Brighthouse Financial Business Summary

Brighthouse Financial, Inc. (BHF) is a leading U.S. provider of annuities and life insurance, generating revenue through policyholder premiums, mortality and expense fees, and net investment income from a portfolio exceeding $240 billion in total assets. The company’s business is organized into four primary segments: Annuities, which includes variable, fixed, and index-linked products; Life, offering term, universal, and whole life insurance; Run-off, managing legacy products like structured settlements and pension risk transfers; and Corporate & Other. As of February 13, 2026, the company is in the final stages of a $4.1 billion take-private acquisition by Aquarian Holdings, a deal that secured definitive shareholder approval on February 12, 2026. Brighthouse competes primarily with Equitable Holdings, Lincoln Financial Group, and Jackson Financial, distinguishing itself by operating without a captive agency force, instead utilizing a capital-light model that leverages a broad network of independent distributors and financial advisors. The company is led by President and CEO Eric T. Steigerwalt, who was the primary architect of Brighthouse’s 2017 spin-off from MetLife and brings over 25 years of industry experience, including his former role as EVP of MetLife’s U.S. Retail business. The executive core includes EVP and CFO Edward Spehar, a former MetLife Treasurer and veteran equity analyst, and EVP and CTO Jeff Hughes, who oversees the firm’s cloud-based technological infrastructure and digital transformation. Other key leaders include Myles J. Lambert, the EVP and Chief Distribution and Marketing Officer who assumed the additional role of Chief Operating Officer in August 2025, and John L. Rosenthal, the Chief Investment Officer. The board is chaired by C. Edward Chaplin, a former Prudential Financial executive, and while the firm has historically been backed by institutional giants like BlackRock and Vanguard, its strategic direction is now consolidating under the ownership of Aquarian Holdings and its founder, Rudy Sahay.