Brighthouse Financial, Inc. (NASDAQ:BHF) Q3 2017 Earnings Conference Call Transcript

Nov 02, 2017 • 12:00 pm ET

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Brighthouse Financial, Inc. (NASDAQ:BHF) Q3 2017 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen, and welcome to the Brighthouse Financial's Third Quarter 2017 Earnings Conference Call. My name is Nicole, and I'll be your coordinator today.

(Operator Instructions)

I would like to turn the presentation over to David Rosenbaum, Head of Investor Relations. Mr. Rosenbaum, you may proceed.

Executive
David Rosenbaum

Thank you, operator. Good afternoon, and thank you for joining Brighthouse Financial's third quarter 2017 earnings call. Our earnings release and financial supplement were released last night and can be accessed on the Investor Relations section of our website at brighthousefinancial.com. We encourage you to review all of these materials.

Today, you will hear from Eric Steigerwalt, our President and Chief Executive Officer, followed by Anant Bhalla, our Chief Financial Officer. Following our prepared comments, we will open the call up for a question-and-answer period. Also here with us today to participate in the discussion are other members of senior management.

(Forward-Looking Cautionary Statements)

During this call, we will be discussing certain financial measures not based on generally accepted accounting principles, also known as non-GAAP measures. Reconciliations of these non-GAAP measures and related definitions to the most directly comparable GAAP measures may be found on the Investor Relations portion of our website, in our earnings release and in our financial supplement.

A reconciliation of non-GAAP forward-looking financial information to the most directly comparable GAAP measure has not been provided because Brighthouse Financial believes it is not possible to provide a reliable forecast of net investment income and net derivative gains and losses, which can fluctuate from period to period and may have a significant impact on net income.

And finally, references to statutory results are preliminary due to the timing of the filing of the statutory statement.

And now, I'll turn the call over to our CEO, Eric Steigerwalt.

Analyst
Erik Bass

Thank you, David, and good afternoon, everyone. Welcome to our first call as Brighthouse Financial. This is a meaningful milestone for us. Over the past 21 months, our team has worked tirelessly to transform Brighthouse Financial into a stand-alone company. These efforts culminated with our separation from MetLife on August 4 and our listing on the NASDAQ stock market on August 7. I would like to thank our employees for their incredible efforts throughout this separation process. I would also like to thank our policyholders and distribution partners for placing their trust in Brighthouse Financial.

Let me set the stage for the rest of my remarks by reiterating the key points of our strategy as an independent company. First, our goal is to offer a tailored set of annuity and life insurance solutions that are simple, transparent and provide value to advisers, clients and our shareholders. Second, we will deliver our products to clients through a broad network of independent distribution partners. And third, we aim to become a cost-competitive manufacturer over time. Our management team, our Board and our employees are focused on executing this strategy and delivering value to our shareholders.

A priority for us has been creating a recognizable brand