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    Nicholas Annitto • Wells Fargo & Company

    Nicholas Annitto's questions to Brighthouse Financial Inc (BHF) leadership

    Nicholas Annitto's questions to Brighthouse Financial Inc (BHF) leadership • Q2 2025

    Question

    Nicholas Annitto of Wells Fargo asked if auditors would require Brighthouse to consider findings from independent actuarial reviews done as part of a rumored sales process. He also asked about the expected trend for the RBC ratio given the seasonal impact of C4 charges.

    Answer

    Executive VP & CFO Edward Spehar declined to comment on rumors and speculation regarding actuarial reviews. Regarding the RBC ratio, Spehar confirmed the seasonal pattern of the C4 charge but cautioned against extrapolating that single factor to project the overall RBC ratio for the year.

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    Nicholas Annitto's questions to Brighthouse Financial Inc (BHF) leadership • Q4 2024

    Question

    Nicholas Annitto asked for commentary on the competitive environment and dynamics in the RILA (Registered Index-Linked Annuities) business, noting the increasing number of competitors and new product launches.

    Answer

    Chief Distribution and Marketing Officer Myles Lambert responded that demand for RILAs remains high as customers seek investment with protection. He acknowledged the market has expanded with new distributors and product features but stated that Brighthouse feels great about its competitive position, citing a record year for Shield sales. He highlighted recent enhancements like Shield Level Play Plus (with an income rider) and the Step Rate Edge crediting strategy as key to their offering.

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    Nicholas Annitto's questions to Aflac Inc (AFL) leadership

    Nicholas Annitto's questions to Aflac Inc (AFL) leadership • Q1 2025

    Question

    Nicholas Annitto asked about the future use of Aflac's Bermuda reinsurance entity, particularly if a further appreciating yen would impact the company's ability or willingness to execute more balance sheet reinsurance transactions.

    Answer

    Max Broden, CFO, responded that the ability to execute reinsurance is not dependent on the ESR level. He explained that such transactions are structured to lower overall enterprise risk, which typically increases the ESR. He emphasized that reinsurance is one of several capital management tools and that the company is very comfortable with its current, above-target ESR ratio.

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    Nicholas Annitto's questions to Aflac Inc (AFL) leadership • Q3 2024

    Question

    Nicholas Annitto asked for details on the factors driving the strength in Aflac's U.S. persistency.

    Answer

    Virgil Miller, President of Aflac U.S., attributed the improved persistency to several factors. He cited a mix shift towards products with naturally higher persistency, like group life, disability, and cancer insurance. He also highlighted intentional efforts to increase policyholder value, such as enhancing wellness benefits and other policy features, which builds customer loyalty and retention.

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    Nicholas Annitto's questions to Equitable Holdings Inc (EQH) leadership

    Nicholas Annitto's questions to Equitable Holdings Inc (EQH) leadership • Q1 2025

    Question

    Nicholas Annitto of Wells Fargo asked for the source of management's confidence in its 2027 cash generation target of $2 billion, given the current outlook.

    Answer

    CFO Robin Raju expressed full confidence in the $2 billion target, noting it was based on a long-term 8% annual equity return. He clarified that the original guidance did not contemplate the AB ownership increase or the life reinsurance transaction, which he views as a favorable swap of earnings streams that supports the long-term cash flow profile.

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