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Document and Entity Information - USD ($)	3 Months Ended
Document and Entity Information - USD ($)	Mar. 31, 2018	May 09, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	BRIGHTHOUSE FINANCIAL, INC.
Entity Central Index Key	0001685040
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		119,773,106

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $60,029 and $60,173, respectively)	$ 63,178	$ 64,991
Equity securities, at estimated fair value (cost: $142 and $142, respectively)	160	161
Mortgage loans (net of valuation allowances of $49 and $47, respectively; includes $105 and $115, respectively, at estimated fair value, relating to variable interest entities)	11,308	10,742
Policy loans	1,517	1,523
Real estate joint ventures	441	433
Other limited partnership interests	1,700	1,669
Short-term investments, principally at estimated fair value	293	312
Other invested assets, principally at estimated fair value	2,452	2,507
Total investments	81,049	82,338
Cash and cash equivalents, principally at estimated fair value	1,888	1,857
Accrued investment income (includes $1 and $1, respectively, relating to variable interest entities)	640	601
Premiums, reinsurance and other receivables	13,527	13,525
Deferred policy acquisition costs and value of business acquired	6,083	6,286
Current income tax recoverable	832	740
Other assets	593	588
Separate account assets	114,385	118,257
Total assets	218,997	224,192
Liabilities
Future policy benefits	36,223	36,616
Policyholder account balances	37,940	37,783
Other policy-related balances	2,991	2,985
Payables for collateral under securities loaned and other transactions	4,244	4,169
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	3,609	3,612
Deferred income tax liability	752	927
Other liabilities	5,180	5,263
Separate account liabilities	114,385	118,257
Total liabilities	205,324	209,612
Contingencies, Commitments and Guarantees (Note 10)
Brighthouse Financial, Inc.’s stockholders’ equity:
Common stock par value $0.01 per share; 1,000,000,000 shares authorized; 119,773,106 shares issued and outstanding	1	1
Additional paid-in capital	12,432	12,432
Retained earnings	374	406
Accumulated other comprehensive income (loss)	801	1,676
Total Brighthouse Financial, Inc.’s stockholders’ equity	13,608	14,515
Noncontrolling interests	65	65
Total equity	13,673	14,580
Total liabilities and equity	$ 218,997	$ 224,192

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 60,029	$ 60,173
Cost of equity securities available-for-sale	142	142
Mortgage loans valuation allowances	49	47
Mortgage loans, at estimated fair value, relating to variable interest entities	11,308	10,742
Accrued investment income relating to variable interest entities	640	601
Liabilities
Long-term debt, at estimated fair value, relating to variable interest entities	$ 3,609	$ 3,612
Brighthouse Financial, Inc.’s stockholders’ equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	119,773,106	119,773,106
Common stock, shares outstanding	119,773,106	119,773,106
Variable interest entities
Assets
Mortgage loans, at estimated fair value, relating to variable interest entities	$ 105	$ 115
Accrued investment income relating to variable interest entities	1	1
Liabilities
Long-term debt, at estimated fair value, relating to variable interest entities	$ 8	$ 11

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Basic	$ (0.56)
Revenues
Premiums	$ 229	$ 176
Universal life and investment-type product policy fees	1,002	953
Net investment income	817	782
Other revenues	105	74
Net investment gains (losses):
Other net investment gains (losses)	(4)	(55)
Total net investment gains (losses)	(4)	(55)
Net derivative gains (losses)	(334)	(965)
Total revenues	1,815	965
Expenses
Policyholder benefits and claims	738	864
Interest credited to policyholder account balances	267	275
Amortization of deferred policy acquisition costs and value of business acquired	305	(148)
Other expenses	618	564
Total expenses	1,928	1,555
Income (loss) from continuing operations before provision for income tax	(113)	(590)
Provision for income tax expense (benefit)	(48)	(241)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(65)	(349)
Net Income (Loss) Attributable to Noncontrolling Interest	2	0
Net income (loss)	(67)	(349)
Comprehensive income (loss)	(927)	(108)
Noncontrolling Interest, Period Increase (Decrease)	2	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (925)	$ (108)
Pro Forma
Earnings Per Share, Basic		$ (2.91)

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Shareholder's net investment [Member]	Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss)	Parent [Member]	Noncontrolling Interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 14,862							$ 0
Beginning Balance at Dec. 31, 2016		$ 13,597	$ 0	$ 0	$ 0	$ 1,265	$ 14,862
Change in shareholders Net Investment	362	362					362
Net income (loss)	(349)	(349)					(349)	0
Net Income (Loss) Attributable to Noncontrolling Interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(349)
Other comprehensive income (loss), net of income tax	241					241	241
Ending Balance at Mar. 31, 2017		13,610	0	0	0	1,506	15,116
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	15,116							0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest \| Restatement Adjustment [Member]	14,600							65
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	14,580							65
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	20				35	(15)	20
Beginning Balance (Restatement Adjustment [Member])		0	1	12,432	441	1,661	14,535
Beginning Balance at Dec. 31, 2017	14,515	0	1	12,432	406	1,676	14,515
Net income (loss)	(67)				(67)		(67)
Net Income (Loss) Attributable to Noncontrolling Interest	2							2
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(65)
Noncontrolling Interest, Period Increase (Decrease)	(2)						0	(2)
Other comprehensive income (loss), net of income tax	(860)					(860)	(860)
Ending Balance at Mar. 31, 2018	13,608	$ 0	$ 1	$ 12,432	$ 374	801	$ 13,608
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 13,673							$ 65
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						$ 15

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 291	$ 360
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	4,057	3,224
Sales, maturities and repayments of equity securities	6	25
Sales, maturities and repayments of mortgage loans	169	144
Sales, maturities and repayments of real estate and real estate joint ventures	74	11
Sales, maturities and repayments of other limited partnership interests	42	110
Purchases of fixed maturity securities	(3,804)	(2,574)
Purchases of equity securities	(1)	(3)
Purchases of mortgage loans	(739)	(622)
Purchases of real estate and real estate joint ventures	(15)	(35)
Purchases of other limited partnership interests	(38)	(57)
Cash received in connection with freestanding derivatives	712	1,310
Cash paid in connection with freestanding derivatives	(1,414)	(1,850)
Net change in policy loans	7	5
Net change in short-term investments	19	271
Net change in other invested assets	22	19
Net cash provided by (used in) investing activities	(903)	(22)
Cash flows from financing activities
Policyholder account balances: Deposits	1,516	1,179
Policyholder account balances: Withdrawals	(772)	(1,019)
Net change in payables for collateral under securities loaned and other transactions	75	(139)
Long-term debt repaid	(3)	(3)
Cash received from MetLife, Inc. in connection with shareholder's net investment	0	24
Cash paid to MetLife, Inc. in connection with shareholder's net investment	0	(20)
Financing element on certain derivative instruments and other derivative related transactions, net	(157)	224
Other, net	(16)	0
Net cash provided by (used in) financing activities	643	246
Change in cash, cash equivalents and restricted cash	31	584
Cash, cash equivalents and restricted cash, beginning of period	1,857	5,228
Cash, cash equivalents and restricted cash, end of period	1,888	5,812
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	8	34
Net cash paid (received) for income tax	0	7
Non-cash transactions:
Transfer of fixed maturity securities to former affiliates	0	293
Reduction of policyholder account balances in connection with reinsurance transactions	$ 0	$ 293

Business, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“Brighthouse” and the “Company” refer to Brighthouse Financial, Inc. and its subsidiaries. Brighthouse Financial, Inc. is a holding company formed to own the legal entities that historically operated a substantial portion of the former Retail segment of MetLife, Inc. (together with its subsidiaries and affiliates, “MetLife”). Brighthouse Financial, Inc. was incorporated in Delaware on August 1, 2016 in preparation for MetLife, Inc.’s separation of a substantial portion of its former Retail segment, as well as certain portions of its Corporate Benefit Funding segment (the “Separation”), which was completed on August 4, 2017.

In connection with the Separation, 80.8% of MetLife, Inc.’s interest in Brighthouse Financial, Inc. was distributed to holders of MetLife, Inc.’s common stock and MetLife, Inc. retained the remaining 19.2%. As a result, MetLife, Inc. and its subsidiaries are considered related parties.

The Company offers a range of individual annuities and individual life insurance products. The Company reports results through three segments: Annuities, Life and Run-off. In addition, the Company reports certain of its results in Corporate & Other.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated and combined financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation

The financial statements presented in this quarterly report for periods on or after the Separation are presented on a consolidated basis and include the financial position, results of operations and cash flows of the Company. The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.

Combination

The financial statements for the periods prior to the Separation are presented on a combined basis and reflect the historical combined results of operations and cash flows for the periods presented. The combined statement of operations reflects certain corporate expenses allocated to the Company by MetLife for certain corporate functions and for shared services provided by MetLife. These expenses have been allocated to the Company based on direct usage or benefit where specifically identifiable, with the remainder allocated based upon other reasonable allocation measures. The Company considers the expense methodology and results to be reasonable for all periods presented. See Note 11 for further information on expenses allocated by MetLife.

The Company previously recorded affiliated transactions with certain MetLife subsidiaries which were not included in the combined financial statements of the Company.

The income tax amounts in these combined financial statements have been calculated based on a modified separate return methodology, with benefits for losses, and presented as if each company was a separate taxpayer in its respective jurisdiction.

The historical financial results in the combined financial statements presented may not be indicative of the results that would have been achieved by the Company had it operated as a separate, stand-alone entity during the periods presented. The combined financial statements presented do not reflect any changes that may occur in the Company’s financing and operations in connection with or as a result of the Separation. Management believes that the combined financial statements include all adjustments necessary for a fair presentation of the business.

Reclassifications

Certain amounts in the prior year periods’ interim condensed consolidated and combined financial statements and related footnotes thereto have been reclassified to conform to the 2018 presentation as discussed throughout the Notes to the Interim Condensed Consolidated and Combined Financial Statements.

The accompanying interim condensed consolidated and combined financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2017 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined financial statements of the Company included in the 2017 Annual Report.

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements. The following table provides a description of new ASUs issued by the FASB and the expected impact of the adoption on the Company’s financial statements.

ASUs adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities	The new guidance changes the current accounting guidance related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option (“FVO”) that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Additionally, there will no longer be a requirement to assess equity securities for impairment since such securities will be measured at fair value through net income.	January 1, 2018 using the modified retrospective method	The Company 1) reclassified net unrealized gains related to equity securities previously classified as available-for-sale from accumulated other comprehensive income (“AOCI”) to retained earnings and 2) increased the carrying value of equity investments previously accounted for under the cost method to estimated fair value. The cumulative effect of the adoption is a net increase to retained earnings of $38 million and a net decrease of $15 million to AOCI, after taxes.
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	For those contracts that are impacted, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services.	January 1, 2018 using the modified retrospective method	The adoption did not have an impact on the Company’s financial statements other than expanded disclosures in Note 8.

ASUs issued but not yet adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities	The amendments to Topic 815 (i) refine and expand the criteria for achieving hedge accounting on certain hedging strategies, (ii) require the earnings effect of the hedging instrument be presented in the same line item in which the earnings effect of the hedged item is reported, and (iii) eliminate the requirement to separately measure and report hedge ineffectiveness.	January 1, 2019 using modified retrospective method (with early adoption permitted)	The Company does not expect a material impact on its financial statements from adoption of the new guidance.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than- temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method (with early adoption permitted beginning January 1, 2019)	The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.
ASU 2016-02, Leases - Topic 842	The new guidance will require a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Leases would be classified as finance or operating leases and both types of leases will be recognized on the balance sheet. Lessor accounting will remain largely unchanged from current guidance except for certain targeted changes. The amendments also require new qualitative and quantitative disclosures.	January 1, 2019 using the modified retrospective method (with early adoption permitted)	The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be a gross-up of certain lease assets and liabilities on the balance sheet.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.

Annuities

The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.

Life

The Life segment consists of insurance products and services, including term, whole, universal and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.

Run-off

The Run-off segment consists of products no longer actively sold and which are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements and universal life with secondary guarantees.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes the elimination of intersegment amounts, long term care and workers compensation business reinsured through 100% quota share reinsurance agreements, and term life insurance sold direct to consumers, which is no longer being offered for new sales.

Financial Measures and Segment Accounting Policies

Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by the investor community. Adjusted earnings should not be viewed as a substitute for net income (loss) available to Brighthouse Financial, Inc.’s common shareholders, and excludes net income (loss) attributable to noncontrolling interests.

Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, as well as businesses that have been or will be sold or exited by the Company, referred to as divested businesses.

The following are the significant items excluded from total revenues, net of income tax, in calculating adjusted earnings:


•	Net investment gains (losses);


•	Net derivative gains (losses) except earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and


•	Amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”).

The following are the significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:


•	Amounts associated with benefits and hedging costs related to GMIBs (“GMIB Costs”);


•	Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and


•	Amortization of deferred policy acquisition cost (“DAC”) and value of business acquired (“VOBA”) related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.

The tax impact of the adjustments mentioned above are calculated net of the U.S. statutory tax rate, which could differ from the Company’s effective tax rate.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months ended March 31, 2018 and 2017 and at March 31, 2018 and December 31, 2017. The segment accounting policies are the same as those used to prepare the Company’s condensed consolidated and combined financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

Beginning in the first quarter of 2018, the Company changed the methodology for how capital is allocated to segments and, in some cases, products (the “Portfolio Realignment”). Segment investment and capitalization targets are now based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy discussed in the 2017 Annual Report. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.

Previously, invested assets held in the segments were based on net GAAP liabilities. Excess capital was retained in Corporate & Other and allocated to segments based on an internally developed statistics based capital model intended to capture the material risks to which the Company was exposed (referred to as “allocated equity”). Surplus assets in excess of the combined allocations to the segments were held in Corporate & Other with net investment income being credited back to the segments at a predetermined rate. Any excess or shortfall in net investment income from surplus assets was recognized in Corporate & Other.

The Portfolio Realignment had no effect on the Company’s consolidated net income (loss) or adjusted earnings, but it did impact segment results for the three months ended March 31, 2018. It was not practicable to determine the impact of the Portfolio Realignment to adjusted earnings in prior periods; however, the Company estimates that pre-tax adjusted earnings in the Life segment for the three months ended March 31, 2018 increased between $30 million and $35 million as a result of the change, with most of the offsetting impact in the Run-off segment. Impacts to the Annuities and Corporate & Other segments would not have been significantly different under the previous allocation method.

In addition, the total assets recognized in the segments changed as a result of the Portfolio Realignment. Total assets (on a book value basis) in the Annuities and Life segments increased approximately $2 billion and approximately $5 billion, respectively, under the new allocation method. The Run-off and Corporate & Other segments experienced decreases in total assets of approximately $3 billion and approximately $4 billion, respectively, as a result of the Portfolio Realignment.



	Operating Results
Three Months Ended March 31, 2018	Annuities		Life		Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	272	$	81	$	63	$	(86	)	$	330
Provision for income tax expense (benefit)	46		15		13		(29		)	45
Post-tax adjusted earnings	226		66		50		(57		)	285
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2			2
Adjusted earnings	$	226	$	66	$	50	$	(59	)	283
Adjustments for:
Net investment gains (losses)										(4		)
Net derivative gains (losses)										(334		)
Other adjustments to net income										(105		)
Provision for income tax (expense) benefit										93
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders										$	(67	)

Interest revenue	$	363	$	108	$	343	$	11
Interest expense	$	—	$	—	$	—	$	37



	Operating Results
Three Months Ended March 31, 2017	Annuities		Life			Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	310	$	(15	)	$	74	$	23	$	392
Provision for income tax expense (benefit)	82		(8		)	25		13		112
Post-tax adjusted earnings	228		(7		)	49		10		280
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—		—
Adjusted earnings	$	228	$	(7	)	$	49	$	10	280
Adjustments for:
Net investment gains (losses)										(55		)
Net derivative gains (losses)										(965		)
Other adjustments to net income										38
Provision for income tax (expense) benefit										353
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders										$	(349	)

Interest revenue	$	327	$	107		$	358	$	66
Interest expense	$	—	$	—		$	15	$	30

The following table presents total revenues with respect to the Company’s segments, as well as Corporate & Other:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Annuities	$	1,147		$	1,074
Life	369			290
Run-off	548			539
Corporate & Other	34			89
Adjustments	(283		)	(1,027		)
Total	$	1,815		$	965

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:



	March 31, 2018		December 31, 2017
	(In millions)
Annuities	$	154,020	$	154,667
Life	21,295		18,049
Run-off	34,028		36,824
Corporate & Other	9,654		14,652
Total	$	218,997	$	224,192

Insurance

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report, the Company issues variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 5.

The Company also issues universal and variable life contracts where the Company contractually guarantees to the contract holder a secondary guarantee.

Information regarding the Company’s guarantee exposure was as follows at:



	March 31, 2018						December 31, 2017
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	111,311		$	64,672		$	115,147		$	67,110
Separate account value	$	106,011		$	63,369		$	109,792		$	65,782
Net amount at risk	$	6,256	(4)	$	2,852	(5)	$	5,261	(4)	$	2,642	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	March 31, 2018		December 31, 2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,187	$	6,244
Net amount at risk (6)	$	74,755	$	75,304
Average attained age of policyholders	64 years		64 years

Variable Life Contracts
Total account value (3)	$	3,387	$	3,379
Net amount at risk (6)	$	24,327	$	24,546
Average attained age of policyholders	49 years		49 years

__________________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)

Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report for a discussion of guaranteed minimum benefits which have been reinsured.


(3)	Includes the contract holder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contract holders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contract holders have achieved.


(6)	Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Investments

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

See Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale (“AFS”)

Fixed Maturity Securities AFS by Sector

The following table presents the fixed maturity securities AFS by sector at:



	March 31, 2018											December 31, 2017
	Amortized Cost		Gross Unrealized							Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities: (2)
U.S. corporate	$	22,187	$	1,346	$	281	$	—		$	23,252	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	12,719		1,461		222		—			13,958		14,548		1,862		118		—			16,292
RMBS	7,817		252		156		(2		)	7,915		7,749		285		60		(3		)	7,977
Foreign corporate	6,717		295		96		—			6,916		6,703		386		66		—			7,023
State and political subdivision	3,629		476		17		—			4,088		3,635		553		6		1			4,181
CMBS	3,879		19		59		(1		)	3,840		3,386		53		17		(1		)	3,423
ABS	1,886		19		3		—			1,902		1,810		21		2		—			1,829
Foreign government	1,195		124		12		—			1,307		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,029	$	3,992	$	846	$	(3	)	$	63,178	$	60,173	$	5,180	$	365	$	(3	)	$	64,991

__________________


(1)	Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”


(2)	Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

The Company held non-income producing fixed maturity securities with an estimated fair value of $4 million and $4 million with unrealized gains (losses) of less than ($1) million and ($2) million at March 31, 2018 and December 31, 2017, respectively.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,778	$	9,007	$	11,976	$	23,686	$	13,582	$	60,029
Estimated fair value	$	1,781	$	9,251	$	12,039	$	26,450	$	13,657	$	63,178

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at:



	March 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	6,976	$	173	$	1,318	$	108	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	4,169		95		1,351		127		4,962		38		1,573		80
RMBS	3,280		83		1,201		71		2,367		14		1,332		43
Foreign corporate	1,769		38		511		58		637		8		603		58
State and political subdivision	463		10		102		7		170		3		106		4
CMBS	2,420		40		362		18		619		6		335		10
ABS	395		2		40		1		170		—		74		2
Foreign government	329		9		67		3		155		2		69		2
Total fixed maturity securities	$	19,801	$	450	$	4,952	$	393	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	2,125				602				911				638

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment, evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic loss or has exhausted natural resources; (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers; (vii) with respect to Structured Securities, changes in forecasted cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security; (viii) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated fixed maturity securities that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies.

Current Period Evaluation

Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at March 31, 2018.

Gross unrealized losses on fixed maturity securities increased $481 million during the three months ended March 31, 2018 to $843 million. The increase in gross unrealized losses for the three months ended March 31, 2018 was primarily attributable to increasing longer-term interest rates.

At March 31, 2018, $5 million of the total $843 million of gross unrealized losses were from nine fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	March 31, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	7,629		67.5	%	$	7,260		67.5	%
Agricultural	2,435			21.5		2,276			21.2
Residential	1,188			10.5		1,138			10.6
Subtotal (1)	11,252			99.5		10,674			99.3
Valuation allowances (2)	(49		)	(0.4	)	(47		)	(0.4	)
Subtotal mortgage loans, net	11,203			99.1		10,627			98.9
Commercial mortgage loans held by CSEs — FVO	105			0.9		115			1.1
Total mortgage loans, net	$	11,308		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $86 million and $420 million at March 31, 2018 and December 31, 2017, respectively, and were primarily comprised of residential mortgage loans.


(2)	The valuation allowances were primarily from collective evaluation (non-specific loan related).

See “— Variable Interest Entities” for discussion of consolidated securitization entities (“CSEs”).

Information on commercial, agricultural and residential mortgage loans is presented in the tables below. Information on residential — FVO and commercial mortgage loans held by CSEs — FVO is presented in Note 6. The Company elects the FVO for certain mortgage loans and related long-term debt that are managed on a total return basis.

