Brighthouse Financial (BHFAN)

Brighthouse Financial is a US insurance and retirement solutions company. It was created as a standalone public company after being separated from MetLife and serves customers primarily through independent distribution networks and strategic selling arrangements. The company’s core focus is on annuities and life insurance products designed for retirement income, tax-deferred savings, protection and estate planning.

The annuity business is the main contributor to Brighthouse’s operations. It includes variable annuities, fixed annuities, income annuities and index-linked annuities, a product category that links returns to market indices while including contractual limits and protections. Its life insurance segment covers variable, term, universal and whole life policies.

Brighthouse also maintains a run-off segment for blocks of business that are no longer a major part of current sales strategy. These include products such as universal life with secondary guarantees, structured settlements, pension risk transfer obligations, funding agreements and certain company-owned life insurance policies.

Because BHFAN is non-cumulative preferred stock, unpaid dividends do not carry forward as an obligation if they are not declared. Investors therefore assess the shares in the context of Brighthouse’s capital strength, regulatory environment, interest-rate sensitivity and long-term insurance liabilities.