Brighthouse Financial

Brighthouse Financial, Inc. is an American insurance company, headquartered in Charlotte, North Carolina, that sells annuity and life insurance. Brighthouse 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).

History

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. 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. 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.

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". Upon completion of the separation, MetLife retained a 19.2% stake in the company. In 2018, MetLife divested its remaining interest through a debt-for-equity exchange with four financial institutions that owned MetLife debt.

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.

Products

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

Additional members of the management team include:

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

Chief Investment Officer John Rosenthal (formerly Senior Managing Director at MetLife),

Chief Marketing and Distribution Officer Myles Lambert (formerly Senior Vice President of MetLife’s Northeast Region for the MetLife Premier Client Group),

Chief Human Resources Officer Vonda Huss (formerly Executive Vice-President at Wells Fargo), and

General Counsel Allie Lin (formerly Senior Director and Counsel at AXA Equitable Life Insurance Company).

References

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MetLife
Companies based in Charlotte, North Carolina
Financial services companies established in 2016
American companies established in 2016
Corporate spin-offs
Companies listed on the Nasdaq
Companies in the S&P 400