Brighthouse Financial Inc. reported net income available to shareholders of $453 million, or $7.9 per diluted share, for the third quarter ended September 30, 2025, compared to $150 million, or $2.5 per diluted share, in the same period of 2024. Adjusted earnings were $970 million, or $16.9 per share, up from $767 million, or $12.6 per share, a year earlier. Adjusted earnings, less notable items, totaled $261 million, or $4.5 per share, compared to $243 million, or $4.0 per share, in the third quarter of 2024. The company reported a book value of $4.7 billion, or $81.6 per common share, and book value excluding accumulated other comprehensive income of $8.7 billion, or $151.9 per common share. Brighthouse Financial also completed the separation of its legacy variable annuity and first-generation Shield business, and reported an estimated combined RBC ratio of 435% to 455%. Sales of Shield Level Annuities increased 3% year-over-year, while life sales rose 27% quarter-over-quarter, 15% sequentially, and 23% year-to-date compared to the same period in 2024. The company announced a transaction with Aquarian Capital during the quarter.