Brighthouse Financial (BHF)
Market Price (9/22/2026): $49.835 | Market Cap: $2.9 BilSector: Financials | Industry: Life & Health Insurance
Brighthouse Financial (BHF)
Market Price (9/22/2026): $49.835Market Cap: $2.9 BilSector: FinancialsIndustry: Life & Health Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -2990% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Fintech & Digital Payments, and AI in Financial Services. Themes include Geriatric Care, Show more. | Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -75% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.5% Key risksBHF key risks include [1] persistent challenges in generating sufficient capital and statutory earnings, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -2990% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Fintech & Digital Payments, and AI in Financial Services. Themes include Geriatric Care, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -75% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.5% |
| Key risksBHF key risks include [1] persistent challenges in generating sufficient capital and statutory earnings, Show more. |
Qualitative Assessment
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Brighthouse Financial (BHF) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Delays in the Aquarian Capital Acquisition created uncertainty, pushing the stock price below the agreed-upon acquisition value.
Brighthouse Financial (BHF) entered into a definitive merger agreement with Aquarian Capital on November 6, 2025, for an all-cash transaction at $70.00 per share. While the merger was anticipated to close in fiscal year 2026, news in September 2026 indicated delays in receiving necessary insurance regulatory approvals from Delaware, New York, and Massachusetts. This prolonged regulatory review introduced uncertainty regarding the timely completion of the deal, causing the stock to trade significantly below the acquisition price.
2. Brighthouse Financial's fiscal Q2 2026 earnings, reported on August 5, 2026, missed analyst expectations for both adjusted earnings per share and revenue.
The company reported adjusted earnings of $4.45 per diluted share for the second quarter ended June 30, 2026, falling short of analysts' consensus estimates of $4.86 per share by $0.41. Additionally, quarterly revenue came in at $1.62 billion, missing analyst estimates of $2.18 billion. Despite an increase in net income available to shareholders to $956 million from $60 million in the prior year's second quarter, the significant misses on both the top and bottom lines against current expectations negatively impacted investor sentiment.
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Brighthouse Financial (BHF) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Delays in the Aquarian Capital Acquisition created uncertainty, pushing the stock price below the agreed-upon acquisition value.
Brighthouse Financial (BHF) entered into a definitive merger agreement with Aquarian Capital on November 6, 2025, for an all-cash transaction at $70.00 per share. While the merger was anticipated to close in fiscal year 2026, news in September 2026 indicated delays in receiving necessary insurance regulatory approvals from Delaware, New York, and Massachusetts. This prolonged regulatory review introduced uncertainty regarding the timely completion of the deal, causing the stock to trade significantly below the acquisition price.
2. Brighthouse Financial's fiscal Q2 2026 earnings, reported on August 5, 2026, missed analyst expectations for both adjusted earnings per share and revenue.
The company reported adjusted earnings of $4.45 per diluted share for the second quarter ended June 30, 2026, falling short of analysts' consensus estimates of $4.86 per share by $0.41. Additionally, quarterly revenue came in at $1.62 billion, missing analyst estimates of $2.18 billion. Despite an increase in net income available to shareholders to $956 million from $60 million in the prior year's second quarter, the significant misses on both the top and bottom lines against current expectations negatively impacted investor sentiment.
3. Analyst concerns regarding future profitability and capital ratios contributed to a more cautious outlook.
An analyst forecast highlighted a projected negative impact on the company's free cash flow, estimating a decline of over $1 billion for fiscal year 2024, alongside reduced earnings per share projections for fiscal years 2025 and 2026. These concerns, coupled with the prospect of ongoing challenges with capital ratios in a higher interest rate environment, led to a downside risk assessment for the stock, with a potential valuation drop to around $40.
4. A sequential decrease in adjusted net investment income during fiscal Q2 2026 impacted overall financial performance.
Brighthouse Financial experienced a $29 million sequential decrease in adjusted net investment income for the second quarter of fiscal year 2026, primarily driven by lower alternative investment income. This specific reduction in a key income stream further contributed to the company's earnings miss and likely raised concerns among investors about investment portfolio performance.
