Brighthouse Financial cited its annual actuarial review as a reason for its $169 million adjusted loss in the third quarter of 2019, the company said in a Monday press release.

The adjusted loss translated to a $1.52 loss per share, compared with $2.23 in earnings per share, or $270 million in net income in the third quarter of 2018.

The results fell short of an analyst’s third quarter estimates of $248 million in net income, or $2.19 of earnings per share, according to Bloomberg data.

The loss reflects $429 million in unfavorable notable items, including a $442 million unfavorable impact stemming from the company’s annual actuarial review. Brighthouse lowered its long-term mean reversion interest rate assumption from 4.25 percent to 3.75 percent, with no change to the 10-year mean reversion period.

Sales of annuities, a staple of Brighthouse’s business, were up 17 percent compared to the same quarter of 2018.

President and CEO Eric Steigerwalt said the company remains confident in its long-term strategy.

“Our sales remained strong, our hedging program continued to perform well, and we repurchased more of our common stock,” Steigerwalt said.

Headquarted in Charlotte, Brighthouse Financial is one of the largest providers of annuities and life insurances in the country.

Shares of the company closed at $41.05 Tuesday afternoon, up 98 cents.