Brighthouse Financial is one of the largest U.S. annuity and life insurance providers, with over 2 million contracts and policies in force. The core business is manufacturing and distributing annuity and life insurance products to retail customers seeking retirement savings, income, and wealth protection. The flagship product is the Shield Annuity, a registered index-linked annuity (RILA) that lets customers participate in equity index gains up to a cap while providing downside protection — essentially a middle ground between fixed and variable annuities. Shield generates roughly $8B in annual deposits and accounts for about 30% of total annuity account value. Beyond Shield, Brighthouse sells variable annuities, fixed and fixed-index annuities, income annuities, and life insurance products including a hybrid life/long-term care product. Brighthouse distributes exclusively through independent third-party channels — broker-dealers, banks, and independent financial planners — with no captive distribution force. The top five annuity distributors account for roughly 58% of annuity deposits. Brighthouse earns money through fee income on variable and Shield annuities, spread income on general account products, underwriting margin on life insurance, and alternative investment income. A key challenge is managing the capital demands of the legacy variable annuity in-force block, which carries substantial guaranteed minimum benefits sensitive to equity markets and interest rates. Brighthouse is also expanding into the institutional retirement channel through a partnership with BlackRock on the LifePath Paycheck product, an income annuity solution embedded within defined contribution plans.