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Document and Entity Information - USD ($)	9 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2018	Nov. 02, 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	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		118,601,232

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $60,705 and $60,173, respectively)	$ 62,279	$ 64,991
Equity securities, at estimated fair value (cost: $139 and $142, respectively)	150	161
Mortgage loans (net of valuation allowances of $56 and $47, respectively; includes $93 and $115, respectively, at estimated fair value, relating to variable interest entities)	13,033	10,742
Policy loans	1,443	1,523
Real estate joint ventures	444	433
Other limited partnership interests	1,765	1,669
Short-term investments, principally at estimated fair value	116	312
Other invested assets, principally at estimated fair value	2,099	2,507
Total investments	81,329	82,338
Cash and cash equivalents, principally at estimated fair value	2,144	1,857
Accrued investment income (includes $0 and $1, respectively, relating to variable interest entities)	675	601
Premiums, reinsurance and other receivables	13,551	13,525
Deferred policy acquisition costs and value of business acquired	6,050	6,286
Current income tax recoverable	878	740
Other assets	583	588
Separate account assets	111,736	118,257
Total assets	216,946	224,192
Liabilities
Future policy benefits	35,748	36,616
Policyholder account balances	39,446	37,783
Other policy-related balances	2,907	2,985
Payables for collateral under securities loaned and other transactions	4,043	4,169
Long-term debt (includes $3 and $11, respectively, at estimated fair value, relating to variable interest entities)	3,966	3,612
Deferred income tax liability	576	927
Other liabilities	5,575	5,263
Separate account liabilities	111,736	118,257
Total liabilities	203,997	209,612
Contingencies, Commitments and Guarantees (Note 11)
Brighthouse Financial, Inc.’s stockholders’ equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 119,782,668 and 119,773,106 shares issued, respectively; 118,800,611 and 119,773,106 shares outstanding, respectively	1	1
Additional paid-in capital	12,469	12,432
Retained earnings (deficit)	(96)	406
Treasury Stock, Value	(42)	0
Accumulated other comprehensive income (loss)	552	1,676
Total Brighthouse Financial, Inc.’s stockholders’ equity	12,884	14,515
Noncontrolling interests	65	65
Total equity	12,949	14,580
Total liabilities and equity	$ 216,946	$ 224,192

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 60,705	$ 60,173
Cost of equity securities available-for-sale	139	142
Mortgage loans valuation allowances	56	47
Mortgage Loans on Real Estate, Commercial and Consumer, Net	13,033	10,742
Accrued investment income relating to variable interest entities	675	601
Liabilities
Long-term debt, at estimated fair value, relating to variable interest entities	$ 3,966	$ 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	119,782,668	119,773,106
Common stock, shares outstanding	118,800,611	119,773,106
Treasury Stock, Shares	982,057	0
Variable interest entities
Assets
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 93	$ 115
Accrued investment income relating to variable interest entities	0	1
Liabilities
Long-term debt, at estimated fair value, relating to variable interest entities	$ 3	$ 11

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share, Basic	$ (2.26)	$ (7.87)	$ (4.82)	$ (8.73)
Earnings Per Share, Diluted	$ (2.26)		$ (4.82)
Revenues
Premiums	$ 225	$ 236	$ 677	$ 630
Universal life and investment-type product policy fees	972	1,025	2,936	2,935
Net investment income	853	761	2,476	2,309
Other revenues	105	93	308	329
Net investment gains (losses)
Total net investment gains (losses)	(42)	21	(121)	(34)
Net derivative gains (losses)	(691)	(164)	(1,337)	(1,207)
Total revenues	1,422	1,972	4,939	4,962
Expenses
Policyholder benefits and claims	822	1,083	2,373	2,732
Interest credited to policyholder account balances	273	279	809	838
Amortization of deferred policy acquisition costs and value of business acquired	30	123	581	(4)
Other expenses	665	611	1,974	1,789
Total expenses	1,790	2,096	5,737	5,355
Income (loss) from continuing operations before provision for income tax	(368)	(124)	(798)	(393)
Provision for income tax expense (benefit)	(99)	819	(226)	653
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(269)	(943)	(572)	(1,046)
Net Income (Loss) Attributable to Noncontrolling Interest	2	0	5	0
Net income (loss)	(271)	(943)	(577)	(1,046)
Comprehensive income (loss)	(534)	(1,529)	(1,622)	(1,003)
Noncontrolling Interest, Period Increase (Decrease)	2	0	5	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (532)	$ (1,529)	$ (1,617)	$ (1,003)
Pro Forma
Earnings Per Share, Diluted		$ (7.87)		$ (8.73)

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Shareholder's net investment	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss)	Parent	Noncontrolling Interest	Restatement adjustment	Restatement adjustment Shareholder's net investment	Restatement adjustment Common Stock	Restatement adjustment Additional Paid-in Capital	Restatement adjustment Retained Earnings	Restatement adjustment Treasury Stock [Member]	Restatement adjustment Accumulated Other Comprehensive Income (Loss)	Restatement adjustment Parent	Restatement adjustment Noncontrolling Interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 14,862								$ 0
Beginning Balance at Dec. 31, 2016		$ 13,597	$ 0	$ 0	$ 0	$ 0	$ 1,265	$ 14,862
Stockholders' Equity, Other	1	1						1
Stockholders' Equity, Period Increase (Decrease)	(1,798)	(1,798)						(1,798)
Change in shareholders Net Investment	1,704	1,704						1,704
Noncontrolling Interest, Period Increase (Decrease)	65							0	65
Other separation related transactions	(1,046)	(1,085)			39			(1,046)
Net Income (Loss) Attributable to Noncontrolling Interest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,046)
Adjustments to Additional Paid in Capital, Other	0	(12,419)	1	12,418				0
Other comprehensive income (loss), net of income tax	43						43	43
Ending Balance at Sep. 30, 2017		0	1	12,418	39	0	1,308	13,766
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	13,831								65
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	14,580								65	$ 14,576								$ 65
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets							(79)
Beginning Balance at Dec. 31, 2017	14,515	0	1	12,432	406	0	1,676	14,515			$ 0	$ 1	$ 12,432	$ 481	$ 0	$ 1,597	$ 14,511
Treasury Stock, Value, Acquired, Cost Method	(42)					(42)		(42)
Share-based compensation	37			37				37
Noncontrolling Interest, Period Increase (Decrease)	(5)							0	(5)
Other separation related transactions	(577)				(577)			(577)
Net Income (Loss) Attributable to Noncontrolling Interest	5								5
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(572)
Other comprehensive income (loss), net of income tax	(1,045)						(1,045)	(1,045)
Ending Balance at Sep. 30, 2018	12,884	$ 0	$ 1	$ 12,469	(96)	$ (42)	552	12,884
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	12,949								$ 65
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ (4)				$ 75		$ (79)	$ (4)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 1,496	$ 2,030
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	11,680	12,784
Sales, maturities and repayments of equity securities	15	58
Sales, maturities and repayments of mortgage loans	446	565
Sales, maturities and repayments of real estate and real estate joint ventures	87	47
Sales, maturities and repayments of other limited partnership interests	137	195
Purchases of fixed maturity securities	(12,005)	(12,888)
Purchases of equity securities	(1)	(2)
Purchases of mortgage loans	(2,771)	(1,554)
Purchases of real estate and real estate joint ventures	(31)	(224)
Purchases of other limited partnership interests	(194)	(174)
Cash received in connection with freestanding derivatives	1,142	1,811
Cash paid in connection with freestanding derivatives	(2,286)	(3,382)
Net change in policy loans	81	(5)
Net change in short-term investments	196	180
Net change in other invested assets	35	33
Other, net	0	2
Net cash provided by (used in) investing activities	(3,469)	(2,554)
Cash flows from financing activities
Policyholder account balances: Deposits	4,704	3,464
Policyholder account balances: Withdrawals	(2,199)	(2,269)
Net change in payables for collateral under securities loaned and other transactions	(126)	(2,747)
Long-term debt issued	375	3,589
Long-term debt repaid	(9)	(10)
Collateral financing arrangements repaid	0	(2,797)
Treasury stock acquired in connection with share repurchases	(42)	0
Distribution to MetLife, Inc.	0	(1,798)
Cash received from MetLife, Inc. in connection with shareholder’s net investment	0	293
Cash paid to MetLife, Inc. in connection with shareholder’s net investment	0	(668)
Financing element on certain derivative instruments and other derivative related transactions, net	(386)	(37)
Other, net	(57)	(26)
Net cash provided by (used in) financing activities	2,260	(3,006)
Change in cash, cash equivalents and restricted cash	287	(3,530)
Cash, cash equivalents and restricted cash, beginning of period	1,857	5,228
Cash, cash equivalents and restricted cash, end of period	2,144	1,698
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	83	89
Net cash paid (received) for income tax	3	76
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

9 Months Ended

Sep. 30, 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%. On June 14, 2018, MetLife, Inc. divested its remaining shares of Brighthouse Financial, Inc. common stock (the “MetLife Divestiture”). As a result, MetLife, Inc. and its subsidiaries and affiliates are no longer considered related parties subsequent to the MetLife Divestiture.

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 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 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.

Reclassifications

Certain amounts in the prior year periods’ interim condensed consolidated 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 Financial Statements. Additionally, effective January 1, 2018 the Company recorded an increase to other liabilities of $46 million, a decrease to deferred tax liabilities of $22 million, a decrease to accumulated other comprehensive income (“AOCI”) of $64 million, and an increase to retained earnings (deficit) of $40 million, to reflect an adjustment, net of tax, to prior year accretion of certain investments in redeemable preferred stock.

The accompanying interim condensed consolidated 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 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 September 30, 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 (“AFS”) from AOCI to retained earnings (deficit) 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 (deficit) 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 9.

ASUs issued but not yet adopted as of September 30, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendments to Topic 350 require the capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract. The requirements align with the existing requirements to capitalize implementation costs incurred to develop or obtain internal-use software.	January 1, 2020 using the prospective method or retrospective method (with early adoption permitted)	The Company is currently evaluating the impact of this guidance on its financial statements.



ASU 2018-12, Financial Services -Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts	The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred acquisition costs, and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances.	January 1, 2021 using a modified retrospective method for the new market risk benefit guidance and prospective methods for the increased frequency of updating assumptions, the new discount rate requirements and deferred policy acquisition costs (“DAC”) amortization changes. Early adoption is permitted.	The Company is in the early stages of evaluating the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact will be the measurement of liabilities for variable annuity guarantees. Upon adoption of the ASU, all guarantees associated with variable annuities will be measured at fair value, with changes in fair value reported in net income (excluding the change in fair value attributable to nonperformance risk, which would be reported in other comprehensive income). These changes will result in an impact to equity upon adoption and more volatility in net income going forward. Additionally, certain life insurance and payout annuity contract liabilities will be affected by more frequent updating of cash flow assumptions and changes to the rate used to discount those cash flows. Most products will be impacted by the changes to deferred acquisition cost amortization.
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

9 Months Ended

Sep. 30, 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 (i) the impact of market volatility, which could distort trends, and (ii) businesses that have been or will be sold or exited by the Company, referred to as divested businesses.

The following are 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 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 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 is 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 and nine months ended September 30, 2018 and 2017 and at September 30, 2018 and December 31, 2017. The segment accounting policies are the same as those used to prepare the Company’s condensed consolidated 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) available to Brighthouse Financial, Inc.’s common shareholders or adjusted earnings, but it did impact segment results for the nine months ended September 30, 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 nine months ended September 30, 2018 increased between $90 million and $105 million as a result of the change, with most of the offsetting impact in the Run-off segment. Impacts to the Annuities segment and Corporate & Other 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 segment and Corporate & Other 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 September 30, 2018	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	487	$	78	$	(134	)	$	(117	)	$	314
Provision for income tax expense (benefit)	86		17		(29		)	(32		)	42
Post-tax adjusted earnings	401		61		(105		)	(85		)	272
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			2			2
Adjusted earnings	$	401	$	61	$	(105	)	$	(87	)	270
Adjustments for:
Net investment gains (losses)											(42		)
Net derivative gains (losses)											(691		)
Other adjustments to net income											51
Provision for income tax (expense) benefit											141
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(271	)

Interest revenue	$	399	$	115	$	322		$	16
Interest expense	$	—	$	—	$	—		$	39



	Operating Results
Three Months Ended September 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	488	$	(8	)	$	119	$	(95	)	$	504
Provision for income tax expense (benefit)	133		(14		)	36		1,025			1,180
Post-tax adjusted earnings	355		6			83		(1,120		)	(676		)
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—			—
Adjusted earnings	$	355	$	6		$	83	$	(1,120	)	(676		)
Adjustments for:
Net investment gains (losses)											21
Net derivative gains (losses)											(164		)
Other adjustments to net income											(485		)
Provision for income tax (expense) benefit											361
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(943	)

Interest revenue	$	310	$	87		$	348	$	35
Interest expense	$	—	$	—		$	—	$	36



	Operating Results
Nine Months Ended September 30, 2018	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,025	$	205	$	(79	)	$	(327	)	$	824
Provision for income tax expense (benefit)	177		41		(18		)	(87		)	113
Post-tax adjusted earnings	848		164		(61		)	(240		)	711
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			5			5
Adjusted earnings	$	848	$	164	$	(61	)	$	(245	)	706
Adjustments for:
Net investment gains (losses)											(121		)
Net derivative gains (losses)											(1,337		)
Other adjustments to net income											(164		)
Provision for income tax (expense) benefit											339
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(577	)

Interest revenue	$	1,138	$	334	$	979		$	38
Interest expense	$	—	$	—	$	—		$	113



	Operating Results
Nine Months Ended September 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,111	$	—		$	272	$	(61	)	$	1,322
Provision for income tax expense (benefit)	302		(11		)	88		1,015			1,394
Post-tax adjusted earnings	809		11			184		(1,076		)	(72		)
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—			—
Adjusted earnings	$	809	$	11		$	184	$	(1,076	)	(72		)
Adjustments for:
Net investment gains (losses)											(34		)
Net derivative gains (losses)											(1,207		)
Other adjustments to net income											(474		)
Provision for income tax (expense) benefit											741
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(1,046	)

Interest revenue	$	948	$	263		$	1,060	$	159
Interest expense	$	—	$	—		$	23	$	94

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Annuities	$	1,160		$	1,070		$	3,453		$	3,270
Life	346			387			1,054			982
Run-off	536			547			1,594			1,631
Corporate & Other	47			59			112			230
Adjustments	(667		)	(91		)	(1,274		)	(1,151		)
Total	$	1,422		$	1,972		$	4,939		$	4,962

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



	September 30, 2018		December 31, 2017
	(In millions)
Annuities	$	152,342	$	154,667
Life	20,485		18,049
Run-off	31,710		36,824
Corporate & Other	12,409		14,652
Total	$	216,946	$	224,192

Insurance

9 Months Ended

Sep. 30, 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:



	September 30, 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)	$	109,613		$	63,194		$	115,147		$	67,110
Separate account value	$	104,479		$	61,945		$	109,792		$	65,782
Net amount at risk	$	6,471	(4)	$	2,521	(5)	$	5,261	(4)	$	2,642	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	September 30, 2018		December 31, 2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,133	$	6,244
Net amount at risk (6)	$	73,680	$	75,304
Average attained age of policyholders	65 years		64 years

Variable Life Contracts
Total account value (3)	$	3,486	$	3,379
Net amount at risk (6)	$	23,250	$	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

9 Months Ended

Sep. 30, 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 AFS

Fixed Maturity Securities AFS by Sector

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



	September 30, 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	$	23,475	$	918	$	458	$	—		$	23,935	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	10,089		1,075		214		—			10,950		14,548		1,862		118		—			16,292
RMBS	8,373		227		230		(4		)	8,374		7,749		285		60		(3		)	7,977
Foreign corporate	7,311		155		218		—			7,248		6,703		386		66		—			7,023
State and political subdivision	3,747		369		47		—			4,069		3,635		553		6		1			4,181
CMBS	4,381		9		101		(1		)	4,290		3,386		53		17		(1		)	3,423
ABS	2,006		10		7		—			2,009		1,810		21		2		—			1,829
Foreign government	1,323		104		23		—			1,404		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,705	$	2,867	$	1,298	$	(5	)	$	62,279	$	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 less than $1 million and $4 million with unrealized gains (losses) of less than ($1) million and ($2) million at September 30, 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 September 30, 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	$	1,956	$	8,580	$	11,376	$	24,033	$	14,760	$	60,705
Estimated fair value	$	1,962	$	8,638	$	11,263	$	25,743	$	14,673	$	62,279

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:



	September 30, 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	$	9,484	$	308	$	1,742	$	150	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	2,530		52		1,901		162		4,962		38		1,573		80
RMBS	3,838		103		1,619		123		2,367		14		1,332		43
Foreign corporate	3,410		131		562		87		637		8		603		58
State and political subdivision	1,076		34		151		13		170		3		106		4
CMBS	3,078		68		542		32		619		6		335		10
ABS	998		7		27		—		170		—		74		2
Foreign government	449		17		111		6		155		2		69		2
Total fixed maturity securities	$	24,863	$	720	$	6,655	$	573	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	2,978				807				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 September 30, 2018.

Gross unrealized losses on fixed maturity securities increased $931 million during the nine months ended September 30, 2018 to $1.3 billion. The increase in gross unrealized losses for the nine months ended September 30, 2018 was primarily attributable to increasing longer-term interest rates and widening credit spreads.

At September 30, 2018, $4 million of the total $1.3 billion of gross unrealized losses were from ten 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:



	September 30, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	8,405		64.5	%	$	7,260		67.5	%
Agricultural	2,767			21.2		2,276			21.2
Residential	1,824			14.0		1,138			10.6
Subtotal (1)	12,996			99.7		10,674			99.3
Valuation allowances (2)	(56		)	(0.4	)	(47		)	(0.4	)
Subtotal mortgage loans, net	12,940			99.3		10,627			98.9
Commercial mortgage loans held by CSEs — FVO	93			0.7		115			1.1
Total mortgage loans, net	$	13,033		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $816 million and $1.4 billion for the three months and nine months ended September 30, 2018, respectively, and $147 million and $307 million for the three months and nine months ended September 30, 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 commercial mortgage loans held by CSEs — FVO is presented in Note 6. The Company elects the FVO for certain commercial 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)
September 30, 2018
Loan-to-value ratios:
Less than 65%	$	7,438	$	38	$	15	$	7,491	89.2	%	$	7,440	89.2	%
65% to 75%	738		12		68		818		9.7		809		9.7
76% to 80%	87		—		9		96		1.1		92		1.1
Total	$	8,263	$	50	$	92	$	8,405	100.0	%	$	8,341	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:



	September 30, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,488	89.9	%	$	2,113	92.8	%
65% to 75%	279		10.1		163		7.2
Total	$	2,767	100.0	%	$	2,276	100.0	%

The estimated fair value of agricultural mortgage loans was $2.7 billion and $2.3 billion at September 30, 2018 and December 31, 2017, respectively.

Credit Quality of Residential Mortgage Loans

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



	September 30, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,792	98.2	%	$	1,106	97.2	%
Nonperforming	32		1.8		32		2.8
Total	$	1,824	100.0	%	$	1,138	100.0	%

The estimated fair value of residential mortgage loans was $1.8 billion and $1.2 billion at September 30, 2018 and December 31, 2017, respectively.

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 September 30, 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 September 30, 2018 or December 31, 2017. The recorded investment of residential mortgage loans past due and in nonaccrual status was $32 million at both September 30, 2018 and December 31, 2017. During the three months and nine months ended September 30, 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 $1.1 billion and $1.4 billion at September 30, 2018 and December 31, 2017, respectively.

