Brighthouse Financial

Brighthouse Financial, Inc.
Traded as NASDAQ: BHF
ISIN US10922N1037
Industry Insurance
Headquarters Charlotte, North Carolina, United States
Owner MetLife (19.2%)

Brighthouse Financial, Inc. (NASDAQ: BHF) is an insurance company that was spun off from MetLife, Inc. in 2017; MetLife still owns 19.2% of the company. Prior to the spinoff it had been an operating segment of MetLife. Headquartered in Charlotte, North Carolina, its operating companies began selling its suite of life insurance and annuity solutions under the Brighthouse Financial brand on March 6, 2017.[1]

Separation from MetLife

In January 2016, MetLife, Inc. announced its intention to separate a substantial portion of the company’s U.S. Retail segment, which focused on selling life insurance and annuities.[2] The entities now marked for separation into the new enterprise include: Brighthouse Life Insurance Company (formerly MetLife Insurance Company USA), Brighthouse Life Insurance Company of NY (formerly First MetLife Investors Insurance Company) and New England Life Insurance Company.[3] On July 21, 2016, MetLife announced it would rebrand the business as Brighthouse Financial.[4]

On October 5, 2016, Brighthouse Financial, Inc. filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission, part of the process to separate MetLife into two independent publicly traded companies.[5] The Registration Statement on Form 10 was amended in December 2016[6], April 2017[7] and June 2017.[8]

Assuming completion of its spin-off from MetLife, Brighthouse Financial will be a leading insurance and annuity provider in the U.S. retail market, with $143.6 billion of total assets and approximately 2.8 million insurance policies and annuity contracts in-force (as of Dec. 31, 2016).[9] The new headquarters will be located in Charlotte, North Carolina.

Products and solutions

Brighthouse Financial sells annuity and life insurance solutions to U.S. consumers through third parties.[10] Products include Brighthouse Shield Level Selector℠ Annuities, Brighthouse Variable Annuities with FlexChoice and Brighthouse Premier Accumulator Universal Life.[11]

Company leadership

Brighthouse Financial is led by President and Chief Executive Officer Eric Steigerwalt (formerly Executive Vice President of U.S. Retail Business at MetLife). Additional members of the management team include: Chief Financial Officer Anant Bhalla (formerly Senior Vice President of U.S. Retail Business at MetLife), Chief Operating Officer Peter Carlson (formerly Chief Accounting Officer and Executive Vice President at MetLife), Chief Legal Officer and Corporate Secretary Christine DeBiase (formerly Lead Counsel to MetLife’s U.S. Retail Business),Chief Investment Officer John Rosenthal (formerly Senior Managing Director at MetLife), and Chief Marketing and Distribution Officer Myles Lambert (formerly Senior Vice President of MetLife’s Northeast Region).[12]

References

  1. ↑ Demasters, Karen. "MetLife Products Rebranded As Brighthouse". www.fa-mag.com. Retrieved 2017-06-12.
  2. ↑ Rosenfeld, Everett (2016-01-12). "MetLife plans to spin off its US life-insurance unit, biggest in US". CNBC.com. Retrieved 2017-06-12.
  3. ↑ "Introducing Brighthouse Financial". www.metlife.com. Retrieved 2017-06-12.
  4. ↑ "MetLife retail business will be Brighthouse Financial". retirementincomejournal.com. Retrieved 2017-06-12.
  5. ↑ Chiglinsky, Katherine (2016-10-05). "MetLife Files for Spinoff of U.S. Unit After Weighing IPO". Bloomberg.com. Retrieved 2017-06-12.
  6. ↑ "EDGAR Filing Documents for 0001193125-16-785320". www.sec.gov. Retrieved 2017-06-14.
  7. ↑ "EDGAR Filing Documents for 0001193125-17-126443". www.sec.gov. Retrieved 2017-06-14.
  8. ↑ "EDGAR Filing Documents for 0001193125-17-193070". www.sec.gov. Retrieved 2017-06-14.
  9. ↑ "Brighthouse Financial Introduces Annuity and Life Insurance Solutions". Yahoo Finance. Retrieved 2017-06-14.
  10. ↑ Robbins, Christopher. "MetLife Announces Rebranding of U.S. Retail Business". www.fa-mag.com. Retrieved 2017-06-14.
  11. ↑ "MetLife Annuities and Life Now Offered Under Brighthouse Brand". InsuranceNewsNet. 2017-03-08. Retrieved 2017-06-14.
  12. ↑ "EDGAR Filing Documents for 0001193125-17-193070". www.sec.gov. Retrieved 2017-06-14.
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