Valuation Allowance Methodology

Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Specific valuation allowances are established using the same methodology for all three portfolio segments as the excess carrying value of a loan over either (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. A common evaluation framework is used for establishing non-specific valuation allowances for all loan portfolio segments; however, a separate non-specific valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs unique to each loan portfolio segment. Non-specific valuation allowances are established for pools of loans with similar risk characteristics where a property-specific or market-specific risk has not been identified, but for which the Company expects to incur a credit loss. These evaluations are based upon several loan portfolio segment-specific factors, including the Company’s experience for loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available.

Credit Quality of Commercial Mortgage Loans

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
March 31, 2018
Loan-to-value ratios:
Less than 65%	$	6,658	$	238	$	33	$	6,929	90.8	%	$	6,995	91.0	%
65% to 75%	578		—		38		616		8.1		611		7.9
76% to 80%	19		32		33		84		1.1		81		1.1
Total	$	7,255	$	270	$	104	$	7,629	100.0	%	$	7,687	100.0	%

December 31, 2017
Loan-to-value ratios:
Less than 65%	$	6,194	$	293	$	33	$	6,520	89.8	%	$	6,681	90.0	%
65% to 75%	642		—		14		656		9.0		658		8.9
76% to 80%	42		—		9		51		0.7		50		0.7
Greater than 80%	—		9		24		33		0.5		30		0.4
Total	$	6,878	$	302	$	80	$	7,260	100.0	%	$	7,419	100.0	%

Credit Quality of Agricultural Mortgage Loans

The credit quality of agricultural mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,286	93.9	%	$	2,113	92.8	%
65% to 75%	149		6.1		163		7.2
Total	$	2,435	100.0	%	$	2,276	100.0	%

The estimated fair value of agricultural mortgage loans was $2.4 billion and $2.3 billion at March 31, 2018 and December 31, 2017, respectively.

Credit Quality of Residential Mortgage Loans

The credit quality of residential mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,162	97.8	%	$	1,106	97.2	%
Nonperforming	26		2.2		32		2.8
Total	$	1,188	100.0	%	$	1,138	100.0	%

The estimated fair value of residential mortgage loans was $1.2 billion at both March 31, 2018 and December 31, 2017.

Past Due, Nonaccrual and Modified Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with over 99% of all mortgage loans classified as performing at both March 31, 2018 and December 31, 2017. The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. The Company had no commercial or agricultural mortgage loans past due and no commercial or agricultural mortgage loans in nonaccrual status at either March 31, 2018 or December 31, 2017. The recorded investment of residential mortgage loans past due and in nonaccrual status was $26 million and $32 million at March 31, 2018 and December 31, 2017, respectively. During the three months ended March 31, 2018 and 2017, the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring.

Cash Equivalents

The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $1.4 billion at both March 31, 2018 and December 31, 2017.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity and equity securities and the effect on DAC, VOBA, deferred sales inducements (“DSI”) and future policy benefits, that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI.

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	March 31, 2018			December 31, 2017
	(In millions)
Fixed maturity securities	$	3,138		$	4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	2			2
Total fixed maturity securities	3,140			4,808
Equity securities	—			39
Derivatives	155			239
Other	(10		)	(8		)
Subtotal	3,285			5,078
Amounts allocated from:
Future policy benefits	(1,981		)	(2,626		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(8		)	(2		)
DAC, VOBA and DSI	(225		)	(265		)
Subtotal	(2,214		)	(2,893		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2			—
Deferred income tax benefit (expense)	(227		)	(459		)
Net unrealized investment gains (losses)	$	846		$	1,726

The changes in net unrealized investment gains (losses) were as follows:



	Three Months Ended March 31, 2018
	(In millions)
Balance, December 31, 2017	$	1,726
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(15		)
Balance, January 1, 2018	1,711
Fixed maturity securities on which noncredit OTTI losses have been recognized	—
Unrealized investment gains (losses) during the period	(1,778		)
Unrealized investment gains (losses) relating to:
Future policy benefits	645
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(6		)
DAC, VOBA and DSI	40
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2
Deferred income tax benefit (expense)	232
Balance, March 31, 2018	$	846
Change in net unrealized investment gains (losses)	$	(865	)

__________________


(1)	See Note 1 for more information related to the cumulative effect of change in accounting principle.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2018 and December 31, 2017.

Securities Lending

Elements of the securities lending program are presented below at:



	March 31, 2018		December 31, 2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,333	$	3,085
Estimated fair value	$	3,766	$	3,748
Cash collateral received from counterparties (2)	$	3,777	$	3,791
Security collateral received from counterparties (3)	$	42	$	29
Reinvestment portfolio — estimated fair value	$	3,787	$	3,823

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated and combined financial statements.

The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:



	March 31, 2018								December 31, 2017
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	1,253	$	1,414	$	1,110	$	3,777	$	1,626	$	964	$	1,201	$	3,791

__________________


(1)	The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at March 31, 2018 was $1.2 billion, all of which were U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, U.S. government and agency securities, ABS, U.S. and foreign corporate securities, and non-agency RMBS) with 59% invested in agency RMBS, U.S. government and agency securities, cash equivalents, short-term investments or held in cash at March 31, 2018. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value at:



	March 31, 2018		December 31, 2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,090	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	2,755		2,634
Invested assets pledged as collateral (3)	4,004		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	14,849	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $106 million and $34 million of the assets on deposit balance represents restricted cash at March 31, 2018 and December 31, 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $20 million and $42 million of the assets held in trust balance represents restricted cash at March 31, 2018 and December 31, 2017, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report) and derivative transactions (see Note 5).

See “— Securities Lending” for information regarding securities on loan.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity.

The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:



	March 31, 2018				December 31, 2017
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
CSEs (assets (primarily loans) and liabilities (primarily debt)) (1)	$	106	$	8	$	116	$	11

__________________

(1)

The Company consolidates entities that are structured as CMBS. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in these entities of $80 million and $86 million at estimated fair value at March 31, 2018 and December 31, 2017, respectively.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:



	March 31, 2018				December 31, 2017
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	11,614	$	11,614	$	11,461	$	11,461
U.S. and foreign corporate	426		426		504		504
Other limited partnership interests	1,543		2,732		1,511		2,463
Other investments (3)	94		101		82		89
Total	$	13,677	$	14,873	$	13,558	$	14,517

__________________

(1)

The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.


(3)	Other investments is comprised of real estate joint ventures and other invested assets.

As described in Note 10, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs during both the three months ended March 31, 2018 and 2017.

Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	628	$	610
Equity securities	2		2
Mortgage loans	118		109
Policy loans	16		17
Real estate joint ventures	14		12
Other limited partnership interests	65		57
Cash, cash equivalents and short-term investments	6		8
Other	9		8
Subtotal	858		823
Less: Investment expenses	43		43
Subtotal, net	815		780
FVO CSEs — interest income — commercial mortgage loans	2		2
Net investment income	$	817	$	782

See “— Variable Interest Entities” for discussion of CSEs.

See “— Related Party Investment Transactions” for discussion of related party net investment income and investment expenses.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Total gains (losses) on fixed maturity securities:
Fixed maturity securities — net gains (losses) on sales and disposals	$	(39	)	$	(38	)
Total gains (losses) on fixed maturity securities	(39		)	(38		)
Total gains (losses) on equity securities:
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1		)	—
Total gains (losses) on equity securities	(1		)	—
Mortgage loans	(4		)	(3		)
Real estate joint ventures	42			2
Other limited partnership interests	—			(10		)
Other	1			(6		)
Subtotal	(1		)	(55		)
FVO CSEs:
Commercial mortgage loans	(3		)	(1		)
Long-term debt — related to commercial mortgage loans	—			1
Subtotal	(3		)	—
Total net investment gains (losses)	$	(4	)	$	(55	)

See “— Variable Interest Entities” for discussion of CSEs.

See “— Related Party Investment Transactions” for discussion of related party net investment gains (losses) related to transfers of invested assets.

Sales or Disposals and Impairments of Fixed Maturity Securities

Investment gains and losses on sales of securities are determined on a specific identification basis. Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as shown in the table below.



	Three Months Ended March 31,
	2018			2017
	(In millions)
Proceeds	$	2,861		$	1,976
Gross investment gains	$	3		$	8
Gross investment losses	(42		)	(46		)
Net investment gains (losses)	$	(39	)	$	(38	)

Credit Loss Rollforward

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (“OCI”):



	Three Months Ended March 31,
	2018		2017
	(In millions)
Balance at January 1,	$	—	$	28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	—		(18		)
Balance at March 31,	$	—	$	10

Related Party Investment Transactions

The Company previously transferred invested assets primarily consisting of fixed maturity securities to former affiliates, which were as follows:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Estimated fair value of invested assets transferred to former affiliates	$	—	$	292
Amortized cost of invested assets transferred to former affiliates	$	—	$	294
Net investment gains (losses) recognized on transfers	$	—	$	(2	)

At March 31, 2017, the Company had $1.1 billion of loans due from MetLife, Inc. which were included in other invested assets. These loans were carried at fixed interest rates of 4.21% and 5.10%, payable semiannually, and were due on September 30, 2032 and December 31, 2033, respectively. In April 2017, these loans were satisfied in a non-cash exchange for $1.1 billion of notes due to MetLife, Inc. See Note 9 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report.

In January 2017, Metropolitan Life Insurance Company (“MLIC”), a former affiliate, recaptured risks related to guaranteed minimum benefit guarantees on certain variable annuities being reinsured by the Company. The Company transferred investments and cash and cash equivalents which are included in the table above. See Note 11 for additional information related to these transfers.

In March 2017, the Company sold an operating joint venture with a book value of $89 million to MLIC for $286 million. The operating joint venture was accounted for under the equity method and included in other invested assets. This sale resulted in an increase in additional paid-in capital of $202 million in the first quarter of 2017.

The Company receives investment administrative services from MetLife Investment Advisors, LLC (“MLIA”), a related party investment manager. The related investment administrative service charges were $24 million and $25 million for the three months ended March 31, 2018 and 2017, respectively.

Derivatives

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are generally reported in net derivative gains (losses) except for economic hedges of variable annuity guarantees which are presented in future policy benefits and claims.

Hedge Accounting

The Company primarily designates derivatives as a hedge of a forecasted transaction or a variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in fair value are recorded in OCI and subsequently reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. The Company also designates derivatives as a hedge of the estimated fair value of a recognized asset or liabilities (fair value hedge). When a derivative is designated as fair value hedge and is determined to be highly effective, changes in fair value are recorded in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

The Company sells variable annuities and issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses), except for those in policyholder benefits and claims related to ceded reinsurance of GMIB.

See “— Variable Annuity Guarantees ” in Note 1 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report for additional information on the accounting policy for embedded derivatives bifurcated from variable annuity host contracts.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions, futures and forwards.

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and nonqualifying hedging relationships.

Interest rate total return swaps are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the London Interbank Offered Rate (“LIBOR”), calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. Interest rate total return swaps are used by the Company to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). The Company utilizes interest rate total return swaps in nonqualifying hedging relationships.

The Company purchases interest rate caps and floors primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, as well as to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level, respectively. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in nonqualifying hedging relationships.

In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring, to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded interest rate futures in nonqualifying hedging relationships.

Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions are included in interest rate options.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in cash flow and nonqualifying hedging relationships.

To a lesser extent, the Company uses foreign currency forwards in nonqualifying hedging relationships.

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, repudiation, moratorium, involuntary restructuring or governmental intervention. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in nonqualifying hedging relationships.

The Company enters into written credit default swaps to create synthetic credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. government and agency securities or other fixed maturity securities. These credit default swaps are not designated as hedging instruments.

Equity Derivatives

The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps.

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in nonqualifying hedging relationships.

Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in nonqualifying hedging relationships.

In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded equity futures in nonqualifying hedging relationships.

In an equity total return swap, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the LIBOR, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to create synthetic investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		March 31, 2018						December 31, 2017
				Estimated Fair Value						Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount						Gross Notional Amount
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	154	$	36	$	—	$	175	$	44	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	27		3		—		27		5		—
Foreign currency swaps	Foreign currency exchange rate	1,951		61		124		1,827		94		75
Subtotal		1,978		64		124		1,854		99		75
Total qualifying hedges		2,132		100		124		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,877		660		877		20,213		922		774
Interest rate caps	Interest rate	3,428		25		—		2,671		7		—
Interest rate futures	Interest rate	282		—		—		282		1		—
Interest rate options	Interest rate	24,500		136		85		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,133		55		65		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	130		—		—		130		—		1
Credit default swaps — purchased	Credit	40		—		1		65		—		1
Credit default swaps — written	Credit	1,928		31		—		1,900		40		—
Equity futures	Equity market	1,867		—		—		2,713		15		—
Equity index options	Equity market	47,581		1,011		1,568		47,066		794		1,664
Equity variance swaps	Equity market	9,575		123		421		8,998		128		430
Equity total return swaps	Equity market	1,894		60		—		1,767		—		79
Total non-designated or nonqualifying derivatives		108,235		2,101		3,017		111,520		2,111		3,054
Total		$	110,367	$	2,201	$	3,141	$	113,549	$	2,254	$	3,129

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both March 31, 2018 and December 31, 2017. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to create synthetic credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

The following table presents earned income on derivatives:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Qualifying hedges:
Net investment income	$	5	$	6
Nonqualifying hedges:
Net derivative gains (losses)	53		119
Policyholder benefits and claims	—		4
Total	$	58	$	129

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	—	$	—		$	—
Total fair value hedges	(8		)	7		—		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		—		—			(74		)
Total cash flow hedges	7			—		1		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(809		)	—		—		—			—
Foreign currency exchange rate derivatives	(41		)	2		—		—			—
Credit derivatives	(7		)	—		—		—			—
Equity derivatives	(44		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(395		)	2		—		(1		)	—
Total	$	(396	)	$	9	$	1	$	(1	)	$	(76	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(2	)	$	2		$	—	$	—		$	—
Total fair value hedges	(2		)	2			—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			2		—			—
Foreign currency exchange rate derivatives	10			(9		)	—		—			(19		)
Total cash flow hedges	10			(9		)	2		—			(19		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(269		)	—			—		(1		)	—
Foreign currency exchange rate derivatives	(20		)	(33		)	—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(939		)	—			—		(184		)	—
Embedded derivatives	170			—			—		(15		)	—
Total non-qualifying hedges	(1,052		)	(33		)	—		(200		)	—
Total	$	(1,044	)	$	(40	)	$	2	$	(200	)	$	(19	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Hedged items in fair value hedging relationship includes fixed rate liabilities reported in policyholder account balances or future policy benefits and fixed maturity securities. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	Includes changes in estimated fair value related to economic hedges of equity method investments in joint ventures and gains (losses) reclassified from AOCI for cash flow hedges.


(4)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.


(5)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into net derivative gains (losses). For the three months ended March 31, 2018 and 2017, there were $0 and $12 million, respectively, reclassified into net derivative gains (losses) related to such discontinued cash flow hedges.

At both March 31, 2018 and December 31, 2017, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed two years.

At March 31, 2018 and December 31, 2017, the balance in AOCI associated with cash flow hedges was $155 million and $239 million, respectively.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the nonqualifying derivatives and derivatives for purposes other than hedging table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:



	March 31, 2018					December 31, 2017
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	11	$	607	2.7	$	12	$	558	2.8
Baa	20		1,321		5.1	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	31	$	1,928	4.3	$	40	$	1,900	4.1

__________________

(1)

Includes both single name credit default swaps that may be referenced to the credit of corporations, foreign governments or state and political subdivisions and credit default swaps referencing indices. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.


(2)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

Credit Risk

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are generally governed by ISDA Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. Substantially all of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives.

See Note 6 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,250		$	3,135		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	20			8			70			40
Total gross estimated fair value of derivatives (1)	2,270			3,143			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,270			3,143			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,937		)	(1,937		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	—			—			(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(268		)	—			(257		)	—
OTC-cleared and Exchange-traded	(19		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(8		)	(1,198		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(7		)	—			—
Net amount after application of master netting agreements and collateral	$	38		$	1		$	44		$	1

__________________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $69 million and $49 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of $2 million and ($8) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2018 and December 31, 2017, the Company received excess cash collateral of $180 million and $94 million, respectively, and provided excess cash collateral of $0 and $5 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)

Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at March 31, 2018, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2018 and December 31, 2017, the Company received excess securities collateral with an estimated fair value of $292 million and $337 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2018 and December 31, 2017, the Company provided excess securities collateral with an estimated fair value of $594 million and $471 million, respectively, for its OTC-bilateral derivatives, and $146 million and $427 million, respectively, for its OTC-cleared derivatives, and $98 million and $118 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

(6)

Effective January 16, 2018, the London Clearing House (“LCH”) amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. These amendments impacted the accounting treatment of the Company’s centrally cleared derivatives, for which the LCH serves as the central clearing party. As of the effective date, the application of the amended rulebook reduced gross derivative liabilities by $77 million, accrued investment income by $2 million, and collateral receivables recorded within premiums, reinsurance and other receivables by $75 million.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that counterparty reaches a minimum transfer amount. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of the Company and/or the counterparty. In addition, substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s financial strength or credit ratings were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The Company’s collateral agreements require both parties to be fully collateralized, as such, the Company would not be required to post additional collateral as a result of a downgrade in its financial strength rating. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.



	March 31, 2018		December 31, 2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,198	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,568	$	1,414

__________________


(1)	After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. These host contracts principally include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; related party ceded reinsurance of guaranteed minimum benefits related to GMWBs, GMABs and certain GMIBs; related party assumed reinsurance of guaranteed minimum benefits related to GMWBs and certain GMIBs; funds withheld on assumed and ceded reinsurance; assumed reinsurance on fixed deferred annuities; fixed annuities with equity-indexed returns; and certain debt and equity securities.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	March 31, 2018			December 31, 2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	200		$	227
Options embedded in debt or equity securities (1)	Investments	—			(52		)
Embedded derivatives within asset host contracts		$	200		$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	878		$	1,212
Assumed reinsurance on fixed deferred annuities	Policyholder account balances	(1		)	1
Fixed annuities with equity indexed returns	Policyholder account balances	616			674
Embedded derivatives within liability host contracts		$	1,493		$	1,887

__________________

(1)

In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018, the Company is no longer required to bifurcate and account separately for derivatives embedded in equity securities. Beginning January 1, 2018, the entire change in the estimated fair value of equity securities is recognized as a component of net investment gains and losses.

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Net derivative gains (losses) (1), (2)	$	506		$	170
Policyholder benefits and claims	$	(1	)	$	(15	)

__________________

(1)

The valuation of direct and assumed guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($15) million and ($40) million for the three months ended March 31, 2018 and 2017, respectively. In addition, the valuation of ceded guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were both less than $1 million for the three months ended March 31, 2018 and 2017.


(2)	See Note 11 for discussion of related party net derivative gains (losses).

Fair Value

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:



	March 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	22,392	$	860	$	23,252
U.S. government and agency	6,453		7,505		—		13,958
RMBS	—		6,945		970		7,915
Foreign corporate	—		5,870		1,046		6,916
State and political subdivision	—		4,088		—		4,088
CMBS	—		3,707		133		3,840
ABS	—		1,799		103		1,902
Foreign government	—		1,307		—		1,307
Total fixed maturity securities	6,453		53,613		3,112		63,178
Equity securities	17		20		123		160
Short-term investments	146		147		—		293
Real estate joint ventures (1)	—		—		22		22
Other limited partnership interests (1)	—		—		26		26
Commercial mortgage loans held by CSEs — FVO	—		105		—		105
Derivative assets: (2)
Interest rate	—		860		—		860
Foreign currency exchange rate	—		116		—		116
Credit	—		21		10		31
Equity market	—		1,047		147		1,194
Total derivative assets	—		2,044		157		2,201
Embedded derivatives within asset host contracts (3)	—		—		200		200
Separate account assets	460		113,918		7		114,385
Total assets	$	7,076	$	169,847	$	3,647	$	180,570
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	962	$	—	$	962
Foreign currency exchange rate	—		188		1		189
Credit	—		1		—		1
Equity market	—		1,560		429		1,989
Total derivative liabilities	—		2,711		430		3,141
Embedded derivatives within liability host contracts (3)	—		—		1,493		1,493
Long-term debt of CSEs — FVO	—		8		—		8
Total liabilities	$	—	$	2,719	$	1,923	$	4,642



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	22,048	$	909	$	22,957
U.S. government and agency	8,304		7,988		—		16,292
RMBS	—		6,989		988		7,977
Foreign corporate	—		5,935		1,088		7,023
State and political subdivision	—		4,181		—		4,181
CMBS	—		3,287		136		3,423
ABS	—		1,723		106		1,829
Foreign government	—		1,304		5		1,309
Total fixed maturity securities	8,304		53,455		3,232		64,991
Equity securities (4)	18		19		124		161
Short-term investments	142		156		14		312
Commercial mortgage loans held by CSEs — FVO	—		115		—		115
Derivative assets: (2)
Interest rate	1		1,111		—		1,112
Foreign currency exchange rate	—		165		—		165
Credit	—		30		10		40
Equity market	15		773		149		937
Total derivative assets	16		2,079		159		2,254
Embedded derivatives within asset host contracts (3)	—		—		227		227
Separate account assets	410		117,842		5		118,257
Total assets	$	8,890	$	173,666	$	3,761	$	186,317
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	837	$	—	$	837
Foreign currency exchange rate	—		117		1		118
Credit	—		1		—		1
Equity market	—		1,736		437		2,173
Total derivative liabilities	—		2,691		438		3,129
Embedded derivatives within liability host contracts (3)	—		—		1,887		1,887
Long-term debt of CSEs — FVO	—		11		—		11
Total liabilities	$	—	$	2,702	$	2,325	$	5,027

__________________


(1)	In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018 on a modified retrospective basis, the Company carries real estate joint ventures and other limited partnership interests previously accounted under the cost method of accounting at estimated fair value.