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Stock Movement Drivers
Fundamental Drivers
The -20.3% change in BHF stock from 5/31/2026 to 9/21/2026 was primarily driven by a -30.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.55 | 49.84 | -20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,531 | 6,351 | 14.8% |
| P/S Multiple | 0.6 | 0.5 | -30.4% |
| Shares Outstanding (Mil) | 57 | 58 | -0.4% |
| Cumulative Contribution | -20.3% |
Market Drivers
5/31/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| BHF | -20.3% | |
| Market (SPY) | 2.5% | 14.3% |
| Sector (XLF) | 8.4% | 22.7% |
Fundamental Drivers
The -16.9% change in BHF stock from 2/28/2026 to 9/21/2026 was primarily driven by a -56.5% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.98 | 49.84 | -16.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,391 | 6,351 | -0.6% |
| Net Income Margin (%) | 6.8% | 13.1% | 93.1% |
| P/E Multiple | 7.9 | 3.5 | -56.5% |
| Shares Outstanding (Mil) | 57 | 58 | -0.5% |
| Cumulative Contribution | -16.9% |
Market Drivers
2/28/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| BHF | -16.9% | |
| Market (SPY) | 13.4% | 20.8% |
| Sector (XLF) | 9.3% | 23.5% |
Fundamental Drivers
The 5.5% change in BHF stock from 8/31/2025 to 9/21/2026 was primarily driven by a 21.2% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.26 | 49.84 | 5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,150 | 6,351 | 3.3% |
| Net Income Margin (%) | 10.8% | 13.1% | 21.2% |
| P/E Multiple | 4.1 | 3.5 | -15.5% |
| Shares Outstanding (Mil) | 57 | 58 | -0.2% |
| Cumulative Contribution | 5.5% |
Market Drivers
8/31/2025 to 9/21/2026| Return | Correlation | |
|---|---|---|
| BHF | 5.5% | |
| Market (SPY) | 21.2% | 3.4% |
| Sector (XLF) | 4.8% | 10.6% |
Fundamental Drivers
The 0.4% change in BHF stock from 8/31/2023 to 9/21/2026 was primarily driven by a 147.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.66 | 49.84 | 0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,568 | 6,351 | 147.3% |
| P/S Multiple | 1.3 | 0.5 | -65.0% |
| Shares Outstanding (Mil) | 67 | 58 | 16.0% |
| Cumulative Contribution | 0.4% |
Market Drivers
8/31/2023 to 9/21/2026| Return | Correlation | |
|---|---|---|
| BHF | 0.4% | |
| Market (SPY) | 78.3% | 38.5% |
| Sector (XLF) | 69.9% | 47.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BHF Return | 43% | -1% | 3% | -9% | 35% | -23% | 38% |
| Peers Return | 38% | -10% | 9% | 32% | 11% | 13% | 125% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| BHF Win Rate | 58% | 33% | 58% | 33% | 50% | 33% | |
| Peers Win Rate | 65% | 43% | 57% | 62% | 58% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| BHF Max Drawdown | -18% | -35% | -34% | -24% | -31% | -27% | |
| Peers Max Drawdown | -17% | -34% | -33% | -17% | -24% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MET, PRU, CRBG, LNC, EQH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/21/2026 (YTD)
How Low Can It Go
| Event | BHF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.2% | 23.1% |
| Time to Breakeven | 210 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.2% | -7.8% |
| % Gain to Breakeven | 14.0% | 8.5% |
| Time to Breakeven | 63 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.3% | -9.5% |
| % Gain to Breakeven | 15.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.5% | -6.7% |
| % Gain to Breakeven | 50.5% | 7.1% |
| Time to Breakeven | 628 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.8% | -24.5% |
| % Gain to Breakeven | 36.6% | 32.4% |
| Time to Breakeven | 103 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.6% | -33.7% |
| % Gain to Breakeven | 190.4% | 50.9% |
| Time to Breakeven | 390 days | 140 days |
In The Past
Brighthouse Financial's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BHF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.2% | 23.1% |
| Time to Breakeven | 210 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.5% | -6.7% |
| % Gain to Breakeven | 50.5% | 7.1% |
| Time to Breakeven | 628 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.8% | -24.5% |
| % Gain to Breakeven | 36.6% | 32.4% |
| Time to Breakeven | 103 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.6% | -33.7% |
| % Gain to Breakeven | 190.4% | 50.9% |
| Time to Breakeven | 390 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.9% | -19.2% |
| % Gain to Breakeven | 55.9% | 23.8% |
| Time to Breakeven | 414 days | 105 days |
In The Past
Brighthouse Financial's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Brighthouse Financial (BHF)
Brighthouse Financial, Inc. (BHF) is a U.S.-based financial services company that specializes in providing annuity and life insurance products. Incorporated in 2016 and headquartered in Charlotte, North Carolina, the company primarily focuses on helping individuals and families achieve long-term financial security, protected wealth accumulation, and efficient wealth transfer.
