Brighthouse Financial

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Brighthouse Financial, Inc.
Public
Traded as
ISINUS10922N1037
IndustryInsurance
Headquarters,
Websitebrighthousefinancial.com

Brighthouse Financial, Inc. (NASDAQBHF) is a major provider of annuities and life insurance in the U.S., with $219 billion in total assets and approximately 2.6 million insurance policies and annuity contracts in-force (as of March 31, 2018).[1]

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 19.3% stake in the company.[2] In 2018, MetLife divested its remaining interest through a debt-for-equity exchange with four financial institutions that owned MetLife debt.[3]

Headquartered in Charlotte, North Carolina, the company began selling its suite of annuity and life insurance solutions under the Brighthouse Financial brand on March 6, 2017.[4]

Separation from MetLife[edit]

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.[5] 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.[6] On July 21, 2016, MetLife announced it would rebrand the business as Brighthouse Financial and on March 6, 2017 the company began selling its suite of annuity and life insurance solutions under the Brighthouse Financial brand.[7]

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".[8][9]

Products[edit]

Brighthouse Financial sells annuity and life insurance products to U.S. consumers through multiple independent distribution channels.[10]

Company leadership[edit]

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 Conor Murphy (formerly Chief Financial Officer for MetLife's Latin America region), Chief Administrative Officer and General Counsel 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).[11]

References[edit]

  1. ^ "Brighthouse Registration Statement on Form S-1". US SEC. Retrieved 31 July 2018.
  2. ^ Brighthouse proxy statement
  3. ^ https://seekingalpha.com/news/3363454-brighthouse-financial-announces-secondary-stock-offering Seeking Alpha
  4. ^ "DEF 14A". www.sec.gov. Retrieved 2018-07-31.
  5. ^ Rosenfeld, Everett (2016-01-12). "MetLife plans to spin off its US life-insurance unit, biggest in US". CNBC.com. Retrieved 2017-06-12.
  6. ^ "Introducing Brighthouse Financial". www.metlife.com. Retrieved 2017-06-12.
  7. ^ "MetLife retail business will be Brighthouse Financial". retirementincomejournal.com. Retrieved 2017-06-12.
  8. ^ "Brighthouse Valued at $7.5 Billion in Debut After Spinoff". Bloomberg.com. 2017-08-07. Retrieved 2017-08-29.
  9. ^ 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.
  10. ^ Robbins, Christopher. "MetLife Announces Rebranding of U.S. Retail Business". www.fa-mag.com. Retrieved 2017-06-14.
  11. ^ "EDGAR Filing Documents for 0001193125-17-193070". www.sec.gov. Retrieved 2017-06-14.