Brighthouse Financial

Last updated
Brighthouse Financial, Inc.
Company type Public
ISIN US10922N1037
Industry Insurance
Founded2016;8 years ago (2016)
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 one of the largest providers of annuities and life insurance in the United States, with $219 billion in total assets and approximately 2.6 million insurance policies and annuity contracts in-force (as of March 31, 2018). [2]

Contents

Overview

On August 4, 2017, Brighthouse Financial completed its separation from MetLife and began trading on the Nasdaq stock exchange on August 7, 2017, under the symbol "BHF." Upon completion of the separation, MetLife retained a 19.2% stake in the company. [3] In 2018, MetLife divested its remaining interest through a debt-for-equity exchange with four financial institutions that owned MetLife debt. [4]

Headquartered in Charlotte, North Carolina, the company began selling annuity and life insurance under the Brighthouse Financial brand on March 6, 2017. [5]

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. [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]

Products

Brighthouse Financial sells annuity and life insurance products to U.S. consumers through multiple independent distribution channels. [11] These products are serviced by a third-party vendor "DXC Technology" instead of directly by Brighthouse Financial.

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). [12]

Additional members of the management team include:

Chief Financial Officer Edward Spehar (formerly treasurer at MetLife),

Chief Operating Officer Conor Murphy (formerly Chief Financial Officer for MetLife's Latin America region),

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 for the MetLife Premier Client Group). [13]

Related Research Articles

<span class="mw-page-title-main">MetLife</span> Large American insurance company

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Prudential Financial</span> American life insurance company

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

<span class="mw-page-title-main">Genworth Financial</span> American insurance company

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.

<span class="mw-page-title-main">The Travelers Companies</span> American insurance company

The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.

<span class="mw-page-title-main">Ameriprise Financial</span> Financial services company

Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

<span class="mw-page-title-main">Primerica</span> American multi-level marketing insurance company

Primerica, Inc. is a company that provides insurance, investment and financial services to middle-income families in the United States and Canada. Primerica has been described as a multi-level marketing company.

Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in South Africa by John Fairbairn in 1845 and was demutualised and listed on the London Stock Exchange and other stock exchanges in 1999. It introduced a new strategy, called 'managed separation', that entailed the separation of its four businesses – Old Mutual Emerging Markets, Nedbank, UK-based Old Mutual Wealth and Boston-based Old Mutual Asset Management (OMAM) – into standalone entities in 2018. This led to the demerger of Quilter plc and the unbundling of its shareholding in Nedbank. The business, which is now largely based in South Africa, provides sponsorship and supports bursaries at South African universities.

Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.

<span class="mw-page-title-main">The Hartford</span> US-based insurance and investment company

The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.

<span class="mw-page-title-main">Ulta Beauty</span> American beauty store chain

Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of beauty stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high-end and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each store also has a beauty salon.

The Hanover Insurance Group, Inc. is an insurance company based in Worcester, Massachusetts. It was the original name of a property-liability insurance firm established in 1852, and it remained a publicly traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.

<span class="mw-page-title-main">FBL Financial Group</span> American financial services company

FBL Financial Group, Inc. is a financial services holding company, headquartered in West Des Moines, Iowa, and traded on the New York Stock Exchange under the symbol FFG.

The Ohio National Life Insurance Company is a mutual insurance company. The Ohio National Life Insurance Company is headquartered in Cincinnati, Ohio, United States. Along with its affiliated companies, the Ohio National group offers life insurance, annuities, disability insurance, group retirement plans, and investment products. It sells products in all fifty states, the District of Columbia, and Puerto Rico.

The J.G. Wentworth Company is an American financial services company that purchases structured settlements, annuities, and lottery payments in exchange for a lump-sum cash settlement. They also offer debt counseling and negotiation services.

<span class="mw-page-title-main">AmTrust Financial Services</span> New York City-based multinational property and casualty insurance company

AmTrust Financial Services, Inc., is a New York City-based multinational property and casualty insurance company, offering workers’ compensation, general liability, business owners policies (BOP), cyber liability, employment practices liability (EPLI) and more. Operating through its subsidiaries, its operations are divided into three segments: small commercial business insurance, specialty risk and Extended Warranty insurance, and Specialty Middle-Market Property and Casualty insurance. The company's main regions of operations are North America, United Kingdom, and mainland Europe. AmTrust is rated “A−” (Excellent) by AM Best Company. Barry Zyskind is the chairman and CEO.

Virtus Investment Partners, Inc. operates a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.

Guggenheim Partners is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services.

<span class="mw-page-title-main">F&G</span> American insurance company

F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.

<span class="mw-page-title-main">Qurate Retail Group</span> American fashion holding company

Qurate Retail, Inc., also known as Qurate Retail Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.

The Nasdaq Financial-100 (^IXF) is a stock market index operated by Nasdaq consisting of companies that are listed on the Nasdaq stock exchange and that are in the financial services industry, including banking, insurance, mortgages and securities trading. It was created in 1985 as the sister index to the more widely followed Nasdaq-100.

References

  1. ↑ "Brighthouse Financial Revenue 2016-2021 | BHF".
  2. ↑ "Brighthouse Registration Statement on Form S-1". US SEC. Retrieved 31 July 2018.
  3. ↑ Annual, Report. "2018 annual report". Brighthouse Financial. Retrieved 16 April 2020.
  4. ↑ Kiesche, Liz (12 June 2018). "Brighthouse Financial announces secondary stock offering (NASDAQ:BHF)". Seeking Alpha. Retrieved 16 April 2020.
  5. ↑ "DEF 14A". www.sec.gov. Retrieved 2018-07-31.
  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. ↑ Robbins, Christopher. "MetLife Announces Rebranding of U.S. Retail Business". www.fa-mag.com. Retrieved 2017-06-14.
  12. ↑ David Einhorn. "GreenLight Capital Inc - 13F Holdings". fintel.io. Retrieved 16 April 2020.
  13. ↑ "EDGAR Filing Documents for 0001193125-17-193070". www.sec.gov. Retrieved 2017-06-14.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.