(2)

Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(3)

Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the consolidated balance sheets. At March 31, 2018 and December 31, 2017, debt and equity securities also included embedded derivatives of $0 and ($52) million, respectively.


(4)	The Company reclassified Federal Home Loan Bank stock in the prior period from equity securities to other invested assets.

Valuation Controls and Procedures

The Company monitors and provides oversight of valuation controls and policies for securities, mortgage loans and derivatives, which are primarily executed by MLIA. The valuation methodologies used to determine fair values prioritize the use of observable market prices and market-based parameters and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. The valuation methodologies for securities, mortgage loans and derivatives are reviewed on an ongoing basis and revised when necessary, based on changing market conditions. In addition, the Chief Accounting Officer periodically reports to the Audit Committee of Brighthouse’s Board of Directors regarding compliance with fair value accounting standards.

The fair value of financial assets and financial liabilities is based on quoted market prices, where available. The Company assesses whether prices received represent a reasonable estimate of fair value through controls designed to ensure valuations represent an exit price. MLIA performs several controls, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. Independent non-binding broker quotes, also referred to herein as “consensus pricing,” are used for non-significant portion of the portfolio. Prices received from independent brokers are assessed to determine if they represent a reasonable estimate of fair value by considering such pricing relative to the current market dynamics and current pricing for similar financial instruments. Fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 4% of the total estimated fair value of Level 3 fixed maturity securities at March 31, 2018.

MLIA also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained. If obtaining an independent non-binding broker quotation is unsuccessful, MLIA will use the last available price.

The Company reviews outputs of MLIA’s controls and performs additional controls, including certain monthly controls, which include but are not limited to, performing balance sheet analytics to assess reasonableness of period to period pricing changes, including any price adjustments. Price adjustments are applied if prices or quotes received from independent pricing services or brokers are not considered reflective of market activity or representative of estimated fair value. The Company did not have significant price adjustments during the three months ended March 31, 2018.

Determination of Fair Value

Fixed maturities

The fair values for actively traded marketable bonds, primarily U.S. government and agency securities, are determined using the quoted market prices and are classified as Level 1 assets. For fixed maturities classified as Level 2 assets, fair values are determined using either a market or income approach and are valued based on a variety of observable inputs as described below.

U.S. corporate and foreign corporate securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark yields, spreads off benchmark yields, new issuances, issuer rating, trades of identical or comparable securities, or duration. Privately-placed securities are valued using the additional key inputs: market yield curve, call provisions, observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer, and delta spread adjustments to reflect specific credit-related issues.

U.S. government and agency, state and political subdivision and foreign government securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark U.S. Treasury yield or other yields, spread off the U.S. Treasury yield curve for the identical security, issuer ratings and issuer spreads, broker dealer quotes, and comparable securities that are actively traded.

Structured securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, ratings, geographic region, weighted average coupon and weighted average maturity, average delinquency rates and debt-service coverage ratios. Other issuance-specific information is also used, including, but not limited to; collateral type, structure of the security, vintage of the loans, payment terms of the underlying asset, payment priority within tranche, and deal performance.

Equity securities, short-term investments, real estate joint ventures, other limited partnership interests, commercial mortgage loans held by CSEs — FVO and long-term debt of CSEs — FVO

The fair value for actively traded equity and short-term investments are determined using quoted market prices and are classified as Level 1 assets. For financial instruments classified as Level 2 assets or liabilities, fair values are determined using a market approach and are valued based on a variety of observable inputs as described below.

Equity securities and short-term investments: Fair value is determined using third-party commercial pricing services, with the primary input being quoted prices in markets that are not active.

Real Estate Joint Ventures and Other Limited Partnership Interests: Fair values is generally based on the Company’s share of the net asset value (“NAV”) as provided on the financial statements of the investees.

Commercial mortgage loans held by CSEs — FVO and long-term debt of CSEs — FVO: Fair value is determined using third-party commercial pricing services, with the primary input being quoted securitization market price determined principally by independent pricing services using observable inputs or quoted prices or reported NAV provided by the fund managers.

Derivatives

The fair values for exchange-traded derivatives are determined using the quoted market prices and are classified as Level 1 assets. For OTC-bilateral derivatives and OTC-cleared derivatives classified as Level 2 assets or liabilities, fair values are determined using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models which are based on market standard valuation methodologies and a variety of observable inputs.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Embedded Derivatives

Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees, equity or bond indexed crediting rates within certain annuity contracts, and those related to funds withheld on ceded reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets.

The Company’s actuarial department calculates the fair value of these embedded derivatives, which are estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for Brighthouse Financial, Inc.’s debt. These observable spreads are then adjusted to reflect the priority of these liabilities and claims paying ability of the issuing insurance subsidiaries as compared to Brighthouse Financial, Inc.’s overall financial strength.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The Company recaptured from a former affiliate the risk associated with certain GMIBs. These embedded derivatives are included in policyholder account balances on the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses). The value of the embedded derivatives on these recaptured risks is determined using a methodology consistent with that described previously for the guarantees directly written by the Company.

The Company ceded to a former affiliate the risk associated with certain of the GMIBs, GMABs and GMWBs described above that are also accounted for as embedded derivatives. In addition to ceding risks associated with guarantees that are accounted for as embedded derivatives, the Company also ceded, to a former affiliate, certain directly written GMIBs that are accounted for as insurance (i.e., not as embedded derivatives), but where the reinsurance agreement contains an embedded derivative. These embedded derivatives are included within premiums, reinsurance and other receivables on the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses). The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as previously described in “— Equity securities, short-term investments, real estate joint ventures, other limited partnership interests, commercial mortgage loans held by CSEs — FVO and long-term debt of CSEs — FVO.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period.

Transfers between Levels 1 and 2:

For assets and liabilities measured at estimated fair value and still held at March 31, 2018 and December 31, 2017, transfers between Levels 1 and 2 were not significant.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:



					March 31, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	90	-	139	108	93	-	142	111	Increase
	•	Market pricing	•	Quoted prices (4)	51	-	396	104	—	-	443	77	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	50	-	107	95	3	-	107	95	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	80	-	104	95	8	-	104	88	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	103	-	103	103	105	-	105	105	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	100	-	103	101	100	-	104	101	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)					100	-	100	100	Increase (5)
Derivatives
Credit	•	Present value techniques	•	Credit spreads (7)	97	-	98		—	-	—		Decrease (6)
	•	Consensus pricing	•	Offered quotes (8)
Equity market	•	Present value techniques or option pricing models	•	Volatility (9)	20%	-	31%		11%	-	31%		Increase (6)
			•	Correlation (10)	10%	-	30%		10%	-	30%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (11)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (11)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (11)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (12)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (12)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (12)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (13)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(14)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (15)
			•	Nonperformance risk spread	0.90%	-	1.66%		0.64%	-	1.43%		Decrease (16)

___________________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(7)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(8)	At March 31, 2018 and December 31, 2017, independent non-binding broker quotations were used in the determination of less than 1% and 1% of the total net derivative estimated fair value, respectively.


(9)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(10)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(11)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(12)

Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)

The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)

The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.


(15)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(16)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

The following is a summary of the valuation techniques and significant unobservable inputs used in the fair value measurement of assets and liabilities classified within Level 3 that are not included in the preceding table. Generally, all other classes of securities classified within Level 3, including those within separate account assets and embedded derivatives within funds withheld related to certain assumed reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. This includes matrix pricing and discounted cash flow methodologies, inputs such as quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2, as well as independent non-binding broker quotations. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table.

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			State and Political Subdivision			Foreign Government			Equity Securities
	(In millions)
Three Months Ended March 31, 2018
Balance, beginning of period	$	1,997		$	1,230		$	—		$	5		$	124
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	3			6			—			—			(1		)
Total realized/unrealized gains (losses) included in AOCI	(8		)	(12		)	—			—			—
Purchases (8)	66			99			—			—			—
Sales (8)	(102		)	(66		)	—			(5		)	—
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	87			—			—			—			—
Transfers out of Level 3 (9)	(137		)	(51		)	—			—			—
Balance, end of period	$	1,906		$	1,206		$	—		$	—		$	123
Three Months Ended March 31, 2017
Balance, beginning of period	$	2,391		$	1,711		$	17		$	—		$	137
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	(3		)	3			—			—			—
Total realized/unrealized gains (losses) included in AOCI	114			15			—			—			2
Purchases (8)	122			52			—			—			3
Sales (8)	(59		)	(109		)	—			—			—
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	—			11			—			—			—
Transfers out of Level 3 (9)	(162		)	(43		)	(10		)	—			—
Balance, end of period	$	2,403		$	1,640		$	7		$	—		$	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (10)	$	1		$	6		$	—		$	—		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2017 (10)	$	2		$	4		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Real Estate Joint Ventures (2)			Other Limited Partnership Interests (2)			Short-term Investments			Net Derivatives (3)			Net Embedded Derivatives (4)			Separate Account Assets (5)
	(In millions)
Three Months Ended March 31, 2018
Balance, beginning of period	$	22		$	28		$	14		$	(279	)	$	(1,660	)	$	5
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	1			(1		)	—			5			505			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			—			1			—			3
Sales (8)	(1		)	(1		)	—			—			—			(1		)
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			—			(138		)	—
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			(14		)	—			—			—
Balance, end of period	$	22		$	26		$	—		$	(273	)	$	(1,293	)	$	7
Three Months Ended March 31, 2017
Balance, beginning of period	$	—		$	—		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			—			—			(10		)	163			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			1			—			—			—
Sales (8)	—			—			(1		)	—			—			—
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			74			199			—
Transfers into Level 3 (9)	—			—			—			—			—			5
Transfers out of Level 3 (9)	—			—			(1		)	—			—			—
Balance, end of period	$	—		$	—		$	1		$	(890	)	$	(2,021	)	$	15
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (10)	$	1		$	(1	)	$	—		$	5		$	706		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2017 (10)	$	—		$	—		$	—		$	(12	)	$	427		$	—

__________________


(1)	Comprised of U.S. and foreign corporate securities.


(2)	In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018 on a modified retrospective basis, the Company carries real estate joint ventures and other limited partnership interests previously accounted under the cost method of accounting at estimated fair value.


(3)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.


(4)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.


(5)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contract holders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(6)

Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).


(7)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.


(8)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(9)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(10)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

Fair Value Option

The following table presents information for certain assets and liabilities of CSEs, which are accounted for under the FVO. These assets and liabilities were initially measured at fair value.



	March 31, 2018		December 31, 2017
	(In millions)
Assets (1)
Unpaid principal balance	$	63	$	70
Difference between estimated fair value and unpaid principal balance	42		45
Carrying value at estimated fair value	$	105	$	115
Liabilities (1)
Contractual principal balance	$	8	$	10
Difference between estimated fair value and contractual principal balance	—		1
Carrying value at estimated fair value	$	8	$	11

__________________

(1)

These assets and liabilities are comprised of commercial mortgage loans and long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs — FVO is recognized in net investment income. Interest expense from long-term debt of CSEs — FVO is recognized in other expenses.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The estimated fair value of the excluded financial instruments, which are primarily classified in Level 2, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	March 31, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	11,203	$	—	$	—	$	11,347	$	11,347
Policy loans	$	1,517	$	—	$	784	$	921	$	1,705
Other invested assets	$	83	$	—	$	70	$	13	$	83
Premiums, reinsurance and other receivables	$	1,660	$	—	$	47	$	1,858	$	1,905
Liabilities
Policyholder account balances	$	15,780	$	—	$	—	$	15,217	$	15,217
Long-term debt	$	3,601	$	—	$	2,810	$	600	$	3,410
Other liabilities	$	360	$	—	$	145	$	215	$	360
Separate account liabilities	$	1,184	$	—	$	1,184	$	—	$	1,184



	December 31, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	10,627	$	—	$	—	$	10,871	$	10,871
Policy loans	$	1,523	$	—	$	781	$	959	$	1,740
Real estate joint ventures (1)	$	5	$	—	$	—	$	22	$	22
Other limited partnership interests (1)	$	36	$	—	$	—	$	28	$	28
Other invested assets (2)	$	71	$	—	$	71	$	—	$	71
Premiums, reinsurance and other receivables	$	1,758	$	—	$	128	$	1,985	$	2,113
Liabilities
Policyholder account balances	$	15,791	$	—	$	—	$	15,927	$	15,927
Long-term debt	$	3,601	$	—	$	3,039	$	600	$	3,639
Other liabilities	$	314	$	—	$	100	$	214	$	314
Separate account liabilities	$	1,210	$	—	$	1,210	$	—	$	1,210

_________________


(1)	In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018 on a modified retrospective basis, the Company carries real estate joint ventures and other limited partnership interests previously accounted under the cost method of accounting at estimated fair value.


(2)	The Company reclassified Federal Home Loan Bank stock in the prior period from equity securities to other invested assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Equity

7. Equity

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:



	Three Months Ended March 31, 2018
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2017	$	1,572		$	154		$	(24	)	$	(26	)	$	1,676
Cumulative effect of change in accounting principle, net of income tax (see Note 1)	(15		)	—			—			—			(15		)
Balance, January 1, 2018	1,557			154			(24		)	(26		)	1,661
OCI before reclassifications	(1,073		)	(76		)	2			3			(1,144		)
Deferred income tax benefit (expense)	229			16			—			—			245
AOCI before reclassifications, net of income tax	713			94			(22		)	(23		)	762
Amounts reclassified from AOCI	58			(8		)	—			—			50
Deferred income tax benefit (expense)	(12		)	1			—			—			(11		)
Amounts reclassified from AOCI, net of income tax	46			(7		)	—			—			39
Balance, March 31, 2018	$	759		$	87		$	(22	)	$	(23	)	$	801



	Three Months Ended March 31, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2016	$	1,044		$	268		$	(31	)	$	(16	)	$	1,265
OCI before reclassifications	313			(19		)	(7		)	(14		)	273
Deferred income tax benefit (expense)	(107		)	7			4			12			(84		)
AOCI before reclassifications, net of income tax	1,250			256			(34		)	(18		)	1,454
Amounts reclassified from AOCI	91			(12		)	—			—			79
Deferred income tax benefit (expense)	(31		)	4			—			—			(27		)
Amounts reclassified from AOCI, net of income tax	60			(8		)	—			—			52
Balance, March 31, 2017	$	1,310		$	248		$	(34	)	$	(18	)	$	1,506

__________________


(1)	See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.

Information regarding amounts reclassified out of each component of AOCI was as follows:



AOCI Components	Amounts Reclassified from AOCI						Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) Locations (1)
	Three Months Ended March 31,
	2018			2017
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(59	)	$	(48	)	Net investment gains (losses)
Net unrealized investment gains (losses)	1			1			Net investment income
Net unrealized investment gains (losses)	—			(44		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(58		)	(91		)
Income tax (expense) benefit	12			31
Net unrealized investment gains (losses), net of income tax	(46		)	(60		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	6			—			Net derivative gains (losses)
Interest rate swaps	—			1			Net investment income
Interest rate forwards	1			—			Net derivative gains (losses)
Interest rate forwards	1			1			Net investment income
Foreign currency swaps	—			10			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	8			12
Income tax (expense) benefit	(1		)	(4		)
Gains (losses) on cash flow hedges, net of income tax	7			8
Total reclassifications, net of income tax	$	(39	)	$	(52	)

__________________


(1)	See Note 1 for information related to the cumulative effect of change in accounting principle.

Other Revenues and Other Expenses

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Other Expenses

8. Other Revenues and Other Expenses

Other Revenues

The Company has entered into contracts with mutual funds, fund managers, and their affiliates (collectively, the “Funds”) whereby the Company is paid monthly or quarterly fees (“12b-1 fees”) for providing certain services to customers and distributors of the Funds. The 12b-1 fees are generally equal to a fixed percentage of the average daily balance of the customer’s investment in a fund are based on a specified in the contract between the Company and the Funds. Payments are generally collected when due and are neither refundable nor able to offset future fees.

To earn these fees, the Company performs services such as responding to phone inquiries, maintaining records, providing information to distributors and shareholders about fund performance and providing training to account managers and sales agents. The passage of time reflects the satisfaction of the Company’s performance obligations to the Funds, and is used to recognize revenue associated with 12b-1 fees.

Other revenues consisted primarily of 12b-1 fees of $93 million and $73 million for the three months ended March 31, 2018 and 2017, respectively, of which substantially all were reported in the annuities segment.

Other Expenses

Information on other expenses was as follows:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Compensation	$	70		$	64
Commissions	215			193
Volume-related costs	109			127
Related party expenses on ceded and assumed reinsurance	3			23
Capitalization of DAC	(76		)	(68		)
Interest expense on debt	37			45
Premium taxes, licenses and fees	17			14
Professional services	89			35
Rent and related expenses	3			4
Other	151			127
Total other expenses	$	618		$	564

Related Party Expenses

Commissions and capitalization of DAC include the impact of related party reinsurance transactions. See Note 11 for a discussion of related party expenses included in the table above.

Earnings Per Common Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

9. Earnings Per Common Share

The following table sets forth the calculation of basic earnings per share (“EPS”) based on net income (loss) available to Brighthouse Financial, Inc.’s common shareholders divided by the basic weighted average number of common shares.



	Three Months Ended March 31,
	2018			Pro forma 2017 (1)
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(67	)	$	(349	)
Weighted average common shares outstanding:
Basic	119,773,106			119,773,106
Earnings per common share:
Basic	$	(0.56	)	$	(2.91	)

__________________


(1)	On August 4, 2017, following the completion of the Separation, 119,773,106 shares of Brighthouse Financial, Inc. common stock were outstanding. This number of shares remained outstanding at March 31, 2018 and is utilized to calculate EPS for the three months ended March 31, 2017.

Contingencies, Commitments and Guarantees	3 Months Ended
Contingencies, Commitments and Guarantees	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	10. Contingencies, Commitments and Guarantees Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at March 31, 2018. Matters as to Which an Estimate Can Be Made For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. As of March 31, 2018, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $10 million. Matters as to Which an Estimate Cannot Be Made For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Diversified Lending Group Litigations Hartshorne v. NELICO, et al. (Los Angeles County Superior Court, filed March 25, 2015) Plaintiffs have named New England Life Insurance Company (“NELICO”), MetLife, Inc. and MetLife Securities, Inc. in twelve related lawsuits in California state court alleging various causes of action including multiple negligence and statutory claims relating to the Diversified Lending Group Ponzi scheme. All but one of the plaintiffs have resolved their claims with the defendants. The last remaining plaintiff settled with the defendants and the Company anticipates the plaintiff’s claims will be dismissed in May 2018. Sales Practices Claims Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its consolidated and combined financial statements for all probable and reasonably estimable losses for sales practices matters. Unclaimed Property Litigation Total Asset Recovery Services, LLC on its own behalf and on behalf of the State of New York v. Brighthouse Financial, Inc., et al. (Supreme Court, New York County, NY, second amended complaint filed November 17, 2017). Total Asset Recovery Services, LLC (the “Relator”) has brought a qui tam action against Brighthouse Financial, Inc. and its subsidiaries and affiliates under the New York False Claims Act seeking to recover damages on behalf of the State of New York. The action originally was filed under seal on or about December 3, 2010. The State of New York declined to intervene in the action, and the Relator is now prosecuting the action. The Relator alleges that from on or about April 1, 1986 and continuing annually through on or about September 10, 2017, the defendants violated New York State Finance Law Section 189 (1) (g) by failing to timely report and deliver unclaimed insurance property to the State of New York. The Relator is seeking, among other things, treble damages, penalties, expenses and attorneys’ fees and prejudgment interest. No specific dollar amount of damages is specified by the Relator who also is suing numerous insurance companies and John Doe defendants. Brighthouse Financial, Inc. has filed a motion to dismiss. The Brighthouse defendants intend to defend this action vigorously. Summary Various litigation, claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated and combined financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, investor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, large and/or indeterminate amounts, including punitive and treble damages, are sought. Although, in light of these considerations, it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated and combined net income or cash flows in particular quarterly or annual periods. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $435 million and $388 million at March 31, 2018 and December 31, 2017, respectively. Commitments to Fund Partnership Investments and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under private corporate bond investments. The amounts of these unfunded commitments were $1.5 billion and $1.4 billion at March 31, 2018 and December 31, 2017, respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $199 million, with a cumulative maximum of $205 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company’s recorded liabilities were $2 million at both March 31, 2018 and December 31, 2017, for indemnities, guarantees and commitments.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions

11. Related Party Transactions

The Company had not historically operated as a standalone business prior to the Separation, and as a result had various existing arrangements with MetLife for services necessary to conduct its activities. Subsequent to the Separation, certain of such services continued, as provided for under a master service agreement and various transition services agreements entered into in connection with the Separation.