The company's main offerings are segmented into Annuities and Life insurance. The Annuities segment provides a diverse range of products, including variable, fixed, index-linked, and income annuities, designed to meet contract holders' needs for tax-deferred wealth accumulation, wealth transfer strategies, and reliable income security, often for retirement planning. Concurrently, the Life segment offers various life insurance policies, such as term, universal, whole, and variable life, which provide policyholders with financial protection and a means for secure wealth transfer to beneficiaries.
Beyond these active product lines, Brighthouse Financial also manages a Run-off segment. This segment is responsible for administering existing long-term financial obligations, including structured settlements, pension risk transfer contracts, and certain company-owned life insurance policies, further establishing its role in managing diverse financial commitments within the U.S. market.
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1. Essentially, it's a version of MetLife specifically for individual annuities and life insurance.
2. Similar to Prudential Financial or Lincoln Financial Group, offering annuities and life insurance products for financial planning.
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- Annuities: Financial contracts designed for protected wealth accumulation, wealth transfer, and income security.
- Life Insurance: Policies providing financial security and protected wealth transfer to beneficiaries.
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Brighthouse Financial (BHF) primarily sells its annuity and life insurance products to individuals. Based on the services described, their major customer categories are:
- Individuals planning for or in retirement: These customers utilize annuities for protected wealth accumulation on a tax-deferred basis, as well as for securing future income streams and ensuring financial stability during their retirement years.
- Individuals and families seeking financial protection: This category includes customers who purchase various life insurance policies (term, universal, whole, and variable life) to provide financial security for their dependents and loved ones in the event of unforeseen circumstances.
- Individuals focused on wealth transfer and estate planning: Customers in this category use Brighthouse Financial's products, including certain annuities and life policies, to facilitate the efficient and protected transfer of wealth to beneficiaries, often as part of a broader estate planning strategy.
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Eric Steigerwalt, President and Chief Executive Officer
Eric Steigerwalt has served as the president and chief executive officer of Brighthouse Financial since the company's launch in 2016. Prior to Brighthouse Financial, he held multiple leadership roles at MetLife, Inc. over 18 years, including executive vice president of MetLife's U.S. Retail business from 2012 to 2016. Steigerwalt also served as MetLife's interim chief financial officer from 2011 to 2012, chief financial officer for MetLife's U.S. businesses from 2009 to 2011, and MetLife's treasurer from 2007 to 2009. He began his tenure at MetLife in 1998, managing many operational aspects of MetLife's demutualization and IPO, and became the company's first head of investor relations. Before joining MetLife, Steigerwalt worked in finance at Equitable Companies and as a derivatives trader at Fossett Corporation.
