filing highlights a decrease in income before provision for income tax, driven by losses from variable annuity guaranteed benefit riders and changes in the estimated fair value of derivatives.
Brighthouse Financial's effective tax rate for the quarter was 5%, compared to 18% in the prior year, influenced by the dividends received deduction and tax credits.
For the nine months ended September 30, 2024, the company reported a net loss available to shareholders of $360 million, compared to a net loss of $272 million in the previous year.
The filing also includes information on the company's segments, including Annuities, Life, and Run-off, and notes a favorable impact from long-term interest rates on interest rate derivatives used for the ULSG business.
Brighthouse Financial's adjusted earnings for the nine months ended September 30, 2024, were $1,015 million, up from $792 million in the prior year, reflecting higher pre-tax adjusted earnings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brighthouse Financial Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.