The following table summarizes income and expense from transactions with MetLife for the periods indicated:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Income	$	(81	)	$	(441	)
Expense	$	78		$	99

The following table summarizes assets and liabilities from transactions with MetLife at:



	March 31, 2018		December 31, 2017
	(In millions)
Assets	$	2,943	$	2,907
Liabilities	$	2,149	$	2,178

The material arrangements between the Company and MetLife are as follows:

Reinsurance Agreements

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by former affiliates. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth.

The Company has reinsurance agreements with certain MetLife, Inc. subsidiaries, including MLIC, General American Life Insurance Company and MetLife Reinsurance Company of Vermont, all of which were related parties at March 31, 2018.

Information regarding the significant effects of reinsurance with former MetLife affiliates included on the interim condensed consolidated and combined statements of operations and comprehensive income (loss) was as follows:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Premiums
Reinsurance assumed	$	3		$	3
Reinsurance ceded	(96		)	(177		)
Net premiums	$	(93	)	$	(174	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	25		$	24
Reinsurance ceded	(1		)	(13		)
Net universal life and investment-type product policy fees	$	24		$	11
Other revenues
Reinsurance assumed	$	—		$	—
Reinsurance ceded	12			—
Net other revenues	$	12		$	—
Policyholder benefits and claims
Reinsurance assumed	$	8		$	6
Reinsurance ceded	(84		)	(134		)
Net policyholder benefits and claims	$	(76	)	$	(128	)

Information regarding the significant effects of reinsurance with former MetLife affiliates included on the interim condensed consolidated balance sheets was as follows at:



	March 31, 2018				December 31, 2017
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	25	$	3,438	$	18	$	3,410
Liabilities
Other policy-related balances	$	1,670	$	—	$	1,674	$	—
Other liabilities	$	32	$	374	$	30	$	401

The Company cedes risks to MLIC related to guaranteed minimum benefits written directly by the Company. The ceded reinsurance agreements contain embedded derivatives and changes in the estimated fair value are also included within net derivative gains (losses). The embedded derivatives associated with the cessions are included within premiums, reinsurance and other receivables and were $2 million both at March 31, 2018 and December 31, 2017. Net derivative gains (losses) associated with the embedded derivatives were less than $1 million and ($263) million for the three months ended March 31, 2018 and 2017, respectively.

In January 2017, the Company executed a novation and assignment of a reinsurance agreement under which MLIC reinsured certain variable annuities, including guaranteed minimum benefits, issued by Brighthouse Insurance Company of NY (“BHNY”) and NELICO. As a result of the novation and assignment, the reinsurance agreement is now between Brighthouse Life Insurance Company and BHNY and NELICO. The transaction is treated as a termination of the existing reinsurance agreement with recognition of a loss and a new reinsurance agreement with no recognition of a gain or loss. The transaction resulted in an increase in other liabilities of $274 million. The Company recognized a loss of $178 million, net of income tax, as a result of this transaction.

In January 2017, MLIC recaptured risks related to guaranteed minimum benefits written by MLIC that were reinsured by the Company. This recapture resulted in a decrease in investments and cash and cash equivalents of $568 million, a decrease in future policy benefits of $106 million, and a decrease in policyholder account balances of $460 million. The Company recognized a loss of $2 million, net of income tax, as a result of this transaction.

Financing Arrangements

Prior to the Separation, the Company had collateral financing arrangements with MetLife that were used to support reinsurance obligations arising under previously affiliated reinsurance agreements. The Company recognized interest expense for such arrangements of $31 million for the three months ended March 31, 2017. These arrangements were terminated in April 2017.

Investment Transactions

In the ordinary course of business, the Company had previously transferred invested assets, primarily consisting of fixed maturity securities, to and from former affiliates. See Note 4 for further discussion of the related party investment transactions.

Shared Services and Overhead Allocations

MetLife provides the Company certain services, which include, but are not limited to, treasury, financial planning and analysis, legal, human resources, tax planning, internal audit, financial reporting, and information technology. The Company is charged for these services through a transition services agreement and allocated to the legal entities and products within the Company. When specific identification to a particular legal entity and/or product is not practicable, an allocation methodology based on various performance measures or activity-based costing, such as sales, new policies/contracts issued, reserves, and in-force policy counts is used. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the Company and/or affiliate. Management believes that the methods used to allocate expenses under these arrangements are reasonable. Expenses incurred with MetLife related to these arrangements, recorded in other expenses, were $94 million and $97 million for the three months ended March 31, 2018 and 2017, respectively.

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Event Repurchase Agreement In April 2018, Brighthouse Life Insurance Company entered into a committed repurchase facility (the “Repurchase Facility”) with a financial institution, pursuant to which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $2.0 billion in respect of certain eligible securities. The Repurchase Facility has a term of three years, beginning on July 31, 2018 and ending on July 31, 2021.

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

Consolidation of Subsidiaries

Consolidation

Combination

The Company previously recorded affiliated transactions with certain MetLife subsidiaries which were not included in the combined financial statements of the Company.

Reclassifications

Investments

Maturities of Fixed Maturity Securities

Past Due, Nonaccrual and Modified Mortgage Loans

The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days.

Variable Interest Entities

Derivatives

Accounting for Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Derivative Strategies

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

ASUs adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities	The new guidance changes the current accounting guidance related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option (“FVO”) that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Additionally, there will no longer be a requirement to assess equity securities for impairment since such securities will be measured at fair value through net income.	January 1, 2018 using the modified retrospective method	The Company 1) reclassified net unrealized gains related to equity securities previously classified as available-for-sale from accumulated other comprehensive income (“AOCI”) to retained earnings and 2) increased the carrying value of equity investments previously accounted for under the cost method to estimated fair value. The cumulative effect of the adoption is a net increase to retained earnings of $38 million and a net decrease of $15 million to AOCI, after taxes.
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	For those contracts that are impacted, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services.	January 1, 2018 using the modified retrospective method	The adoption did not have an impact on the Company’s financial statements other than expanded disclosures in Note 8.

ASUs issued but not yet adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities	The amendments to Topic 815 (i) refine and expand the criteria for achieving hedge accounting on certain hedging strategies, (ii) require the earnings effect of the hedging instrument be presented in the same line item in which the earnings effect of the hedged item is reported, and (iii) eliminate the requirement to separately measure and report hedge ineffectiveness.	January 1, 2019 using modified retrospective method (with early adoption permitted)	The Company does not expect a material impact on its financial statements from adoption of the new guidance.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than- temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method (with early adoption permitted beginning January 1, 2019)	The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.
ASU 2016-02, Leases - Topic 842	The new guidance will require a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Leases would be classified as finance or operating leases and both types of leases will be recognized on the balance sheet. Lessor accounting will remain largely unchanged from current guidance except for certain targeted changes. The amendments also require new qualitative and quantitative disclosures.	January 1, 2019 using the modified retrospective method (with early adoption permitted)	The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be a gross-up of certain lease assets and liabilities on the balance sheet.

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Three Months Ended March 31, 2018	Annuities		Life		Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	272	$	81	$	63	$	(86	)	$	330
Provision for income tax expense (benefit)	46		15		13		(29		)	45
Post-tax adjusted earnings	226		66		50		(57		)	285
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2			2
Adjusted earnings	$	226	$	66	$	50	$	(59	)	283
Adjustments for:
Net investment gains (losses)										(4		)
Net derivative gains (losses)										(334		)
Other adjustments to net income										(105		)
Provision for income tax (expense) benefit										93
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders										$	(67	)

Interest revenue	$	363	$	108	$	343	$	11
Interest expense	$	—	$	—	$	—	$	37



	Operating Results
Three Months Ended March 31, 2017	Annuities		Life			Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	310	$	(15	)	$	74	$	23	$	392
Provision for income tax expense (benefit)	82		(8		)	25		13		112
Post-tax adjusted earnings	228		(7		)	49		10		280
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—		—
Adjusted earnings	$	228	$	(7	)	$	49	$	10	280
Adjustments for:
Net investment gains (losses)										(55		)
Net derivative gains (losses)										(965		)
Other adjustments to net income										38
Provision for income tax (expense) benefit										353
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders										$	(349	)

Interest revenue	$	327	$	107		$	358	$	66
Interest expense	$	—	$	—		$	15	$	30

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:



	March 31, 2018		December 31, 2017
	(In millions)
Annuities	$	154,020	$	154,667
Life	21,295		18,049
Run-off	34,028		36,824
Corporate & Other	9,654		14,652
Total	$	218,997	$	224,192

Reconciliation of Revenue from Segments to Consolidated



	Three Months Ended March 31,
	2018			2017
	(In millions)
Annuities	$	1,147		$	1,074
Life	369			290
Run-off	548			539
Corporate & Other	34			89
Adjustments	(283		)	(1,027		)
Total	$	1,815		$	965

Insurance (Tables)

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Information regarding the Company’s guarantee exposure was as follows at:



	March 31, 2018						December 31, 2017
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	111,311		$	64,672		$	115,147		$	67,110
Separate account value	$	106,011		$	63,369		$	109,792		$	65,782
Net amount at risk	$	6,256	(4)	$	2,852	(5)	$	5,261	(4)	$	2,642	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	March 31, 2018		December 31, 2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,187	$	6,244
Net amount at risk (6)	$	74,755	$	75,304
Average attained age of policyholders	64 years		64 years

Variable Life Contracts
Total account value (3)	$	3,387	$	3,379
Net amount at risk (6)	$	24,327	$	24,546
Average attained age of policyholders	49 years		49 years

__________________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)


(3)	Includes the contract holder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)


(6)	Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the fixed maturity securities AFS by sector at:



	March 31, 2018											December 31, 2017
	Amortized Cost		Gross Unrealized							Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities: (2)
U.S. corporate	$	22,187	$	1,346	$	281	$	—		$	23,252	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	12,719		1,461		222		—			13,958		14,548		1,862		118		—			16,292
RMBS	7,817		252		156		(2		)	7,915		7,749		285		60		(3		)	7,977
Foreign corporate	6,717		295		96		—			6,916		6,703		386		66		—			7,023
State and political subdivision	3,629		476		17		—			4,088		3,635		553		6		1			4,181
CMBS	3,879		19		59		(1		)	3,840		3,386		53		17		(1		)	3,423
ABS	1,886		19		3		—			1,902		1,810		21		2		—			1,829
Foreign government	1,195		124		12		—			1,307		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,029	$	3,992	$	846	$	(3	)	$	63,178	$	60,173	$	5,180	$	365	$	(3	)	$	64,991

__________________


(1)	Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”


(2)	Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,778	$	9,007	$	11,976	$	23,686	$	13,582	$	60,029
Estimated fair value	$	1,781	$	9,251	$	12,039	$	26,450	$	13,657	$	63,178

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale



	March 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	6,976	$	173	$	1,318	$	108	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	4,169		95		1,351		127		4,962		38		1,573		80
RMBS	3,280		83		1,201		71		2,367		14		1,332		43
Foreign corporate	1,769		38		511		58		637		8		603		58
State and political subdivision	463		10		102		7		170		3		106		4
CMBS	2,420		40		362		18		619		6		335		10
ABS	395		2		40		1		170		—		74		2
Foreign government	329		9		67		3		155		2		69		2
Total fixed maturity securities	$	19,801	$	450	$	4,952	$	393	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	2,125				602				911				638

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	March 31, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	7,629		67.5	%	$	7,260		67.5	%
Agricultural	2,435			21.5		2,276			21.2
Residential	1,188			10.5		1,138			10.6
Subtotal (1)	11,252			99.5		10,674			99.3
Valuation allowances (2)	(49		)	(0.4	)	(47		)	(0.4	)
Subtotal mortgage loans, net	11,203			99.1		10,627			98.9
Commercial mortgage loans held by CSEs — FVO	105			0.9		115			1.1
Total mortgage loans, net	$	11,308		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $86 million and $420 million at March 31, 2018 and December 31, 2017, respectively, and were primarily comprised of residential mortgage loans.


(2)	The valuation allowances were primarily from collective evaluation (non-specific loan related).

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	March 31, 2018			December 31, 2017
	(In millions)
Fixed maturity securities	$	3,138		$	4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	2			2
Total fixed maturity securities	3,140			4,808
Equity securities	—			39
Derivatives	155			239
Other	(10		)	(8		)
Subtotal	3,285			5,078
Amounts allocated from:
Future policy benefits	(1,981		)	(2,626		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(8		)	(2		)
DAC, VOBA and DSI	(225		)	(265		)
Subtotal	(2,214		)	(2,893		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2			—
Deferred income tax benefit (expense)	(227		)	(459		)
Net unrealized investment gains (losses)	$	846		$	1,726

The changes in net unrealized investment gains (losses) were as follows:



	Three Months Ended March 31, 2018
	(In millions)
Balance, December 31, 2017	$	1,726
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(15		)
Balance, January 1, 2018	1,711
Fixed maturity securities on which noncredit OTTI losses have been recognized	—
Unrealized investment gains (losses) during the period	(1,778		)
Unrealized investment gains (losses) relating to:
Future policy benefits	645
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(6		)
DAC, VOBA and DSI	40
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2
Deferred income tax benefit (expense)	232
Balance, March 31, 2018	$	846
Change in net unrealized investment gains (losses)	$	(865	)

__________________


(1)	See Note 1 for more information related to the cumulative effect of change in accounting principle.

Securities Lending

Elements of the securities lending program are presented below at:



	March 31, 2018		December 31, 2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,333	$	3,085
Estimated fair value	$	3,766	$	3,748
Cash collateral received from counterparties (2)	$	3,777	$	3,791
Security collateral received from counterparties (3)	$	42	$	29
Reinvestment portfolio — estimated fair value	$	3,787	$	3,823

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated and combined financial statements.

The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:



	March 31, 2018								December 31, 2017
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	1,253	$	1,414	$	1,110	$	3,777	$	1,626	$	964	$	1,201	$	3,791

__________________


(1)	The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value at:



	March 31, 2018		December 31, 2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,090	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	2,755		2,634
Invested assets pledged as collateral (3)	4,004		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	14,849	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $106 million and $34 million of the assets on deposit balance represents restricted cash at March 31, 2018 and December 31, 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $20 million and $42 million of the assets held in trust balance represents restricted cash at March 31, 2018 and December 31, 2017, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report) and derivative transactions (see Note 5).

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

4. Investments

See Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale (“AFS”)

Fixed Maturity Securities AFS by Sector

The following table presents the fixed maturity securities AFS by sector at:



	March 31, 2018											December 31, 2017
	Amortized Cost		Gross Unrealized							Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities: (2)
U.S. corporate	$	22,187	$	1,346	$	281	$	—		$	23,252	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	12,719		1,461		222		—			13,958		14,548		1,862		118		—			16,292
RMBS	7,817		252		156		(2		)	7,915		7,749		285		60		(3		)	7,977
Foreign corporate	6,717		295		96		—			6,916		6,703		386		66		—			7,023
State and political subdivision	3,629		476		17		—			4,088		3,635		553		6		1			4,181
CMBS	3,879		19		59		(1		)	3,840		3,386		53		17		(1		)	3,423
ABS	1,886		19		3		—			1,902		1,810		21		2		—			1,829
Foreign government	1,195		124		12		—			1,307		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,029	$	3,992	$	846	$	(3	)	$	63,178	$	60,173	$	5,180	$	365	$	(3	)	$	64,991

__________________


(1)	Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”


(2)	Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,778	$	9,007	$	11,976	$	23,686	$	13,582	$	60,029
Estimated fair value	$	1,781	$	9,251	$	12,039	$	26,450	$	13,657	$	63,178

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector



	March 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	6,976	$	173	$	1,318	$	108	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	4,169		95		1,351		127		4,962		38		1,573		80
RMBS	3,280		83		1,201		71		2,367		14		1,332		43
Foreign corporate	1,769		38		511		58		637		8		603		58
State and political subdivision	463		10		102		7		170		3		106		4
CMBS	2,420		40		362		18		619		6		335		10
ABS	395		2		40		1		170		—		74		2
Foreign government	329		9		67		3		155		2		69		2
Total fixed maturity securities	$	19,801	$	450	$	4,952	$	393	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	2,125				602				911				638

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities

Evaluation and Measurement Methodologies

Current Period Evaluation

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	March 31, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	7,629		67.5	%	$	7,260		67.5	%
Agricultural	2,435			21.5		2,276			21.2
Residential	1,188			10.5		1,138			10.6
Subtotal (1)	11,252			99.5		10,674			99.3
Valuation allowances (2)	(49		)	(0.4	)	(47		)	(0.4	)
Subtotal mortgage loans, net	11,203			99.1		10,627			98.9
Commercial mortgage loans held by CSEs — FVO	105			0.9		115			1.1
Total mortgage loans, net	$	11,308		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $86 million and $420 million at March 31, 2018 and December 31, 2017, respectively, and were primarily comprised of residential mortgage loans.


(2)	The valuation allowances were primarily from collective evaluation (non-specific loan related).

See “— Variable Interest Entities” for discussion of consolidated securitization entities (“CSEs”).

Valuation Allowance Methodology

Credit Quality of Commercial Mortgage Loans

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
March 31, 2018
Loan-to-value ratios:
Less than 65%	$	6,658	$	238	$	33	$	6,929	90.8	%	$	6,995	91.0	%
65% to 75%	578		—		38		616		8.1		611		7.9
76% to 80%	19		32		33		84		1.1		81		1.1
Total	$	7,255	$	270	$	104	$	7,629	100.0	%	$	7,687	100.0	%

December 31, 2017
Loan-to-value ratios:
Less than 65%	$	6,194	$	293	$	33	$	6,520	89.8	%	$	6,681	90.0	%
65% to 75%	642		—		14		656		9.0		658		8.9
76% to 80%	42		—		9		51		0.7		50		0.7
Greater than 80%	—		9		24		33		0.5		30		0.4
Total	$	6,878	$	302	$	80	$	7,260	100.0	%	$	7,419	100.0	%

Credit Quality of Agricultural Mortgage Loans

The credit quality of agricultural mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,286	93.9	%	$	2,113	92.8	%
65% to 75%	149		6.1		163		7.2
Total	$	2,435	100.0	%	$	2,276	100.0	%

The estimated fair value of agricultural mortgage loans was $2.4 billion and $2.3 billion at March 31, 2018 and December 31, 2017, respectively.

Credit Quality of Residential Mortgage Loans

The credit quality of residential mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,162	97.8	%	$	1,106	97.2	%
Nonperforming	26		2.2		32		2.8
Total	$	1,188	100.0	%	$	1,138	100.0	%

The estimated fair value of residential mortgage loans was $1.2 billion at both March 31, 2018 and December 31, 2017.

Past Due, Nonaccrual and Modified Mortgage Loans

Cash Equivalents

Net Unrealized Investment Gains (Losses)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	March 31, 2018			December 31, 2017
	(In millions)
Fixed maturity securities	$	3,138		$	4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	2			2
Total fixed maturity securities	3,140			4,808
Equity securities	—			39
Derivatives	155			239
Other	(10		)	(8		)
Subtotal	3,285			5,078
Amounts allocated from:
Future policy benefits	(1,981		)	(2,626		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(8		)	(2		)
DAC, VOBA and DSI	(225		)	(265		)
Subtotal	(2,214		)	(2,893		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2			—
Deferred income tax benefit (expense)	(227		)	(459		)
Net unrealized investment gains (losses)	$	846		$	1,726

The changes in net unrealized investment gains (losses) were as follows:



	Three Months Ended March 31, 2018
	(In millions)
Balance, December 31, 2017	$	1,726
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(15		)
Balance, January 1, 2018	1,711
Fixed maturity securities on which noncredit OTTI losses have been recognized	—
Unrealized investment gains (losses) during the period	(1,778		)
Unrealized investment gains (losses) relating to:
Future policy benefits	645
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(6		)
DAC, VOBA and DSI	40
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2
Deferred income tax benefit (expense)	232
Balance, March 31, 2018	$	846
Change in net unrealized investment gains (losses)	$	(865	)

__________________


(1)	See Note 1 for more information related to the cumulative effect of change in accounting principle.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2018 and December 31, 2017.

Securities Lending

Elements of the securities lending program are presented below at:



	March 31, 2018		December 31, 2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,333	$	3,085
Estimated fair value	$	3,766	$	3,748
Cash collateral received from counterparties (2)	$	3,777	$	3,791
Security collateral received from counterparties (3)	$	42	$	29
Reinvestment portfolio — estimated fair value	$	3,787	$	3,823

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated and combined financial statements.

The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:



	March 31, 2018								December 31, 2017
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	1,253	$	1,414	$	1,110	$	3,777	$	1,626	$	964	$	1,201	$	3,791

__________________


(1)	The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value at:



	March 31, 2018		December 31, 2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,090	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	2,755		2,634
Invested assets pledged as collateral (3)	4,004		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	14,849	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $106 million and $34 million of the assets on deposit balance represents restricted cash at March 31, 2018 and December 31, 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $20 million and $42 million of the assets held in trust balance represents restricted cash at March 31, 2018 and December 31, 2017, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2017 Annual Report) and derivative transactions (see Note 5).