Edward Spehar, Executive Vice President and Chief Financial Officer
Edward (Ed) Spehar is executive vice president and chief financial officer for Brighthouse Financial, a role he assumed in August 2019 after joining in July 2019. In this role, Spehar is responsible for Brighthouse Financial's overall financial strategy, including financial planning and analysis, investor relations, accounting and reporting, treasury, actuarial, and expense management. Prior to joining Brighthouse Financial, Spehar was executive vice president and treasurer of MetLife, where he was responsible for the strategic management of financial resources. He joined MetLife in 2012 as senior vice president and head of investor relations and later served as the chief financial officer of MetLife's EMEA (Europe, Middle East, and Africa) segment. Before MetLife, Spehar spent 23 years as an equity research analyst covering the life insurance industry, including 19 years as a sell-side equity research analyst at Bank of America Merrill Lynch.
Myles J. Lambert, Executive Vice President and Chief Operating Officer
Myles J. Lambert was appointed Executive Vice President and Chief Operating Officer, effective August 30, 2025. He previously served as Executive Vice President and Chief Distribution and Marketing Officer since August 2017. In his new role, he oversees company operations while continuing to lead distribution, marketing, and corporate strategy.
John L. Rosenthal, Executive Vice President and Chief Investment Officer
As executive vice president and chief investment officer at Brighthouse Financial, John Rosenthal is responsible for the overall management of the company's investment portfolio. Prior to his current role, Rosenthal was EVP and head of global portfolio management at MetLife Investments. He held multiple leadership roles at MetLife over 32 years, including managing director of the investments institutional portfolio management business, co-head of fixed income and equity investments, and head of core securities.
Shelly Hemler, Executive Vice President and Chief Auditor
Shelly Hemler is executive vice president and chief auditor at Brighthouse Financial. In this role, she is responsible for providing independent assessments of the company's internal controls, risk management, and governance practices. Prior to her current role, Hemler served as vice president of internal audit at MetLife, where she was responsible for global financial, investments, and actuarial audit.
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Key Risks to Brighthouse Financial (BHF)
- Market and Financial Risks: Brighthouse Financial's profitability and financial condition are highly susceptible to fluctuations in financial markets. This includes interest rate changes, which can impact investment income, policy surrenders, and reserve strengthening, as well as equity market volatility and credit risks within its investment portfolio. These exposures can significantly affect the company's investment income and overall financial stability.
- Regulatory Changes and Legal Contingencies: The company operates in a heavily regulated financial services industry, making it vulnerable to changes in laws and regulations. Compliance with new or revised requirements can be costly and time-consuming, potentially affecting profitability and strategic initiatives. Additionally, Brighthouse Financial is involved in various legal proceedings, the uncertain outcomes of which could lead to substantial financial liabilities or operational restrictions and harm its reputation.
- Actuarial Assumption and Operational Risks: Brighthouse Financial faces risks stemming from discrepancies between its actual experience and the actuarial assumptions used to price its products and establish reserves. Deviations in claims, benefits, or persistency from these assumptions can adversely affect financial results and capitalization. Furthermore, the company is exposed to operational risks, including reliance on third-party service providers for critical functions and challenges in effectively managing and updating its product offerings.
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The rise of Insurtech companies poses a clear emerging threat to Brighthouse Financial, particularly within its Life segment. These technology-driven startups are disrupting traditional life insurance models by offering simplified, digital-first products, often with faster underwriting, lower fees, and enhanced customer experiences through online platforms and mobile applications. This challenges established insurers like Brighthouse by providing direct-to-consumer alternatives that bypass traditional agent networks and cater to digitally-native customer expectations, potentially eroding market share and profitability.
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The addressable markets for Brighthouse Financial's main products in the U.S. are as follows:
Annuities
The total U.S. annuity sales reached $461.3 billion in 2025.
Life Insurance
The U.S. life insurance market was valued at $765.38 billion in 2023 and is projected to reach $1,476.31 billion by 2032, with a compound annual growth rate (CAGR) of 7.1% from 2024 to 2032. Another projection indicates the U.S. life insurance market is expected to reach a revenue of $848.14 billion by 2027.
