Brighthouse Financial (BHF) Q1 Earnings Lag, Revenues Down Y/Y
Zacks Investment Research | May 06, 2019 09:11PM ET
Brighthouse Financial Inc.'s (NASDAQ:BHF) first-quarter 2019 adjusted net income of $1.98 per share missed the Zacks Consensus Estimate by 6.6%. The bottom line dropped 16.1% year over year.
The quarter incurred establishment costs related to planned technology and branding expenses associated with the company's separation from its parent company. Nonetheless, the company delivered robust annuity sales, favorable market conditions, and prudent capital and expense management.
Behind the Headlines
Total revenues of $691 million were down 61.9% year over year.
Premiums of $227 million decreased 0.9% year over year.
Adjusted net investment income was $811 million in the quarter under review, down 1.7% year over year. This downside was attributable to lower alternative investment income, partially offset by growth in average invested assets and the ongoing repositioning of the investment portfolio. Investment income yield was 4.10%.
Corporate expenses of $225 million pretax decreased 3.7% year over year.
Total expenses decreased 14.7% year over year to $1.6 billion on lower interest credited to policyholder account balances, drop in amortization of DAC and VOBA and lower other expenses.
Brighthouse Financial, Inc. Price, Consensus and EPS Surprise
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