See “— Securities Lending” for information regarding securities on loan.

Variable Interest Entities

Consolidated VIEs

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:



	March 31, 2018				December 31, 2017
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
CSEs (assets (primarily loans) and liabilities (primarily debt)) (1)	$	106	$	8	$	116	$	11

__________________

(1)

Unconsolidated VIEs



	March 31, 2018				December 31, 2017
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	11,614	$	11,614	$	11,461	$	11,461
U.S. and foreign corporate	426		426		504		504
Other limited partnership interests	1,543		2,732		1,511		2,463
Other investments (3)	94		101		82		89
Total	$	13,677	$	14,873	$	13,558	$	14,517

__________________

(1)


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.


(3)	Other investments is comprised of real estate joint ventures and other invested assets.

Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	628	$	610
Equity securities	2		2
Mortgage loans	118		109
Policy loans	16		17
Real estate joint ventures	14		12
Other limited partnership interests	65		57
Cash, cash equivalents and short-term investments	6		8
Other	9		8
Subtotal	858		823
Less: Investment expenses	43		43
Subtotal, net	815		780
FVO CSEs — interest income — commercial mortgage loans	2		2
Net investment income	$	817	$	782

See “— Variable Interest Entities” for discussion of CSEs.

See “— Related Party Investment Transactions” for discussion of related party net investment income and investment expenses.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Total gains (losses) on fixed maturity securities:
Fixed maturity securities — net gains (losses) on sales and disposals	$	(39	)	$	(38	)
Total gains (losses) on fixed maturity securities	(39		)	(38		)
Total gains (losses) on equity securities:
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1		)	—
Total gains (losses) on equity securities	(1		)	—
Mortgage loans	(4		)	(3		)
Real estate joint ventures	42			2
Other limited partnership interests	—			(10		)
Other	1			(6		)
Subtotal	(1		)	(55		)
FVO CSEs:
Commercial mortgage loans	(3		)	(1		)
Long-term debt — related to commercial mortgage loans	—			1
Subtotal	(3		)	—
Total net investment gains (losses)	$	(4	)	$	(55	)

See “— Variable Interest Entities” for discussion of CSEs.

See “— Related Party Investment Transactions” for discussion of related party net investment gains (losses) related to transfers of invested assets.

Sales or Disposals and Impairments of Fixed Maturity Securities



	Three Months Ended March 31,
	2018			2017
	(In millions)
Proceeds	$	2,861		$	1,976
Gross investment gains	$	3		$	8
Gross investment losses	(42		)	(46		)
Net investment gains (losses)	$	(39	)	$	(38	)

Credit Loss Rollforward



	Three Months Ended March 31,
	2018		2017
	(In millions)
Balance at January 1,	$	—	$	28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	—		(18		)
Balance at March 31,	$	—	$	10

Related Party Investment Transactions

The Company previously transferred invested assets primarily consisting of fixed maturity securities to former affiliates, which were as follows:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Estimated fair value of invested assets transferred to former affiliates	$	—	$	292
Amortized cost of invested assets transferred to former affiliates	$	—	$	294
Net investment gains (losses) recognized on transfers	$	—	$	(2	)

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	628	$	610
Equity securities	2		2
Mortgage loans	118		109
Policy loans	16		17
Real estate joint ventures	14		12
Other limited partnership interests	65		57
Cash, cash equivalents and short-term investments	6		8
Other	9		8
Subtotal	858		823
Less: Investment expenses	43		43
Subtotal, net	815		780
FVO CSEs — interest income — commercial mortgage loans	2		2
Net investment income	$	817	$	782

The components of net investment gains (losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Total gains (losses) on fixed maturity securities:
Fixed maturity securities — net gains (losses) on sales and disposals	$	(39	)	$	(38	)
Total gains (losses) on fixed maturity securities	(39		)	(38		)
Total gains (losses) on equity securities:
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1		)	—
Total gains (losses) on equity securities	(1		)	—
Mortgage loans	(4		)	(3		)
Real estate joint ventures	42			2
Other limited partnership interests	—			(10		)
Other	1			(6		)
Subtotal	(1		)	(55		)
FVO CSEs:
Commercial mortgage loans	(3		)	(1		)
Long-term debt — related to commercial mortgage loans	—			1
Subtotal	(3		)	—
Total net investment gains (losses)	$	(4	)	$	(55	)

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses

Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as shown in the table below.



	Three Months Ended March 31,
	2018			2017
	(In millions)
Proceeds	$	2,861		$	1,976
Gross investment gains	$	3		$	8
Gross investment losses	(42		)	(46		)
Net investment gains (losses)	$	(39	)	$	(38	)

Rollforward of the Cumulative Credit Loss Component of OTTI income (loss)



	Three Months Ended March 31,
	2018		2017
	(In millions)
Balance at January 1,	$	—	$	28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	—		(18		)
Balance at March 31,	$	—	$	10

Schedule of Gain (Loss) on Securitizations or Asset-backed Financing Arrangements of Financial Assets Accounted for as Sale [Table Text Block]

The Company previously transferred invested assets primarily consisting of fixed maturity securities to former affiliates, which were as follows:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Estimated fair value of invested assets transferred to former affiliates	$	—	$	292
Amortized cost of invested assets transferred to former affiliates	$	—	$	294
Net investment gains (losses) recognized on transfers	$	—	$	(2	)

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Variable Interest Entities

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:



	March 31, 2018				December 31, 2017
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
CSEs (assets (primarily loans) and liabilities (primarily debt)) (1)	$	106	$	8	$	116	$	11

__________________

(1)

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Variable Interest Entities



	March 31, 2018				December 31, 2017
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	11,614	$	11,614	$	11,461	$	11,461
U.S. and foreign corporate	426		426		504		504
Other limited partnership interests	1,543		2,732		1,511		2,463
Other investments (3)	94		101		82		89
Total	$	13,677	$	14,873	$	13,558	$	14,517

__________________

(1)


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.


(3)	Other investments is comprised of real estate joint ventures and other invested assets.

Commercial

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
March 31, 2018
Loan-to-value ratios:
Less than 65%	$	6,658	$	238	$	33	$	6,929	90.8	%	$	6,995	91.0	%
65% to 75%	578		—		38		616		8.1		611		7.9
76% to 80%	19		32		33		84		1.1		81		1.1
Total	$	7,255	$	270	$	104	$	7,629	100.0	%	$	7,687	100.0	%

December 31, 2017
Loan-to-value ratios:
Less than 65%	$	6,194	$	293	$	33	$	6,520	89.8	%	$	6,681	90.0	%
65% to 75%	642		—		14		656		9.0		658		8.9
76% to 80%	42		—		9		51		0.7		50		0.7
Greater than 80%	—		9		24		33		0.5		30		0.4
Total	$	6,878	$	302	$	80	$	7,260	100.0	%	$	7,419	100.0	%

Agricultural

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of agricultural mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,286	93.9	%	$	2,113	92.8	%
65% to 75%	149		6.1		163		7.2
Total	$	2,435	100.0	%	$	2,276	100.0	%

Residential

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of residential mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,162	97.8	%	$	1,106	97.2	%
Nonperforming	26		2.2		32		2.8
Total	$	1,188	100.0	%	$	1,138	100.0	%

Derivatives (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		March 31, 2018						December 31, 2017
				Estimated Fair Value						Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount						Gross Notional Amount
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	154	$	36	$	—	$	175	$	44	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	27		3		—		27		5		—
Foreign currency swaps	Foreign currency exchange rate	1,951		61		124		1,827		94		75
Subtotal		1,978		64		124		1,854		99		75
Total qualifying hedges		2,132		100		124		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,877		660		877		20,213		922		774
Interest rate caps	Interest rate	3,428		25		—		2,671		7		—
Interest rate futures	Interest rate	282		—		—		282		1		—
Interest rate options	Interest rate	24,500		136		85		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,133		55		65		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	130		—		—		130		—		1
Credit default swaps — purchased	Credit	40		—		1		65		—		1
Credit default swaps — written	Credit	1,928		31		—		1,900		40		—
Equity futures	Equity market	1,867		—		—		2,713		15		—
Equity index options	Equity market	47,581		1,011		1,568		47,066		794		1,664
Equity variance swaps	Equity market	9,575		123		421		8,998		128		430
Equity total return swaps	Equity market	1,894		60		—		1,767		—		79
Total non-designated or nonqualifying derivatives		108,235		2,101		3,017		111,520		2,111		3,054
Total		$	110,367	$	2,201	$	3,141	$	113,549	$	2,254	$	3,129

The following table presents earned income on derivatives:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Qualifying hedges:
Net investment income	$	5	$	6
Nonqualifying hedges:
Net derivative gains (losses)	53		119
Policyholder benefits and claims	—		4
Total	$	58	$	129

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:



	March 31, 2018					December 31, 2017
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	11	$	607	2.7	$	12	$	558	2.8
Baa	20		1,321		5.1	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	31	$	1,928	4.3	$	40	$	1,900	4.1

__________________

(1)


(2)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,250		$	3,135		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	20			8			70			40
Total gross estimated fair value of derivatives (1)	2,270			3,143			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,270			3,143			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,937		)	(1,937		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	—			—			(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(268		)	—			(257		)	—
OTC-cleared and Exchange-traded	(19		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(8		)	(1,198		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(7		)	—			—
Net amount after application of master netting agreements and collateral	$	38		$	1		$	44		$	1

__________________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $69 million and $49 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of $2 million and ($8) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

(5)

(6)

Derivative Instruments, Gain (Loss) [Line Items]

Offsetting Liabilities [Table Text Block]

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,250		$	3,135		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	20			8			70			40
Total gross estimated fair value of derivatives (1)	2,270			3,143			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,270			3,143			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,937		)	(1,937		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	—			—			(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(268		)	—			(257		)	—
OTC-cleared and Exchange-traded	(19		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(8		)	(1,198		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(7		)	—			—
Net amount after application of master netting agreements and collateral	$	38		$	1		$	44		$	1

__________________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $69 million and $49 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of $2 million and ($8) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

(5)

(6)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	—	$	—		$	—
Total fair value hedges	(8		)	7		—		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		—		—			(74		)
Total cash flow hedges	7			—		1		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(809		)	—		—		—			—
Foreign currency exchange rate derivatives	(41		)	2		—		—			—
Credit derivatives	(7		)	—		—		—			—
Equity derivatives	(44		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(395		)	2		—		(1		)	—
Total	$	(396	)	$	9	$	1	$	(1	)	$	(76	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(2	)	$	2		$	—	$	—		$	—
Total fair value hedges	(2		)	2			—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			2		—			—
Foreign currency exchange rate derivatives	10			(9		)	—		—			(19		)
Total cash flow hedges	10			(9		)	2		—			(19		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(269		)	—			—		(1		)	—
Foreign currency exchange rate derivatives	(20		)	(33		)	—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(939		)	—			—		(184		)	—
Embedded derivatives	170			—			—		(15		)	—
Total non-qualifying hedges	(1,052		)	(33		)	—		(200		)	—
Total	$	(1,044	)	$	(40	)	$	2	$	(200	)	$	(19	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Hedged items in fair value hedging relationship includes fixed rate liabilities reported in policyholder account balances or future policy benefits and fixed maturity securities. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	Includes changes in estimated fair value related to economic hedges of equity method investments in joint ventures and gains (losses) reclassified from AOCI for cash flow hedges.


(4)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.


(5)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block]

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	—	$	—		$	—
Total fair value hedges	(8		)	7		—		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		—		—			(74		)
Total cash flow hedges	7			—		1		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(809		)	—		—		—			—
Foreign currency exchange rate derivatives	(41		)	2		—		—			—
Credit derivatives	(7		)	—		—		—			—
Equity derivatives	(44		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(395		)	2		—		(1		)	—
Total	$	(396	)	$	9	$	1	$	(1	)	$	(76	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(2	)	$	2		$	—	$	—		$	—
Total fair value hedges	(2		)	2			—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			2		—			—
Foreign currency exchange rate derivatives	10			(9		)	—		—			(19		)
Total cash flow hedges	10			(9		)	2		—			(19		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(269		)	—			—		(1		)	—
Foreign currency exchange rate derivatives	(20		)	(33		)	—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(939		)	—			—		(184		)	—
Embedded derivatives	170			—			—		(15		)	—
Total non-qualifying hedges	(1,052		)	(33		)	—		(200		)	—
Total	$	(1,044	)	$	(40	)	$	2	$	(200	)	$	(19	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Hedged items in fair value hedging relationship includes fixed rate liabilities reported in policyholder account balances or future policy benefits and fixed maturity securities. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	Includes changes in estimated fair value related to economic hedges of equity method investments in joint ventures and gains (losses) reclassified from AOCI for cash flow hedges.


(4)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.


(5)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

Derivative Instruments and Hedging Activities Disclosure [Text Block]

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Derivative Strategies

Interest Rate Derivatives

Foreign Currency Exchange Rate Derivatives

To a lesser extent, the Company uses foreign currency forwards in nonqualifying hedging relationships.

Credit Derivatives

Equity Derivatives

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		March 31, 2018						December 31, 2017
				Estimated Fair Value						Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount						Gross Notional Amount
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	154	$	36	$	—	$	175	$	44	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	27		3		—		27		5		—
Foreign currency swaps	Foreign currency exchange rate	1,951		61		124		1,827		94		75
Subtotal		1,978		64		124		1,854		99		75
Total qualifying hedges		2,132		100		124		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,877		660		877		20,213		922		774
Interest rate caps	Interest rate	3,428		25		—		2,671		7		—
Interest rate futures	Interest rate	282		—		—		282		1		—
Interest rate options	Interest rate	24,500		136		85		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,133		55		65		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	130		—		—		130		—		1
Credit default swaps — purchased	Credit	40		—		1		65		—		1
Credit default swaps — written	Credit	1,928		31		—		1,900		40		—
Equity futures	Equity market	1,867		—		—		2,713		15		—
Equity index options	Equity market	47,581		1,011		1,568		47,066		794		1,664
Equity variance swaps	Equity market	9,575		123		421		8,998		128		430
Equity total return swaps	Equity market	1,894		60		—		1,767		—		79
Total non-designated or nonqualifying derivatives		108,235		2,101		3,017		111,520		2,111		3,054
Total		$	110,367	$	2,201	$	3,141	$	113,549	$	2,254	$	3,129

The following table presents earned income on derivatives:



	Three Months Ended March 31,
	2018		2017
	(In millions)
Qualifying hedges:
Net investment income	$	5	$	6
Nonqualifying hedges:
Net derivative gains (losses)	53		119
Policyholder benefits and claims	—		4
Total	$	58	$	129

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	—	$	—		$	—
Total fair value hedges	(8		)	7		—		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		—		—			(74		)
Total cash flow hedges	7			—		1		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(809		)	—		—		—			—
Foreign currency exchange rate derivatives	(41		)	2		—		—			—
Credit derivatives	(7		)	—		—		—			—
Equity derivatives	(44		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(395		)	2		—		(1		)	—
Total	$	(396	)	$	9	$	1	$	(1	)	$	(76	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(2	)	$	2		$	—	$	—		$	—
Total fair value hedges	(2		)	2			—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			2		—			—
Foreign currency exchange rate derivatives	10			(9		)	—		—			(19		)
Total cash flow hedges	10			(9		)	2		—			(19		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(269		)	—			—		(1		)	—
Foreign currency exchange rate derivatives	(20		)	(33		)	—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(939		)	—			—		(184		)	—
Embedded derivatives	170			—			—		(15		)	—
Total non-qualifying hedges	(1,052		)	(33		)	—		(200		)	—
Total	$	(1,044	)	$	(40	)	$	2	$	(200	)	$	(19	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Hedged items in fair value hedging relationship includes fixed rate liabilities reported in policyholder account balances or future policy benefits and fixed maturity securities. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	Includes changes in estimated fair value related to economic hedges of equity method investments in joint ventures and gains (losses) reclassified from AOCI for cash flow hedges.


(4)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.


(5)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2018 and December 31, 2017, the balance in AOCI associated with cash flow hedges was $155 million and $239 million, respectively.

Credit Derivatives

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:



	March 31, 2018					December 31, 2017
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	11	$	607	2.7	$	12	$	558	2.8
Baa	20		1,321		5.1	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	31	$	1,928	4.3	$	40	$	1,900	4.1

__________________

(1)


(2)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

Credit Risk

See Note 6 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,250		$	3,135		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	20			8			70			40
Total gross estimated fair value of derivatives (1)	2,270			3,143			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,270			3,143			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,937		)	(1,937		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	—			—			(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(268		)	—			(257		)	—
OTC-cleared and Exchange-traded	(19		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(8		)	(1,198		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(7		)	—			—
Net amount after application of master netting agreements and collateral	$	38		$	1		$	44		$	1

__________________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $69 million and $49 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of $2 million and ($8) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

(5)

(6)



	March 31, 2018		December 31, 2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,198	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,568	$	1,414

__________________


(1)	After taking into consideration the existence of netting agreements.

Embedded Derivatives

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	March 31, 2018			December 31, 2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	200		$	227
Options embedded in debt or equity securities (1)	Investments	—			(52		)
Embedded derivatives within asset host contracts		$	200		$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	878		$	1,212
Assumed reinsurance on fixed deferred annuities	Policyholder account balances	(1		)	1
Fixed annuities with equity indexed returns	Policyholder account balances	616			674
Embedded derivatives within liability host contracts		$	1,493		$	1,887

__________________

(1)

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Net derivative gains (losses) (1), (2)	$	506		$	170
Policyholder benefits and claims	$	(1	)	$	(15	)

__________________

(1)


(2)	See Note 11 for discussion of related party net derivative gains (losses).

Components of Net Derivatives Gains (Losses)

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	—	$	—		$	—
Total fair value hedges	(8		)	7		—		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		—		—			(74		)
Total cash flow hedges	7			—		1		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(809		)	—		—		—			—
Foreign currency exchange rate derivatives	(41		)	2		—		—			—
Credit derivatives	(7		)	—		—		—			—
Equity derivatives	(44		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(395		)	2		—		(1		)	—
Total	$	(396	)	$	9	$	1	$	(1	)	$	(76	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(2	)	$	2		$	—	$	—		$	—
Total fair value hedges	(2		)	2			—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			2		—			—
Foreign currency exchange rate derivatives	10			(9		)	—		—			(19		)
Total cash flow hedges	10			(9		)	2		—			(19		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(269		)	—			—		(1		)	—
Foreign currency exchange rate derivatives	(20		)	(33		)	—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(939		)	—			—		(184		)	—
Embedded derivatives	170			—			—		(15		)	—
Total non-qualifying hedges	(1,052		)	(33		)	—		(200		)	—
Total	$	(1,044	)	$	(40	)	$	2	$	(200	)	$	(19	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Hedged items in fair value hedging relationship includes fixed rate liabilities reported in policyholder account balances or future policy benefits and fixed maturity securities. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	Includes changes in estimated fair value related to economic hedges of equity method investments in joint ventures and gains (losses) reclassified from AOCI for cash flow hedges.


(4)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.


(5)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness

Schedule of Derivative Instruments

OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.



	March 31, 2018		December 31, 2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,198	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,568	$	1,414

__________________


(1)	After taking into consideration the existence of netting agreements.

Embedded Derivative Financial Instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Components of Net Derivatives Gains (Losses)

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Net derivative gains (losses) (1), (2)	$	506		$	170
Policyholder benefits and claims	$	(1	)	$	(15	)

__________________

(1)


(2)	See Note 11 for discussion of related party net derivative gains (losses).