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:



	September 30, 2018			December 31, 2017
	(In millions)
Fixed maturity securities	$	1,558		$	4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	5			2
Total fixed maturity securities	1,563			4,808
Equity securities	—			39
Derivatives	202			239
Other	(14		)	(8		)
Subtotal	1,751			5,078
Amounts allocated from:
Future policy benefits	(851		)	(2,626		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(5		)	(2		)
DAC, VOBA and DSI	(136		)	(265		)
Subtotal	(992		)	(2,893		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	3			—
Deferred income tax benefit (expense)	(161		)	(459		)
Net unrealized investment gains (losses)	$	601		$	1,726

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



	Nine Months Ended September 30, 2018
	(In millions)
Balance, December 31, 2017	$	1,726
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(79		)
Balance, January 1, 2018	1,647
Fixed maturity securities on which noncredit OTTI losses have been recognized	3
Unrealized investment gains (losses) during the period	(3,251		)
Unrealized investment gains (losses) relating to:
Future policy benefits	1,775
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(3		)
DAC, VOBA and DSI	129
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	3
Deferred income tax benefit (expense)	298
Balance, September 30, 2018	$	601
Change in net unrealized investment gains (losses)	$	(1,046	)

__________________


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

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 September 30, 2018 and December 31, 2017.

Securities Lending

Elements of the securities lending program are presented below at:



	September 30, 2018		December 31, 2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,317	$	3,085
Estimated fair value	$	3,664	$	3,748
Cash collateral received from counterparties (2)	$	3,746	$	3,791
Security collateral received from counterparties (3)	$	—	$	29
Reinvestment portfolio — estimated fair value	$	3,749	$	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 financial statements.

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



	September 30, 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	$	1,317	$	2,015	$	414	$	3,746	$	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 September 30, 2018 was $1.3 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 58% invested in agency RMBS, U.S. government and agency securities, cash equivalents, short-term investments or held in cash at September 30, 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:



	September 30, 2018		December 31, 2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,035	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	3,275		2,634
Invested assets pledged as collateral (3)	4,514		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	15,824	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $92 million and $34 million of the assets on deposit balance represents restricted cash at September 30, 2018 and December 31, 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $27 million and $42 million of the assets held in trust balance represents restricted cash at September 30, 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:



	September 30, 2018				December 31, 2017
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
CSEs (assets (primarily loans) and liabilities (primarily debt)) (1)	$	93	$	3	$	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 $72 million and $86 million at estimated fair value at September 30, 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:



	September 30, 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)	$	11,560	$	11,560	$	11,461	$	11,461
U.S. and foreign corporate	418		418		504		504
Other limited partnership interests	1,600		2,977		1,511		2,463
Other investments (3)	88		91		82		89
Total	$	13,666	$	15,046	$	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 11, 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 and nine months ended September 30, 2018 and 2017.

Net Investment Income

The components of net investment income were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	641	$	601	$	1,907	$	1,809
Equity securities	1		2		5		7
Mortgage loans	138		112		384		332
Policy loans	17		18		67		53
Real estate joint ventures	12		13		36		39
Other limited partnership interests	69		38		159		144
Cash, cash equivalents and short-term investments	8		11		21		29
Other	11		10		29		25
Subtotal	897		805		2,608		2,438
Less: Investment expenses	53		46		145		135
Subtotal, net	844		759		2,463		2,303
FVO CSEs — interest income — commercial mortgage loans	9		2		13		6
Net investment income	$	853	$	761	$	2,476	$	2,309

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

See “— Related Party Investment Transactions” for discussion of related party 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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized — by sector:
State and political subdivision	$	—		$	—		$	—		$	(1	)
OTTI losses on fixed maturity securities recognized in earnings	—			—			—			(1		)
Fixed maturity securities — net gains (losses) on sales and disposals	(34		)	21			(138		)	(15		)
Total gains (losses) on fixed maturity securities	(34		)	21			(138		)	(16		)
Total gains (losses) on equity securities:
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1		)	3			(5		)	4
Total gains (losses) on equity securities	(1		)	3			(5		)	4
Mortgage loans	(5		)	(2		)	(12		)	(7		)
Real estate joint ventures	—			1			42			4
Other limited partnership interests	—			—			—			(10		)
Other	1			(1		)	3			(6		)
Subtotal	(39		)	22			(110		)	(31		)
FVO CSEs:
Commercial mortgage loans	(4		)	(1		)	(12		)	(2		)
Long-term debt — related to commercial mortgage loans	1			—			1			—
Non-investment portfolio gains (losses)	—			—			—			(1		)
Subtotal	(3		)	(1		)	(11		)	(3		)
Total net investment gains (losses)	$	(42	)	$	21		$	(121	)	$	(34	)

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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Proceeds	$	3,091		$	4,929		$	8,428		$	9,316
Gross investment gains	$	58		$	30		$	70		$	50
Gross investment losses	(92		)	(9		)	(208		)	(65		)
OTTI losses	—			—			—			(1		)
Net investment gains (losses)	$	(34	)	$	21		$	(138	)	$	(16	)

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 September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
	(In millions)
Balance, beginning of period	$	—	$	9		$	—	$	28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	—		(8		)	—		(27		)
Balance, end of period	$	—	$	1		$	—	$	1

Related Party Investment Transactions

The Company previously transferred invested assets, primarily consisting of fixed maturity securities, to former affiliates. During the three months and nine months ended September 30, 2018, the Company did not transfer any invested assets to former affiliates or receive transfers of invested assets from former affiliates. During the three months ended September 30, 2017, the Company did not transfer any invested assets to former affiliates or receive transfers of invested assets from former affiliates. The amortized cost and estimated fair value on transfers of invested assets to former affiliates was $294 million and $292 million, respectively, for the nine months ended September 30, 2017. The net investment gains (losses) recognized on transfers of invested assets to former affiliates was ($2) million for the nine months ended September 30, 2017.

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 invested assets and cash and cash equivalents which are included in the table above. See Note 12 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”), which was considered a related party investment manager until the completion of the MetLife Divestiture. The related investment administrative service charges were $0 and $50 million for the three months and nine months ended September 30, 2018, respectively, and $22 million and $71 million for the three months and nine months ended September 30, 2017, respectively. All of the charges reported as related party activity in 2018 occurred prior to the MetLife Divestiture. See Note 1 regarding the MetLife Divestiture.

Derivatives

9 Months Ended

Sep. 30, 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 LIBOR (London Interbank Offered Rate), 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. 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 and to pledge initial margin based on futures exchange requirements. 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:



		September 30, 2018						December 31, 2017
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	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	$	—	$	—	$	—	$	175	$	44	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	—		—		—		27		5		—
Foreign currency swaps	Foreign currency exchange rate	2,347		116		65		1,827		94		75
Subtotal		2,347		116		65		1,854		99		75
Total qualifying hedges		2,347		116		65		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,237		546		940		20,213		922		774
Interest rate caps	Interest rate	3,350		32		—		2,671		7		—
Interest rate futures	Interest rate	54		—		—		282		1		—
Interest rate options	Interest rate	13,819		51		105		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,140		68		28		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	125		1		—		130		—		1
Credit default swaps — purchased	Credit	86		3		1		65		—		1
Credit default swaps — written	Credit	1,894		32		—		1,900		40		—
Equity futures	Equity market	2,215		1		1		2,713		15		—
Equity index options	Equity market	51,044		862		1,657		47,066		794		1,664
Equity variance swaps	Equity market	9,713		143		445		8,998		128		430
Equity total return swaps	Equity market	2,516		1		63		1,767		—		79
Total non-designated or nonqualifying derivatives		101,193		1,740		3,240		111,520		2,111		3,054
Total		$	103,540	$	1,856	$	3,305	$	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 September 30, 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 September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In millions)
Qualifying hedges:
Net investment income	$	8	$	5	$	20	$	17
Nonqualifying hedges:
Net derivative gains (losses)	33		67		124		253
Policyholder benefits and claims	—		1		—		8
Total	$	41	$	73	$	144	$	278

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):



	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)
Three Months Ended September 30, 2018
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	46			—			1		—			(3		)
Foreign currency exchange rate derivatives	—			—			—		—			(4		)
Total cash flow hedges	46			—			1		—			(7		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(281		)	—			—		—			—
Foreign currency exchange rate derivatives	2			(3		)	—		—			—
Credit derivatives	8			—			—		—			—
Equity derivatives	(458		)	—			—		—			—
Embedded derivatives	(38		)	—			—		(2		)	—
Total non-qualifying hedges	(767		)	(3		)	—		(2		)	—
Total	$	(723	)	$	(1	)	$	1	$	(2	)	$	(7	)
Three Months Ended September 30, 2017
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—	$	—		$	—
Total fair value hedges	1			(1		)	—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			1		—			1
Foreign currency exchange rate derivatives	—			—			—		—			(53		)
Total cash flow hedges	—			—			1		—			(52		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(81		)	—			—		6			—
Foreign currency exchange rate derivatives	(30		)	4			—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(712		)				—		(64		)	—
Embedded derivatives	582			—			—		(21		)	—
Total non-qualifying hedges	(235		)	4			—		(79		)	—
Total	$	(234	)	$	3		$	1	$	(79	)	$	(52	)



	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)
Nine Months Ended September 30, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—		$	—		$	—
Total fair value hedges	(12		)	12			—			—			—
Cash flow hedges (5):
Interest rate derivatives	62			—			4			—			(5		)
Foreign currency exchange rate derivatives	(1		)	—			—			—			33
Total cash flow hedges	61			—			4			—			28
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,255		)	—			—			—			—
Foreign currency exchange rate derivatives	17			(4		)	—			—			—
Credit derivatives	(2		)	—			—			—			—
Equity derivatives	(942		)	—			—			—			—
Embedded derivatives	664			—			—			(4		)	—
Total non-qualifying hedges	(1,518		)	(4		)	—			(4		)	—
Total	$	(1,469	)	$	8		$	4		$	(4	)	$	28
Nine Months Ended September 30, 2017
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			—			4			—			3
Foreign currency exchange rate derivatives	11			(10		)	—			—			(107		)
Total cash flow hedges	13			(10		)	4			—			(104		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(145		)	—			—			8			—
Foreign currency exchange rate derivatives	(72		)	(30		)	—			—			—
Credit derivatives	17			—			—			—			—
Equity derivatives	(2,123		)	—			(1		)	(341		)	—
Embedded derivatives	890			—			—			(22		)	—
Total non-qualifying hedges	(1,433		)	(30		)	(1		)	(355		)	—
Total	$	(1,418	)	$	(42	)	$	3		$	(355	)	$	(104	)

______________


(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). These amounts were $0 for both the three months and nine months ended September 30, 2018, and $0 and $12 million for the three months and nine months ended September 30, 2017, respectively.

There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments, for the nine months ended September 30, 2018. At 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 September 30, 2018 and December 31, 2017, the balance in AOCI associated with cash flow hedges was $202 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:



	September 30, 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	$	677	2.4	$	12	$	558	2.8
Baa	21		1,217		5.2	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	32	$	1,894	4.2	$	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.

Counterparty 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:



	September 30, 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)	$	1,903		$	3,295		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	22			2			70			40
Total gross estimated fair value of derivatives (1)	1,925			3,297			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	1,925			3,297			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,569		)	(1,569		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	(1		)	(1		)	(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(237		)	—			(257		)	—
OTC-cleared and Exchange-traded	(21		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(86		)	(1,726		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	11		$	—		$	44		$	1

__________________


(1)	At September 30, 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 ($8) 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 September 30, 2018 and December 31, 2017, the Company received excess cash collateral of $39 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 September 30, 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 September 30, 2018 and December 31, 2017, the Company received excess securities collateral with an estimated fair value of $69 million and $337 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2018 and December 31, 2017, the Company provided excess securities collateral with an estimated fair value of $307 million and $471 million, respectively, for its OTC-bilateral derivatives, and $79 million and $427 million, respectively, for its OTC-cleared derivatives, and $105 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.

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.



	September 30, 2018		December 31, 2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,726	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,999	$	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	September 30, 2018		December 31, 2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	166	$	227
Options embedded in debt or equity securities (1)	Investments	—		(52		)
Embedded derivatives within asset host contracts		$	166	$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	396	$	1,212
Assumed reinsurance on fixed deferred annuities	Policyholder account balances	—		1
Fixed annuities with equity indexed returns	Policyholder account balances	1,205		674
Embedded derivatives within liability host contracts		$	1,601	$	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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Net derivative gains (losses) (1), (2)	$	(38	)	$	582		$	664		$	890
Policyholder benefits and claims	$	(2	)	$	(21	)	$	(4	)	$	(22	)

__________________

(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 ($150) million and ($116) million for the three months and nine months ended September 30, 2018, respectively, and $457 million and $385 million for the three months and nine months ended September 30, 2017, respectively.


(2)	See Note 12 for discussion of related party net derivative gains (losses).

Fair Value

9 Months Ended

Sep. 30, 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:



	September 30, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	23,332	$	603	$	23,935
U.S. government and agency	4,072		6,878		—		10,950
RMBS	—		7,291		1,083		8,374
Foreign corporate	—		6,206		1,042		7,248
State and political subdivision	—		4,069		—		4,069
CMBS	—		4,160		130		4,290
ABS	—		1,948		61		2,009
Foreign government	—		1,404		—		1,404
Total fixed maturity securities	4,072		55,288		2,919		62,279
Equity securities	15		13		122		150
Short-term investments	56		60		—		116
Real estate joint ventures (1)	—		—		15		15
Other limited partnership interests (1)	—		—		25		25
Commercial mortgage loans held by CSEs — FVO	—		93		—		93
Derivative assets: (2)
Interest rate	—		629		—		629
Foreign currency exchange rate	—		185		—		185
Credit	—		25		10		35
Equity market	1		854		152		1,007
Total derivative assets	1		1,693		162		1,856
Embedded derivatives within asset host contracts (3)	—		—		166		166
Separate account assets	202		111,530		4		111,736
Total assets	$	4,346	$	168,677	$	3,413	$	176,436
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	1,045	$	—	$	1,045
Foreign currency exchange rate	—		92		1		93
Credit	—		1		—		1
Equity market	1		1,716		449		2,166
Total derivative liabilities	1		2,854		450		3,305
Embedded derivatives within liability host contracts (3)	—		—		1,601		1,601
Long-term debt of CSEs — FVO	—		3		—		3
Total liabilities	$	1	$	2,857	$	2,051	$	4,909



	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 September 30, 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 (“FHLB”) 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 5% of the total estimated fair value of Level 3 fixed maturity securities at September 30, 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 nine months ended September 30, 2018.

Determination of Fair Value

Fixed maturity securities

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 maturity securities 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 securities 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 value 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 September 30, 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:



					September 30, 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)	86	-	126	104	93	-	142	111	Increase
	•	Market pricing	•	Quoted prices (4)	53	-	316	101	—	-	443	77	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	59	-	107	95	3	-	107	95	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	67	-	104	92	8	-	104	88	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	103	-	103	103	105	-	105	105	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	99	-	101	100	100	-	104	101	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	100	-	100	100	100	-	100	100	Increase (5)
Derivatives
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (17)	(23)	-	2		—	-	—		Increase (6)
Credit	•	Present value techniques	•	Credit spreads (7)	97	-	99		—	-	—		Decrease (6)
	•	Consensus pricing	•	Offered quotes (8)
Equity market	•	Present value techniques or option pricing models	•	Volatility (9)	12%	-	26%		11%	-	31%		Increase (6)
			•	Correlation (10)	30%	-	30%		10%	-	30%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.08%		0%	-	0.09%		Decrease (11)
				Ages 41 - 60	0.04%	-	0.60%		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	1.05%	-	1.91%		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 September 30, 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.

(17)

Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

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 September 30, 2018
Balance, beginning of period	$	1,872		$	1,268		$	8		$	—	$	120
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			10			2			—		(2		)
Total realized/unrealized gains (losses) included in AOCI	(44		)	(8		)	(2		)	—		—
Purchases (8)	56			287			—			—		—
Sales (8)	(51		)	(114		)	(6		)	—		—
Issuances (8)	—			—			—			—		—
Settlements (8)	—			—			—			—		—
Transfers into Level 3 (9)	20			3			—			—		9
Transfers out of Level 3 (9)	(208		)	(172		)	(2		)	—		(5		)
Balance, end of period	$	1,645		$	1,274		$	—		$	—	$	122
Three Months Ended September 30, 2017
Balance, beginning of period	$	2,356		$	1,489		$	—		$	—	$	134
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	1			13			—			—		—
Total realized/unrealized gains (losses) included in AOCI	35			6			—			—		(1		)
Purchases (8)	92			147			—			—		—
Sales (8)	(57		)	(230		)	(1		)	—		(3		)
Issuances (8)	—			—			—			—		—
Settlements (8)	—			—			—			—		—
Transfers into Level 3 (9)	191			—			10			—		—
Transfers out of Level 3 (9)	(19		)	(13		)	—			—		—
Balance, end of period	$	2,599		$	1,412		$	9		$	—	$	130
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	—		$	4		$	—		$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	1		$	10		$	—		$	—	$	—



	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 September 30, 2018
Balance, beginning of period	$	17		$	24		$	—		$	(284	)	$	(1,241	)	$	4
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			3			—			(4		)	(40		)	—
Total realized/unrealized gains (losses) included in AOCI	—			(1		)	—			—			—			—
Purchases (8)	—			—			—			—			—			1
Sales (8)	(2		)	(1		)	—			—			—			—
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			—			(154		)	—
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			—			—			—			(1		)
Balance, end of period	$	15		$	25		$	—		$	(288	)	$	(1,435	)	$	4
Three Months Ended September 30, 2017
Balance, beginning of period	$	—		$	—		$	91		$	(780	)	$	(2,113	)	$	6
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			—			—			4			558			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			—			—			—			2
Sales (8)	—			—			—			—			—			—
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			370			(155		)	—
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			(90		)	—			—			(2		)
Balance, end of period	$	—		$	—		$	1		$	(406	)	$	(1,710	)	$	6
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	—		$	3		$	—		$	(4	)	$	(37	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	—		$	—		$	—		$	4		$	330		$	—



	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)
Nine Months Ended September 30, 2018
Balance, beginning of period	$	1,997		$	1,230		$	—		$	5		$	124
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	2			21			—			—			(4		)
Total realized/unrealized gains (losses) included in AOCI	(121		)	(10		)	—			—			—
Purchases (8)	164			339			—			—			—
Sales (8)	(184		)	(229		)	—			—			(3		)
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	20			—			—			—			10
Transfers out of Level 3 (9)	(233		)	(77		)	—			(5		)	(5		)
Balance, end of period	$	1,645		$	1,274		$	—		$	—		$	122
Nine Months Ended September 30, 2017
Balance, beginning of period	$	2,391		$	1,711		$	17		$	—		$	137
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	(2		)	22			—			—			—
Total realized/unrealized gains (losses) included in AOCI	179			43			—			—			2
Purchases (8)	235			186			—			—			4
Sales (8)	(231		)	(467		)	(1		)	—			(13		)
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	180			—			3			—			—
Transfers out of Level 3 (9)	(153		)	(83		)	(10		)	—			—
Balance, end of period	$	2,599		$	1,412		$	9		$	—		$	130
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	(1	)	$	14		$	—		$	—		$	(4	)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	1		$	19		$	—		$	—		$	—



	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)
Nine Months Ended September 30, 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		)	2			—			(12		)	660			—
Total realized/unrealized gains (losses) included in AOCI	—			(1		)	—			—			—			—
Purchases (8)	—			—			—			3			—			1
Sales (8)	(6		)	(4		)	(14		)	—			—			(1		)
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			—			(435		)	(1		)
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			—			—			—			—
Balance, end of period	$	15		$	25		$	—		$	(288	)	$	(1,435	)	$	4
Nine Months Ended September 30, 2017
Balance, beginning of period	$	—		$	—		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			—			—			100			883			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			—			4			—			2
Sales (8)	—			—			—			—			—			(3		)
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			444			(210		)	—
Transfers into Level 3 (9)	—			—			—			—			—			1
Transfers out of Level 3 (9)	—			—			(1		)	—			—			(4		)
Balance, end of period	$	—		$	—		$	1		$	(406	)	$	(1,710	)	$	6
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	(1	)	$	2		$	—		$	(12	)	$	867		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	—		$	—		$	—		$	98		$	1,002		$	—

_________________


(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.



