Risk factors

FDA’s Product Code QYX and evolving interpretations of cardiac-monitoring modalities sharpen regulatory and reimbursement uncertainty for Zio AT and other services.

New risks focus on office-market bifurcation and JLL’s financial resilience, including co-investments, debt, costs and receivables.

Adds dependence on third parties for critical inputs and operational services, with disruption potentially halting production.

2025 impairments include $28.8 million for MME and DHE tradenames and $43.0 million tied to ending the Abilene brand’s operations.

New risks cover financial-reporting controls and uncertainty in dividends and buybacks; three prior risks, including pandemic and share-sale risks, were dropped.

OBBB adds U.S. tax-law changes, including permanent extensions of some Tax Act provisions and modifications to international tax rules.

The Board’s January 2026 strategic-alternatives review, including a possible sale, may create uncertainty without producing a transaction.

RILA products are now included among products whose guaranteed-benefit liabilities move with markets and interest rates.

The antitrust case has advanced: discovery is complete and trial is scheduled for March 2, 2026; the risk text also adds a separate FTC ticketing-practices suit.

2024 U.S. births rose 1% year over year, but the company still warns of longer-term birth-rate declines.

Rezdiffra now has an EU conditional marketing authorization, with Germany launched and further EU pricing and reimbursement negotiations posing commercialization risks.

Brighthouse may enter a sale or other transaction that disrupts separation arrangements or creates financial, litigation or regulatory risks.