Brighthouse Financial, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in total revenues, which reached $2,018 million for the three months ended September 30, 2024, compared to $1,170 million for the same period in 2023. For the nine months ended September 30, 2024, total revenues were $3,519 million, up from $2,717 million in the prior year. This growth was driven by an increase in universal life and investment-type product policy fees, which rose to $560 million from $542 million year-over-year, and a rise in net investment income, which increased to $1,288 million from $1,202 million.

Despite the revenue growth, Brighthouse reported a net income of $178 million for Q3 2024, a decline from $481 million in Q3 2023. The net income available to common shareholders for the same quarter was $150 million, down from $453 million in the previous year. For the nine-month period, the company recorded a net loss of $360 million, compared to a loss of $272 million in 2023. The increase in total expenses for Q3 2024, which surged to $1,830 million from $580 million in 2023, significantly impacted profitability.

The company’s total investments rose to $118,854 million as of September 30, 2024, up from $115,456 million at the end of 2023. Cash and cash equivalents also increased to $5,630 million from $3,851 million during the same period. Total assets reached $245,156 million, compared to $236,340 million at the end of 2023, while total stockholders’ equity increased to $5,525 million from $4,943 million.

Brighthouse's performance across its segments showed mixed results. The Annuities segment reported pre-tax adjusted earnings of $403 million, while the Life segment experienced a pre-tax adjusted loss of $32 million. The Run-off segment saw a significant increase in pre-tax adjusted earnings to $584 million from $120 million in the previous year. The Corporate & Other segment reported a pre-tax adjusted earnings of $13 million.

Strategically, Brighthouse Financial repurchased 4,062,047 shares of common stock for $190 million during the nine months ended September 30, 2024, compared to 3,968,138 shares for the same period in 2023. The company has $603 million remaining under its common stock repurchase program. Additionally, Brighthouse Life Insurance Company established a secured funding agreement-backed repurchase agreement program in January 2024 to enhance liquidity.

Overall, while Brighthouse Financial demonstrated strong revenue growth and improved investment performance, it faced challenges in profitability due to rising expenses and losses in certain segments.