	September 30, 2018		December 31, 2017
	(In millions)
Assets (1)
Unpaid principal balance	$	59	$	70
Difference between estimated fair value and unpaid principal balance	34		45
Carrying value at estimated fair value	$	93	$	115
Liabilities (1)
Contractual principal balance	$	3	$	10
Difference between estimated fair value and contractual principal balance	—		1
Carrying value at estimated fair value	$	3	$	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:



	September 30, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	12,940	$	—	$	—	$	12,914	$	12,914
Policy loans	$	1,443	$	—	$	685	$	922	$	1,607
Other invested assets	$	77	$	—	$	64	$	13	$	77
Premiums, reinsurance and other receivables	$	1,636	$	—	$	60	$	1,719	$	1,779
Liabilities
Policyholder account balances	$	16,026	$	—	$	—	$	14,871	$	14,871
Long-term debt	$	3,963	$	—	$	2,992	$	600	$	3,592
Other liabilities	$	515	$	—	$	304	$	211	$	515
Separate account liabilities	$	1,227	$	—	$	1,227	$	—	$	1,227



	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 FHLB 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

Long-term Debt	9 Months Ended
Long-term Debt	Sep. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt Junior Subordinated Debentures On September 12, 2018, Brighthouse Financial, Inc. issued $375 million of junior subordinated debentures (the “debentures”) due September 2058, which bear interest at a fixed rate of 6.250%, payable quarterly, subject to Brighthouse Financial, Inc.’s right to defer interest payments in accordance with the terms of the debentures. The debentures are unsecured obligations and are subordinate and junior in right of payment to Brighthouse Financial, Inc.’s senior indebtedness. Repurchase Facility 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. At September 30, 2018, there were no drawdowns under the Repurchase Facility.

Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Equity

8. Equity

Common Stock Repurchase Program

On August 5, 2018, Brighthouse Financial, Inc.’s Board of Directors authorized the repurchase of up to $200 million of common stock. Repurchases made under such authorization may be made through open market purchases, pursuant to 10b5-1 plans, or pursuant to accelerated stock repurchase plans from time to time at management's discretion in accordance with applicable federal securities laws. As of September 30, 2018, the Company repurchased 982,057 shares of its common stock through open market purchases for $42 million.

Share-Based Compensation Plans

The Company’s share-based compensation plans provide awards to employees and non-employee directors and may be in the form of nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, and other share-based awards. Additionally, employees may purchase shares at a discount under an employee stock purchase plan. The Company also granted restricted stock units to certain employees and non-employee directors on September 8, 2017, shortly following the Separation (the “Founders’ Grant”). The employee stock incentive plan and the non-employee director stock compensation plan were each approved at the Brighthouse Financial, Inc. annual meeting of stockholders held on May 23, 2018. The aggregate number of authorized shares available for issuance at September 30, 2018 under the Company’s various share-based compensation plans was 7,330,377.

All share-based compensation is measured at fair value as of the grant date. The Company recognizes compensation expense related to share-based awards based on the number of awards expected to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant. Unless a material deviation from the assumed forfeiture rate is observed during the term in which the awards are expensed, the Company recognizes any adjustment necessary to reflect differences in actual experience in the period the award becomes payable or exercisable. Compensation expense related to share-based awards, which is included in other expenses, is principally related to the issuance of restricted stock units with other costs incurred relating to stock options and performance units. With the exception of the Founders’ Grant, the Company grants the majority of each year’s awards in the first quarter of the year.

Compensation Expense Related to Share-Based Compensation

The following table presents total share-based compensation expense:



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
	(In millions)
Restricted stock units, Founders’ Grant	$	21	$	31
Restricted stock units	$	3	$	4
Stock options	$	—	$	1
Performance share units	$	—	$	—

The share-based compensation cost for the Founders’ Grant was fully recognized at September 30, 2018. Unrecognized share-based compensation for other grants related to restricted stock units, stock options and performance share units was $16 million at September 30, 2018 with a weighted average recognition period of six quarters.

Equity Awards

Restricted Share Units (“RSUs”)

RSUs are units that, if vested, are payable in shares of Brighthouse Financial, Inc. common stock. The Company does not credit RSUs with dividend-equivalents as RSUs do not accrue dividends. Accordingly, the estimated fair value of RSUs is based upon the closing price of shares on the date of grant, less a forfeiture rate. With the exception of the Founders’ Grant, most RSUs use graded vesting and vest in thirds on, or shortly after, the first three anniversaries of their grant date, while other RSUs vest in their entirety on the third or later anniversary of their grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances.

Performance Share Units (“PSUs”)

PSUs are units that, if vested, are multiplied by a performance factor to produce a number of final PSUs, which are payable in shares of Brighthouse Financial, Inc. common stock. PSUs cliff vest at the end of the three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances. The performance factors will be based on the achievement of corporate expense reductions and the capital return targets over the respective three-year period.

For awards granted for performance periods in progress through September 30, 2018, the vested PSUs will be multiplied by a performance factor of 0% to 150%. Assuming the Company has met certain threshold performance goals, the Compensation Committee of Brighthouse Financial, Inc.’s Board of Directors will determine the performance factor in its discretion. The Company estimates the fair value of performance shares semi-annually until they become payable.

The following table presents a summary of PSU and RSU activity:



	Restricted			Performance
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2018	—	$	—	—	$	—
Granted	995,861	$	48.06	73,849	$	48.10
Forfeited	15,007	$	48.10	—	$	—
Paid	—	$	—	—	$	—
Outstanding at September 30, 2018	980,854	$	48.05	73,849	$	48.10
Vested at September 30, 2018	648,561	$	48.10	—	$	—

Stock Options

Stock options represent the contingent right of award holders to purchase shares of Brighthouse Financial, Inc. common stock at a stated price for a limited time. All stock options have an exercise price equal to the closing price of a share on the date of grant and have a maximum term of ten years. Certain stock options granted are exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date, while others are exercisable entirely on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances. In May 2018, the Company granted 242,560 options at a weighted average exercise price of $53.47 for aggregate intrinsic value of $0. No stock options were exercised, expired or forfeited during the period ended September 30, 2018.

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes model. The significant assumptions the Company uses in its model include: expected volatility of the price of shares; risk-free rate of return; graded three-year vesting; and expected option life.

The following table presents the weighted average assumptions used to determine the grant-date fair value of stock options that Brighthouse Financial, Inc. has granted:



	September 30, 2018
Risk-free rate of return	2.93%
Expected volatility	25.00%
Expected option life, years	5.80
Weighted average exercise price of stock options granted	$53.47
Weighted average fair value of stock options granted	$12.54

Accumulated Other Comprehensive Income (Loss)

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



	Three Months Ended September 30, 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, June 30, 2018	$	690		$	168		$	(19	)	$	(24	)	$	815
OCI before reclassifications	(310		)	(7		)	(7		)	—			(324		)
Deferred income tax benefit (expense)	66			1			1			—			68
AOCI before reclassifications, net of income tax	446			162			(25		)	(24		)	559
Amounts reclassified from AOCI	38			(47		)	—			—			(9		)
Deferred income tax benefit (expense)	(8		)	10			—			—			2
Amounts reclassified from AOCI, net of income tax	30			(37		)	—			—			(7		)
Balance, September 30, 2018	$	476		$	125		$	(25	)	$	(24	)	$	552



	Three Months Ended September 30, 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, June 30, 2017	$	1,721		$	223		$	(33	)	$	(17	)	$	1,894
OCI before reclassifications	(844		)	(52		)	9			—			(887		)
Deferred income tax benefit (expense)	302			18			(2		)	(1		)	317
AOCI before reclassifications, net of income tax	1,179			189			(26		)	(18		)	1,324
Amounts reclassified from AOCI	(26		)	(1		)	—			—			(27		)
Deferred income tax benefit (expense)	9			2			—			—			11
Amounts reclassified from AOCI, net of income tax	(17		)	1			—			—			(16		)
Balance, September 30, 2017	$	1,162		$	190		$	(26	)	$	(18	)	$	1,308



	Nine Months Ended September 30, 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 and other, net of income tax (see Note 1)	(79		)	—			—			—			(79		)
Balance, January 1, 2018	1,493			154			(24		)	(26		)	1,597
OCI before reclassifications	(1,448		)	28			(1		)	3			(1,418		)
Deferred income tax benefit (expense)	325			(6		)	—			(1		)	318
AOCI before reclassifications, net of income tax	370			176			(25		)	(24		)	497
Amounts reclassified from AOCI	138			(65		)	—			—			73
Deferred income tax benefit (expense)	(32		)	14			—			—			(18		)
Amounts reclassified from AOCI, net of income tax	106			(51		)	—			—			55
Balance, September 30, 2018	$	476		$	125		$	(25	)	$	(24	)	$	552



	Nine Months Ended September 30, 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	118			(104		)	5			(14		)	5
Deferred income tax benefit (expense)	(41		)	36			—			12			7
AOCI before reclassifications, net of income tax	1,121			200			(26		)	(18		)	1,277
Amounts reclassified from AOCI	64			(17		)	—			—			47
Deferred income tax benefit (expense)	(23		)	7			—			—			(16		)
Amounts reclassified from AOCI, net of income tax	41			(10		)	—			—			31
Balance, September 30, 2017	$	1,162		$	190		$	(26	)	$	(18	)	$	1,308

__________________


(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 Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(36	)	$	24		$	(137	)	$	(22	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			—			1			2			Net investment income
Net unrealized investment gains (losses)	(2		)	2			(2		)	(44		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(38		)	26			(138		)	(64		)
Income tax (expense) benefit	8			(9		)	32			23
Net unrealized investment gains (losses), net of income tax	(30		)	17			(106		)	(41		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	15			—			31			—			Net derivative gains (losses)
Interest rate swaps	—			—			2			2			Net investment income
Interest rate forwards	31			—			31			2			Net derivative gains (losses)
Interest rate forwards	1			1			2			2			Net investment income
Foreign currency swaps	—			—			(1		)	11			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	47			1			65			17
Income tax (expense) benefit	(10		)	(2		)	(14		)	(7		)
Gains (losses) on cash flow hedges, net of income tax	37			(1		)	51			10
Total reclassifications, net of income tax	$	7		$	16		$	(55	)	$	(31	)

Other Revenues and Other Expenses

9 Months Ended

Sep. 30, 2018

Other Income and Expenses [Abstract]

Other Expenses

9. 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 $91 million and $275 million for the three months and nine months ended September 30, 2018, respectively, and $94 million and $263 million for the three months and nine months ended September 30, 2017, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Compensation	$	99		$	84		$	252		$	213
Commissions	221			212			650			602
Volume-related costs	104			112			318			375
Expenses on ceded and assumed reinsurance with former affiliates	5			4			12			30
Capitalization of DAC	(83		)	(72		)	(235		)	(187		)
Interest expense on debt	40			34			113			116
Premium taxes, licenses and fees	12			16			55			49
Professional services	112			76			320			164
Rent and related expenses	4			2			10			10
Other	151			143			479			417
Total other expenses	$	665		$	611		$	1,974		$	1,789

Related Party Expenses

Commissions and capitalization of DAC include the impact of related party reinsurance transactions. See Note 12 for a discussion of related party expenses included in the table above.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

10. Earnings Per Common Share

The following table sets forth the calculation of earnings per common share:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(271	)	$	(943	)	$	(577	)	$	(1,046	)
Weighted average common shares outstanding:
Basic	119,657,443			119,773,106			119,734,128			119,773,106
Earnings per common share:
Basic	$	(2.26	)	$	(7.87	)	$	(4.82	)	$	(8.73	)

Basic loss per common share equaled diluted loss per common share for the three months and nine months ended September 30, 2018. The diluted shares were not utilized in the per share calculation, as the inclusion of such shares would have an antidilutive effect.

Contingencies, Commitments and Guarantees	9 Months Ended
Contingencies, Commitments and Guarantees	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	11. Contingencies, Commitments and Guarantees Contingencies 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 September 30, 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 September 30, 2018, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued, if any, 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. 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 vigorously defends against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters. Group Annuity Class Action Edward Roycroft v. Brighthouse Financial, Inc., et al. (U.S. District Court, Southern District of New York, filed June 18, 2018). Edward Roycroft filed a purported class action against Brighthouse Financial, Inc., MetLife, Inc., and Metropolitan Life Insurance Company. The complaint alleges plaintiff is a beneficiary of a Martindale-Hubbell group annuity contract and did not receive payments plaintiff claims he was entitled to upon his retirement in 1999. Plaintiff seeks to represent a class of all beneficiaries who were due annuity benefits pursuant to group annuity contracts and whose annuity benefits were released from reserves. Plaintiff’s causes of action are for conversion, unjust enrichment, an accounting and for a constructive trust. Plaintiff seeks damages, attorneys’ fees, declaratory and injunctive relief and other equitable remedies. In September 2018, plaintiff dismissed Brighthouse Financial, Inc. from the action without prejudice. 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 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 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 $422 million and $388 million at September 30, 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 $1.8 billion and $1.4 billion at September 30, 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 $169 million, with a cumulative maximum of $175 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 September 30, 2018 and December 31, 2017 for indemnities, guarantees and commitments.

Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions

12. 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. MetLife was no longer considered a related party upon the completion of the MetLife Divestiture on June 14, 2018. All of the MetLife transactions reported as related party activity occurred prior to the MetLife Divestiture. See Note 1 for information regarding the MetLife Divestiture.

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
	(In millions)
Income	$	—	$	(96	)	$	(182	)	$	(496	)
Expense	$	—	$	108		$	133		$	288

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



	September 30, 2018		December 31, 2017
	(In millions)
Assets	$	—	$	2,907
Liabilities	$	—	$	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 subsidiaries, including MLIC, Metropolitan Tower Life Insurance Company and MetLife Reinsurance Company of Vermont, all of which were related parties until the completion of the MetLife Divestiture.

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
	(In millions)
Premiums
Reinsurance assumed	$	—	$	1		$	6		$	9
Reinsurance ceded	—		(106		)	(201		)	(423		)
Net premiums	$	—	$	(105	)	$	(195	)	$	(414	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	—	$	31		$	45		$	77
Reinsurance ceded	—		1			1			(16		)
Net universal life and investment-type product policy fees	$	—	$	32		$	46		$	61
Other revenues
Reinsurance assumed	$	—	$	—		$	—		$	27
Reinsurance ceded	—		—			18			39
Net other revenues	$	—	$	—		$	18		$	66
Policyholder benefits and claims
Reinsurance assumed	$	—	$	9		$	8		$	21
Reinsurance ceded	—		(89		)	(177		)	(318		)
Net policyholder benefits and claims	$	—	$	(80	)	$	(169	)	$	(297	)

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



	September 30, 2018				December 31, 2017
	Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	—	$	—	$	18	$	3,410
Liabilities
Other policy-related balances	$	—	$	—	$	1,674	$	—
Other liabilities	$	—	$	—	$	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 $0 and $2 million at September 30, 2018 and December 31, 2017, respectively. Net derivative gains (losses) associated with the embedded derivatives were $0 and less than ($1) million for the three months and nine months ended September 30, 2018, respectively, and ($1) million and ($264) million for the three months and nine months ended September 30, 2017, respectively.

In May 2017, the Company recaptured from MLIC risks related to multiple life products ceded under yearly renewable term and coinsurance agreements. This recapture resulted in an increase in cash and cash equivalents of $214 million and a decrease in premiums, reinsurance and other receivables of $189 million. The Company recognized a gain of $17 million, net of income tax, as a result of this reinsurance termination.

In January 2017, the Company executed a novation and assignment of a reinsurance agreements under which MLIC reinsured certain variable annuities, including guaranteed minimum benefits, issued by Brighthouse Life Insurance Company of NY (“BHNY”) and New England Life Insurance Company (“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. In June 2017, there was an adjustment to the recapture amounts of this transaction, which resulted in an increase in premiums, reinsurance and other receivables of $140 million at June 30, 2017. The Company recognized a gain of $89 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 $0 and $55 million for the three months and nine months ended September 30, 2017, respectively. 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. Costs incurred with MetLife prior to the MetLife Divestiture under these arrangements, that were considered related party expenses, were $0 and $186 million for the three months and nine months ended September 30, 2018, respectively, and $101 million and $296 million for the three months and nine months ended September 30, 2017, respectively, and were recorded in other expenses.

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

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

Consolidation of Subsidiaries

Consolidation

Reclassifications

Investments

Maturities of Fixed Maturity Securities

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.

Past Due, Nonaccrual and Modified Mortgage Loans

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

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

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

ASUs adopted as of September 30, 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 (“AFS”) from AOCI to retained earnings (deficit) 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 (deficit) 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 9.

ASUs issued but not yet adopted as of September 30, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendments to Topic 350 require the capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract. The requirements align with the existing requirements to capitalize implementation costs incurred to develop or obtain internal-use software.	January 1, 2020 using the prospective method or retrospective method (with early adoption permitted)	The Company is currently evaluating the impact of this guidance on its financial statements.