Schedule of Derivative Instruments

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	March 31, 2018			December 31, 2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	200		$	227
Options embedded in debt or equity securities (1)	Investments	—			(52		)
Embedded derivatives within asset host contracts		$	200		$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	878		$	1,212
Assumed reinsurance on fixed deferred annuities	Policyholder account balances	(1		)	1
Fixed annuities with equity indexed returns	Policyholder account balances	616			674
Embedded derivatives within liability host contracts		$	1,493		$	1,887

__________________

(1)

Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	March 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	22,392	$	860	$	23,252
U.S. government and agency	6,453		7,505		—		13,958
RMBS	—		6,945		970		7,915
Foreign corporate	—		5,870		1,046		6,916
State and political subdivision	—		4,088		—		4,088
CMBS	—		3,707		133		3,840
ABS	—		1,799		103		1,902
Foreign government	—		1,307		—		1,307
Total fixed maturity securities	6,453		53,613		3,112		63,178
Equity securities	17		20		123		160
Short-term investments	146		147		—		293
Real estate joint ventures (1)	—		—		22		22
Other limited partnership interests (1)	—		—		26		26
Commercial mortgage loans held by CSEs — FVO	—		105		—		105
Derivative assets: (2)
Interest rate	—		860		—		860
Foreign currency exchange rate	—		116		—		116
Credit	—		21		10		31
Equity market	—		1,047		147		1,194
Total derivative assets	—		2,044		157		2,201
Embedded derivatives within asset host contracts (3)	—		—		200		200
Separate account assets	460		113,918		7		114,385
Total assets	$	7,076	$	169,847	$	3,647	$	180,570
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	962	$	—	$	962
Foreign currency exchange rate	—		188		1		189
Credit	—		1		—		1
Equity market	—		1,560		429		1,989
Total derivative liabilities	—		2,711		430		3,141
Embedded derivatives within liability host contracts (3)	—		—		1,493		1,493
Long-term debt of CSEs — FVO	—		8		—		8
Total liabilities	$	—	$	2,719	$	1,923	$	4,642



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	22,048	$	909	$	22,957
U.S. government and agency	8,304		7,988		—		16,292
RMBS	—		6,989		988		7,977
Foreign corporate	—		5,935		1,088		7,023
State and political subdivision	—		4,181		—		4,181
CMBS	—		3,287		136		3,423
ABS	—		1,723		106		1,829
Foreign government	—		1,304		5		1,309
Total fixed maturity securities	8,304		53,455		3,232		64,991
Equity securities (4)	18		19		124		161
Short-term investments	142		156		14		312
Commercial mortgage loans held by CSEs — FVO	—		115		—		115
Derivative assets: (2)
Interest rate	1		1,111		—		1,112
Foreign currency exchange rate	—		165		—		165
Credit	—		30		10		40
Equity market	15		773		149		937
Total derivative assets	16		2,079		159		2,254
Embedded derivatives within asset host contracts (3)	—		—		227		227
Separate account assets	410		117,842		5		118,257
Total assets	$	8,890	$	173,666	$	3,761	$	186,317
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	837	$	—	$	837
Foreign currency exchange rate	—		117		1		118
Credit	—		1		—		1
Equity market	—		1,736		437		2,173
Total derivative liabilities	—		2,691		438		3,129
Embedded derivatives within liability host contracts (3)	—		—		1,887		1,887
Long-term debt of CSEs — FVO	—		11		—		11
Total liabilities	$	—	$	2,702	$	2,325	$	5,027

__________________


(1)	In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018 on a modified retrospective basis, the Company carries real estate joint ventures and other limited partnership interests previously accounted under the cost method of accounting at estimated fair value.

(2)

(3)


(4)	The Company reclassified Federal Home Loan Bank stock in the prior period from equity securities to other invested assets.

Fair Value Inputs, Quantitative Information



					March 31, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	90	-	139	108	93	-	142	111	Increase
	•	Market pricing	•	Quoted prices (4)	51	-	396	104	—	-	443	77	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	50	-	107	95	3	-	107	95	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	80	-	104	95	8	-	104	88	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	103	-	103	103	105	-	105	105	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	100	-	103	101	100	-	104	101	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)					100	-	100	100	Increase (5)
Derivatives
Credit	•	Present value techniques	•	Credit spreads (7)	97	-	98		—	-	—		Decrease (6)
	•	Consensus pricing	•	Offered quotes (8)
Equity market	•	Present value techniques or option pricing models	•	Volatility (9)	20%	-	31%		11%	-	31%		Increase (6)
			•	Correlation (10)	10%	-	30%		10%	-	30%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (11)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (11)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (11)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (12)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (12)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (12)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (13)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(14)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (15)
			•	Nonperformance risk spread	0.90%	-	1.66%		0.64%	-	1.43%		Decrease (16)

___________________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(7)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(8)	At March 31, 2018 and December 31, 2017, independent non-binding broker quotations were used in the determination of less than 1% and 1% of the total net derivative estimated fair value, respectively.


(9)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(10)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(11)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(12)

(13)

(14)


(15)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(16)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value Inputs, Quantitative Information



					March 31, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	90	-	139	108	93	-	142	111	Increase
	•	Market pricing	•	Quoted prices (4)	51	-	396	104	—	-	443	77	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	50	-	107	95	3	-	107	95	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	80	-	104	95	8	-	104	88	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	103	-	103	103	105	-	105	105	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	100	-	103	101	100	-	104	101	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)					100	-	100	100	Increase (5)
Derivatives
Credit	•	Present value techniques	•	Credit spreads (7)	97	-	98		—	-	—		Decrease (6)
	•	Consensus pricing	•	Offered quotes (8)
Equity market	•	Present value techniques or option pricing models	•	Volatility (9)	20%	-	31%		11%	-	31%		Increase (6)
			•	Correlation (10)	10%	-	30%		10%	-	30%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (11)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (11)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (11)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (12)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (12)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (12)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (13)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(14)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (15)
			•	Nonperformance risk spread	0.90%	-	1.66%		0.64%	-	1.43%		Decrease (16)

___________________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(7)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(8)	At March 31, 2018 and December 31, 2017, independent non-binding broker quotations were used in the determination of less than 1% and 1% of the total net derivative estimated fair value, respectively.


(9)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(10)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(11)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(12)

(13)

(14)


(15)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(16)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			State and Political Subdivision			Foreign Government			Equity Securities
	(In millions)
Three Months Ended March 31, 2018
Balance, beginning of period	$	1,997		$	1,230		$	—		$	5		$	124
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	3			6			—			—			(1		)
Total realized/unrealized gains (losses) included in AOCI	(8		)	(12		)	—			—			—
Purchases (8)	66			99			—			—			—
Sales (8)	(102		)	(66		)	—			(5		)	—
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	87			—			—			—			—
Transfers out of Level 3 (9)	(137		)	(51		)	—			—			—
Balance, end of period	$	1,906		$	1,206		$	—		$	—		$	123
Three Months Ended March 31, 2017
Balance, beginning of period	$	2,391		$	1,711		$	17		$	—		$	137
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	(3		)	3			—			—			—
Total realized/unrealized gains (losses) included in AOCI	114			15			—			—			2
Purchases (8)	122			52			—			—			3
Sales (8)	(59		)	(109		)	—			—			—
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	—			11			—			—			—
Transfers out of Level 3 (9)	(162		)	(43		)	(10		)	—			—
Balance, end of period	$	2,403		$	1,640		$	7		$	—		$	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (10)	$	1		$	6		$	—		$	—		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2017 (10)	$	2		$	4		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Real Estate Joint Ventures (2)			Other Limited Partnership Interests (2)			Short-term Investments			Net Derivatives (3)			Net Embedded Derivatives (4)			Separate Account Assets (5)
	(In millions)
Three Months Ended March 31, 2018
Balance, beginning of period	$	22		$	28		$	14		$	(279	)	$	(1,660	)	$	5
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	1			(1		)	—			5			505			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			—			1			—			3
Sales (8)	(1		)	(1		)	—			—			—			(1		)
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			—			(138		)	—
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			(14		)	—			—			—
Balance, end of period	$	22		$	26		$	—		$	(273	)	$	(1,293	)	$	7
Three Months Ended March 31, 2017
Balance, beginning of period	$	—		$	—		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			—			—			(10		)	163			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			1			—			—			—
Sales (8)	—			—			(1		)	—			—			—
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			74			199			—
Transfers into Level 3 (9)	—			—			—			—			—			5
Transfers out of Level 3 (9)	—			—			(1		)	—			—			—
Balance, end of period	$	—		$	—		$	1		$	(890	)	$	(2,021	)	$	15
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (10)	$	1		$	(1	)	$	—		$	5		$	706		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2017 (10)	$	—		$	—		$	—		$	(12	)	$	427		$	—

__________________


(1)	Comprised of U.S. and foreign corporate securities.


(2)	In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018 on a modified retrospective basis, the Company carries real estate joint ventures and other limited partnership interests previously accounted under the cost method of accounting at estimated fair value.


(3)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.


(4)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.


(5)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contract holders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(6)


(7)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.


(8)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(9)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(10)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

Fair Value Option

The following table presents information for certain assets and liabilities of CSEs, which are accounted for under the FVO. These assets and liabilities were initially measured at fair value.



	March 31, 2018		December 31, 2017
	(In millions)
Assets (1)
Unpaid principal balance	$	63	$	70
Difference between estimated fair value and unpaid principal balance	42		45
Carrying value at estimated fair value	$	105	$	115
Liabilities (1)
Contractual principal balance	$	8	$	10
Difference between estimated fair value and contractual principal balance	—		1
Carrying value at estimated fair value	$	8	$	11

__________________

(1)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	March 31, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	11,203	$	—	$	—	$	11,347	$	11,347
Policy loans	$	1,517	$	—	$	784	$	921	$	1,705
Other invested assets	$	83	$	—	$	70	$	13	$	83
Premiums, reinsurance and other receivables	$	1,660	$	—	$	47	$	1,858	$	1,905
Liabilities
Policyholder account balances	$	15,780	$	—	$	—	$	15,217	$	15,217
Long-term debt	$	3,601	$	—	$	2,810	$	600	$	3,410
Other liabilities	$	360	$	—	$	145	$	215	$	360
Separate account liabilities	$	1,184	$	—	$	1,184	$	—	$	1,184



	December 31, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	10,627	$	—	$	—	$	10,871	$	10,871
Policy loans	$	1,523	$	—	$	781	$	959	$	1,740
Real estate joint ventures (1)	$	5	$	—	$	—	$	22	$	22
Other limited partnership interests (1)	$	36	$	—	$	—	$	28	$	28
Other invested assets (2)	$	71	$	—	$	71	$	—	$	71
Premiums, reinsurance and other receivables	$	1,758	$	—	$	128	$	1,985	$	2,113
Liabilities
Policyholder account balances	$	15,791	$	—	$	—	$	15,927	$	15,927
Long-term debt	$	3,601	$	—	$	3,039	$	600	$	3,639
Other liabilities	$	314	$	—	$	100	$	214	$	314
Separate account liabilities	$	1,210	$	—	$	1,210	$	—	$	1,210

_________________


(1)	In connection with the adoption of new guidance related to the recognition and measurement of financial instruments (see Note 1), effective January 1, 2018 on a modified retrospective basis, the Company carries real estate joint ventures and other limited partnership interests previously accounted under the cost method of accounting at estimated fair value.


(2)	The Company reclassified Federal Home Loan Bank stock in the prior period from equity securities to other invested assets.

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References + Details

Equity (Tables)

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:



	Three Months Ended March 31, 2018
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2017	$	1,572		$	154		$	(24	)	$	(26	)	$	1,676
Cumulative effect of change in accounting principle, net of income tax (see Note 1)	(15		)	—			—			—			(15		)
Balance, January 1, 2018	1,557			154			(24		)	(26		)	1,661
OCI before reclassifications	(1,073		)	(76		)	2			3			(1,144		)
Deferred income tax benefit (expense)	229			16			—			—			245
AOCI before reclassifications, net of income tax	713			94			(22		)	(23		)	762
Amounts reclassified from AOCI	58			(8		)	—			—			50
Deferred income tax benefit (expense)	(12		)	1			—			—			(11		)
Amounts reclassified from AOCI, net of income tax	46			(7		)	—			—			39
Balance, March 31, 2018	$	759		$	87		$	(22	)	$	(23	)	$	801



	Three Months Ended March 31, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2016	$	1,044		$	268		$	(31	)	$	(16	)	$	1,265
OCI before reclassifications	313			(19		)	(7		)	(14		)	273
Deferred income tax benefit (expense)	(107		)	7			4			12			(84		)
AOCI before reclassifications, net of income tax	1,250			256			(34		)	(18		)	1,454
Amounts reclassified from AOCI	91			(12		)	—			—			79
Deferred income tax benefit (expense)	(31		)	4			—			—			(27		)
Amounts reclassified from AOCI, net of income tax	60			(8		)	—			—			52
Balance, March 31, 2017	$	1,310		$	248		$	(34	)	$	(18	)	$	1,506

__________________


(1)	See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:



AOCI Components	Amounts Reclassified from AOCI						Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) Locations (1)
	Three Months Ended March 31,
	2018			2017
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(59	)	$	(48	)	Net investment gains (losses)
Net unrealized investment gains (losses)	1			1			Net investment income
Net unrealized investment gains (losses)	—			(44		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(58		)	(91		)
Income tax (expense) benefit	12			31
Net unrealized investment gains (losses), net of income tax	(46		)	(60		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	6			—			Net derivative gains (losses)
Interest rate swaps	—			1			Net investment income
Interest rate forwards	1			—			Net derivative gains (losses)
Interest rate forwards	1			1			Net investment income
Foreign currency swaps	—			10			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	8			12
Income tax (expense) benefit	(1		)	(4		)
Gains (losses) on cash flow hedges, net of income tax	7			8
Total reclassifications, net of income tax	$	(39	)	$	(52	)

__________________


(1)	See Note 1 for information related to the cumulative effect of change in accounting principle.

Other Revenues and Other Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Compensation	$	70		$	64
Commissions	215			193
Volume-related costs	109			127
Related party expenses on ceded and assumed reinsurance	3			23
Capitalization of DAC	(76		)	(68		)
Interest expense on debt	37			45
Premium taxes, licenses and fees	17			14
Professional services	89			35
Rent and related expenses	3			4
Other	151			127
Total other expenses	$	618		$	564

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share



	Three Months Ended March 31,
	2018			Pro forma 2017 (1)
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(67	)	$	(349	)
Weighted average common shares outstanding:
Basic	119,773,106			119,773,106
Earnings per common share:
Basic	$	(0.56	)	$	(2.91	)

__________________


(1)	On August 4, 2017, following the completion of the Separation, 119,773,106 shares of Brighthouse Financial, Inc. common stock were outstanding. This number of shares remained outstanding at March 31, 2018 and is utilized to calculate EPS for the three months ended March 31, 2017.

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Reinsurance Disclosure [Line Items]

The following table summarizes assets and liabilities from transactions with MetLife at:



	March 31, 2018		December 31, 2017
	(In millions)
Assets	$	2,943	$	2,907
Liabilities	$	2,149	$	2,178

The following table summarizes income and expense from transactions with MetLife for the periods indicated:



	Three Months Ended March 31,
	2018			2017
	(In millions)
Income	$	(81	)	$	(441	)
Expense	$	78		$	99

Effects of reinsurance



	Three Months Ended March 31,
	2018			2017
	(In millions)
Premiums
Reinsurance assumed	$	3		$	3
Reinsurance ceded	(96		)	(177		)
Net premiums	$	(93	)	$	(174	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	25		$	24
Reinsurance ceded	(1		)	(13		)
Net universal life and investment-type product policy fees	$	24		$	11
Other revenues
Reinsurance assumed	$	—		$	—
Reinsurance ceded	12			—
Net other revenues	$	12		$	—
Policyholder benefits and claims
Reinsurance assumed	$	8		$	6
Reinsurance ceded	(84		)	(134		)
Net policyholder benefits and claims	$	(76	)	$	(128	)

Information regarding the significant effects of reinsurance with former MetLife affiliates included on the interim condensed consolidated balance sheets was as follows at:



	March 31, 2018				December 31, 2017
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	25	$	3,438	$	18	$	3,410
Liabilities
Other policy-related balances	$	1,670	$	—	$	1,674	$	—
Other liabilities	$	32	$	374	$	30	$	401

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($) Segment	Dec. 31, 2017 USD ($)	Aug. 04, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 20
Number of segments \| Segment	3
Parent shareholders' percentage \| Spinoff
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common Stock Distribution by Parent			80.80%
Parent percentage \| Spinoff
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common Stock Retained by Parent			19.20%
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 15	(15)
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 35
Retained Earnings [Member] \| Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 38

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (113)	$ (590)
Provision for income tax expense (benefit)	(48)	(241)
Less: Net income (loss) attributable to noncontrolling interests	2	0
Net investment gains (losses)	(4)	(55)
Net derivative gains (losses)	(334)	(965)
Other adjustments to net income	105	74
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(67)	(349)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	363	327
Interest expense	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	108	107
Interest expense	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	343	358
Interest expense	0	15
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	11	66
Interest expense	37	30
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	330	392
Provision for income tax expense (benefit)	45	112
Post-tax adjusted earnings	285	280
Less: Net income (loss) attributable to noncontrolling interests	2	0
Adjusted earnings	283	280
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	272	310
Provision for income tax expense (benefit)	46	82
Post-tax adjusted earnings	226	228
Less: Net income (loss) attributable to noncontrolling interests	0	0
Adjusted earnings	226	228
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	81	(15)
Provision for income tax expense (benefit)	15	(8)
Post-tax adjusted earnings	66	(7)
Less: Net income (loss) attributable to noncontrolling interests	0	0
Adjusted earnings	66	(7)
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	63	74
Provision for income tax expense (benefit)	13	25
Post-tax adjusted earnings	50	49
Less: Net income (loss) attributable to noncontrolling interests	0	0
Adjusted earnings	50	49
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(86)	23
Provision for income tax expense (benefit)	(29)	13
Post-tax adjusted earnings	(57)	10
Less: Net income (loss) attributable to noncontrolling interests	2	0
Adjusted earnings	(59)	10
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	93	353
Net investment gains (losses)	(4)	(55)
Net derivative gains (losses)	(334)	(965)
Other adjustments to net income	$ (105)	$ 38

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,815	$ 965
Annuities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,147	1,074
Life
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	369	290
Run-off
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	548	539
Corporate & Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	34	89
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (283)	$ (1,027)

Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 218,997	$ 224,192
Annuities
Segment Reporting Information [Line Items]
Total assets	154,020	154,667
Life
Segment Reporting Information [Line Items]
Total assets	21,295	18,049
Run-off
Segment Reporting Information [Line Items]
Total assets	34,028	36,824
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 9,654	$ 14,652

Segment Information (Narrative) (Details) $ in Millions	3 Months Ended
Segment Information (Narrative) (Details) $ in Millions	Mar. 31, 2018 USD ($) Segment
Segment Reporting Information [Line Items]
Number of segments \| Segment	3
Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	$ 5,000
Run-off
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	(3,000)
Annuities
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	2,000
Corporate & Other
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	(4,000)
Minimum \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology	30
Maximum \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology	$ 35

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 111,311	$ 115,147
Separate account value	106,011	109,792
Net amount at risk	$ 6,256	$ 5,261
Average attained age of contract holders	68 years	68 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 64,672	$ 67,110
Separate account value	63,369	65,782
Net amount at risk	$ 2,852	$ 2,642
Average attained age of contract holders	68 years	68 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Universal and Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 6,187	$ 6,244
Net amount at risk	$ 74,755	$ 75,304
Average attained age of policyholders	64 years	64 years
Variable Life [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,387	$ 3,379
Net amount at risk	$ 24,327	$ 24,546
Average attained age of policyholders	49 years	49 years

Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities [Abstract]
Amortized Cost	$ 60,029	$ 60,173
Gross Unrealized OTTI Loss	2	2
Available-for-sale Securities, Debt Securities	63,178	64,991
Fixed maturity securities
Available-for-sale Securities [Abstract]
Amortized Cost	60,029	60,173
Gross Unrealized Gain	3,992	5,180
Gross Unrealized Temporary Loss	846	365
Gross Unrealized OTTI Loss	(3)	(3)
Available-for-sale Securities, Debt Securities	63,178	64,991
U.S. corporate
Available-for-sale Securities [Abstract]
Amortized Cost	22,187	21,190
Gross Unrealized Gain	1,346	1,859
Gross Unrealized Temporary Loss	281	92
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	23,252	22,957
U.S. government and agency
Available-for-sale Securities [Abstract]
Amortized Cost	12,719	14,548
Gross Unrealized Gain	1,461	1,862
Gross Unrealized Temporary Loss	222	118
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	13,958	16,292
RMBS
Available-for-sale Securities [Abstract]
Amortized Cost	7,817	7,749
Gross Unrealized Gain	252	285
Gross Unrealized Temporary Loss	156	60
Gross Unrealized OTTI Loss	(2)	(3)
Available-for-sale Securities, Debt Securities	7,915	7,977
Foreign corporate
Available-for-sale Securities [Abstract]
Amortized Cost	6,717	6,703
Gross Unrealized Gain	295	386
Gross Unrealized Temporary Loss	96	66
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	6,916	7,023
State and political subdivision
Available-for-sale Securities [Abstract]
Amortized Cost	3,629	3,635
Gross Unrealized Gain	476	553
Gross Unrealized Temporary Loss	17	6
Gross Unrealized OTTI Loss	0	1
Available-for-sale Securities, Debt Securities	4,088	4,181
CMBS
Available-for-sale Securities [Abstract]
Amortized Cost	3,879	3,386
Gross Unrealized Gain	19	53
Gross Unrealized Temporary Loss	59	17
Gross Unrealized OTTI Loss	(1)	(1)
Available-for-sale Securities, Debt Securities	3,840	3,423
ABS
Available-for-sale Securities [Abstract]
Amortized Cost	1,886	1,810
Gross Unrealized Gain	19	21
Gross Unrealized Temporary Loss	3	2
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	1,902	1,829
Foreign government
Available-for-sale Securities [Abstract]
Amortized Cost	1,195	1,152
Gross Unrealized Gain	124	161
Gross Unrealized Temporary Loss	12	4
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	$ 1,307	$ 1,309

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 1,778
Amortized Cost, Due after one year through five years	9,007
Amortized Cost, Due after five years through ten years	11,976
Amortized Cost, Due after ten years	23,686
Amortized Cost, Structured Securities	13,582
Amortized Cost, Subtotal	60,029	$ 60,173
Estimated Fair Value, Due in one year or less	1,781
Estimated Fair Value, Due after one year through five years	9,251
Estimated Fair Value, Due after five years through ten years	12,039
Estimated Fair Value, Due after ten years	26,450
Estimated Fair Value, Structured Securities	13,657
Available-for-sale Securities, Debt Securities	$ 63,178	$ 64,991

Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Millions	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Total number of securities in an unrealized loss position less than 12 months	2,125	911
Total number of securities in an unrealized loss position equal to or greater than 12 months	602	638
Fixed maturity securities
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	$ 19,801	$ 10,863
Less than 12 Months Gross Unrealized Loss	450	92
Equal to or Greater than 12 Months Estimated Fair Value	4,952	5,543
Equal to or Greater than 12 Months Gross Unrealized Loss	393	270
U.S. corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	6,976	1,783
Less than 12 Months Gross Unrealized Loss	173	21
Equal to or Greater than 12 Months Estimated Fair Value	1,318	1,451
Equal to or Greater than 12 Months Gross Unrealized Loss	108	71
U.S. government and agency
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	4,169	4,962
Less than 12 Months Gross Unrealized Loss	95	38
Equal to or Greater than 12 Months Estimated Fair Value	1,351	1,573
Equal to or Greater than 12 Months Gross Unrealized Loss	127	80
RMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	3,280	2,367
Less than 12 Months Gross Unrealized Loss	83	14
Equal to or Greater than 12 Months Estimated Fair Value	1,201	1,332
Equal to or Greater than 12 Months Gross Unrealized Loss	71	43
Foreign corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	1,769	637
Less than 12 Months Gross Unrealized Loss	38	8
Equal to or Greater than 12 Months Estimated Fair Value	511	603
Equal to or Greater than 12 Months Gross Unrealized Loss	58	58
State and political subdivision
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	463	170
Less than 12 Months Gross Unrealized Loss	10	3
Equal to or Greater than 12 Months Estimated Fair Value	102	106
Equal to or Greater than 12 Months Gross Unrealized Loss	7	4
CMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	2,420	619
Less than 12 Months Gross Unrealized Loss	40	6
Equal to or Greater than 12 Months Estimated Fair Value	362	335
Equal to or Greater than 12 Months Gross Unrealized Loss	18	10
ABS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	395	170
Less than 12 Months Gross Unrealized Loss	2	0
Equal to or Greater than 12 Months Estimated Fair Value	40	74
Equal to or Greater than 12 Months Gross Unrealized Loss	1	2
Foreign government
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	329	155
Less than 12 Months Gross Unrealized Loss	9	2
Equal to or Greater than 12 Months Estimated Fair Value	67	69
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 3	$ 2

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Company-held mortgage loans held-for-investment, net
Commercial Mortgage Loans	$ 7,629	$ 7,260
Percentage of loans receivable on commercial mortgage loans	67.50%	67.50%
Agricultural Mortgage Loans	$ 2,435	$ 2,276
Percentage of loans receivable on agricultural mortgage loans	21.50%	21.20%
Residential Mortgage Loans	$ 1,188	$ 1,138
Percentage of loans receivable on residential mortgage loans	10.50%	10.60%
Subtotal (1)	$ 11,252	$ 10,674
Percentage of loans receivable on subtotal	99.50%	99.30%
Valuation allowances (2)	$ (49)	$ (47)
Percentage of loans receivable on valuation allowances	(0.40%)	(0.40%)
Subtotal mortgage loans, net	$ 11,203	$ 10,627
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net	99.10%	98.90%
Total mortgage loans, net	$ 11,308	$ 10,742
Percentage of loans receivable on commercial mortgage loans held by consolidated securitization entities - fair value option	0.90%	1.10%
Percentage of loans held for sale on total mortgage loans, net	100.00%	100.00%
Consolidated Securitization Entities
Company-held mortgage loans held-for-investment, net
Total mortgage loans, net	$ 105	$ 115

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 7,629	$ 7,260
% of Total	100.00%	100.00%
Estimated Fair Value	$ 7,687	$ 7,419
% of Total	100.00%	100.00%
Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 6,929	$ 6,520
% of Total	90.80%	89.80%
Estimated Fair Value	$ 6,995	$ 6,681
% of Total	91.00%	90.00%
65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 616	$ 656
% of Total	8.10%	9.00%
Estimated Fair Value	$ 611	$ 658
% of Total	7.90%	8.90%
76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 84	$ 51
% of Total	1.10%	0.70%
Estimated Fair Value	$ 81	$ 50
% of Total	1.10%	0.70%
Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans		$ 33
% of Total		0.50%
Estimated Fair Value		$ 30
% of Total		0.40%
Greater than 1.20x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 7,255	$ 6,878
Greater than 1.20x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	6,658	6,194
Greater than 1.20x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	578	642
Greater than 1.20x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	19	42
Greater than 1.20x \| Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans		0
1.00x - 1.20x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	270	302
1.00x - 1.20x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	238	293
1.00x - 1.20x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	0	0
1.00x - 1.20x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	32	0
1.00x - 1.20x \| Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans		9
Less than 1.00x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	104	80
Less than 1.00x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	33	33
Less than 1.00x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	38	14
Less than 1.00x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 33	9
Less than 1.00x \| Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans		$ 24

Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 2,435	$ 2,276
% of Total	100.00%	100.00%
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 1,188	$ 1,138
% of Total	100.00%	100.00%
Less than 65%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 2,286	$ 2,113
% of Total	93.90%	92.80%
65% to 75%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 149	$ 163
% of Total	6.10%	7.20%
Performing
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 1,162	$ 1,106
% of Total	97.80%	97.20%
Nonperforming
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 26	$ 32
% of Total	2.20%	2.80%

Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 3,138	$ 4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	2	2
Total fixed maturity securities	3,140	4,808
Equity securities	0	39
Derivatives	155	239
Other	(10)	(8)
Subtotal	3,285	5,078
Future policy benefits	(1,981)	(2,626)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(8)	(2)
DAC, VOBA and DSI	(225)	(265)
Subtotal	(2,214)	(2,893)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2	0
Deferred income tax benefit (expense)	(227)	(459)
Net unrealized investment gains (losses)	$ 846	$ 1,726

Investments (Changes in Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Balance, December 31, 2017	$ 846	$ 1,726
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		(20)
Balance, January 1, 2018	846	1,726
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, December 31, 2017	846	1,726
Fixed maturity securities on which noncredit OTTI losses have been recognized	0
Unrealized investment gains (losses) during the period	(1,778)
Unrealized investment gains (losses) relating to:
Future policy benefits	645
Changes In Net Unrealized Investment Gains Losses Related To Dac And Voba Related To Non Credit Otti Losses Recognized In Other Comprehensive Income Loss	(6)
DAC, VOBA and DSI	40
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	2
Deferred income tax benefit (expense)	232
Change in net unrealized investment gains (losses)	(865)
Restatement Adjustment [Member]
Balance, December 31, 2017		1,711
Balance, January 1, 2018		1,711
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, December 31, 2017		1,711
AOCI Attributable to Parent [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ (15)	$ 15

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 3,777	$ 3,791
Security collateral on deposit from counterparties	42	29
Reinvestment portfolio — estimated fair value	3,787	3,823
Amortized cost
Securities Financing Transaction [Line Items]
Securities loaned	3,333	3,085
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	$ 3,766	$ 3,748

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Total	$ 3,777	$ 3,791
U.S. government and agency
Securities Financing Transaction [Line Items]
Total	3,777	3,791
Maturity Overnight \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	1,253	1,626
Maturity Less than 30 Days \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	1,414	964
Maturity 30 to 180 Days \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	$ 1,110	$ 1,201

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits) (1)	$ 8,090	$ 8,263
Invested assets held-in-trust (reinsurance agreements) (2)	2,755	2,634
Invested assets pledged as collateral (3)	4,004	3,199
Invested Assets On Deposit Held In Trust And Pledged As Collateral	$ 14,849	$ 14,096

Investments (Consolidated Variable Interest Entities) (Details) - Consolidated securitization entities - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Total Assets	$ 106	$ 116
Total Liabilities	$ 8	$ 11

Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying Amount Asset	$ 13,677	$ 13,558
Carrying Amount Liability	14,873	14,517
Other limited partnership interests
Variable Interest Entity [Line Items]
Carrying Amount Asset	1,543	1,511
Carrying Amount Liability	2,732	2,463
Other investments
Variable Interest Entity [Line Items]
Carrying Amount Asset	94	82
Carrying Amount Liability	101	89
Structured Securities
Variable Interest Entity [Line Items]
Carrying Amount Asset	11,614	11,461
Carrying Amount Liability	11,614	11,461
U.S. and foreign corporate
Variable Interest Entity [Line Items]
Carrying Amount Asset	426	504
Carrying Amount Liability	$ 426	$ 504

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Investment Income [Line Items]
Subtotal	$ 815	$ 780
Less: Investment expenses	43	43
Subtotal , net	817	782
Securities Investment
Net Investment Income [Line Items]
Subtotal	858	823
Fixed maturity securities
Net Investment Income [Line Items]
Subtotal	628	610
Equity securities
Net Investment Income [Line Items]
Subtotal	2	2
Mortgage loans
Net Investment Income [Line Items]
Subtotal	118	109
Policy loans
Net Investment Income [Line Items]
Subtotal	16	17
Real estate joint ventures
Net Investment Income [Line Items]
Subtotal	14	12
Other limited partnership interests
Net Investment Income [Line Items]
Subtotal	65	57
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Subtotal	6	8
Other
Net Investment Income [Line Items]
Subtotal	9	8
FVO CSEs — interest income — commercial mortgage loans \| Consolidated Securitization Entities
Net Investment Income [Line Items]
Subtotal	$ 2	$ 2

Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities — net gains (losses) on sales and disposals	$ (39)	$ (38)
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1)	0
Other net investment gains (losses):
Mortgage loans	(4)	(3)
Real estate joint ventures	42	2
Other limited partnership interests	0	(10)
Other	1	(6)
Subtotal	(1)	(55)
FVO CSEs - changes in estimated fair value:
Commercial mortgage loans	(3)	(1)
Long-term debt — related to commercial mortgage loans	0	1
Subtotal	(3)	0
Total net investment gains (losses)	(4)	(55)
Fixed maturity securities
Marketable Securities, Gain (Loss) [Abstract]
Net investment gains (losses)	(39)	(38)
Equity securities
Marketable Securities, Gain (Loss) [Abstract]
Net investment gains (losses)	$ (1)	$ 0

Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - Fixed maturity securities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	$ 2,861	$ 1,976
Gross investment gains	3	8
Gross investment losses	(42)	(46)
Total OTTI losses recognized in earnings:
Net investment gains (losses)	$ (39)	$ (38)

Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at January 1,	$ 0	$ 28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	0	(18)
Balance at March 31,	$ 0	$ 10

Investments (Related Party Investment Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Invested Assets Transferred To and From Affiliates
Estimated fair value of invested assets transferred to affiliates	$ 0	$ 292
Amortized cost of invested assets transferred to affiliates	0	294
Net investment gains (losses) recognized on transfers	$ 0	$ (2)

Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	$ 63,178	$ 64,991
Non-Income Producing Debt Securities [Member]
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	4	4
Gross Unrealized Gain loss		$ (2)
Maximum \| Non-Income Producing Debt Securities [Member]
Summary of Certain Fixed Maturity Securities
Gross Unrealized Gain loss	$ (1)

Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($) Contracts
Schedule of Available-for-sale Securities [Line Items]
Fixed securities availablefor sale with gross unrealized loss of equal to or greater than stated percentage	20.00%
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Change in Gross Unrealized Temporary Loss	$ (481)
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	843
20% or more \| Six months or greater \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 5
Number of Securities \| Contracts	9

Investments (Mortgage Loans - Narrative) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018 USD ($) Contracts	Mar. 31, 2017 Contracts	Dec. 31, 2017 USD ($) Contracts
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable, Significant Purchases \| $	$ 86		$ 420
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%
Financing Receivable, Modifications, Subsequent Default, Number of Contracts \| Contracts	0	0
Commercial
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due \| Contracts	0		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest \| Contracts	0		0
Agricultural
Financing Receivable, Recorded Investment, Aging [Abstract]
Estimated fair value of mortgage loans held-for-investment \| $	$ 2,400		$ 2,300
Financing Receivable Number of Contract of Recorded Investment Past Due \| Contracts	0		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest \| Contracts	0		0
Residential
Financing Receivable, Recorded Investment, Aging [Abstract]
Estimated fair value of mortgage loans held-for-investment \| $	$ 1,200		$ 1,200
Financing Receivable, Recorded Investment, Past Due \| $	26		26
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest \| $	$ 32		$ 32

Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 1.4	$ 1.4

Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investments in any counterparty that were greater than 10% of equity	$ 0	$ 0
Securities holdings exposure in single issuer greater than stated percentage of Company's equity	10.00%

Investments (Securities Lending Remaining Tenor - Narrative) (Details) - Estimated fair value $ in Billions	Mar. 31, 2018 USD ($)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 1.2
Securities Investment
Securities Financing Transaction [Line Items]
Percentage of Reinvestment Portfolio in Fixed Maturity Securities	59.00%
U.S. government and agency
Securities Financing Transaction [Line Items]
Percentage Of US Treasury And Agency Securities At Estimated Fair Value Of Securities On Loan Relating To Cash Collateral On Open	100.00%

Investments Investments (Invest Assets On Deposit, Held in Trust and Pledged as Collateral (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Deposit Assets	$ 8,090	$ 8,263
Assets Held-in-trust	2,755	2,634
Fixed maturity securities \| Policyholder Account Balances [Member]
Deposit Assets	106	34
Fixed maturity securities \| Reinsurance
Assets Held-in-trust	$ 20	$ 42

Investments (Consolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Consolidated securitization entities
Variable Interest Entity [Line Items]
Variable interest, maximum exposure to loss in consolidated securitization entities	$ 80	$ 86

Investments (Unconsolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Financial or other support to investees designated as VIEs	$ 0	$ 0

Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 28, 2017	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Equity Method Investments			$ 89
Proceeds from Sale of Equity Method Investments			286
Adjustments To Additional Paid In Capital, Capital Contribution			(202)
Related party investment administrative services		$ 94	97
Other investments
Related Party Transaction [Line Items]
Debt Instrument, Face Amount			1,100
Increase (Decrease) in Notes Receivable, Related Parties	$ 1,100
Other investments \| Related Party Loan One [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.21%
Debt Instrument, Maturity Date		Sep. 30, 2032
Other investments \| Related Party Loan Two [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.10%
Debt Instrument, Maturity Date		Dec. 31, 2033
Metlife Investment Advisors, LLC [Member]
Related Party Transaction [Line Items]
Related party investment administrative services		$ 24	$ 25

Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Gross Notional Amount	$ 110,367	$ 113,549
Derivative Asset, Fair Value, Gross Asset	2,201	2,254
Derivative Liability, Fair Value, Gross Liability	3,141	3,129
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,132	2,029
Derivative Asset, Fair Value, Gross Asset	100	143
Derivative Liability, Fair Value, Gross Liability	124	75
Derivatives Designated as Hedging Instruments: \| Fair Value Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	154	175
Derivative Asset, Fair Value, Gross Asset	36	44
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,978	1,854
Derivative Asset, Fair Value, Gross Asset	64	99
Derivative Liability, Fair Value, Gross Liability	124	75
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	27	27
Derivative Asset, Fair Value, Gross Asset	3	5
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,951	1,827
Derivative Asset, Fair Value, Gross Asset	61	94
Derivative Liability, Fair Value, Gross Liability	124	75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	108,235	111,520
Derivative Asset, Fair Value, Gross Asset	2,101	2,111
Derivative Liability, Fair Value, Gross Liability	3,017	3,054
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	15,877	20,213
Derivative Asset, Fair Value, Gross Asset	660	922
Derivative Liability, Fair Value, Gross Liability	877	774
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,428	2,671
Derivative Asset, Fair Value, Gross Asset	25	7
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	282	282
Derivative Asset, Fair Value, Gross Asset	0	1
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	24,500	24,600
Derivative Asset, Fair Value, Gross Asset	136	133
Derivative Liability, Fair Value, Gross Liability	85	63
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,133	1,115
Derivative Asset, Fair Value, Gross Asset	55	71
Derivative Liability, Fair Value, Gross Liability	65	42
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Gross Notional Amount	130	130
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	0	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Gross Notional Amount	40	65
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	1	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,928	1,900
Derivative Asset, Fair Value, Gross Asset	31	40
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,867	2,713
Derivative Asset, Fair Value, Gross Asset	0	15
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity index options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	47,581	47,066
Derivative Asset, Fair Value, Gross Asset	1,011	794
Derivative Liability, Fair Value, Gross Liability	1,568	1,664
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	9,575	8,998
Derivative Asset, Fair Value, Gross Asset	123	128
Derivative Liability, Fair Value, Gross Liability	421	430
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,894	1,767
Derivative Asset, Fair Value, Gross Asset	60	0
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 79

Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 58	$ 129
Derivatives Designated as Hedging Instruments: \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	5	6
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	53	119
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 0	$ 4

Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (396)	$ (1,044)
Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	1	2
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(1)	(200)
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(395)	(1,052)
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (1)	$ (200)

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Credit Derivatives [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge	2 years	2 years
Estimated Fair Value of Credit Default Swaps	$ 31	$ 40
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,928	$ 1,900
Weighted Average Years to Maturity	4 years 4 months	4 years 1 month
Aaa/Aa/A \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 11	$ 12
Maximum Amount of Future Payments under Credit Default Swaps	$ 607	$ 558
Weighted Average Years to Maturity	2 years 8 months	2 years 9 months
Baa \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 20	$ 28
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,321	$ 1,317
Weighted Average Years to Maturity	5 years 1 month	4 years 8 months
Ba \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 0	$ 25
Weighted Average Years to Maturity	0 years	4 years 6 months

Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 2,270	$ 2,303
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,143	3,121
Amounts offset in the consoilidated balance sheets, Assets	0	0
Amounts offset in the consoilidated balance sheets, Liabilities	0	0
Estimated fair value of derivative assets presented in the consolidated balance sheets	2,270	2,303
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	3,143	3,121
Net amount of derivative assets after application of master netting agreements and cash collateral	38	44
Net amount of derivative liabilities after application of master netting agreements and cash collateral	1	1
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	2,250	2,233
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,135	3,081
Gross estimated fair value of derivative assets	(1,937)	(1,942)
Gross estimated fair value of derivative liabilities	(1,937)	(1,942)
Cash collateral on derivative assets	(268)	(257)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(8)	(31)
Securities collateral on derivative liabilities	(1,198)	(1,138)
OTC-cleared and Exchange-traded
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	20	70
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	8	40
Gross estimated fair value of derivative assets	0	(1)
Gross estimated fair value of derivative liabilities	0	(1)
Cash collateral on derivative assets	(19)	(28)
Cash collateral on derivative liabilities	0	(39)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (7)	$ 0

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Credit Derivatives [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 3,141	$ 3,129
Accrued Investment Income Receivable	640	601
Estimated Fair Value of Derivatives in Net Liability Position	1,198	1,138
Premiums and Other Receivables, Net	13,527	13,525
Fixed Maturity Securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	1,568	$ 1,414
LCH update impact [Member]
Credit Derivatives [Line Items]
Derivative Liability, Fair Value, Gross Liability	77
Accrued Investment Income Receivable	2
Premiums and Other Receivables, Net	$ 75

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ 200	$ 175
Embedded derivatives within liability host contracts	1,493	1,887
Ceded guaranteed minimum benefits \| Premiums, reinsurance and other receivables
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	200	227
Direct guaranteed minimum benefits \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	878	1,212
Assumed reinsurance on fixed deferred annuities \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	(1)	1
Fixed annuities with equity indexed returns \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	616	674
Options embedded in debt or equity securities (1) \| Investments
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ 0	$ (52)

Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	$ 506	$ 170
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	$ (1)	$ (15)

Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Derivatives (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2,201		$ 2,254
Derivative Liability, Fair Value, Gross Liability	3,141		3,129
Maximum Amount of Future Payments under Credit Default Swaps	1,928		1,900
Cash collateral on derivative assets	180		$ 94
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0	$ 12
Derivative Instrument Detail [Abstract]
Hedging exposure to variability in future cash flows for specific length of time	2 years		2 years
Accumulated Other Comprehensive Income (Loss)	$ 155		$ 239
Cash collateral on derivative liabilities	0		5
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(268)		(257)
Excess securities collateral received on derivatives	292		337
Excess securities collateral provided on derivatives	594		471
Exchange Cleared [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(19)		(28)
Excess securities collateral provided on derivatives	146		427
Exchange Traded [Member]
Derivatives, Fair Value [Line Items]
Excess securities collateral provided on derivatives	98		118
Direct And Assumed Guaranteed Minimum Benefit [Member] \| Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	(15)	(40)
Ceded guaranteed minimum benefits \| Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	0	$ 1
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	69		49
Derivative Liability, Fair Value, Gross Liability	$ 2		$ (8)