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Brighthouse Financial (BHF) anticipates several key drivers for future revenue growth over the next two to three years:
- Growth in Annuity Sales: The company expects continued strong performance in its annuity segment, particularly driven by its Shield Level Annuity products and the recently launched SecureKey fixed indexed annuity (FIA). Shield annuity sales saw a 20% year-over-year increase in the first quarter of 2024, and total annuity sales for the full year 2023 exceeded targets, reaching $10.6 billion. The introduction of SecureKey in November 2023 is intended to expand Brighthouse Financial's footprint in the fixed indexed annuity market.
- Expansion of Life Insurance Sales: Brighthouse Financial is focusing on growing its life insurance business. Life sales increased by 26% year-over-year in the first quarter of 2024, and full-year 2025 saw record life sales of $143 million, significantly driven by products like Brighthouse SmartCare. Management has noted persistent growth in total life insurance sales, reflecting the execution of their life insurance strategy.
- Increased Net Investment Income: Higher net investment income is expected to contribute to revenue growth. In the first quarter of 2024, adjusted net investment income rose 15.5% year-over-year, primarily attributed to alternative investment income, asset growth, and higher interest rates. This trend of increased net investment income due to asset growth and interest rates has been observed in recent quarters.
- Favorable Market Demand for Retirement Products: The broader market demand for annuities and retirement products is seen as a supportive factor. Analysts project Brighthouse Financial's revenue to grow significantly, with one forecast indicating a 24% annual growth rate over the next three years, compared to a 5.9% growth forecast for the overall U.S. insurance industry. This suggests an optimistic outlook for the company's core offerings within the retirement planning landscape.
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Capital Allocation Decisions for Brighthouse Financial (BHF) (Last 3-5 Years)
Share Repurchases
- Brighthouse Financial authorized a $1 billion stock repurchase program in August 2021.
- An additional $750 million share buyback program was authorized in November 2023.
- The company repurchased $250 million worth of shares in 2023 and $102 million year-to-date as of June 30, 2025.
Share Issuance
- The number of outstanding shares decreased from 77.87 million in 2021 to 57.15 million by the end of 2025, primarily due to ongoing share repurchase programs, rather than significant share issuances.
Inbound Investments
- In November 2025, an affiliate of Aquarian Capital LLC entered into a definitive merger agreement to acquire Brighthouse Financial for approximately $4.1 billion, with shareholders receiving $70.00 per share in cash.
- Brighthouse Financial stockholders approved the merger agreement in February 2026, and the transaction is expected to close in 2026.
Outbound Investments
- No significant outbound investments or acquisitions by Brighthouse Financial in other companies were identified within the last 3-5 years.
Capital Expenditures
- Specific dollar values for traditional capital expenditures are not readily available in the provided information.
- The company's focus on "capital efficiency and technology" suggests investment in these areas, but without explicit figures.
Peer Outperformance in Life & Health Insurance
