Brighthouse Financial

Last updated
Brighthouse Financial, Inc.
Company type Public
ISIN US10922N1037
Industry Insurance
Founded2017 (2017)
Headquarters Charlotte, North Carolina, U.S.
Key people
  • Eric T. Steigerwalt (CEO)
ProductsLife Insurance and Annuities
RevenueIncrease2.svg US$8.503 billion (2020) [1]
Number of employees
1,500 (December 31, 2021)
Website brighthousefinancial.com

Brighthouse Financial, Inc. is an American insurance company, headquartered in Charlotte, North Carolina, that sells annuity and life insurance. As of March 2018, Brighthouse was one of the largest providers of annuities and life insurance in the United States, with $219 billion in total assets and around 2.6 million insurance policies and annuity contracts in-force . [2] [3] During the same year Brighthouse Financial along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017. [4]

Contents

History

Origin

The company was formed in 2017 from foundations created by Travelers, which began selling life insurance in 1923 and annuities in 1938, and MetLife, which acquired New England Life Insurance Company (NELICO) in 1996 and annuity company Security First Group, Inc in 1997. In 2005, MetLife acquired Travelers Life. [5]

Separation from MetLife, 2016

In January 2016, MetLife, Inc. announced it intended to separate a substantial portion of its U.S. retail segment of life insurance and annuities. [6] The entities marked for separation into the new enterprise included: 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. [7] On July 21, 2016, MetLife announced it would rebrand the business as Brighthouse Financial and on March 6, 2017 the company began selling annuity and life insurance under the Brighthouse Financial brand. [8]

On August 4, 2017, Brighthouse Financial completed its separation from MetLife. The company began trading on the Nasdaq stock exchange on August 7, 2017 under the symbol "BHF". [9] [10] Upon completion of the separation, MetLife retained a 19.2% stake in the company. [11] In 2018, MetLife divested its remaining interest through a debt-for-equity exchange with four financial institutions that owned MetLife debt. [12] During 2018 Brighthouse Financial paid an effective federal tax rate of 0% or less as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017. [4]

Products

Brighthouse Financial sells annuity and life insurance products to U.S. consumers through multiple independent distribution channels. [13] These products are serviced by a third-party vendor, DXC Technology, instead of directly by Brighthouse Financial.

References

  1. ↑ "Brighthouse Financial Revenue 2016-2021 | BHF".
  2. ↑ "Brighthouse Registration Statement on Form S-1". US SEC. Retrieved 31 July 2018.
  3. ↑ "DEF 14A". www.sec.gov. Retrieved 2018-07-31.
  4. 1 2 Pound, Jesse (December 16, 2019). "These 91 companies paid no federal taxes in 2018". CNBC . Retrieved 2020-02-11.
  5. ↑ "Brighthouse Financial History | Brighthouse Financial". www.brighthousefinancial.com. Retrieved 2025-04-19.
  6. ↑ Rosenfeld, Everett (2016-01-12). "MetLife plans to spin off its US life-insurance unit, biggest in US". CNBC.com. Retrieved 2017-06-12.
  7. ↑ "Introducing Brighthouse Financial". www.metlife.com. Retrieved 2017-06-12.
  8. ↑ "MetLife retail business will be Brighthouse Financial". retirementincomejournal.com. Retrieved 2017-06-12.
  9. ↑ "Brighthouse Valued at $7.5 Billion in Debut After Spinoff". Bloomberg.com. 2017-08-07. Retrieved 2017-08-29.
  10. ↑ Scism, Leslie (2017-08-05). "Breaking From MetLife, Brighthouse Has a Tough Task: Selling Insurance". Wall Street Journal. ISSN   0099-9660 . Retrieved 2017-08-29.
  11. ↑ Annual, Report. "2018 annual report". Brighthouse Financial. Retrieved 16 April 2020.
  12. ↑ Kiesche, Liz (12 June 2018). "Brighthouse Financial announces secondary stock offering (NASDAQ:BHF)". Seeking Alpha. Retrieved 16 April 2020.
  13. ↑ Robbins, Christopher. "MetLife Announces Rebranding of U.S. Retail Business". www.fa-mag.com. Retrieved 2017-06-14.
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