v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity
10. Equity
Preferred Stock
Preferred stock shares authorized, issued and outstanding were as follows at both March 31, 2026 and December 31, 2025:
Shares Authorized
Shares Issued
Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A
17,000 
17,000 
17,000 
6.750% Non-Cumulative Preferred Stock, Series B
16,100 
16,100 
16,100 
5.375% Non-Cumulative Preferred Stock, Series C
23,000 
23,000 
23,000 
4.625% Non-Cumulative Preferred Stock, Series D
14,000 
14,000 
14,000 
Not designated
99,929,900 
— 
— 
Total
100,000,000 
70,100 
70,100 
The per share and aggregate dividends declared for BHF’s preferred stock by series were as follows:
Three Months Ended March 31,
20262025
SeriesPer Share AggregatePer ShareAggregate
(In millions, except per share data)
A
$412.50 $7 $412.50 $7 
B
$421.88 7 $421.88 7 
C
$335.94 8 $335.94 8 
D
$289.06 4 $289.06 4 
Total
$26 $26 
Common Stock Repurchase Program
The Company did not repurchase any shares of its common stock during the three months ended March 31, 2026. During the three months ended March 31, 2025, BHF repurchased 1,062,596 shares of its common stock through open market purchases, pursuant to Rule 10b5-1 plans, for $59 million. At March 31, 2026, BHF had $441 million remaining under its common stock repurchase program. Pursuant to the Merger Agreement, the Company has agreed that during the period beginning the date of the Merger Agreement through the earlier of the closing of the Merger and the termination of the Merger Agreement, it will not, subject to certain exceptions, purchase directly or indirectly any of BHF’s or its subsidiaries’ capital stock or other equity or voting interests of BHF or any of its subsidiaries.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI was as follows:
Three Months Ended March 31, 2026
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Unrealized Gains (Losses) on Derivatives
Changes in Nonperformance Risk on Market Risk Benefits
Changes in Discount Rates on the Liability for Future Policy Benefits
Other (2)
Total
(In millions)
Balance at December 31, 2025
$
(3,517)
$
177 
$(1,255)$888 
$
(22)
$
(3,729)
OCI before reclassifications
(968)
98 
110 199 
(7)
(568)
Deferred income tax benefit (expense) (3)
203 
(21)
(23)(42)
2 
119 
AOCI before reclassifications, net of income tax
(4,282)
254 
(1,168)
1,045 
(27)
(4,178)
Amounts reclassified from AOCI
25 
1 
— 
— 
1 
27 
Deferred income tax benefit (expense) (3)
(5)
— 
— — 
— 
(5)
Amounts reclassified from AOCI, net of income tax
20 
1 
— 
— 
1 
22 
Balance at March 31, 2026
$
(4,262)
$
255 
$
(1,168)
$
1,045 
$
(26)
$
(4,156)
Three Months Ended March 31, 2025
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Unrealized Gains (Losses) on Derivatives
Changes in Nonperformance Risk on Market Risk Benefits
Changes in Discount Rates on the Liability for Future Policy Benefits
Other (2)
Total
(In millions)
Balance at December 31, 2024
$
(5,137)
$
371 
$(1,603)$1,149 
$
(58)
$
(5,278)
OCI before reclassifications
928 
(17)
(27)(155)
15 
744 
Deferred income tax benefit (expense) (3)
(194)
4 
5 33 
(4)
(156)
AOCI before reclassifications, net of income tax
(4,403)
358 
(1,625)
1,027 
(47)
(4,690)
Amounts reclassified from AOCI
31 
(7)
— — 
2 
26 
Deferred income tax benefit (expense) (3)
(7)
1 
— — 
— 
(6)
Amounts reclassified from AOCI, net of income tax
24 
(6)
— 
— 
2 
20 
Balance at March 31, 2025
$
(4,379)
$
352 
$
(1,625)
$
1,027 
$
(45)
$
(4,670)
__________________
(1)See Note 7 for information on offsets to investments related to future policy benefits.
(2)Includes OCI related to foreign currency translation and defined benefit plan gains and losses.
(3)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.
Information regarding amounts reclassified out of each component of AOCI was as follows:
AOCI Components
Amounts Reclassified from AOCI
Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
Three Months Ended
March 31,
2026
2025
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)
$(23)$(25)
Net investment gains (losses)
Net unrealized investment gains (losses)
(2)(6)
Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(25)
(31)
Income tax (expense) benefit
5 7 
Net unrealized investment gains (losses), net of income tax
(20)
(24)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps
— 3 
Net derivative gains (losses)
Interest rate swaps
1 1 
Net investment income
Foreign currency swaps
(2)3 
Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax
(1)
7 
Income tax (expense) benefit
— 
(1)
Gains (losses) on cash flow hedges, net of income tax
(1)
6 
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)
(1)(2)
Amortization of defined benefit plans, before income tax
(1)(2)
Income tax (expense) benefit
— — 
Amortization of defined benefit plans, net of income tax
(1)
(2)
Total reclassifications, net of income tax
$(22)$(20)