ASU 2018-12, Financial Services -Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts	The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred acquisition costs, and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances.	January 1, 2021 using a modified retrospective method for the new market risk benefit guidance and prospective methods for the increased frequency of updating assumptions, the new discount rate requirements and deferred policy acquisition costs (“DAC”) amortization changes. Early adoption is permitted.	The Company is in the early stages of evaluating the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact will be the measurement of liabilities for variable annuity guarantees. Upon adoption of the ASU, all guarantees associated with variable annuities will be measured at fair value, with changes in fair value reported in net income (excluding the change in fair value attributable to nonperformance risk, which would be reported in other comprehensive income). These changes will result in an impact to equity upon adoption and more volatility in net income going forward. Additionally, certain life insurance and payout annuity contract liabilities will be affected by more frequent updating of cash flow assumptions and changes to the rate used to discount those cash flows. Most products will be impacted by the changes to deferred acquisition cost amortization.
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.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

- 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)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Three Months Ended September 30, 2018	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	487	$	78	$	(134	)	$	(117	)	$	314
Provision for income tax expense (benefit)	86		17		(29		)	(32		)	42
Post-tax adjusted earnings	401		61		(105		)	(85		)	272
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			2			2
Adjusted earnings	$	401	$	61	$	(105	)	$	(87	)	270
Adjustments for:
Net investment gains (losses)											(42		)
Net derivative gains (losses)											(691		)
Other adjustments to net income											51
Provision for income tax (expense) benefit											141
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(271	)

Interest revenue	$	399	$	115	$	322		$	16
Interest expense	$	—	$	—	$	—		$	39



	Operating Results
Three Months Ended September 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	488	$	(8	)	$	119	$	(95	)	$	504
Provision for income tax expense (benefit)	133		(14		)	36		1,025			1,180
Post-tax adjusted earnings	355		6			83		(1,120		)	(676		)
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—			—
Adjusted earnings	$	355	$	6		$	83	$	(1,120	)	(676		)
Adjustments for:
Net investment gains (losses)											21
Net derivative gains (losses)											(164		)
Other adjustments to net income											(485		)
Provision for income tax (expense) benefit											361
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(943	)

Interest revenue	$	310	$	87		$	348	$	35
Interest expense	$	—	$	—		$	—	$	36



	Operating Results
Nine Months Ended September 30, 2018	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,025	$	205	$	(79	)	$	(327	)	$	824
Provision for income tax expense (benefit)	177		41		(18		)	(87		)	113
Post-tax adjusted earnings	848		164		(61		)	(240		)	711
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			5			5
Adjusted earnings	$	848	$	164	$	(61	)	$	(245	)	706
Adjustments for:
Net investment gains (losses)											(121		)
Net derivative gains (losses)											(1,337		)
Other adjustments to net income											(164		)
Provision for income tax (expense) benefit											339
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(577	)

Interest revenue	$	1,138	$	334	$	979		$	38
Interest expense	$	—	$	—	$	—		$	113



	Operating Results
Nine Months Ended September 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,111	$	—		$	272	$	(61	)	$	1,322
Provision for income tax expense (benefit)	302		(11		)	88		1,015			1,394
Post-tax adjusted earnings	809		11			184		(1,076		)	(72		)
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—			—
Adjusted earnings	$	809	$	11		$	184	$	(1,076	)	(72		)
Adjustments for:
Net investment gains (losses)											(34		)
Net derivative gains (losses)											(1,207		)
Other adjustments to net income											(474		)
Provision for income tax (expense) benefit											741
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(1,046	)

Interest revenue	$	948	$	263		$	1,060	$	159
Interest expense	$	—	$	—		$	23	$	94

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



	September 30, 2018		December 31, 2017
	(In millions)
Annuities	$	152,342	$	154,667
Life	20,485		18,049
Run-off	31,710		36,824
Corporate & Other	12,409		14,652
Total	$	216,946	$	224,192

Reconciliation of Revenue from Segments to Consolidated

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Annuities	$	1,160		$	1,070		$	3,453		$	3,270
Life	346			387			1,054			982
Run-off	536			547			1,594			1,631
Corporate & Other	47			59			112			230
Adjustments	(667		)	(91		)	(1,274		)	(1,151		)
Total	$	1,422		$	1,972		$	4,939		$	4,962

Insurance (Tables)

9 Months Ended

Sep. 30, 2018

Insurance [Abstract]

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



	September 30, 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)	$	109,613		$	63,194		$	115,147		$	67,110
Separate account value	$	104,479		$	61,945		$	109,792		$	65,782
Net amount at risk	$	6,471	(4)	$	2,521	(5)	$	5,261	(4)	$	2,642	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	September 30, 2018		December 31, 2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,133	$	6,244
Net amount at risk (6)	$	73,680	$	75,304
Average attained age of policyholders	65 years		64 years

Variable Life Contracts
Total account value (3)	$	3,486	$	3,379
Net amount at risk (6)	$	23,250	$	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)

9 Months Ended

Sep. 30, 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:



	September 30, 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	$	23,475	$	918	$	458	$	—		$	23,935	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	10,089		1,075		214		—			10,950		14,548		1,862		118		—			16,292
RMBS	8,373		227		230		(4		)	8,374		7,749		285		60		(3		)	7,977
Foreign corporate	7,311		155		218		—			7,248		6,703		386		66		—			7,023
State and political subdivision	3,747		369		47		—			4,069		3,635		553		6		1			4,181
CMBS	4,381		9		101		(1		)	4,290		3,386		53		17		(1		)	3,423
ABS	2,006		10		7		—			2,009		1,810		21		2		—			1,829
Foreign government	1,323		104		23		—			1,404		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,705	$	2,867	$	1,298	$	(5	)	$	62,279	$	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 September 30, 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	$	1,956	$	8,580	$	11,376	$	24,033	$	14,760	$	60,705
Estimated fair value	$	1,962	$	8,638	$	11,263	$	25,743	$	14,673	$	62,279

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



	September 30, 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	$	9,484	$	308	$	1,742	$	150	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	2,530		52		1,901		162		4,962		38		1,573		80
RMBS	3,838		103		1,619		123		2,367		14		1,332		43
Foreign corporate	3,410		131		562		87		637		8		603		58
State and political subdivision	1,076		34		151		13		170		3		106		4
CMBS	3,078		68		542		32		619		6		335		10
ABS	998		7		27		—		170		—		74		2
Foreign government	449		17		111		6		155		2		69		2
Total fixed maturity securities	$	24,863	$	720	$	6,655	$	573	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	2,978				807				911				638

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	September 30, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	8,405		64.5	%	$	7,260		67.5	%
Agricultural	2,767			21.2		2,276			21.2
Residential	1,824			14.0		1,138			10.6
Subtotal (1)	12,996			99.7		10,674			99.3
Valuation allowances (2)	(56		)	(0.4	)	(47		)	(0.4	)
Subtotal mortgage loans, net	12,940			99.3		10,627			98.9
Commercial mortgage loans held by CSEs — FVO	93			0.7		115			1.1
Total mortgage loans, net	$	13,033		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $816 million and $1.4 billion for the three months and nine months ended September 30, 2018, respectively, and $147 million and $307 million for the three months and nine months ended September 30, 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:



	September 30, 2018			December 31, 2017
	(In millions)
Fixed maturity securities	$	1,558		$	4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	5			2
Total fixed maturity securities	1,563			4,808
Equity securities	—			39
Derivatives	202			239
Other	(14		)	(8		)
Subtotal	1,751			5,078
Amounts allocated from:
Future policy benefits	(851		)	(2,626		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(5		)	(2		)
DAC, VOBA and DSI	(136		)	(265		)
Subtotal	(992		)	(2,893		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	3			—
Deferred income tax benefit (expense)	(161		)	(459		)
Net unrealized investment gains (losses)	$	601		$	1,726

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



	Nine Months Ended September 30, 2018
	(In millions)
Balance, December 31, 2017	$	1,726
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(79		)
Balance, January 1, 2018	1,647
Fixed maturity securities on which noncredit OTTI losses have been recognized	3
Unrealized investment gains (losses) during the period	(3,251		)
Unrealized investment gains (losses) relating to:
Future policy benefits	1,775
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(3		)
DAC, VOBA and DSI	129
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	3
Deferred income tax benefit (expense)	298
Balance, September 30, 2018	$	601
Change in net unrealized investment gains (losses)	$	(1,046	)

__________________


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

Securities Lending

Elements of the securities lending program are presented below at:



	September 30, 2018		December 31, 2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,317	$	3,085
Estimated fair value	$	3,664	$	3,748
Cash collateral received from counterparties (2)	$	3,746	$	3,791
Security collateral received from counterparties (3)	$	—	$	29
Reinvestment portfolio — estimated fair value	$	3,749	$	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 financial statements.

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



	September 30, 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	$	1,317	$	2,015	$	414	$	3,746	$	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:



	September 30, 2018		December 31, 2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,035	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	3,275		2,634
Invested assets pledged as collateral (3)	4,514		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	15,824	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $92 million and $34 million of the assets on deposit balance represents restricted cash at September 30, 2018 and December 31, 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $27 million and $42 million of the assets held in trust balance represents restricted cash at September 30, 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).

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	641	$	601	$	1,907	$	1,809
Equity securities	1		2		5		7
Mortgage loans	138		112		384		332
Policy loans	17		18		67		53
Real estate joint ventures	12		13		36		39
Other limited partnership interests	69		38		159		144
Cash, cash equivalents and short-term investments	8		11		21		29
Other	11		10		29		25
Subtotal	897		805		2,608		2,438
Less: Investment expenses	53		46		145		135
Subtotal, net	844		759		2,463		2,303
FVO CSEs — interest income — commercial mortgage loans	9		2		13		6
Net investment income	$	853	$	761	$	2,476	$	2,309

The components of net investment gains (losses)

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized — by sector:
State and political subdivision	$	—		$	—		$	—		$	(1	)
OTTI losses on fixed maturity securities recognized in earnings	—			—			—			(1		)
Fixed maturity securities — net gains (losses) on sales and disposals	(34		)	21			(138		)	(15		)
Total gains (losses) on fixed maturity securities	(34		)	21			(138		)	(16		)
Total gains (losses) on equity securities:
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1		)	3			(5		)	4
Total gains (losses) on equity securities	(1		)	3			(5		)	4
Mortgage loans	(5		)	(2		)	(12		)	(7		)
Real estate joint ventures	—			1			42			4
Other limited partnership interests	—			—			—			(10		)
Other	1			(1		)	3			(6		)
Subtotal	(39		)	22			(110		)	(31		)
FVO CSEs:
Commercial mortgage loans	(4		)	(1		)	(12		)	(2		)
Long-term debt — related to commercial mortgage loans	1			—			1			—
Non-investment portfolio gains (losses)	—			—			—			(1		)
Subtotal	(3		)	(1		)	(11		)	(3		)
Total net investment gains (losses)	$	(42	)	$	21		$	(121	)	$	(34	)

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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Proceeds	$	3,091		$	4,929		$	8,428		$	9,316
Gross investment gains	$	58		$	30		$	70		$	50
Gross investment losses	(92		)	(9		)	(208		)	(65		)
OTTI losses	—			—			—			(1		)
Net investment gains (losses)	$	(34	)	$	21		$	(138	)	$	(16	)

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
	(In millions)
Balance, beginning of period	$	—	$	9		$	—	$	28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	—		(8		)	—		(27		)
Balance, end of period	$	—	$	1		$	—	$	1

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:



	September 30, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,488	89.9	%	$	2,113	92.8	%
65% to 75%	279		10.1		163		7.2
Total	$	2,767	100.0	%	$	2,276	100.0	%

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)
September 30, 2018
Loan-to-value ratios:
Less than 65%	$	7,438	$	38	$	15	$	7,491	89.2	%	$	7,440	89.2	%
65% to 75%	738		12		68		818		9.7		809		9.7
76% to 80%	87		—		9		96		1.1		92		1.1
Total	$	8,263	$	50	$	92	$	8,405	100.0	%	$	8,341	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	%

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



	September 30, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,792	98.2	%	$	1,106	97.2	%
Nonperforming	32		1.8		32		2.8
Total	$	1,824	100.0	%	$	1,138	100.0	%

Variable interest entity, primary beneficiary

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:



	September 30, 2018				December 31, 2017
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
CSEs (assets (primarily loans) and liabilities (primarily debt)) (1)	$	93	$	3	$	116	$	11

__________________

(1)

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity [Line Items]

Variable Interest Entities



	September 30, 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)	$	11,560	$	11,560	$	11,461	$	11,461
U.S. and foreign corporate	418		418		504		504
Other limited partnership interests	1,600		2,977		1,511		2,463
Other investments (3)	88		91		82		89
Total	$	13,666	$	15,046	$	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.

Derivatives (Tables)

9 Months Ended

Sep. 30, 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:



		September 30, 2018						December 31, 2017
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	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	$	—	$	—	$	—	$	175	$	44	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	—		—		—		27		5		—
Foreign currency swaps	Foreign currency exchange rate	2,347		116		65		1,827		94		75
Subtotal		2,347		116		65		1,854		99		75
Total qualifying hedges		2,347		116		65		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,237		546		940		20,213		922		774
Interest rate caps	Interest rate	3,350		32		—		2,671		7		—
Interest rate futures	Interest rate	54		—		—		282		1		—
Interest rate options	Interest rate	13,819		51		105		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,140		68		28		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	125		1		—		130		—		1
Credit default swaps — purchased	Credit	86		3		1		65		—		1
Credit default swaps — written	Credit	1,894		32		—		1,900		40		—
Equity futures	Equity market	2,215		1		1		2,713		15		—
Equity index options	Equity market	51,044		862		1,657		47,066		794		1,664
Equity variance swaps	Equity market	9,713		143		445		8,998		128		430
Equity total return swaps	Equity market	2,516		1		63		1,767		—		79
Total non-designated or nonqualifying derivatives		101,193		1,740		3,240		111,520		2,111		3,054
Total		$	103,540	$	1,856	$	3,305	$	113,549	$	2,254	$	3,129

The following table presents earned income on derivatives:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In millions)
Qualifying hedges:
Net investment income	$	8	$	5	$	20	$	17
Nonqualifying hedges:
Net derivative gains (losses)	33		67		124		253
Policyholder benefits and claims	—		1		—		8
Total	$	41	$	73	$	144	$	278

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:



	September 30, 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	$	677	2.4	$	12	$	558	2.8
Baa	21		1,217		5.2	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	32	$	1,894	4.2	$	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:



	September 30, 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)	$	1,903		$	3,295		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	22			2			70			40
Total gross estimated fair value of derivatives (1)	1,925			3,297			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	1,925			3,297			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,569		)	(1,569		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	(1		)	(1		)	(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(237		)	—			(257		)	—
OTC-cleared and Exchange-traded	(21		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(86		)	(1,726		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	11		$	—		$	44		$	1

__________________


(1)	At September 30, 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 ($8) 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)	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.

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:



	September 30, 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)	$	1,903		$	3,295		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	22			2			70			40
Total gross estimated fair value of derivatives (1)	1,925			3,297			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	1,925			3,297			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,569		)	(1,569		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	(1		)	(1		)	(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(237		)	—			(257		)	—
OTC-cleared and Exchange-traded	(21		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(86		)	(1,726		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	11		$	—		$	44		$	1

__________________


(1)	At September 30, 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 ($8) 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)	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.

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):



	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)
Three Months Ended September 30, 2018
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	46			—			1		—			(3		)
Foreign currency exchange rate derivatives	—			—			—		—			(4		)
Total cash flow hedges	46			—			1		—			(7		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(281		)	—			—		—			—
Foreign currency exchange rate derivatives	2			(3		)	—		—			—
Credit derivatives	8			—			—		—			—
Equity derivatives	(458		)	—			—		—			—
Embedded derivatives	(38		)	—			—		(2		)	—
Total non-qualifying hedges	(767		)	(3		)	—		(2		)	—
Total	$	(723	)	$	(1	)	$	1	$	(2	)	$	(7	)
Three Months Ended September 30, 2017
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—	$	—		$	—
Total fair value hedges	1			(1		)	—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			1		—			1
Foreign currency exchange rate derivatives	—			—			—		—			(53		)
Total cash flow hedges	—			—			1		—			(52		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(81		)	—			—		6			—
Foreign currency exchange rate derivatives	(30		)	4			—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(712		)				—		(64		)	—
Embedded derivatives	582			—			—		(21		)	—
Total non-qualifying hedges	(235		)	4			—		(79		)	—
Total	$	(234	)	$	3		$	1	$	(79	)	$	(52	)



	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)
Nine Months Ended September 30, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—		$	—		$	—
Total fair value hedges	(12		)	12			—			—			—
Cash flow hedges (5):
Interest rate derivatives	62			—			4			—			(5		)
Foreign currency exchange rate derivatives	(1		)	—			—			—			33
Total cash flow hedges	61			—			4			—			28
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,255		)	—			—			—			—
Foreign currency exchange rate derivatives	17			(4		)	—			—			—
Credit derivatives	(2		)	—			—			—			—
Equity derivatives	(942		)	—			—			—			—
Embedded derivatives	664			—			—			(4		)	—
Total non-qualifying hedges	(1,518		)	(4		)	—			(4		)	—
Total	$	(1,469	)	$	8		$	4		$	(4	)	$	28
Nine Months Ended September 30, 2017
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			—			4			—			3
Foreign currency exchange rate derivatives	11			(10		)	—			—			(107		)
Total cash flow hedges	13			(10		)	4			—			(104		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(145		)	—			—			8			—
Foreign currency exchange rate derivatives	(72		)	(30		)	—			—			—
Credit derivatives	17			—			—			—			—
Equity derivatives	(2,123		)	—			(1		)	(341		)	—
Embedded derivatives	890			—			—			(22		)	—
Total non-qualifying hedges	(1,433		)	(30		)	(1		)	(355		)	—
Total	$	(1,418	)	$	(42	)	$	3		$	(355	)	$	(104	)

______________


(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 September 30, 2018 and December 31, 2017, the balance in AOCI associated with cash flow hedges was $202 million and $239 million, respectively.

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):



	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)
Three Months Ended September 30, 2018
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	46			—			1		—			(3		)
Foreign currency exchange rate derivatives	—			—			—		—			(4		)
Total cash flow hedges	46			—			1		—			(7		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(281		)	—			—		—			—
Foreign currency exchange rate derivatives	2			(3		)	—		—			—
Credit derivatives	8			—			—		—			—
Equity derivatives	(458		)	—			—		—			—
Embedded derivatives	(38		)	—			—		(2		)	—
Total non-qualifying hedges	(767		)	(3		)	—		(2		)	—
Total	$	(723	)	$	(1	)	$	1	$	(2	)	$	(7	)
Three Months Ended September 30, 2017
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—	$	—		$	—
Total fair value hedges	1			(1		)	—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			1		—			1
Foreign currency exchange rate derivatives	—			—			—		—			(53		)
Total cash flow hedges	—			—			1		—			(52		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(81		)	—			—		6			—
Foreign currency exchange rate derivatives	(30		)	4			—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(712		)				—		(64		)	—
Embedded derivatives	582			—			—		(21		)	—
Total non-qualifying hedges	(235		)	4			—		(79		)	—
Total	$	(234	)	$	3		$	1	$	(79	)	$	(52	)



	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)
Nine Months Ended September 30, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—		$	—		$	—
Total fair value hedges	(12		)	12			—			—			—
Cash flow hedges (5):
Interest rate derivatives	62			—			4			—			(5		)
Foreign currency exchange rate derivatives	(1		)	—			—			—			33
Total cash flow hedges	61			—			4			—			28
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,255		)	—			—			—			—
Foreign currency exchange rate derivatives	17			(4		)	—			—			—
Credit derivatives	(2		)	—			—			—			—
Equity derivatives	(942		)	—			—			—			—
Embedded derivatives	664			—			—			(4		)	—
Total non-qualifying hedges	(1,518		)	(4		)	—			(4		)	—
Total	$	(1,469	)	$	8		$	4		$	(4	)	$	28
Nine Months Ended September 30, 2017
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			—			4			—			3
Foreign currency exchange rate derivatives	11			(10		)	—			—			(107		)
Total cash flow hedges	13			(10		)	4			—			(104		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(145		)	—			—			8			—
Foreign currency exchange rate derivatives	(72		)	(30		)	—			—			—
Credit derivatives	17			—			—			—			—
Equity derivatives	(2,123		)	—			(1		)	(341		)	—
Embedded derivatives	890			—			—			(22		)	—
Total non-qualifying hedges	(1,433		)	(30		)	(1		)	(355		)	—
Total	$	(1,418	)	$	(42	)	$	3		$	(355	)	$	(104	)

______________


(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 September 30, 2018 and December 31, 2017, the balance in AOCI associated with cash flow hedges was $202 million and $239 million, respectively.

