Brighthouse Financial sells annuities and life insurance to Americans, helping people turn savings into guaranteed retirement income or pass wealth to heirs—think of it as a paycheck factory for retirees. It also manages a legacy book of older policies no long
Money comes mainly from annuity premiums and investment spreads on those products; 2025 revenue was USD 6.21B with a 70.94% gross margin, though net margin was just 6.97%—a thin, volatile business tied to market swings and interest rates.
Distribution scale and a large in-force annuity book create switching costs, but competitors like MetLife and Prudential Financial offer similar products, and low-cost index funds from Vanguard and Fidelity pressure pricing—the moat is eroding as fee compressi
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