EX-12.1 6 d616927dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Brighthouse Financial, Inc.

Ratio of Earnings to Fixed Charges

 

                                                                                                                             
     Six Months Ended
June 30,		     Years Ended December 31,  
     2018     2017     2017     2016     2015     2014      2013  
     (In millions, except ratios)  

Income (loss) before provision for income tax

    $ (430 )    $ (269 )    $ (615 )    $ (4,705 )    $ 1,462     $ 1,528      $ 1,364  

Less: Undistributed income (loss) from equity investees

      30       38       46       7       (118 )      15        82  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Adjusted earnings before fixed charges

      (460 )      (307 )      (661 )      (4,712 )      1,580       1,513        1,282  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Add: Fixed charges

                

Interest and debt issue costs(1)

      70       82       153       175       170       201        266  

Interest credited to policyholder account balances

      536       559       1,111       1,165       1,259       1,278        1,376  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total fixed charges

      606       641       1,264       1,340       1,429       1,479        1,642  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total earnings and fixed charges

    $ 146     $ 334     $ 603     $ (3,372 )    $ 3,009     $ 2,992      $ 2,924  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Ratio of earnings to fixed charges(2)

      —         —         —         —         2.11       2.02        1.78  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

(1)

Interest costs related to variable interest entities for the six months ended June 30, 2018 and 2017 and for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 did not have a significant effect on the ratios for the periods presented.

 

(2)

Earnings for the six months ended June 30, 2018 and 2017 and the years ended December 31, 2017 and 2016 were inadequate to cover fixed charges at a 1:1 ratio by $460 million, $307 million, $661 million and $4,712 million, respectively.