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:



		September 30, 2018						December 31, 2017
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	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	$	—	$	—	$	—	$	175	$	44	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	—		—		—		27		5		—
Foreign currency swaps	Foreign currency exchange rate	2,347		116		65		1,827		94		75
Subtotal		2,347		116		65		1,854		99		75
Total qualifying hedges		2,347		116		65		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,237		546		940		20,213		922		774
Interest rate caps	Interest rate	3,350		32		—		2,671		7		—
Interest rate futures	Interest rate	54		—		—		282		1		—
Interest rate options	Interest rate	13,819		51		105		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,140		68		28		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	125		1		—		130		—		1
Credit default swaps — purchased	Credit	86		3		1		65		—		1
Credit default swaps — written	Credit	1,894		32		—		1,900		40		—
Equity futures	Equity market	2,215		1		1		2,713		15		—
Equity index options	Equity market	51,044		862		1,657		47,066		794		1,664
Equity variance swaps	Equity market	9,713		143		445		8,998		128		430
Equity total return swaps	Equity market	2,516		1		63		1,767		—		79
Total non-designated or nonqualifying derivatives		101,193		1,740		3,240		111,520		2,111		3,054
Total		$	103,540	$	1,856	$	3,305	$	113,549	$	2,254	$	3,129

The following table presents earned income on derivatives:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In millions)
Qualifying hedges:
Net investment income	$	8	$	5	$	20	$	17
Nonqualifying hedges:
Net derivative gains (losses)	33		67		124		253
Policyholder benefits and claims	—		1		—		8
Total	$	41	$	73	$	144	$	278

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):



	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)
Three Months Ended September 30, 2018
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	46			—			1		—			(3		)
Foreign currency exchange rate derivatives	—			—			—		—			(4		)
Total cash flow hedges	46			—			1		—			(7		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(281		)	—			—		—			—
Foreign currency exchange rate derivatives	2			(3		)	—		—			—
Credit derivatives	8			—			—		—			—
Equity derivatives	(458		)	—			—		—			—
Embedded derivatives	(38		)	—			—		(2		)	—
Total non-qualifying hedges	(767		)	(3		)	—		(2		)	—
Total	$	(723	)	$	(1	)	$	1	$	(2	)	$	(7	)
Three Months Ended September 30, 2017
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—	$	—		$	—
Total fair value hedges	1			(1		)	—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			1		—			1
Foreign currency exchange rate derivatives	—			—			—		—			(53		)
Total cash flow hedges	—			—			1		—			(52		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(81		)	—			—		6			—
Foreign currency exchange rate derivatives	(30		)	4			—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(712		)				—		(64		)	—
Embedded derivatives	582			—			—		(21		)	—
Total non-qualifying hedges	(235		)	4			—		(79		)	—
Total	$	(234	)	$	3		$	1	$	(79	)	$	(52	)



	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)
Nine Months Ended September 30, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—		$	—		$	—
Total fair value hedges	(12		)	12			—			—			—
Cash flow hedges (5):
Interest rate derivatives	62			—			4			—			(5		)
Foreign currency exchange rate derivatives	(1		)	—			—			—			33
Total cash flow hedges	61			—			4			—			28
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,255		)	—			—			—			—
Foreign currency exchange rate derivatives	17			(4		)	—			—			—
Credit derivatives	(2		)	—			—			—			—
Equity derivatives	(942		)	—			—			—			—
Embedded derivatives	664			—			—			(4		)	—
Total non-qualifying hedges	(1,518		)	(4		)	—			(4		)	—
Total	$	(1,469	)	$	8		$	4		$	(4	)	$	28
Nine Months Ended September 30, 2017
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			—			4			—			3
Foreign currency exchange rate derivatives	11			(10		)	—			—			(107		)
Total cash flow hedges	13			(10		)	4			—			(104		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(145		)	—			—			8			—
Foreign currency exchange rate derivatives	(72		)	(30		)	—			—			—
Credit derivatives	17			—			—			—			—
Equity derivatives	(2,123		)	—			(1		)	(341		)	—
Embedded derivatives	890			—			—			(22		)	—
Total non-qualifying hedges	(1,433		)	(30		)	(1		)	(355		)	—
Total	$	(1,418	)	$	(42	)	$	3		$	(355	)	$	(104	)

______________


(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 September 30, 2018 and December 31, 2017, the balance in AOCI associated with cash flow hedges was $202 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:



	September 30, 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	$	677	2.4	$	12	$	558	2.8
Baa	21		1,217		5.2	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	32	$	1,894	4.2	$	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.

Counterparty 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:



	September 30, 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)	$	1,903		$	3,295		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	22			2			70			40
Total gross estimated fair value of derivatives (1)	1,925			3,297			2,303			3,121
Amounts offset on the consolidated balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	1,925			3,297			2,303			3,121
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,569		)	(1,569		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	(1		)	(1		)	(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(237		)	—			(257		)	—
OTC-cleared and Exchange-traded	(21		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(86		)	(1,726		)	(31		)	(1,138		)
OTC-cleared and Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	11		$	—		$	44		$	1

__________________


(1)	At September 30, 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 ($8) 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)	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.



	September 30, 2018		December 31, 2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,726	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,999	$	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	September 30, 2018		December 31, 2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	166	$	227
Options embedded in debt or equity securities (1)	Investments	—		(52		)
Embedded derivatives within asset host contracts		$	166	$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	396	$	1,212
Assumed reinsurance on fixed deferred annuities	Policyholder account balances	—		1
Fixed annuities with equity indexed returns	Policyholder account balances	1,205		674
Embedded derivatives within liability host contracts		$	1,601	$	1,887

__________________

(1)

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Net derivative gains (losses) (1), (2)	$	(38	)	$	582		$	664		$	890
Policyholder benefits and claims	$	(2	)	$	(21	)	$	(4	)	$	(22	)

__________________

(1)


(2)	See Note 12 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):



	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)
Three Months Ended September 30, 2018
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	46			—			1		—			(3		)
Foreign currency exchange rate derivatives	—			—			—		—			(4		)
Total cash flow hedges	46			—			1		—			(7		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(281		)	—			—		—			—
Foreign currency exchange rate derivatives	2			(3		)	—		—			—
Credit derivatives	8			—			—		—			—
Equity derivatives	(458		)	—			—		—			—
Embedded derivatives	(38		)	—			—		(2		)	—
Total non-qualifying hedges	(767		)	(3		)	—		(2		)	—
Total	$	(723	)	$	(1	)	$	1	$	(2	)	$	(7	)
Three Months Ended September 30, 2017
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—	$	—		$	—
Total fair value hedges	1			(1		)	—		—			—
Cash flow hedges (5):
Interest rate derivatives	—			—			1		—			1
Foreign currency exchange rate derivatives	—			—			—		—			(53		)
Total cash flow hedges	—			—			1		—			(52		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(81		)	—			—		6			—
Foreign currency exchange rate derivatives	(30		)	4			—		—			—
Credit derivatives	6			—			—		—			—
Equity derivatives	(712		)				—		(64		)	—
Embedded derivatives	582			—			—		(21		)	—
Total non-qualifying hedges	(235		)	4			—		(79		)	—
Total	$	(234	)	$	3		$	1	$	(79	)	$	(52	)



	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)
Nine Months Ended September 30, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—		$	—		$	—
Total fair value hedges	(12		)	12			—			—			—
Cash flow hedges (5):
Interest rate derivatives	62			—			4			—			(5		)
Foreign currency exchange rate derivatives	(1		)	—			—			—			33
Total cash flow hedges	61			—			4			—			28
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,255		)	—			—			—			—
Foreign currency exchange rate derivatives	17			(4		)	—			—			—
Credit derivatives	(2		)	—			—			—			—
Equity derivatives	(942		)	—			—			—			—
Embedded derivatives	664			—			—			(4		)	—
Total non-qualifying hedges	(1,518		)	(4		)	—			(4		)	—
Total	$	(1,469	)	$	8		$	4		$	(4	)	$	28
Nine Months Ended September 30, 2017
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			—			4			—			3
Foreign currency exchange rate derivatives	11			(10		)	—			—			(107		)
Total cash flow hedges	13			(10		)	4			—			(104		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(145		)	—			—			8			—
Foreign currency exchange rate derivatives	(72		)	(30		)	—			—			—
Credit derivatives	17			—			—			—			—
Equity derivatives	(2,123		)	—			(1		)	(341		)	—
Embedded derivatives	890			—			—			(22		)	—
Total non-qualifying hedges	(1,433		)	(30		)	(1		)	(355		)	—
Total	$	(1,418	)	$	(42	)	$	3		$	(355	)	$	(104	)

______________


(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



	September 30, 2018		December 31, 2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,726	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,999	$	1,414

__________________


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

Embedded Derivative Financial Instruments

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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Net derivative gains (losses) (1), (2)	$	(38	)	$	582		$	664		$	890
Policyholder benefits and claims	$	(2	)	$	(21	)	$	(4	)	$	(22	)

__________________

(1)


(2)	See Note 12 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	September 30, 2018		December 31, 2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	166	$	227
Options embedded in debt or equity securities (1)	Investments	—		(52		)
Embedded derivatives within asset host contracts		$	166	$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	396	$	1,212
Assumed reinsurance on fixed deferred annuities	Policyholder account balances	—		1
Fixed annuities with equity indexed returns	Policyholder account balances	1,205		674
Embedded derivatives within liability host contracts		$	1,601	$	1,887

__________________

(1)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	September 30, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	23,332	$	603	$	23,935
U.S. government and agency	4,072		6,878		—		10,950
RMBS	—		7,291		1,083		8,374
Foreign corporate	—		6,206		1,042		7,248
State and political subdivision	—		4,069		—		4,069
CMBS	—		4,160		130		4,290
ABS	—		1,948		61		2,009
Foreign government	—		1,404		—		1,404
Total fixed maturity securities	4,072		55,288		2,919		62,279
Equity securities	15		13		122		150
Short-term investments	56		60		—		116
Real estate joint ventures (1)	—		—		15		15
Other limited partnership interests (1)	—		—		25		25
Commercial mortgage loans held by CSEs — FVO	—		93		—		93
Derivative assets: (2)
Interest rate	—		629		—		629
Foreign currency exchange rate	—		185		—		185
Credit	—		25		10		35
Equity market	1		854		152		1,007
Total derivative assets	1		1,693		162		1,856
Embedded derivatives within asset host contracts (3)	—		—		166		166
Separate account assets	202		111,530		4		111,736
Total assets	$	4,346	$	168,677	$	3,413	$	176,436
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	1,045	$	—	$	1,045
Foreign currency exchange rate	—		92		1		93
Credit	—		1		—		1
Equity market	1		1,716		449		2,166
Total derivative liabilities	1		2,854		450		3,305
Embedded derivatives within liability host contracts (3)	—		—		1,601		1,601
Long-term debt of CSEs — FVO	—		3		—		3
Total liabilities	$	1	$	2,857	$	2,051	$	4,909



	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 (“FHLB”) stock in the prior period from equity securities to other invested assets.

Fair Value Inputs, Quantitative Information



					September 30, 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)	86	-	126	104	93	-	142	111	Increase
	•	Market pricing	•	Quoted prices (4)	53	-	316	101	—	-	443	77	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	59	-	107	95	3	-	107	95	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	67	-	104	92	8	-	104	88	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	103	-	103	103	105	-	105	105	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	99	-	101	100	100	-	104	101	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	100	-	100	100	100	-	100	100	Increase (5)
Derivatives
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (17)	(23)	-	2		—	-	—		Increase (6)
Credit	•	Present value techniques	•	Credit spreads (7)	97	-	99		—	-	—		Decrease (6)
	•	Consensus pricing	•	Offered quotes (8)
Equity market	•	Present value techniques or option pricing models	•	Volatility (9)	12%	-	26%		11%	-	31%		Increase (6)
			•	Correlation (10)	30%	-	30%		10%	-	30%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.08%		0%	-	0.09%		Decrease (11)
				Ages 41 - 60	0.04%	-	0.60%		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	1.05%	-	1.91%		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 September 30, 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.

(17)

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 September 30, 2018
Balance, beginning of period	$	1,872		$	1,268		$	8		$	—	$	120
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			10			2			—		(2		)
Total realized/unrealized gains (losses) included in AOCI	(44		)	(8		)	(2		)	—		—
Purchases (8)	56			287			—			—		—
Sales (8)	(51		)	(114		)	(6		)	—		—
Issuances (8)	—			—			—			—		—
Settlements (8)	—			—			—			—		—
Transfers into Level 3 (9)	20			3			—			—		9
Transfers out of Level 3 (9)	(208		)	(172		)	(2		)	—		(5		)
Balance, end of period	$	1,645		$	1,274		$	—		$	—	$	122
Three Months Ended September 30, 2017
Balance, beginning of period	$	2,356		$	1,489		$	—		$	—	$	134
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	1			13			—			—		—
Total realized/unrealized gains (losses) included in AOCI	35			6			—			—		(1		)
Purchases (8)	92			147			—			—		—
Sales (8)	(57		)	(230		)	(1		)	—		(3		)
Issuances (8)	—			—			—			—		—
Settlements (8)	—			—			—			—		—
Transfers into Level 3 (9)	191			—			10			—		—
Transfers out of Level 3 (9)	(19		)	(13		)	—			—		—
Balance, end of period	$	2,599		$	1,412		$	9		$	—	$	130
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	—		$	4		$	—		$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	1		$	10		$	—		$	—	$	—



	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 September 30, 2018
Balance, beginning of period	$	17		$	24		$	—		$	(284	)	$	(1,241	)	$	4
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			3			—			(4		)	(40		)	—
Total realized/unrealized gains (losses) included in AOCI	—			(1		)	—			—			—			—
Purchases (8)	—			—			—			—			—			1
Sales (8)	(2		)	(1		)	—			—			—			—
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			—			(154		)	—
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			—			—			—			(1		)
Balance, end of period	$	15		$	25		$	—		$	(288	)	$	(1,435	)	$	4
Three Months Ended September 30, 2017
Balance, beginning of period	$	—		$	—		$	91		$	(780	)	$	(2,113	)	$	6
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			—			—			4			558			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			—			—			—			2
Sales (8)	—			—			—			—			—			—
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			370			(155		)	—
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			(90		)	—			—			(2		)
Balance, end of period	$	—		$	—		$	1		$	(406	)	$	(1,710	)	$	6
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	—		$	3		$	—		$	(4	)	$	(37	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	—		$	—		$	—		$	4		$	330		$	—



	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)
Nine Months Ended September 30, 2018
Balance, beginning of period	$	1,997		$	1,230		$	—		$	5		$	124
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	2			21			—			—			(4		)
Total realized/unrealized gains (losses) included in AOCI	(121		)	(10		)	—			—			—
Purchases (8)	164			339			—			—			—
Sales (8)	(184		)	(229		)	—			—			(3		)
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	20			—			—			—			10
Transfers out of Level 3 (9)	(233		)	(77		)	—			(5		)	(5		)
Balance, end of period	$	1,645		$	1,274		$	—		$	—		$	122
Nine Months Ended September 30, 2017
Balance, beginning of period	$	2,391		$	1,711		$	17		$	—		$	137
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	(2		)	22			—			—			—
Total realized/unrealized gains (losses) included in AOCI	179			43			—			—			2
Purchases (8)	235			186			—			—			4
Sales (8)	(231		)	(467		)	(1		)	—			(13		)
Issuances (8)	—			—			—			—			—
Settlements (8)	—			—			—			—			—
Transfers into Level 3 (9)	180			—			3			—			—
Transfers out of Level 3 (9)	(153		)	(83		)	(10		)	—			—
Balance, end of period	$	2,599		$	1,412		$	9		$	—		$	130
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	(1	)	$	14		$	—		$	—		$	(4	)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	1		$	19		$	—		$	—		$	—



	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)
Nine Months Ended September 30, 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		)	2			—			(12		)	660			—
Total realized/unrealized gains (losses) included in AOCI	—			(1		)	—			—			—			—
Purchases (8)	—			—			—			3			—			1
Sales (8)	(6		)	(4		)	(14		)	—			—			(1		)
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			—			(435		)	(1		)
Transfers into Level 3 (9)	—			—			—			—			—			—
Transfers out of Level 3 (9)	—			—			—			—			—			—
Balance, end of period	$	15		$	25		$	—		$	(288	)	$	(1,435	)	$	4
Nine Months Ended September 30, 2017
Balance, beginning of period	$	—		$	—		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	—			—			—			100			883			—
Total realized/unrealized gains (losses) included in AOCI	—			—			—			—			—			—
Purchases (8)	—			—			—			4			—			2
Sales (8)	—			—			—			—			—			(3		)
Issuances (8)	—			—			—			—			—			—
Settlements (8)	—			—			—			444			(210		)	—
Transfers into Level 3 (9)	—			—			—			—			—			1
Transfers out of Level 3 (9)	—			—			(1		)	—			—			(4		)
Balance, end of period	$	—		$	—		$	1		$	(406	)	$	(1,710	)	$	6
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (10)	$	(1	)	$	2		$	—		$	(12	)	$	867		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (10)	$	—		$	—		$	—		$	98		$	1,002		$	—

_________________


(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.



	September 30, 2018		December 31, 2017
	(In millions)
Assets (1)
Unpaid principal balance	$	59	$	70
Difference between estimated fair value and unpaid principal balance	34		45
Carrying value at estimated fair value	$	93	$	115
Liabilities (1)
Contractual principal balance	$	3	$	10
Difference between estimated fair value and contractual principal balance	—		1
Carrying value at estimated fair value	$	3	$	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:



	September 30, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	12,940	$	—	$	—	$	12,914	$	12,914
Policy loans	$	1,443	$	—	$	685	$	922	$	1,607
Other invested assets	$	77	$	—	$	64	$	13	$	77
Premiums, reinsurance and other receivables	$	1,636	$	—	$	60	$	1,719	$	1,779
Liabilities
Policyholder account balances	$	16,026	$	—	$	—	$	14,871	$	14,871
Long-term debt	$	3,963	$	—	$	2,992	$	600	$	3,592
Other liabilities	$	515	$	—	$	304	$	211	$	515
Separate account liabilities	$	1,227	$	—	$	1,227	$	—	$	1,227



	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 FHLB stock in the prior period from equity securities to other invested assets.

Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The following table presents the weighted average assumptions used to determine the grant-date fair value of stock options that Brighthouse Financial, Inc. has granted:



	September 30, 2018
Risk-free rate of return	2.93%
Expected volatility	25.00%
Expected option life, years	5.80
Weighted average exercise price of stock options granted	$53.47
Weighted average fair value of stock options granted	$12.54

Schedule of Other Share-based Compensation, Activity [Table Text Block]

The following table presents a summary of PSU and RSU activity:



	Restricted			Performance
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2018	—	$	—	—	$	—
Granted	995,861	$	48.06	73,849	$	48.10
Forfeited	15,007	$	48.10	—	$	—
Paid	—	$	—	—	$	—
Outstanding at September 30, 2018	980,854	$	48.05	73,849	$	48.10
Vested at September 30, 2018	648,561	$	48.10	—	$	—

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following table presents total share-based compensation expense:



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
	(In millions)
Restricted stock units, Founders’ Grant	$	21	$	31
Restricted stock units	$	3	$	4
Stock options	$	—	$	1
Performance share units	$	—	$	—

Components of Accumulated Other Comprehensive Income (Loss)

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



	Three Months Ended September 30, 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, June 30, 2018	$	690		$	168		$	(19	)	$	(24	)	$	815
OCI before reclassifications	(310		)	(7		)	(7		)	—			(324		)
Deferred income tax benefit (expense)	66			1			1			—			68
AOCI before reclassifications, net of income tax	446			162			(25		)	(24		)	559
Amounts reclassified from AOCI	38			(47		)	—			—			(9		)
Deferred income tax benefit (expense)	(8		)	10			—			—			2
Amounts reclassified from AOCI, net of income tax	30			(37		)	—			—			(7		)
Balance, September 30, 2018	$	476		$	125		$	(25	)	$	(24	)	$	552



	Three Months Ended September 30, 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, June 30, 2017	$	1,721		$	223		$	(33	)	$	(17	)	$	1,894
OCI before reclassifications	(844		)	(52		)	9			—			(887		)
Deferred income tax benefit (expense)	302			18			(2		)	(1		)	317
AOCI before reclassifications, net of income tax	1,179			189			(26		)	(18		)	1,324
Amounts reclassified from AOCI	(26		)	(1		)	—			—			(27		)
Deferred income tax benefit (expense)	9			2			—			—			11
Amounts reclassified from AOCI, net of income tax	(17		)	1			—			—			(16		)
Balance, September 30, 2017	$	1,162		$	190		$	(26	)	$	(18	)	$	1,308



	Nine Months Ended September 30, 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 and other, net of income tax (see Note 1)	(79		)	—			—			—			(79		)
Balance, January 1, 2018	1,493			154			(24		)	(26		)	1,597
OCI before reclassifications	(1,448		)	28			(1		)	3			(1,418		)
Deferred income tax benefit (expense)	325			(6		)	—			(1		)	318
AOCI before reclassifications, net of income tax	370			176			(25		)	(24		)	497
Amounts reclassified from AOCI	138			(65		)	—			—			73
Deferred income tax benefit (expense)	(32		)	14			—			—			(18		)
Amounts reclassified from AOCI, net of income tax	106			(51		)	—			—			55
Balance, September 30, 2018	$	476		$	125		$	(25	)	$	(24	)	$	552



	Nine Months Ended September 30, 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	118			(104		)	5			(14		)	5
Deferred income tax benefit (expense)	(41		)	36			—			12			7
AOCI before reclassifications, net of income tax	1,121			200			(26		)	(18		)	1,277
Amounts reclassified from AOCI	64			(17		)	—			—			47
Deferred income tax benefit (expense)	(23		)	7			—			—			(16		)
Amounts reclassified from AOCI, net of income tax	41			(10		)	—			—			31
Balance, September 30, 2017	$	1,162		$	190		$	(26	)	$	(18	)	$	1,308

__________________


(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 Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(36	)	$	24		$	(137	)	$	(22	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			—			1			2			Net investment income
Net unrealized investment gains (losses)	(2		)	2			(2		)	(44		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(38		)	26			(138		)	(64		)
Income tax (expense) benefit	8			(9		)	32			23
Net unrealized investment gains (losses), net of income tax	(30		)	17			(106		)	(41		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	15			—			31			—			Net derivative gains (losses)
Interest rate swaps	—			—			2			2			Net investment income
Interest rate forwards	31			—			31			2			Net derivative gains (losses)
Interest rate forwards	1			1			2			2			Net investment income
Foreign currency swaps	—			—			(1		)	11			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	47			1			65			17
Income tax (expense) benefit	(10		)	(2		)	(14		)	(7		)
Gains (losses) on cash flow hedges, net of income tax	37			(1		)	51			10
Total reclassifications, net of income tax	$	7		$	16		$	(55	)	$	(31	)

Other Revenues and Other Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions)
Compensation	$	99		$	84		$	252		$	213
Commissions	221			212			650			602
Volume-related costs	104			112			318			375
Expenses on ceded and assumed reinsurance with former affiliates	5			4			12			30
Capitalization of DAC	(83		)	(72		)	(235		)	(187		)
Interest expense on debt	40			34			113			116
Premium taxes, licenses and fees	12			16			55			49
Professional services	112			76			320			164
Rent and related expenses	4			2			10			10
Other	151			143			479			417
Total other expenses	$	665		$	611		$	1,974		$	1,789

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the calculation of earnings per common share:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(271	)	$	(943	)	$	(577	)	$	(1,046	)
Weighted average common shares outstanding:
Basic	119,657,443			119,773,106			119,734,128			119,773,106
Earnings per common share:
Basic	$	(2.26	)	$	(7.87	)	$	(4.82	)	$	(8.73	)

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2018

Reinsurance Disclosure [Line Items]

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



	September 30, 2018		December 31, 2017
	(In millions)
Assets	$	—	$	2,907
Liabilities	$	—	$	2,178

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
	(In millions)
Income	$	—	$	(96	)	$	(182	)	$	(496	)
Expense	$	—	$	108		$	133		$	288

Effects of reinsurance



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
	(In millions)
Premiums
Reinsurance assumed	$	—	$	1		$	6		$	9
Reinsurance ceded	—		(106		)	(201		)	(423		)
Net premiums	$	—	$	(105	)	$	(195	)	$	(414	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	—	$	31		$	45		$	77
Reinsurance ceded	—		1			1			(16		)
Net universal life and investment-type product policy fees	$	—	$	32		$	46		$	61
Other revenues
Reinsurance assumed	$	—	$	—		$	—		$	27
Reinsurance ceded	—		—			18			39
Net other revenues	$	—	$	—		$	18		$	66
Policyholder benefits and claims
Reinsurance assumed	$	—	$	9		$	8		$	21
Reinsurance ceded	—		(89		)	(177		)	(318		)
Net policyholder benefits and claims	$	—	$	(80	)	$	(169	)	$	(297	)

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



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

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018 Segment	Dec. 31, 2017 USD ($)	Aug. 04, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
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]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 15
Retained Earnings \| Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		38
Other Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		46
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		40
Deferred Income Tax [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		(22)
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ (64)

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (368)	$ (124)	$ (798)	$ (393)
Provision for income tax expense (benefit)	(99)	819	(226)	653
Post-tax adjusted earnings	(269)	(943)	(572)	(1,046)
Less: Net income (loss) attributable to noncontrolling interests	2	0	5	0
Net investment gains (losses)	(42)	21	(121)	(34)
Net derivative gains (losses)	(691)	(164)	(1,337)	(1,207)
Other adjustments to net income	105	93	308	329
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(271)	(943)	(577)	(1,046)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	399	310	1,138	948
Interest expense	0	0	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	115	87	334	263
Interest expense	0	0	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	322	348	979	1,060
Interest expense	0	0	0	23
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	16	35	38	159
Interest expense	39	36	113	94
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	314	504	824	1,322
Provision for income tax expense (benefit)	42	1,180	113	1,394
Post-tax adjusted earnings	272	(676)	711	(72)
Less: Net income (loss) attributable to noncontrolling interests	2	0	5	0
Adjusted earnings	270	(676)	706	(72)
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	487	488	1,025	1,111
Provision for income tax expense (benefit)	86	133	177	302
Post-tax adjusted earnings	401	355	848	809
Less: Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted earnings	401	355	848	809
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	78	(8)	205	0
Provision for income tax expense (benefit)	17	(14)	41	(11)
Post-tax adjusted earnings	61	6	164	11
Less: Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted earnings	61	6	164	11
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(134)	119	(79)	272
Provision for income tax expense (benefit)	(29)	36	(18)	88
Post-tax adjusted earnings	(105)	83	(61)	184
Less: Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted earnings	(105)	83	(61)	184
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(117)	(95)	(327)	(61)
Provision for income tax expense (benefit)	(32)	1,025	(87)	1,015
Post-tax adjusted earnings	(85)	(1,120)	(240)	(1,076)
Less: Net income (loss) attributable to noncontrolling interests	2	0	5	0
Adjusted earnings	(87)	(1,120)	(245)	(1,076)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	141	361	339	741
Net investment gains (losses)	(42)	21	(121)	(34)
Net derivative gains (losses)	(691)	(164)	(1,337)	(1,207)
Other adjustments to net income	$ 51	$ (485)	$ (164)	$ (474)

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,422	$ 1,972	$ 4,939	$ 4,962
Annuities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,160	1,070	3,453	3,270
Life
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	346	387	1,054	982
Run-off
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	536	547	1,594	1,631
Corporate & Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	47	59	112	230
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (667)	$ (91)	$ (1,274)	$ (1,151)

Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 216,946	$ 224,192
Annuities
Segment Reporting Information [Line Items]
Total assets	152,342	154,667
Life
Segment Reporting Information [Line Items]
Total assets	20,485	18,049
Run-off
Segment Reporting Information [Line Items]
Total assets	31,710	36,824
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 12,409	$ 14,652

Segment Information (Narrative) (Details) $ in Millions	9 Months Ended
Segment Information (Narrative) (Details) $ in Millions	Sep. 30, 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	90
Maximum \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology	$ 105

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 109,613	$ 115,147
Separate account value	104,479	109,792
Net amount at risk	$ 6,471	$ 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	$ 63,194	$ 67,110
Separate account value	61,945	65,782
Net amount at risk	$ 2,521	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Universal Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 6,133	$ 6,244
Net amount at risk	$ 73,680	$ 75,304
Average attained age of policyholders	65 years	64 years
Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,486	$ 3,379
Net amount at risk	$ 23,250	$ 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	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	$ 60,705	$ 60,173
Gross Unrealized OTTI Loss	5	2
Debt Securities, Available-for-sale	62,279	64,991
Fixed maturity securities
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	60,705	60,173
Gross Unrealized Gain	2,867	5,180
Gross Unrealized Temporary Loss	1,298	365
Gross Unrealized OTTI Loss	(5)	(3)
Debt Securities, Available-for-sale	62,279	64,991
U.S. corporate
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	23,475	21,190
Gross Unrealized Gain	918	1,859
Gross Unrealized Temporary Loss	458	92
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	23,935	22,957
U.S. government and agency
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	10,089	14,548
Gross Unrealized Gain	1,075	1,862
Gross Unrealized Temporary Loss	214	118
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	10,950	16,292
RMBS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	8,373	7,749
Gross Unrealized Gain	227	285
Gross Unrealized Temporary Loss	230	60
Gross Unrealized OTTI Loss	(4)	(3)
Debt Securities, Available-for-sale	8,374	7,977
Foreign corporate
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	7,311	6,703
Gross Unrealized Gain	155	386
Gross Unrealized Temporary Loss	218	66
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	7,248	7,023
State and political subdivision
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	3,747	3,635
Gross Unrealized Gain	369	553
Gross Unrealized Temporary Loss	47	6
Gross Unrealized OTTI Loss	0	1
Debt Securities, Available-for-sale	4,069	4,181
CMBS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	4,381	3,386
Gross Unrealized Gain	9	53
Gross Unrealized Temporary Loss	101	17
Gross Unrealized OTTI Loss	(1)	(1)
Debt Securities, Available-for-sale	4,290	3,423
ABS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	2,006	1,810
Gross Unrealized Gain	10	21
Gross Unrealized Temporary Loss	7	2
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	2,009	1,829
Foreign government
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	1,323	1,152
Gross Unrealized Gain	104	161
Gross Unrealized Temporary Loss	23	4
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	$ 1,404	$ 1,309

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 1,956
Amortized Cost, Due after one year through five years	8,580
Amortized Cost, Due after five years through ten years	11,376
Amortized Cost, Due after ten years	24,033
Amortized Cost, Structured Securities	14,760
Amortized Cost, Subtotal	60,705	$ 60,173
Estimated Fair Value, Due in one year or less	1,962
Estimated Fair Value, Due after one year through five years	8,638
Estimated Fair Value, Due after five years through ten years	11,263
Estimated Fair Value, Due after ten years	25,743
Estimated Fair Value, Structured Securities	14,673
Debt Securities, Available-for-sale	$ 62,279	$ 64,991

Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Millions	Sep. 30, 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	2,978	911
Total number of securities in an unrealized loss position equal to or greater than 12 months	807	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	$ 24,863	$ 10,863
Less than 12 Months Gross Unrealized Loss	720	92
Equal to or Greater than 12 Months Estimated Fair Value	6,655	5,543
Equal to or Greater than 12 Months Gross Unrealized Loss	573	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	9,484	1,783
Less than 12 Months Gross Unrealized Loss	308	21
Equal to or Greater than 12 Months Estimated Fair Value	1,742	1,451
Equal to or Greater than 12 Months Gross Unrealized Loss	150	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	2,530	4,962
Less than 12 Months Gross Unrealized Loss	52	38
Equal to or Greater than 12 Months Estimated Fair Value	1,901	1,573
Equal to or Greater than 12 Months Gross Unrealized Loss	162	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	3,838	2,367
Less than 12 Months Gross Unrealized Loss	103	14
Equal to or Greater than 12 Months Estimated Fair Value	1,619	1,332
Equal to or Greater than 12 Months Gross Unrealized Loss	123	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	3,410	637
Less than 12 Months Gross Unrealized Loss	131	8
Equal to or Greater than 12 Months Estimated Fair Value	562	603
Equal to or Greater than 12 Months Gross Unrealized Loss	87	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	1,076	170
Less than 12 Months Gross Unrealized Loss	34	3
Equal to or Greater than 12 Months Estimated Fair Value	151	106
Equal to or Greater than 12 Months Gross Unrealized Loss	13	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	3,078	619
Less than 12 Months Gross Unrealized Loss	68	6
Equal to or Greater than 12 Months Estimated Fair Value	542	335
Equal to or Greater than 12 Months Gross Unrealized Loss	32	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	998	170
Less than 12 Months Gross Unrealized Loss	7	0
Equal to or Greater than 12 Months Estimated Fair Value	27	74
Equal to or Greater than 12 Months Gross Unrealized Loss	0	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	449	155
Less than 12 Months Gross Unrealized Loss	17	2
Equal to or Greater than 12 Months Estimated Fair Value	111	69
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 6	$ 2

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Company-held mortgage loans held-for-investment, net
Commercial Mortgage Loans	$ 8,405	$ 7,260
Percentage of loans receivable on commercial mortgage loans	64.50%	67.50%
Agricultural Mortgage Loans	$ 2,767	$ 2,276
Percentage of loans receivable on agricultural mortgage loans	21.20%	21.20%
Residential Mortgage Loans	$ 1,824	$ 1,138
Percentage of loans receivable on residential mortgage loans	14.00%	10.60%
Subtotal	$ 12,996	$ 10,674
Percentage of loans receivable on subtotal	99.70%	99.30%
Valuation allowances	$ (56)	$ (47)
Percentage of loans receivable on valuation allowances	(0.40%)	(0.40%)
Subtotal mortgage loans, net	$ 12,940	$ 10,627
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net	99.30%	98.90%
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 13,033	$ 10,742
Percentage of loans receivable on commercial mortgage loans held by consolidated securitization entities - fair value option	0.70%	1.10%
Percentage of loans held for sale on total mortgage loans, net	100.00%	100.00%
Variable interest entity, primary beneficiary
Company-held mortgage loans held-for-investment, net
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 93	$ 115

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
% of Total	100.00%	100.00%
Estimated Fair Value	$ 8,341	$ 7,419
% of Total	100.00%	100.00%
Commercial Mortgage Loans	$ 8,405	$ 7,260
Less than 65%
Financing Receivable, Recorded Investment [Line Items]
% of Total	89.20%	90.00%
Estimated Fair Value	$ 7,440	$ 6,681
% of Total	89.20%	89.80%
Commercial Mortgage Loans	$ 7,491	$ 6,520
65% to 75%
Financing Receivable, Recorded Investment [Line Items]
% of Total	9.70%	8.90%
Estimated Fair Value	$ 809	$ 658
% of Total	9.70%	9.00%
Commercial Mortgage Loans	$ 818	$ 656
76% to 80%
Financing Receivable, Recorded Investment [Line Items]
% of Total	1.10%	0.70%
Estimated Fair Value	$ 92	$ 50
% of Total	1.10%	0.70%
Commercial Mortgage Loans	$ 96	$ 51
Greater than 80%
Financing Receivable, Recorded Investment [Line Items]
% of Total		0.40%
Estimated Fair Value		$ 30
% of Total		0.50%
Commercial Mortgage Loans		$ 33
Greater than 1.20x
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	8,263	6,878
Greater than 1.20x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	7,438	6,194
Greater than 1.20x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	738	642
Greater than 1.20x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	87	42
Greater than 1.20x \| Greater than 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans		0
1.00x - 1.20x
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	50	302
1.00x - 1.20x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	38	293
1.00x - 1.20x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	12	0
1.00x - 1.20x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	0	0
1.00x - 1.20x \| Greater than 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans		9
Less than 1.00x
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	92	80
Less than 1.00x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	15	33
Less than 1.00x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	68	14
Less than 1.00x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans	$ 9	9
Less than 1.00x \| Greater than 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial Mortgage Loans		$ 24

Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 2,767	$ 2,276
% of Total	100.00%	100.00%
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 1,824	$ 1,138
% of Total	100.00%	100.00%
Less than 65%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 2,488	$ 2,113
% of Total	89.90%	92.80%
65% to 75%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 279	$ 163
% of Total	10.10%	7.20%
Performing
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 1,792	$ 1,106
% of Total	98.20%	97.20%
Nonperforming
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 32	$ 32
% of Total	1.80%	2.80%

Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 1,558	$ 4,806
Fixed maturity securities with noncredit OTTI losses included in AOCI	5	2
Total fixed maturity securities	1,563	4,808
Equity securities	0	39
Derivatives	202	239
Other	(14)	(8)
Subtotal	1,751	5,078
Future policy benefits	(851)	(2,626)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(5)	(2)
DAC, VOBA and DSI	(136)	(265)
Subtotal	(992)	(2,893)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	3	0
Deferred income tax benefit (expense)	(161)	(459)
Net unrealized investment gains (losses)	$ 601	$ 1,726

Investments (Changes in Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Balance, December 31, 2017	$ 601	$ 1,726
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	4
Balance, January 1, 2018	601	1,726
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, December 31, 2017	601	1,726
Fixed maturity securities on which noncredit OTTI losses have been recognized	3
Unrealized investment gains (losses) during the period	(3,251)
Unrealized investment gains (losses) relating to:
Future policy benefits	1,775
Changes In Net Unrealized Investment Gains Losses Related To Dac And Voba Related To Non Credit Otti Losses Recognized In Other Comprehensive Income Loss	(3)
DAC, VOBA and DSI	129
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	3
Deferred income tax benefit (expense)	298
Change in net unrealized investment gains (losses)	(1,046)
AOCI Attributable to Parent
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 79	79
Restatement adjustment
Balance, December 31, 2017		1,647
Balance, January 1, 2018		1,647
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, December 31, 2017		$ 1,647

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 3,746	$ 3,791
Security collateral on deposit from counterparties	0	29
Reinvestment portfolio — estimated fair value	3,749	3,823
Amortized cost
Securities Financing Transaction [Line Items]
Securities loaned	3,317	3,085
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	$ 3,664	$ 3,748

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Total	$ 3,746	$ 3,791
U.S. government and agency
Securities Financing Transaction [Line Items]
Total	3,746	3,791
Maturity Overnight \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	1,317	1,626
Maturity Less than 30 Days \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	2,015	964
Maturity 30 to 180 Days \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	$ 414	$ 1,201

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit	$ 8,035	$ 8,263
Invested assets held-in-trust	3,275	2,634
Invested assets pledged as collateral	4,514	3,199
Invested Assets On Deposit Held In Trust And Pledged As Collateral	$ 15,824	$ 14,096

Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Total Assets	$ 93	$ 116
Total Liabilities	$ 3	$ 11

Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying Amount Asset	$ 13,666	$ 13,558
Carrying Amount Liability	15,046	14,517
Other limited partnership interests
Variable Interest Entity [Line Items]
Carrying Amount Asset	1,600	1,511
Carrying Amount Liability	2,977	2,463
Other investments
Variable Interest Entity [Line Items]
Carrying Amount Asset	88	82
Carrying Amount Liability	91	89
Structured Securities
Variable Interest Entity [Line Items]
Carrying Amount Asset	11,560	11,461
Carrying Amount Liability	11,560	11,461
U.S. and foreign corporate
Variable Interest Entity [Line Items]
Carrying Amount Asset	418	504
Carrying Amount Liability	$ 418	$ 504

