CHARLOTTE, N.C. - Brighthouse Financial , Inc. (NASDAQ:BHF), a major provider of annuities and life insurance in the United States, has announced the appointment of Michael J. Inserra and Lizabeth H. Zlatkus as independent members of its Board of Directors.
Both appointees have been designated as audit committee financial experts and will serve on the company's Audit Committee, with Inserra also joining the Investment Committee and Zlatkus the Finance and Risk Committee.
The addition of Inserra and Zlatkus is expected to bolster the board's expertise in the insurance and financial services sectors. Inserra brings over 37 years of experience from Ernst & Young LLP, where he held significant leadership roles, including senior vice chair and deputy managing partner of EY Americas.
He has also served as chief administrative officer of Moore Capital Management. Since retiring from EY, Inserra has consulted for private equity firms and has been a director of Brighthouse Life Insurance Company of NY since 2021.
Zlatkus's 28-year tenure at The Hartford Financial Services Group (NYSE:HIG), Inc. saw her in roles such as executive vice president and chief risk officer, and chief financial officer. Her experience extends to international wealth management and group benefits. Post-retirement, she has served on the boards of several public companies, including Pathward Financial, Inc. and AXIS Capital Holdings Limited.
C. Edward Chaplin, chairman of the Board at Brighthouse Financial, expressed confidence in the new members, stating, "Mike and Lizabeth each bring valuable experience ... along with strong leadership skills, financial expertise and deep knowledge of operations and risk management. We look forward to their contributions to our Board."
The appointments come as Brighthouse Financial continues its mission to provide financial security through its annuities and life insurance products. The company is recognized as one of the largest providers in the U.S. by admitted assets, according to AM Best's 2023 rankings.
This announcement is based on a press release statement from Brighthouse Financial, Inc.
InvestingPro Insights
As Brighthouse Financial (NASDAQ:BHF) welcomes new board members to enhance its governance and strategic oversight, the company's financial health and market performance remain a focal point for investors.
The management's aggressive share buyback strategy is a notable development, signaling confidence in the company's value proposition. This aligns with the expectation of net income growth for the year, as highlighted in one of the InvestingPro Tips, which suggests that analysts are optimistic about Brighthouse Financial's profitability prospects in the near term.
On the financial metrics front, Brighthouse Financial's market capitalization stands at $3.16 billion, reflecting the market's current valuation of the company. Despite facing challenges such as weak gross profit margins, with a gross profit of -$647 million and a margin of -14.46% over the last twelve months as of Q4 2023, the company's price/book ratio suggests that its stock is potentially undervalued at 0.64.
Moreover, the PEG ratio of 0.02 indicates that the company's earnings growth is expected to outpace its PE ratio, which could be a positive sign for future stock performance.
Investors should note that Brighthouse Financial does not pay a dividend, which could influence investment decisions for those seeking regular income streams. Nevertheless, the InvestingPro platform lists additional tips for Brighthouse Financial, providing deeper insights into the company's financial health and market expectations. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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