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets [Abstract]
Available-for-sale Securities, Debt Securities	$ 63,178	$ 64,991
Available-for-sale Securities, Equity Securities	160	161
Short-term investments	293	312
Mortgage loans, at estimated fair value, relating to variable interest entities	11,308	10,742
Derivative assets	2,201	2,254
Embedded derivatives within asset host contracts	200	175
Separate account assets	114,385	118,257
Liabilities [Abstract]
Derivative liabilities	3,141	3,129
Embedded derivatives within liability host contracts	1,493	1,887
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	3,609	3,612
Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	105	115
Liabilities [Abstract]
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	8	11
Recurring
Assets [Abstract]
Available-for-sale Securities, Debt Securities	63,178	64,991
Available-for-sale Securities, Equity Securities	160	161
Short-term investments	293	312
Real Estate Investments, Joint Ventures	22
Other limited partnership interests	26
Derivative assets	2,201	2,254
Embedded derivatives within asset host contracts	200	227
Separate account assets	114,385	118,257
Total assets	180,570	186,317
Liabilities [Abstract]
Derivative liabilities	3,141	3,129
Embedded derivatives within liability host contracts	1,493	1,887
Total liabilities	4,642	5,027
Recurring \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	105	115
Liabilities [Abstract]
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	8	11
Recurring \| Interest rate contracts
Assets [Abstract]
Derivative assets	860	1,112
Liabilities [Abstract]
Derivative liabilities	962	837
Recurring \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	116	165
Liabilities [Abstract]
Derivative liabilities	189	118
Recurring \| Credit contracts
Assets [Abstract]
Derivative assets	31	40
Liabilities [Abstract]
Derivative liabilities	1	1
Recurring \| Equity market contracts
Assets [Abstract]
Derivative assets	1,194	937
Liabilities [Abstract]
Derivative liabilities	1,989	2,173
Recurring \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	23,252	22,957
Recurring \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	13,958	16,292
Recurring \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	7,915	7,977
Recurring \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	6,916	7,023
Recurring \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	4,088	4,181
Recurring \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,902	1,829
Recurring \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	3,840	3,423
Recurring \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,307	1,309
Recurring \| Level 1
Assets [Abstract]
Available-for-sale Securities, Debt Securities	6,453	8,304
Available-for-sale Securities, Equity Securities	17	18
Short-term investments	146	142
Real Estate Investments, Joint Ventures	0
Other limited partnership interests	0
Derivative assets	0	16
Embedded derivatives within asset host contracts	0	0
Separate account assets	460	410
Total assets	7,076	8,890
Liabilities [Abstract]
Derivative liabilities	0	0
Embedded derivatives within liability host contracts	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	0	0
Liabilities [Abstract]
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	0	0
Recurring \| Level 1 \| Interest rate contracts
Assets [Abstract]
Derivative assets	0	1
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Credit contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Equity market contracts
Assets [Abstract]
Derivative assets	0	15
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	6,453	8,304
Recurring \| Level 1 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 2
Assets [Abstract]
Available-for-sale Securities, Debt Securities	53,613	53,455
Available-for-sale Securities, Equity Securities	20	19
Short-term investments	147	156
Real Estate Investments, Joint Ventures	0
Other limited partnership interests	0
Derivative assets	2,044	2,079
Embedded derivatives within asset host contracts	0	0
Separate account assets	113,918	117,842
Total assets	169,847	173,666
Liabilities [Abstract]
Derivative liabilities	2,711	2,691
Embedded derivatives within liability host contracts	0	0
Total liabilities	2,719	2,702
Recurring \| Level 2 \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	105	115
Liabilities [Abstract]
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	8	11
Recurring \| Level 2 \| Interest rate contracts
Assets [Abstract]
Derivative assets	860	1,111
Liabilities [Abstract]
Derivative liabilities	962	837
Recurring \| Level 2 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	116	165
Liabilities [Abstract]
Derivative liabilities	188	117
Recurring \| Level 2 \| Credit contracts
Assets [Abstract]
Derivative assets	21	30
Liabilities [Abstract]
Derivative liabilities	1	1
Recurring \| Level 2 \| Equity market contracts
Assets [Abstract]
Derivative assets	1,047	773
Liabilities [Abstract]
Derivative liabilities	1,560	1,736
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	22,392	22,048
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	7,505	7,988
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	6,945	6,989
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	5,870	5,935
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	4,088	4,181
Recurring \| Level 2 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,799	1,723
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	3,707	3,287
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,307	1,304
Recurring \| Level 3
Assets [Abstract]
Available-for-sale Securities, Debt Securities	3,112	3,232
Available-for-sale Securities, Equity Securities	123	124
Short-term investments	0	14
Real Estate Investments, Joint Ventures	22
Other limited partnership interests	26
Derivative assets	157	159
Embedded derivatives within asset host contracts	200	227
Separate account assets	7	5
Total assets	3,647	3,761
Liabilities [Abstract]
Derivative liabilities	430	438
Embedded derivatives within liability host contracts	1,493	1,887
Total liabilities	1,923	2,325
Recurring \| Level 3 \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	0	0
Liabilities [Abstract]
Long-term debt (includes $8 and $11, respectively, at estimated fair value, relating to variable interest entities)	0	0
Recurring \| Level 3 \| Interest rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	1	1
Recurring \| Level 3 \| Credit contracts
Assets [Abstract]
Derivative assets	10	10
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Equity market contracts
Assets [Abstract]
Derivative assets	147	149
Liabilities [Abstract]
Derivative liabilities	429	437
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	860	909
Recurring \| Level 3 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	970	988
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,046	1,088
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 3 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	103	106
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	133	136
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	$ 0	$ 5

Fair Value (Quantitative Information) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Credit contracts \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Credit spreads	97.00%	0.00%
Credit contracts \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Credit spreads	98.00%	0.00%
Equity market contracts \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	20.00%	11.00%
Correlation	10.00%	10.00%
Equity market contracts \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	31.00%	31.00%
Correlation	30.00%	30.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	0.00%	0.00%
Withdrawal rates	0.25%	0.25%
Long-term equity volatilities	17.40%	17.40%
Nonperformance risk spread	0.90%	0.64%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Durations 1 - 10
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	0.25%	0.25%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Durations 11 - 20
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	2.00%	2.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Durations 21 - 116
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	2.00%	2.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Ages 0 - 40
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.00%	0.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Ages 41 - 60
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.04%	0.04%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Ages 61 - 115
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.26%	0.26%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	25.00%	25.00%
Withdrawal rates	10.00%	10.00%
Long-term equity volatilities	25.00%	25.00%
Nonperformance risk spread	1.66%	1.43%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Durations 1 - 10
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Durations 11 - 20
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Durations 21 - 116
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Ages 0 - 40
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.09%	0.09%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Ages 41 - 60
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.65%	0.65%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Ages 61 - 115
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	100.00%	100.00%
U.S. and foreign corporate \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	$ 90	$ 93
Quoted prices	51	0
U.S. and foreign corporate \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	139	142
Quoted prices	396	443
U.S. and foreign corporate \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	108	111
Quoted prices	104	77
RMBS \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	50	3
RMBS \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	107	107
RMBS \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	95	95
ABS \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes		100
Quoted prices	100	100
ABS \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes		100
Quoted prices	103	104
ABS \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes		100
Quoted prices	101	101
Collateralized Mortgage Backed Securities [Member] \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	80	8
Collateralized Mortgage Backed Securities [Member] \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	104	104
Collateralized Mortgage Backed Securities [Member] \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	95	88
Commercial Mortgage Backed Securities [Member] \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	103	105
Commercial Mortgage Backed Securities [Member] \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	103	105
Commercial Mortgage Backed Securities [Member] \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 103	$ 105

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ (279)	$ (954)
Total realized/unrealized gains (losses) included in net income (loss)	5	(10)
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	1	0
Sales	0	0
Issuances	0	0
Settlements	0	74
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	(273)	(890)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	5	(12)
Net Embedded Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(1,660)	(2,383)
Total realized/unrealized gains (losses) included in net income (loss)	505	163
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(138)	199
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	(1,293)	(2,021)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	706	427
U.S. and foreign corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,997	2,391
Total realized/unrealized gains (losses) included in net income (loss)	3	(3)
Total realized/unrealized gains (losses) included in AOCI	(8)	114
Purchases	66	122
Sales	(102)	(59)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	87	0
Transfers out of Level 3	(137)	(162)
Balance, end of period	1,906	2,403
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	2
Structured securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,230	1,711
Total realized/unrealized gains (losses) included in net income (loss)	6	3
Total realized/unrealized gains (losses) included in AOCI	(12)	15
Purchases	99	52
Sales	(66)	(109)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	11
Transfers out of Level 3	(51)	(43)
Balance, end of period	1,206	1,640
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	6	4
State and political subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	17
Total realized/unrealized gains (losses) included in net income (loss)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	(10)
Balance, end of period	0	7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	5	0
Total realized/unrealized gains (losses) included in net income (loss)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	(5)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	124	137
Total realized/unrealized gains (losses) included in net income (loss)	(1)	0
Total realized/unrealized gains (losses) included in AOCI	0	2
Purchases	0	3
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	123	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Real estate joint ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	22	0
Total realized/unrealized gains (losses) included in net income (loss)	1	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	(1)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	22	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	0
Other limited partnership interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	28	0
Total realized/unrealized gains (losses) included in net income (loss)	(1)	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	(1)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	26	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	0
Short-term investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	14	2
Total realized/unrealized gains (losses) included in net income (loss)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	1
Sales	0	(1)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(14)	(1)
Balance, end of period	0	1
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Separate account assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	5	10
Total realized/unrealized gains (losses) included in net income (loss)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	3	0
Sales	(1)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	5
Transfers out of Level 3	0	0
Balance, end of period	7	15
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 0	$ 0

Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Carrying value at estimated fair value	$ 11,308	$ 10,742
Carrying value at estimated fair value	3,609	3,612
Consolidated Securitization Entities
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	63	70
Difference between estimated fair value and unpaid principal balance	42	45
Carrying value at estimated fair value	105	115
Contractual principal balance	8	10
Difference between estimated fair value and contractual principal balance	0	1
Carrying value at estimated fair value	$ 8	$ 11

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Policy loans	$ 1,517	$ 1,523
Liabilities
Separate account liabilities	114,385	118,257
Carrying Value
Assets
Mortgage loans	11,203	10,627
Policy loans	1,517	1,523
Real estate joint ventures		5
Other limited partnership interests		36
Other invested assets	83	71
Premiums, reinsurance and other receivables	1,660	1,758
Liabilities
Policyholder account balances	15,780	15,791
Long-term debt	3,601	3,601
Other liabilities	360	314
Separate account liabilities	1,184	1,210
Estimated Fair Value
Assets
Mortgage loans	11,347	10,871
Policy loans	1,705	1,740
Real estate joint ventures		22
Other limited partnership interests		28
Other invested assets	83	71
Premiums, reinsurance and other receivables	1,905	2,113
Liabilities
Policyholder account balances	15,217	15,927
Long-term debt	3,410	3,639
Other liabilities	360	314
Separate account liabilities	1,184	1,210
Estimated Fair Value \| Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
Real estate joint ventures		0
Other limited partnership interests		0
Other invested assets	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value \| Level 2
Assets
Mortgage loans	0	0
Policy loans	784	781
Real estate joint ventures		0
Other limited partnership interests		0
Other invested assets	70	71
Premiums, reinsurance and other receivables	47	128
Liabilities
Policyholder account balances	0	0
Long-term debt	2,810	3,039
Other liabilities	145	100
Separate account liabilities	1,184	1,210
Estimated Fair Value \| Level 3
Assets
Mortgage loans	11,347	10,871
Policy loans	921	959
Real estate joint ventures		22
Other limited partnership interests		28
Other invested assets	13	0
Premiums, reinsurance and other receivables	1,858	1,985
Liabilities
Policyholder account balances	15,217	15,927
Long-term debt	600	600
Other liabilities	215	214
Separate account liabilities	$ 0	$ 0

Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative, Net	$ 0	$ (52)

Fair Value Fair Value (Transfer between Levels) (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)
Fair Value (Transfers Between Levels) [Abstract]
Fair Value Assets And Liabilities Transferred Between Levels 1 And Levels 2

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 1,676	$ 1,265
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			$ 20
OCI before reclassifications	(1,144)	273
Deferred income tax benefit (expense)	245	(84)
AOCI before reclassifications, net of income tax	762	1,454
Amounts reclassified from AOCI	50	79
Deferred income tax benefit (expense)	(11)	(27)
Amounts reclassified from AOCI, net of income tax	39	52
Balance, end of period	801	1,506
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,572	1,044
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			(15)
OCI before reclassifications	(1,073)	313
Deferred income tax benefit (expense)	229	(107)
AOCI before reclassifications, net of income tax	713	1,250
Amounts reclassified from AOCI	58	91
Deferred income tax benefit (expense)	(12)	(31)
Amounts reclassified from AOCI, net of income tax	46	60
Balance, end of period	759	1,310
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	154	268
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			0
OCI before reclassifications	(76)	(19)
Deferred income tax benefit (expense)	16	7
AOCI before reclassifications, net of income tax	94	256
Amounts reclassified from AOCI	(8)	(12)
Deferred income tax benefit (expense)	1	4
Amounts reclassified from AOCI, net of income tax	(7)	(8)
Balance, end of period	87	248
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(24)	(31)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			0
OCI before reclassifications	2	(7)
Deferred income tax benefit (expense)	0	4
AOCI before reclassifications, net of income tax	(22)	(34)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Balance, end of period	(22)	(34)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(26)	(16)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			0
OCI before reclassifications	3	(14)
Deferred income tax benefit (expense)	0	12
AOCI before reclassifications, net of income tax	(23)	(18)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Balance, end of period	(23)	$ (18)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	15		$ (15)
Restatement Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,661
Restatement Adjustment [Member] \| Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,557
Restatement Adjustment [Member] \| Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	154
Restatement Adjustment [Member] \| Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(24)
Restatement Adjustment [Member] \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (26)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (4)	$ (55)
Net derivative gains (losses)	(334)	(965)
Net investment income	817	782
Income (loss) from continuing operations before provision for income tax	(113)	(590)
Provision for income tax expense (benefit)	48	241
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(65)	(349)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(39)	(52)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Investment Gains (Losses), Net of Related Offsets
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(59)	(48)
Net derivative gains (losses)	0	(44)
Net investment income	1	1
Income (loss) from continuing operations before provision for income tax	(58)	(91)
Provision for income tax expense (benefit)	12	31
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(46)	(60)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from continuing operations before provision for income tax	8	12
Provision for income tax expense (benefit)	(1)	(4)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	7	8
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	6	0
Net investment income	0	1
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate forwards
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	1	0
Net investment income	1	1
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	$ 0	$ 10

Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Compensation	$ 70	$ 64
Commissions	215	193
Volume-related costs	109	127
Related party expenses on ceded and assumed reinsurance	3	23
Deferred Policy Acquisition Costs, Capitalization	(76)	(68)
Interest expense on debt	37	45
Premium taxes, licenses and fees	17	14
Professional services	89	35
Rent and related expenses	3	4
Other	151	127
Total other expenses	$ 618	$ 564

Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Revenues [Abstract]
Distribution Fees	$ 93	$ 73

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Aug. 04, 2017
Earnings Per Common Share
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (67)	$ (349)
Weighted average common shares outstanding - basic	119,773,106
Earnings per common share - basic	$ (0.56)
Common stock, shares outstanding	119,773,106		119,773,106	119,773,106
Pro Forma
Earnings Per Common Share
Weighted average common shares outstanding - basic		119,773,106
Earnings per common share - basic		$ (2.91)

Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Liabilities for indemnities, guarantees and commitments	$ 2	$ 2
Cumulative maximum indemnities and guarantees contractual limitation	205
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities and guarantees contractual limitation range	1
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities and guarantees contractual limitation range	199
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	435	388
Commitments to Fund Partnership Investments and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 1,500	$ 1,400

Contingencies, Commitments and Guarantees Contingencies and Commitments Disclosure (Details)	Mar. 31, 2018 USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 0
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 10,000,000

Related Party Transactions (Related Party - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Other expenses	$ 94	$ 97
Affiliated Entity
Related Party Transaction [Line Items]
Interest Expense, Debt		$ 31

Related Party Transactions Related Party Transactions (Non Broker Dealer Transactions) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Assets	$ 2,943		$ 2,907
Liabilities	2,149		$ 2,178
All Services and Transactions Except Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Income	(81)	$ (441)
Expense	$ 78	$ 99

Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Premiums:
Net premiums	$ 229	$ 176
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	1,002	953
Other revenues:
Other revenues	105	74
Policyholder benefits and claims:
Net policyholder benefits and claims	738	864
Interest credited to policyholder account balances:
Net interest credited to policyholder account balances	267	275
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, [Abstract]
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	305	(148)
Other expenses:
Net other expenses	618	564
Assumed
Premiums:
Reinsurance assumed	3	3
Universal life and investment-type product policy fees:
Reinsurance assumed	25	24
Other revenues:
Reinsurance assumed	0	0
Policyholder benefits and claims:
Reinsurance assumed	8	6
Ceded
Premiums:
Reinsurance ceded	(96)	(177)
Universal life and investment-type product policy fees:
Reinsurance ceded	(1)	(13)
Other revenues:
Reinsurance ceded	12	0
Policyholder benefits and claims:
Reinsurance ceded	(84)	(134)
Reinsurance
Premiums:
Net premiums	(93)	(174)
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	24	11
Other revenues:
Other revenues	12	0
Policyholder benefits and claims:
Net policyholder benefits and claims	$ (76)	$ (128)

Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets:
Premiums, reinsurance and other receivables	$ 13,527	$ 13,525
Deferred policy acquisition costs and value of business acquired	6,083	6,286
Liabilities:
Future policy benefits	36,223	36,616
Policyholder account balances	37,940	37,783
Other liabilities relating to variable interest entities	5,180	5,263
Assumed
Assets:
Premiums, reinsurance and other receivables	25	18
Liabilities:
Other policy-related balances	1,670	1,674
Other liabilities relating to variable interest entities	32	30
Ceded
Assets:
Premiums, reinsurance and other receivables	3,438	3,410
Liabilities:
Other policy-related balances	0	0
Other liabilities relating to variable interest entities	$ 374	$ 401

Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2017	Jan. 01, 2017
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability		$ 1,493			$ 1,887
Embedded Derivative, Fair Value of Embedded Derivative Asset		200			175
Income (loss) from continuing operations before provision for income tax		(113)	$ (590)
Other liabilities relating to variable interest entities		5,180			5,263
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net		6,083			6,286
Premiums, reinsurance and other receivables		(13,527)			(13,525)
Liability for Future Policy Benefits		36,223			36,616
Policyholder Contract Deposits		37,940			37,783
Ceded guaranteed minimum benefits
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset		2			$ 2
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 1	$ (263)
Affiliate Recapture Variable Annuities [Member]
Reinsurance Disclosures [Abstract]
Income (loss) from continuing operations before provision for income tax	$ (178)
Other liabilities relating to variable interest entities						$ 274
Affiliated Entity \| Metropolitan Life Insurance Company [Member] \| BHL Recapture GMIB [Member]
Reinsurance Disclosures [Abstract]
Income (loss) from continuing operations before provision for income tax				$ 2
Cash, Cash Equivalents, and Short-term Investments						568
Liability for Future Policy Benefits						106
Policyholder Contract Deposits						$ 460

Subsequent Event (Details) - Subsequent Event - BLIC Repurchase Facility $ in Billions	Apr. 16, 2018 USD ($)
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity	$ 2.0
Debt instrument, term	3 years

Derivatives Derivatives (NQ, CF, FV) (Details) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0	$ 12
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(76)	(19)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	9	(40)
Cash Flow Hedging [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(76)	(19)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	(9)
Cash Flow Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(2)	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(74)	(19)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	(9)
Fair Value Hedging [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	7	2
Fair Value Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	7	2
Net Investment Income
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	2
Net Investment Income \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	2
Net Investment Income \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	2
Net Investment Income \| Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income \| Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income \| Fair Value Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Derivative Gain (Loss) [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(396)	(1,044)
Net Derivative Gain (Loss) [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	7	10
Net Derivative Gain (Loss) [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	7	0
Net Derivative Gain (Loss) [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	10
Net Derivative Gain (Loss) [Member] \| Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(8)	(2)
Net Derivative Gain (Loss) [Member] \| Fair Value Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(8)	(2)
Policyholder Benefit And Claim [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1)	(200)
Policyholder Benefit And Claim [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Policyholder Benefit And Claim [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Policyholder Benefit And Claim [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Policyholder Benefit And Claim [Member] \| Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Policyholder Benefit And Claim [Member] \| Fair Value Hedging [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	2	(33)
Not Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	2	(33)
Not Designated as Hedging Instrument [Member] \| Credit Risk Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Not Designated as Hedging Instrument [Member] \| Equity Contract [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Not Designated as Hedging Instrument [Member] \| Net Investment Income
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Investment Income \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Investment Income \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Investment Income \| Credit Risk Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Investment Income \| Equity Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Investment Income \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(395)	(1,052)
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(809)	(269)
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(41)	(20)
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Credit Risk Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(7)	6
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Equity Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(44)	(939)
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	506	170
Not Designated as Hedging Instrument [Member] \| Policyholder Benefit And Claim [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1)	(200)
Not Designated as Hedging Instrument [Member] \| Policyholder Benefit And Claim [Member] \| Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	(1)
Not Designated as Hedging Instrument [Member] \| Policyholder Benefit And Claim [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Policyholder Benefit And Claim [Member] \| Credit Risk Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Policyholder Benefit And Claim [Member] \| Equity Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	(184)
Not Designated as Hedging Instrument [Member] \| Policyholder Benefit And Claim [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (1)	$ (15)