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Investment Income [Line Items]
Subtotal	$ 844	$ 759	$ 2,463	$ 2,303
Less: Investment expenses	53	46	145	135
Subtotal , net	853	761	2,476	2,309
Fixed maturity securities
Net Investment Income [Line Items]
Subtotal	641	601	1,907	1,809
Equity securities
Net Investment Income [Line Items]
Subtotal	1	2	5	7
Mortgage loans
Net Investment Income [Line Items]
Subtotal	138	112	384	332
Policy loans
Net Investment Income [Line Items]
Subtotal	17	18	67	53
Real estate joint ventures
Net Investment Income [Line Items]
Subtotal	12	13	36	39
Other limited partnership interests
Net Investment Income [Line Items]
Subtotal	69	38	159	144
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Subtotal	8	11	21	29
Other investments
Net Investment Income [Line Items]
Subtotal	11	10	29	25
Securities Investment
Net Investment Income [Line Items]
Subtotal	897	805	2,608	2,438
FVO CSEs — interest income — commercial mortgage loans \| Consolidated Securitization Entities
Net Investment Income [Line Items]
Subtotal	$ 9	$ 2	$ 13	$ 6

Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities — net gains (losses) on sales and disposals	$ (34)	$ 21	$ (138)	$ (15)
Equity securities — Mark to market and net gains (losses) on sales and disposals	(1)	3	(5)	4
Other net investment gains (losses) [Abstract]
Mortgage loans	(5)	(2)	(12)	(7)
Real estate joint ventures	0	1	42	4
Other limited partnership interests	0	0	0	(10)
Other	1	(1)	3	(6)
Subtotal	(39)	22	(110)	(31)
FVO CSEs - changes in estimated fair value [Abstract]
Commercial mortgage loans	(4)	(1)	(12)	(2)
Long-term debt — related to commercial mortgage loans	1	0	1	0
Non-investment portfolio gains (losses)	0	0	0	(1)
Subtotal	(3)	(1)	(11)	(3)
Total net investment gains (losses)	(42)	21	(121)	(34)
State and political subdivision
Gain (Loss) on Securities [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	0	0	(1)
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	0	0	(1)
Marketable Securities, Gain (Loss) [Abstract]
Net investment gains (losses)	(34)	21	(138)	(16)
Equity securities
Marketable Securities, Gain (Loss) [Abstract]
Net investment gains (losses)	$ (1)	$ 3	$ (5)	$ 4

Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - Fixed maturity securities - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Securities, Available-for-sale [Line Items]
Proceeds from Sale of Insurance Investments	$ 3,091	$ 4,929	$ 8,428	$ 9,316
Available-for-sale Securities, Gross Realized Gains	58	30	70	50
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments	(92)	(9)	(208)	(65)
Total OTTI losses recognized in earnings [Abstract]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	0	0	(1)
Components of Sales or Disposals of Fixed Maturity and Equity Securities [Abstract]
Net investment gains (losses)	$ (34)	$ 21	$ (138)	$ (16)

Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 0	$ 9	$ 0	$ 28
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	0	(8)	0	(27)
Balance, end of period	$ 0	$ 1	$ 0	$ 1

Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Summary of Certain Fixed Maturity Securities
Debt Securities, Available-for-sale	$ 62,279	$ 64,991
Non-Income Producing Debt Securities
Summary of Certain Fixed Maturity Securities
Debt Securities, Available-for-sale		4
Gross Unrealized Gain loss		$ (2)
Non-Income Producing Debt Securities \| Maximum
Summary of Certain Fixed Maturity Securities
Debt Securities, Available-for-sale	1
Gross Unrealized Gain loss	$ (1)

Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($) Contracts
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available-for-sale with gross unrealized loss of equal to or greater than stated percentage	20.00%
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 931
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	1,300
20% or more \| Six months or greater \| Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 4
Number of Securities \| Contracts	10

Investments (Mortgage Loans - Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) Contracts	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Contracts	Sep. 30, 2017 USD ($) Contracts	Dec. 31, 2017 USD ($) Contracts
Financing Receivable, Additional Disclosures [Abstract]
Financing Receivable, Significant Purchases \| $	$ 816	$ 147	$ 1,400	$ 307
Financing Receivable, Recorded Investment, Aging [Abstract]
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%		99.00%
Financing Receivable, Modifications, Subsequent Default, Number of Contracts \| Contracts			0	0
Residential
Financing Receivable, Additional Disclosures [Abstract]
Estimated fair value of mortgage loans held-for-investment \| $	$ 1,800		$ 1,800		$ 1,200
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable, Recorded Investment, Past Due \| $	32		32		32
Loans and Leases Receivable, Nonperforming, Nonaccrual of interest \| $	32		32		32
Agricultural
Financing Receivable, Additional Disclosures [Abstract]
Estimated fair value of mortgage loans held-for-investment \| $	$ 2,700		$ 2,700		$ 2,300
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due \| Contracts	0		0		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest \| Contracts	0		0		0
Commercial
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due \| Contracts	0		0		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest \| Contracts	0		0		0

Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 1.1	$ 1.4

Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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) $ in Billions	Sep. 30, 2018 USD ($)
Securities Investment
Securities Financing Transaction [Line Items]
Percentage of Reinvestment Portfolio in Fixed Maturity Securities	58.00%
Estimated fair value
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 1.3
Estimated fair value \| 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	Sep. 30, 2018	Dec. 31, 2017
Invested assets on deposit	$ 8,035	$ 8,263
Assets Held-in-trust	3,275	2,634
Fixed maturity securities \| Policyholder Account Balances
Invested assets on deposit	92	34
Fixed maturity securities \| Reinsurance
Assets Held-in-trust	$ 27	$ 42

Investments (Consolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Variable interest, maximum exposure to loss in consolidated securitization entities	$ 72	$ 86

Investments (Unconsolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Financial or other support to investees designated as VIEs	$ 0	$ 0	$ 0	$ 0

Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Apr. 28, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Transfers of Financial Assets Accounted for as Sale, Amortized Cost of Assets Obtained as Proceeds						$ 294
Assets Transferred To Affiliates, Estimated Fair Value						292
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale						(2)
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		$ 0	$ 101		$ 186	296
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
Related Party Transaction [Line Items]
Debt instrument, interest rate		4.21%			4.21%
Debt Instrument, Maturity Date					Sep. 30, 2032
Other investments \| Related Party Loan Two
Related Party Transaction [Line Items]
Debt instrument, interest rate		5.10%			5.10%
Debt Instrument, Maturity Date					Dec. 31, 2033
Metlife Investment Advisors, LLC
Related Party Transaction [Line Items]
Related party investment administrative services		$ 0	$ 22		$ 50	$ 71

Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Gross Notional Amount	$ 103,540	$ 113,549
Derivative Asset, Fair Value, Gross Asset	1,856	2,254
Derivative Liability, Fair Value, Gross Liability	3,305	3,129
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,347	2,029
Derivative Asset, Fair Value, Gross Asset	116	143
Derivative Liability, Fair Value, Gross Liability	65	75
Derivatives Designated as Hedging Instruments: \| Fair Value Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	0	175
Derivative Asset, Fair Value, Gross Asset	0	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	2,347	1,854
Derivative Asset, Fair Value, Gross Asset	116	99
Derivative Liability, Fair Value, Gross Liability	65	75
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	0	27
Derivative Asset, Fair Value, Gross Asset	0	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	2,347	1,827
Derivative Asset, Fair Value, Gross Asset	116	94
Derivative Liability, Fair Value, Gross Liability	65	75
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	101,193	111,520
Derivative Asset, Fair Value, Gross Asset	1,740	2,111
Derivative Liability, Fair Value, Gross Liability	3,240	3,054
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	15,237	20,213
Derivative Asset, Fair Value, Gross Asset	546	922
Derivative Liability, Fair Value, Gross Liability	940	774
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,350	2,671
Derivative Asset, Fair Value, Gross Asset	32	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	54	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	13,819	24,600
Derivative Asset, Fair Value, Gross Asset	51	133
Derivative Liability, Fair Value, Gross Liability	105	63
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,140	1,115
Derivative Asset, Fair Value, Gross Asset	68	71
Derivative Liability, Fair Value, Gross Liability	28	42
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Gross Notional Amount	125	130
Derivative Asset, Fair Value, Gross Asset	1	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	86	65
Derivative Asset, Fair Value, Gross Asset	3	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	1,894	1,900
Derivative Asset, Fair Value, Gross Asset	32	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	2,215	2,713
Derivative Asset, Fair Value, Gross Asset	1	15
Derivative Liability, Fair Value, Gross Liability	1	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity index options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	51,044	47,066
Derivative Asset, Fair Value, Gross Asset	862	794
Derivative Liability, Fair Value, Gross Liability	1,657	1,664
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	9,713	8,998
Derivative Asset, Fair Value, Gross Asset	143	128
Derivative Liability, Fair Value, Gross Liability	445	430
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,516	1,767
Derivative Asset, Fair Value, Gross Asset	1	0
Derivative Liability, Fair Value, Gross Liability	$ 63	$ 79

Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 41	$ 73	$ 144	$ 278
Derivatives Designated as Hedging Instruments: \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	8	5	20	17
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	33	67	124	253
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 0	$ 1	$ 0	$ 8

Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (723)	$ (234)	$ (1,469)	$ (1,418)
Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	1	1	4	3
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(2)	(79)	(4)	(355)
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	(767)	(235)	(1,518)	(1,433)
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	0	(1)
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	$ (2)	$ (79)	$ (4)	$ (355)

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Credit Derivatives [Line Items]
Maximum Length of Time Hedged in Cash Flow Hedge			0 years		2 years
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0	$ 0	$ 0	$ 12
Estimated Fair Value of Credit Default Swaps	32		32		$ 40
Maximum Amount of Future Payments under Credit Default Swaps	1,894		$ 1,894		$ 1,900
Weighted Average Years to Maturity			4 years 2 months		4 years 1 month
Aaa/Aa/A
Credit Derivatives [Line Items]
Weighted Average Years to Maturity			2 years 5 months
Aaa/Aa/A \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	11		$ 11		$ 12
Maximum Amount of Future Payments under Credit Default Swaps	677		$ 677		$ 558
Weighted Average Years to Maturity					2 years 9 months
Baa
Credit Derivatives [Line Items]
Weighted Average Years to Maturity			5 years 2 months
Baa \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	21		$ 21		$ 28
Maximum Amount of Future Payments under Credit Default Swaps	1,217		$ 1,217		$ 1,317
Weighted Average Years to Maturity					4 years 8 months
Ba
Credit Derivatives [Line Items]
Weighted Average Years to Maturity			0 years
Ba \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	0		$ 0		$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 0		$ 0		$ 25
Weighted Average Years to Maturity					4 years 6 months

Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 1,925	$ 2,303
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,297	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	1,925	2,303
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	3,297	3,121
Net amount of derivative assets after application of master netting agreements and cash collateral	11	44
Net amount of derivative liabilities after application of master netting agreements and cash collateral	0	1
Over the counter
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	1,903	2,233
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,295	3,081
Gross estimated fair value of derivative assets	(1,569)	(1,942)
Gross estimated fair value of derivative liabilities	(1,569)	(1,942)
Cash collateral on derivative assets	(237)	(257)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(86)	(31)
Securities collateral on derivative liabilities	(1,726)	(1,138)
OTC-cleared and exchange-traded
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	22	70
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2	40
Gross estimated fair value of derivative assets	(1)	(1)
Gross estimated fair value of derivative liabilities	(1)	(1)
Cash collateral on derivative assets	(21)	(28)
Cash collateral on derivative liabilities	0	(39)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (1)	$ 0

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Credit Derivatives [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 3,305	$ 3,129
Accrued Investment Income Receivable	675	601
Estimated Fair Value of Derivatives in Net Liability Position	1,726	1,138
Premiums and Other Receivables, Net	13,551	13,525
Fixed Maturity Securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	$ 1,999	$ 1,414

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ 166		$ 166		$ 175
Embedded derivatives within liability host contracts	1,601		1,601		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	166		166		227
Direct guaranteed minimum benefits \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	396		396		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	0		0		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	1,205		1,205		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		0		$ (52)
Nonperformance risk \| Direct and assumed guaranteed minimum benefit
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	(150)	$ 457	(116)	$ 385
Policyholder benefits and claims
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	$ (2)	$ (21)	$ (4)	$ (22)

Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	$ (38)	$ 582	$ 664	$ 890
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	$ (2)	$ (21)	$ (4)	$ (22)

Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Derivatives (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 1,856		$ 1,856		$ 2,254
Derivative Liability, Fair Value, Gross Liability	3,305		3,305		3,129
Maximum Amount of Future Payments under Credit Default Swaps	1,894		1,894		1,900
Cash collateral on derivative assets	39		39		$ 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	$ 0	$ 0	$ 12
Derivative Instrument Detail [Abstract]
Hedging exposure to variability in future cash flows for specific length of time			0 years		2 years
Accumulated Other Comprehensive Income (Loss)	202		$ 202		$ 239
Cash collateral on derivative liabilities	0		0		5
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0		0
Over the counter
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(237)		(237)		(257)
Excess securities collateral received on derivatives	69		69		337
Excess securities collateral provided on derivatives	307		307		471
Exchange cleared
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(21)		(21)		(28)
Excess securities collateral provided on derivatives	79		79		427
Exchange-traded
Derivatives, Fair Value [Line Items]
Excess securities collateral provided on derivatives	105		105		118
Direct and assumed guaranteed minimum benefit \| Nonperformance risk
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	(150)	$ 457	(116)	$ 385
Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	69		69		49
Derivative Liability, Fair Value, Gross Liability	$ (8)		$ (8)		$ (8)

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Assets [Abstract]
Debt Securities, Available-for-sale	$ 62,279	$ 64,991
Available-for-sale Securities, Equity Securities	150	161
Short-term investments	116	312
Mortgage Loans on Real Estate, Commercial and Consumer, Net	13,033	10,742
Derivative assets	1,856	2,254
Embedded derivatives within asset host contracts	166	175
Separate account assets	111,736	118,257
Liabilities [Abstract]
Derivative liabilities	3,305	3,129
Embedded derivatives within liability host contracts	1,601	1,887
Long-term Debt	3,966	3,612
Recurring
Assets [Abstract]
Debt Securities, Available-for-sale	62,279	64,991
Available-for-sale Securities, Equity Securities	150	161
Short-term investments	116	312
Real Estate Investments, Joint Ventures	15
Other limited partnership interests	25
Derivative assets	1,856	2,254
Embedded derivatives within asset host contracts	166	227
Separate account assets	111,736	118,257
Total assets	176,436	186,317
Liabilities [Abstract]
Derivative liabilities	3,305	3,129
Embedded derivatives within liability host contracts	1,601	1,887
Total liabilities	4,909	5,027
Recurring \| Interest rate contracts
Assets [Abstract]
Derivative assets	629	1,112
Liabilities [Abstract]
Derivative liabilities	1,045	837
Recurring \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	185	165
Liabilities [Abstract]
Derivative liabilities	93	118
Recurring \| Credit contracts
Assets [Abstract]
Derivative assets	35	40
Liabilities [Abstract]
Derivative liabilities	1	1
Recurring \| Equity market contracts
Assets [Abstract]
Derivative assets	1,007	937
Liabilities [Abstract]
Derivative liabilities	2,166	2,173
Recurring \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	23,935	22,957
Recurring \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	10,950	16,292
Recurring \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	8,374	7,977
Recurring \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	7,248	7,023
Recurring \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	4,069	4,181
Recurring \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	2,009	1,829
Recurring \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	4,290	3,423
Recurring \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,404	1,309
Recurring \| Level 1
Assets [Abstract]
Debt Securities, Available-for-sale	4,072	8,304
Available-for-sale Securities, Equity Securities	15	18
Short-term investments	56	142
Real Estate Investments, Joint Ventures	0
Other limited partnership interests	0
Derivative assets	1	16
Embedded derivatives within asset host contracts	0	0
Separate account assets	202	410
Total assets	4,346	8,890
Liabilities [Abstract]
Derivative liabilities	1	0
Embedded derivatives within liability host contracts	0	0
Total liabilities	1	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	1	15
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring \| Level 1 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	4,072	8,304
Recurring \| Level 1 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 2
Assets [Abstract]
Debt Securities, Available-for-sale	55,288	53,455
Available-for-sale Securities, Equity Securities	13	19
Short-term investments	60	156
Real Estate Investments, Joint Ventures	0
Other limited partnership interests	0
Derivative assets	1,693	2,079
Embedded derivatives within asset host contracts	0	0
Separate account assets	111,530	117,842
Total assets	168,677	173,666
Liabilities [Abstract]
Derivative liabilities	2,854	2,691
Embedded derivatives within liability host contracts	0	0
Total liabilities	2,857	2,702
Recurring \| Level 2 \| Interest rate contracts
Assets [Abstract]
Derivative assets	629	1,111
Liabilities [Abstract]
Derivative liabilities	1,045	837
Recurring \| Level 2 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	185	165
Liabilities [Abstract]
Derivative liabilities	92	117
Recurring \| Level 2 \| Credit contracts
Assets [Abstract]
Derivative assets	25	30
Liabilities [Abstract]
Derivative liabilities	1	1
Recurring \| Level 2 \| Equity market contracts
Assets [Abstract]
Derivative assets	854	773
Liabilities [Abstract]
Derivative liabilities	1,716	1,736
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	23,332	22,048
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	6,878	7,988
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	7,291	6,989
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	6,206	5,935
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	4,069	4,181
Recurring \| Level 2 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	1,948	1,723
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	4,160	3,287
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,404	1,304
Recurring \| Level 3
Assets [Abstract]
Debt Securities, Available-for-sale	2,919	3,232
Available-for-sale Securities, Equity Securities	122	124
Short-term investments	0	14
Real Estate Investments, Joint Ventures	15
Other limited partnership interests	25
Derivative assets	162	159
Embedded derivatives within asset host contracts	166	227
Separate account assets	4	5
Total assets	3,413	3,761
Liabilities [Abstract]
Derivative liabilities	450	438
Embedded derivatives within liability host contracts	1,601	1,887
Total liabilities	2,051	2,325
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	152	149
Liabilities [Abstract]
Derivative liabilities	449	437
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	603	909
Recurring \| Level 3 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	1,083	988
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	1,042	1,088
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 3 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	61	106
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	130	136
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	0	5
Variable interest entity, primary beneficiary
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	93	115
Liabilities [Abstract]
Long-term Debt	3	11
Variable interest entity, primary beneficiary \| Recurring
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	93	115
Liabilities [Abstract]
Long-term Debt	3	11
Variable interest entity, primary beneficiary \| Recurring \| Level 1
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Liabilities [Abstract]
Long-term Debt	0	0
Variable interest entity, primary beneficiary \| Recurring \| Level 2
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	93	115
Liabilities [Abstract]
Long-term Debt	3	11
Variable interest entity, primary beneficiary \| Recurring \| Level 3
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Liabilities [Abstract]
Long-term Debt	$ 0	$ 0

