Myles Lambert, Executive Vice President and Chief Marketing and Distribution Officer at Brighthouse Financial , Inc. (NASDAQ:BHF), a $3 billion market cap insurance company, recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Lambert sold a total of 8,400 shares of Brighthouse Financial's common stock on December 3, 2024. InvestingPro data shows the company maintains strong liquidity with a current ratio of 1.66x.
The shares were sold at prices ranging from $51.13 to $52.46 per share, resulting in a total transaction value of approximately $434,307. After these transactions, Lambert retains ownership of 33,407 shares in the company. According to InvestingPro analysis, the stock appears undervalued at current trading levels near $50.80.
These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which Lambert adopted earlier this year on February 27, 2024. Notably, while this insider has reduced holdings, InvestingPro analysis reveals management has been actively buying back shares, with additional insights available in the comprehensive Pro Research Report covering this stock.
In other recent news, Brighthouse Financial announced its Q3 2024 earnings results. Despite a drop in adjusted earnings to $243 million, the company highlighted its robust capital position and sales growth in annuity and life insurance products. Brighthouse Financial is targeting to restore its risk-based capital (RBC) ratio to between 400%-450%, currently estimated at 365%-385%. The company is also finalizing a reinsurance agreement expected to enhance the RBC ratio.
Brighthouse Financial's liquid assets stood at $1.3 billion, with $64 million in stock repurchased in Q3. Year-to-date annuity sales hit $7.8 billion, marking a 15% increase in Shield Annuity products, and life insurance sales grew by 19% to $87 million. The company is optimistic about its financial standing and is focused on simplifying its hedging strategy. It expects to improve its RBC ratio with the completion of a reinsurance agreement for legacy annuities by year-end and anticipates a potential flow reinsurance deal in 2025 to further mitigate new business strain.
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