Published on 14 Feb 2024 on Zacks via Yahoo Finance

Brighthouse (BHF) Q4 Earnings Miss, Revenues Top Estimates

Brighthouse Financial Inc. BHF reported fourth-quarter 2023 adjusted net income of $2.92 per share, which missed the Zacks Consensus Estimate by 23.8%. The bottom line declined 16.8% year over year.The results reflected higher revenues offset by higher expenses.

Behind the Headlines

Total operating revenues of $2.1 billion increased 5.4% year over year, driven by higher premiums, net investment income and other income. The top line beat the consensus mark by 0.2%.Premiums of $226 million increased 35.5% year over year.Adjusted net investment income was $1.2 billion in the quarter under review, up 13.3% year over year, primarily driven by alternative investment income, asset growth and higher interest rates. The investment income yield was 4.16%.Total expenses were $2.6 million. Corporate expenses, pretax, were $224 million, a slight increase from $243 million incurred in the year ago quarter.