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 23.3% | 69.0% | 130.6% | SPNT 170% · RGA 149% · RNR 140% |
| Investment Banking & Brokerage | 13 | -0.3% | 111.7% | 118.7% | IBKR 535% · SNEX 254% · GS 181% |
| Diversified Banks | 12 | 29.5% | 134.2% | 114.6% | CM 162% · JPM 156% · RY 149% |
| Life & Health Insurance ← | 20 | 7.1% | 55.5% | 103.2% | JXN 534% · UNM 361% · FG 204% |
| Multi-Sector Holdings | 4 | 4.1% | 48.9% | 84.6% | JONE 362% · VOYA 86% · BRK-B 83% |
| Property & Casualty Insurance | 42 | 7.9% | 66.0% | 66.2% | ASIC 2706900% · HRTG 404% · UVE 317% |
| Regional Banks | 265 | 24.0% | 91.9% | 64.7% | ESQ 367% · GCBC 309% · NBN 309% |
| Multi-line Insurance | 9 | 8.4% | 69.4% | 61.1% | GNW 194% · L 107% · SLF 102% |
| Financial Exchanges & Data | 15 | 0.0% | 17.3% | 31.2% | VIRT 185% · CBOE 134% · CME 80% |
| Diversified Financial Services | 4 | -6.0% | 23.2% | 30.6% | FRHC 177% · EQH 116% · TMS -55% |
| Consumer Finance | 30 | -0.1% | 90.1% | 25.6% | ENVA 427% · EZPW 312% · FCFS 164% |
| Insurance Brokers | 16 | -16.5% | -8.1% | 17.5% | LIFE 217% · ARX 88% · CRD-A 65% |
| Commercial & Residential Mortgage Finance | 15 | -46.0% | 25.3% | 12.1% | FNMA 446% · FMCC 415% · ACT 182% |
| Asset Management & Custody Banks | 85 | -11.3% | 16.4% | 11.7% | WT 351% · VCTR 281% · SII 278% |
| Specialized Finance | 3 | 11.2% | 42.6% | -5.7% | EFC 26% · CACC -6% · HASI -17% |
| Mortgage REITs | 33 | -12.6% | 7.5% | -20.2% | NREF 55% · RITM 42% · DX 33% |
| Diversified Capital Markets | 21 | -33.8% | 16.4% | -36.8% | OPY 204% · LPLA 131% · GOLD 82% |
| Transaction & Payment Processing Services | 16 | -0.2% | -6.9% | -45.5% | V 72% · MA 70% · CPAY 55% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.86 |
| Mkt Cap | 15.4 |
| Rev LTM | 19,338 |
| Op Inc LTM | - |
| FCF LTM | 1,578 |
| FCF 3Y Avg | 1,584 |
| CFO LTM | 1,604 |
| CFO 3Y Avg | 1,631 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | 13.1% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 11.2% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 11.0% |
| FCF/Rev 3Y Avg | 10.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Annuities | 3,638 | 1,932 | 944 | 5,492 | 4,903 |
| Run-off | 1,274 | 996 | 1,405 | -196 | 2,426 |
| Life | 1,149 | 1,113 | 1,199 | 1,182 | 1,633 |
| Corporate & Other | 705 | 683 | 569 | 395 | 77 |
| Adjustments | -4,063 | ||||
| Total | 6,766 | 4,724 | 4,117 | 6,873 | 4,976 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Annuities | 166,867 | 163,830 | 160,775 | 151,387 | 178,700 |
| Life | 27,494 | 26,261 | 25,504 | 22,556 | 24,514 |
| Run-off | 25,455 | 24,873 | 26,828 | 27,792 | 37,055 |
| Corporate & Other | 21,984 | 23,573 | 23,233 | 23,845 | 19,571 |
| Total | 241,800 | 238,537 | 236,340 | 225,580 | 259,840 |
Price Behavior
| Market Price | $49.84 | |
| Market Cap ($ Bil) | 2.9 | |
| First Trading Date | 07/17/2017 | |
| Distance from 52W High | -25.2% | |
| 50 Days | 200 Days | |
| DMA Price | $57.35 | $61.46 |
| DMA Trend | down | down |
| Distance from DMA | -13.1% | -18.9% |
| 3M | 1YR | |
| Volatility | 22.0% | 42.0% |
| Downside Capture | 145.68 | 24.69 |
| Upside Capture | 3.06 | 3.36 |
| Correlation (SPY) | 22.8% | 3.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.32 | 0.53 | 0.15 | 0.23 | 0.12 | 1.12 |
| Up Beta | 0.32 | 0.27 | 0.29 | 0.26 | 0.03 | 1.13 |
| Down Beta | 1.86 | -0.13 | -0.47 | -0.17 | -0.26 | 1.45 |
| Up Capture | 32% | 0% | -5% | 13% | 24% | 60% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 5 | 17 | 29 | 60 | 110 | 371 |
