CHARLOTTE, N.C.--(BUSINESS WIRE)--Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that BlackRock, Inc. (“BlackRock”) has enlisted the company as one of two insurers to help deliver LifePath Paycheck™, a next-generation investment solution being developed by BlackRock that is designed to provide millions of American workers with simplified access to lifetime income throughout their retirement. LifePath Paycheck™ seeks to offer the simplicity and lifetime income stream of a defined benefit plan, combined with the flexibility and dynamism of a defined contribution plan.
“Brighthouse Financial is thrilled to work with BlackRock to deliver LifePath Paycheck,” said Eric Steigerwalt, president and CEO, Brighthouse Financial. “The purpose of LifePath Paycheck aligns with our mission at Brighthouse Financial to help people achieve financial security, and we look forward to expanding our relationship with BlackRock through this significant innovation in retirement investing.”
LifePath Paycheck™ is a target date strategy that will include an allocation to innovative annuity contracts, over time. In a significant breakthrough for the industry, these annuity contracts, to be issued by certain Brighthouse Financial insurance subsidiaries and another selected insurer, will not limit the daily liquidity of the target date strategy and will provide plan participants with the option to use a portion of their plan account balance at retirement to purchase fixed individual retirement annuities from the insurers that will provide guaranteed lifetime income. The solution will be available for U.S. employers to provide to their employees through their defined contribution retirement plans.
“We are very excited Brighthouse Financial is joining us in this effort to provide American workers with simplified access to lifetime income. The recent market volatility has been difficult for employees saving for retirement. Retirees need the tools to find financial security, without fear of running out of money or of market losses significantly eroding their retirement savings. For companies, helping workers save and invest for the long term is not just the right thing to do, it is critical for deepening the connection between them and their employees,” said Mark McCombe, BlackRock’s chief client officer.
Brighthouse Financial’s issuance of annuity products for the LifePath Paycheck™ solution is subject to certain approvals, including regulatory approval of the annuity products.
Note Regarding Forward-Looking Statements
This news release and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as “anticipate,” “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Risks, uncertainties and other factors that might cause such differences include the impact of the ongoing COVID-19 pandemic and the other risks, uncertainties and other factors identified in Brighthouse Financial’s most recent Annual Report on Form 10-K, particularly in the sections entitled “Risk Factors” and “Quantitative and Qualitative Disclosures About Market Risk,” as well as in Brighthouse Financial’s other subsequent filings with the U.S. Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and Brighthouse Financial does not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
About Brighthouse Financial, Inc.
Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,1 we specialize in products designed to help people protect what they’ve earned and ensure it lasts. Learn more at brighthousefinancial.com.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, clients turn to the firm for the solutions they need when planning for their most important goals. As of March 31, 2020, the firm managed approximately $6.47 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/corporate.
Brighthouse Financial® and its design are registered trademarks of Brighthouse Financial, Inc. and/or its affiliates. Annuities issued by and product guarantees are solely the responsibility of Brighthouse Life Insurance Company, Charlotte, NC 28277 and in New York only by Brighthouse Life Insurance Company of NY, New York, NY 10017. All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
1 Ranked by 2018 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. A.M. Best, 2019.