| Down Capture | 441% | 179% | 79% | 59% | 32% | 100% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 16 | 25 | 35 | 67 | 140 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHF | |
|---|---|---|---|---|
| BHF | 10.2% | 50.1% | 0.33 | - |
| Sector ETF (XLF) | 4.5% | 14.6% | 0.08 | 10.1% |
| Equity (SPY) | 18.2% | 13.0% | 1.01 | 3.8% |
| Gold (GLD) | 18.8% | 29.3% | 0.59 | -5.3% |
| Commodities (DBC) | 47.0% | 20.6% | 1.76 | -6.9% |
| Real Estate (VNQ) | 5.7% | 13.6% | 0.15 | 1.3% |
| Bitcoin (BTCUSD) | -31.0% | 44.4% | -0.71 | -0.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHF | |
|---|---|---|---|---|
| BHF | 2.6% | 42.7% | 0.18 | - |
| Sector ETF (XLF) | 9.8% | 18.4% | 0.40 | 61.5% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 50.8% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | -3.7% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 11.0% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 41.9% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.42 | 20.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHF | |
|---|---|---|---|---|
| BHF | -2.8% | 48.2% | 0.11 | - |
| Sector ETF (XLF) | 13.1% | 22.1% | 0.54 | 74.6% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 61.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -3.4% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 24.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 53.1% |
| Bitcoin (BTCUSD) | 62.7% | 66.2% | 1.03 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 0.5% | -3.3% | -13.2% |
| 5/6/2026 | -1.4% | -2.0% | 0.1% |
| 2/23/2026 | -1.1% | -4.2% | -3.6% |
| 11/7/2025 | -0.2% | -0.3% | -0.8% |
| 8/7/2025 | -3.4% | 1.3% | -5.8% |
| 5/8/2025 | 1.5% | 3.1% | 1.7% |
| 2/11/2025 | 0.0% | 7.7% | -8.9% |
| 11/7/2024 | -1.1% | 0.0% | -1.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 11 | 8 |
| # Negative | 17 | 13 | 16 |
| Median Positive | 1.5% | 2.6% | 7.1% |
| Median Negative | -3.6% | -6.5% | -6.0% |
| Max Positive | 7.0% | 16.5% | 10.5% |
| Max Negative | -12.8% | -12.6% | -22.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 0.5% | -3.3% | -13.2% |
| 5/6/2026 | -1.4% | -2.0% | 0.1% |
| 2/23/2026 | -1.1% | -4.2% | -3.6% |
| 11/7/2025 | -0.2% | -0.3% | -0.8% |
| 8/7/2025 | -3.4% | 1.3% | -5.8% |
| 5/8/2025 | 1.5% | 3.1% | 1.7% |
| 2/11/2025 | 0.0% | 7.7% | -8.9% |
| 11/7/2024 | -1.1% | 0.0% | -1.9% |
| 8/7/2024 | -5.0% | -6.8% | -4.8% |
| 5/7/2024 | -10.4% | -9.9% | -16.1% |
| 2/12/2024 | -12.8% | -10.9% | -10.9% |
| 11/7/2023 | -2.7% | 2.4% | 9.3% |
| 8/8/2023 | -7.1% | -12.6% | -10.5% |
| 5/8/2023 | -3.6% | -6.5% | 4.8% |
| 2/9/2023 | 0.0% | 2.6% | -22.0% |
| 11/7/2022 | -7.4% | -4.3% | -6.1% |
| 8/4/2022 | 6.2% | 16.5% | 10.3% |
| 5/9/2022 | -7.6% | -9.3% | -4.0% |
| 2/10/2022 | -4.7% | -7.4% | -21.7% |
| 11/4/2021 | 2.5% | 2.6% | -3.4% |
| 8/5/2021 | 7.0% | 9.2% | 10.5% |
| 5/10/2021 | -0.9% | 0.8% | -5.4% |
| 2/10/2021 | -3.3% | -5.2% | 6.5% |
| 11/5/2020 | -5.1% | 1.4% | 7.7% |
| SUMMARY STATS | |||
| # Positive | 7 | 11 | 8 |
| # Negative | 17 | 13 | 16 |
| Median Positive | 1.5% | 2.6% | 7.1% |
| Median Negative | -3.6% | -6.5% | -6.0% |
| Max Positive | 7.0% | 16.5% | 10.5% |
| Max Negative | -12.8% | -12.6% | -22.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
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Industry Resources
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| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
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| Insurance Business America |
| A.M. Best |
| National Underwriter |
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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