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ (284)	$ (780)	$ (279)	$ (954)
Total realized/unrealized gains (losses) included in net income (loss)	(4)	4	(12)	100
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	3	4
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	370	0	444
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	(288)	(406)	(288)	(406)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(4)	4	(12)	98
Net Embedded Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(1,241)	(2,113)	(1,660)	(2,383)
Total realized/unrealized gains (losses) included in net income (loss)	(40)	558	660	883
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(154)	(155)	(435)	(210)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	(1,435)	(1,710)	(1,435)	(1,710)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(37)	330	867	1,002
U.S. and foreign corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,872	2,356	1,997	2,391
Total realized/unrealized gains (losses) included in net income (loss)	0	1	2	(2)
Total realized/unrealized gains (losses) included in AOCI	(44)	35	(121)	179
Purchases	56	92	164	235
Sales	(51)	(57)	(184)	(231)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	20	191	20	180
Transfers out of Level 3	(208)	(19)	(233)	(153)
Balance, end of period	1,645	2,599	1,645	2,599
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	1	(1)	1
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,268	1,489	1,230	1,711
Total realized/unrealized gains (losses) included in net income (loss)	10	13	21	22
Total realized/unrealized gains (losses) included in AOCI	(8)	6	(10)	43
Purchases	287	147	339	186
Sales	(114)	(230)	(229)	(467)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	3	0	0	0
Transfers out of Level 3	(172)	(13)	(77)	(83)
Balance, end of period	1,274	1,412	1,274	1,412
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	4	10	14	19
State and political subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	8	0	0	17
Total realized/unrealized gains (losses) included in net income (loss)	2	0	0	0
Total realized/unrealized gains (losses) included in AOCI	(2)	0	0	0
Purchases	0	0	0	0
Sales	(6)	(1)	0	(1)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	10	0	3
Transfers out of Level 3	(2)	0	0	(10)
Balance, end of period	0	9	0	9
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	5	0
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	(5)	0
Balance, end of period	0	0	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	120	134	124	137
Total realized/unrealized gains (losses) included in net income (loss)	(2)	0	(4)	0
Total realized/unrealized gains (losses) included in AOCI	0	(1)	0	2
Purchases	0	0	0	4
Sales	0	(3)	(3)	(13)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	9	0	10	0
Transfers out of Level 3	(5)	0	(5)	0
Balance, end of period	122	130	122	130
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	(4)	0
Real estate joint ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	17	0	22	0
Total realized/unrealized gains (losses) included in net income (loss)	0	0	(1)	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	(2)	0	(6)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	15	0	15	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	(1)	0
Other limited partnership interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	24	0	28	0
Total realized/unrealized gains (losses) included in net income (loss)	3	0	2	0
Total realized/unrealized gains (losses) included in AOCI	(1)	0	(1)	0
Purchases	0	0	0	0
Sales	(1)	0	(4)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	25	0	25	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	3	0	2	0
Short-term investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	91	14	2
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	(14)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	(90)	0	(1)
Balance, end of period	0	1	0	1
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Separate account assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4	6	5	10
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	1	2	1	2
Sales	0	0	(1)	(3)
Issuances	0	0	0	0
Settlements	0	0	(1)	0
Transfers into Level 3	0	0	0	1
Transfers out of Level 3	(1)	(2)	0	(4)
Balance, end of period	4	6	4	6
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 0	$ 0	$ 0	$ 0

Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Receivable, Gross, Commercial, Mortgage	$ 8,405	$ 7,260
Difference between estimated fair value and unpaid principal balance	34	45
Mortgage Loans on Real Estate, Commercial and Consumer, Net	13,033	10,742
Contractual principal balance	3	10
Difference between estimated fair value and contractual principal balance	0	1
Long-term Debt	3,966	3,612
Variable interest entity, primary beneficiary
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	93	115
Long-term Debt	3	11
Consolidated entities
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Receivable, Gross, Commercial, Mortgage	$ 59	$ 70

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Assets
Policy loans	$ 1,443	$ 1,523
Liabilities
Separate account liabilities	111,736	118,257
Carrying Value
Assets
Mortgage loans	12,940	10,627
Policy loans	1,443	1,523
Real estate joint ventures		5
Other limited partnership interests		36
Other invested assets	77	71
Premiums, reinsurance and other receivables	1,636	1,758
Liabilities
Policyholder account balances	16,026	15,791
Long-term debt	3,963	3,601
Other liabilities	515	314
Separate account liabilities	1,227	1,210
Estimated Fair Value
Assets
Mortgage loans	12,914	10,871
Policy loans	1,607	1,740
Real estate joint ventures		22
Other limited partnership interests		28
Other invested assets	77	71
Premiums, reinsurance and other receivables	1,779	2,113
Liabilities
Policyholder account balances	14,871	15,927
Long-term debt	3,592	3,639
Other liabilities	515	314
Separate account liabilities	1,227	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	685	781
Real estate joint ventures		0
Other limited partnership interests		0
Other invested assets	64	71
Premiums, reinsurance and other receivables	60	128
Liabilities
Policyholder account balances	0	0
Long-term debt	2,992	3,039
Other liabilities	304	100
Separate account liabilities	1,227	1,210
Estimated Fair Value \| Level 3
Assets
Mortgage loans	12,914	10,871
Policy loans	922	959
Real estate joint ventures		22
Other limited partnership interests		28
Other invested assets	13	0
Premiums, reinsurance and other receivables	1,719	1,985
Liabilities
Policyholder account balances	14,871	15,927
Long-term debt	600	600
Other liabilities	211	214
Separate account liabilities	$ 0	$ 0

Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 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)

Long-term Debt (Details) - USD ($)	Apr. 16, 2018	Sep. 30, 2018	Sep. 12, 2018
Repurchase Facility
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity	$ 2,000,000,000
Credit facilities, term	3 years
Credit facilities, outstanding balance		$ 0
Junior Subordinated Debentures
Debt Instrument [Line Items]
Debt instrument, face amount			$ 375,000,000
Debt instrument, interest rate			6.25%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Equity (Common Stock Repurchase Program - Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Aug. 05, 2018
Equity [Abstract]
Stock repurchase program, authorized amount		$ 200
Treasury stock, shares acquired	982,057
Treasury stock, value acquired	$ 42

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 815	$ 1,894	$ 1,676	$ 1,265
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets					$ (4)
Restatement Balance	815	1,894	1,676	1,265	552	$ 1,676
OCI before reclassifications	(324)	(887)	(1,418)	5
Deferred income tax benefit (expense)	68	317	318	7
AOCI before reclassifications, net of income tax	559	1,324	497	1,277
Amounts reclassified from AOCI	(9)	(27)	73	47
Deferred income tax benefit (expense)	2	11	(18)	(16)
Amounts reclassified from AOCI, net of income tax	(7)	(16)	55	31
Balance, end of period	552	1,308	552	1,308
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	690	1,721	1,572	1,044
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						(79)
Restatement Balance	690	1,721	1,572	1,044	476	1,572
OCI before reclassifications	(310)	(844)	(1,448)	118
Deferred income tax benefit (expense)	66	302	325	(41)
AOCI before reclassifications, net of income tax	446	1,179	370	1,121
Amounts reclassified from AOCI	38	(26)	138	64
Deferred income tax benefit (expense)	(8)	9	(32)	(23)
Amounts reclassified from AOCI, net of income tax	30	(17)	106	41
Balance, end of period	476	1,162	476	1,162
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	168	223	154	268
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						0
Restatement Balance	168	223	154	268	125	154
OCI before reclassifications	(7)	(52)	28	(104)
Deferred income tax benefit (expense)	1	18	(6)	36
AOCI before reclassifications, net of income tax	162	189	176	200
Amounts reclassified from AOCI	(47)	(1)	(65)	(17)
Deferred income tax benefit (expense)	10	2	14	7
Amounts reclassified from AOCI, net of income tax	(37)	1	(51)	(10)
Balance, end of period	125	190	125	190
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(19)	(33)	(24)	(31)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						0
Restatement Balance	(19)	(33)	(24)	(31)	(25)	(24)
OCI before reclassifications	(7)	9	(1)	5
Deferred income tax benefit (expense)	1	(2)	0	0
AOCI before reclassifications, net of income tax	(25)	(26)	(25)	(26)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	(25)	(26)	(25)	(26)
Accumulated Defined Benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(24)	(17)	(26)	(16)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets						0
Restatement Balance	(24)	(17)	(26)	(16)	(24)	(26)
OCI before reclassifications	0	0	3	(14)
Deferred income tax benefit (expense)	0	(1)	(1)	12
AOCI before reclassifications, net of income tax	(24)	(18)	(24)	(18)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	$ (24)	$ (18)	(24)	$ (18)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets					$ (79)	(79)
Restatement adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			1,597
Restatement Balance			1,597			1,597
Restatement adjustment \| Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			1,493
Restatement Balance			1,493			1,493
Restatement adjustment \| Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			154
Restatement Balance			154			154
Restatement adjustment \| Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(24)
Restatement Balance			(24)			(24)
Restatement adjustment \| Accumulated Defined Benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(26)
Restatement Balance			$ (26)			$ (26)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (42)	$ 21	$ (121)	$ (34)
Net derivative gains (losses)	(691)	(164)	(1,337)	(1,207)
Net investment income	853	761	2,476	2,309
Income (loss) from continuing operations before provision for income tax	(368)	(124)	(798)	(393)
Provision for income tax expense (benefit)	99	(819)	226	(653)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(269)	(943)	(572)	(1,046)
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	7	16	(55)	(31)
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)	(36)	24	(137)	(22)
Net derivative gains (losses)	(2)	2	(2)	(44)
Net investment income	0	0	1	2
Income (loss) from continuing operations before provision for income tax	(38)	26	(138)	(64)
Provision for income tax expense (benefit)	8	(9)	32	23
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(30)	17	(106)	(41)
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	47	1	65	17
Provision for income tax expense (benefit)	(10)	(2)	(14)	(7)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	37	(1)	51	10
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)	15	0	31	0
Net investment income	0	0	2	2
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)	31	0	31	2
Net investment income	1	1	2	2
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	$ 0	$ (1)	$ 11

Equity (Stockholder's Compensation) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Restricted Stock Units (RSUs), Founders' Grant \| Restricted stock units, Founders’ Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 21.0	$ 31.0
Other share based \| Restricted stock units, Founders’ Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	3.0	4.0
Other share based \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	0.0	1.0
Other share based \| Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 0.0	$ 0.0

Equity (Performance Share Units) (Details) - $ / shares	9 Months Ended
Equity (Performance Share Units) (Details) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Paid
Performance and Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	980,854	0
Granted	995,861
Forfeited	15,007
Vested at September 30, 2018	648,561
Restricted and Performance Weighted Average Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 48.05	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	48.10
Granted	48.06
Forfeited	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	0
Paid	$ 0
Performance
Performance and Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	73,849	0
Granted	73,849
Forfeited	0
Vested at September 30, 2018	0
Restricted and Performance Weighted Average Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 48.10	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	0
Granted	48.10
Forfeited	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	0
Paid	$ 0

Equity (Stock Options) (Details)	9 Months Ended
Equity (Stock Options) (Details)	Sep. 30, 2018 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of stock options granted	$ 53.47
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free rate of return	2.93%
Expected volatility	25.00%
Expected option life, years	5 years 9 months 18 days
Weighted average exercise price of stock options granted	$ 53.47
Weighted average fair value of stock options granted	$ 12.54

Equity (Stockholder's Compensation - Narrative) (Details)	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	242,560
Weighted average exercise price of stock options granted \| $ / shares	$ 53.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value \| $	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	7,330,377
Other share based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized \| $	$ 16,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	18 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factor	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factor	150.00%

Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Income and Expenses [Abstract]
Compensation	$ 99	$ 84	$ 252	$ 213
Commissions	221	212	650	602
Cost, Overhead	104	112	318	375
Interest Income (Expense), Net	5	4	12	30
Deferred Policy Acquisition Costs, Capitalization	(83)	(72)	(235)	(187)
Interest expense on debt	40	34	113	116
Premium taxes, licenses and fees	12	16	55	49
Professional services	112	76	320	164
Rent and related expenses	4	2	10	10
Other	151	143	479	417
Total other expenses	$ 665	$ 611	$ 1,974	$ 1,789

Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 91	$ 94	$ 275	$ 263

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (271)	$ (943)	$ (577)	$ (1,046)
Weighted average common shares outstanding - basic	119,657,443	119,773,106	119,734,128	119,773,106
Earnings per common share - basic	$ (2.26)	$ (7.87)	$ (4.82)	$ (8.73)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

+ Details

Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 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	175
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	169
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	422	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	$ 1,800	$ 1,400

Contingencies, Commitments and Guarantees Contingencies and Commitments Disclosure (Details)	Sep. 30, 2018 USD ($)
Minimum
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 0
Maximum
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction, Due from (to) Related Party [Abstract]
Other expenses	$ 0	$ 101	$ 186	$ 296
Interest Expense, Debt		$ 0		$ 55

Related Party Transactions Related Party Transactions (Non Broker Dealer Transactions) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Assets	$ 0		$ 0		$ 2,907
Liabilities	0		0		$ 2,178
All services and transactions except broker dealer activities
Related Party Transaction [Line Items]
Income	0	$ (96)	(182)	$ (496)
Expense	$ 0	$ 108	$ 133	$ 288

Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Premiums:
Net premiums	$ 225	$ 236	$ 677	$ 630
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	972	1,025	2,936	2,935
Other revenues:
Other revenues	105	93	308	329
Interest credited to policyholder account balances:
Net interest credited to policyholder account balances	273	279	809	838
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	30	123	581	(4)
Other expenses:
Net other expenses	665	611	1,974	1,789
Affiliated Entity \| Assumed
Premiums:
Reinsurance assumed	0	1	6	9
Universal life and investment-type product policy fees:
Reinsurance assumed	0	31	45	77
Other revenues:
Reinsurance assumed	0	0	0	27
Policyholder benefits and claims:
Reinsurance assumed	0	9	8	21
Affiliated Entity \| Ceded
Premiums:
Reinsurance ceded	0	(106)	(201)	(423)
Universal life and investment-type product policy fees:
Reinsurance ceded	0	1	1	(16)
Other revenues:
Reinsurance ceded	0	0	18	39
Policyholder benefits and claims:
Reinsurance ceded	0	(89)	(177)	(318)
Affiliated Entity \| Reinsurance
Premiums:
Net premiums	0	(105)	(195)	(414)
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	0	32	46	61
Other revenues:
Other revenues	0	0	18	66
Policyholder benefits and claims:
Policyholder Benefits and Claims Incurred, Assumed and Ceded	$ 0	$ (80)	$ (169)	$ (297)

Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Assets:
Premiums, reinsurance and other receivables	$ 13,551	$ 13,525
Deferred policy acquisition costs and value of business acquired	6,050	6,286
Liabilities:
Future policy benefits	35,748	36,616
Policyholder account balances	39,446	37,783
Other liabilities relating to variable interest entities	5,575	5,263
Assumed
Assets:
Premiums, reinsurance and other receivables	0	18
Liabilities:
Other policy-related balances	0	1,674
Other liabilities relating to variable interest entities	0	30
Ceded
Assets:
Premiums, reinsurance and other receivables	0	3,410
Liabilities:
Other policy-related balances	0	0
Other liabilities relating to variable interest entities	$ 0	$ 401

Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	May 01, 2017	Jan. 01, 2017
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability			$ 1,601			$ 1,601		$ 1,887
Embedded Derivative, Fair Value of Embedded Derivative Asset			166			166		175
Income (loss) from continuing operations before provision for income tax			(368)	$ (124)		(798)	$ (393)
Other liabilities relating to variable interest entities			5,575			5,575		5,263
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net			6,050			6,050		6,286
Premiums, reinsurance and other receivables			(13,551)			(13,551)		(13,525)
Liability for Future Policy Benefits			35,748			35,748		36,616
Policyholder Contract Deposits			39,446			39,446		37,783
Ceded guaranteed minimum benefits
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset			0			0		$ 2
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ 0	$ (1)			$ (264)
Affiliate Recapture Variable Annuities
Reinsurance Disclosures [Abstract]
Income (loss) from continuing operations before provision for income tax		$ (178)
Other liabilities relating to variable interest entities										$ 274
Maximum \| Ceded guaranteed minimum benefits
Reinsurance Disclosures [Abstract]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net						$ (1)
Affiliated Entity \| Life and Other
Reinsurance Disclosures [Abstract]
Income (loss) from continuing operations before provision for income tax	$ 17
Cash, Cash Equivalents, and Short-term Investments									$ 214
Premiums, reinsurance and other receivables									$ 189
Affiliated Entity \| Metropolitan Life Insurance Company \| BHL Recapture GMIB
Reinsurance Disclosures [Abstract]
Income (loss) from continuing operations before provision for income tax					$ 89
Cash, Cash Equivalents, and Short-term Investments										(568)
Premiums, reinsurance and other receivables										(140)
Liability for Future Policy Benefits										(106)
Policyholder Contract Deposits										$ (460)

Derivatives Derivatives (NQ, CF, FV) (Details) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0	$ 0	$ 0	$ 12
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(7)	(52)	28	(104)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(1)	3	8	(42)
Cash Flow Hedging
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(7)	(52)	28	(104)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0	0	(10)
Cash Flow Hedging \| Interest rate contracts
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(3)	1	(5)	3
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0	0	0
Cash Flow Hedging \| Foreign currency exchange rate contracts
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(4)	(53)	33	(107)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0	0	(10)
Fair Value Hedging
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	2	(1)	12	(2)
Fair Value Hedging \| Interest rate contracts
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	2	(1)	12	(2)
Net investment income
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	1	4	3
Net investment income \| Cash Flow Hedging
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	1	4	4
Net investment income \| Cash Flow Hedging \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	1	4	4
Net investment income \| Cash Flow Hedging \| Foreign currency exchange rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net investment income \| Fair Value Hedging
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net investment income \| Fair Value Hedging \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Net derivative gains (losses)
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(723)	(234)	(1,469)	(1,418)
Net derivative gains (losses) \| Cash Flow Hedging
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	46	0	61	13
Net derivative gains (losses) \| Cash Flow Hedging \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	46	0	62	2
Net derivative gains (losses) \| Cash Flow Hedging \| Foreign currency exchange rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	(1)	11
Net derivative gains (losses) \| Fair Value Hedging
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(2)	1	(12)	2
Net derivative gains (losses) \| Fair Value Hedging \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(2)	1	(12)	2
Policyholder benefits and claims
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(2)	(79)	(4)	(355)
Policyholder benefits and claims \| Cash Flow Hedging
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder benefits and claims \| Cash Flow Hedging \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder benefits and claims \| Cash Flow Hedging \| Foreign currency exchange rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder benefits and claims \| Fair Value Hedging
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Policyholder benefits and claims \| Fair Value Hedging \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(3)	4	(4)	(30)
Not Designated as Hedging Instrument \| Interest rate contracts
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0	0	0
Not Designated as Hedging Instrument \| Foreign currency exchange rate contracts
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(3)	4	(4)	(30)
Not Designated as Hedging Instrument \| Credit
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0	0	0
Not Designated as Hedging Instrument \| Equity market contracts
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0		0	0
Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivative [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0	0	0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0	0	0
Not Designated as Hedging Instrument \| Net investment income
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	(1)
Not Designated as Hedging Instrument \| Net investment income \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument \| Net investment income \| Foreign currency exchange rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument \| Net investment income \| Credit
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument \| Net investment income \| Equity market contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	(1)
Not Designated as Hedging Instrument \| Net investment income \| Embedded Derivative Financial Instruments
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument \| Net derivative gains (losses)
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(767)	(235)	(1,518)	(1,433)
Not Designated as Hedging Instrument \| Net derivative gains (losses) \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(281)	(81)	(1,255)	(145)
Not Designated as Hedging Instrument \| Net derivative gains (losses) \| Foreign currency exchange rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2	(30)	17	(72)
Not Designated as Hedging Instrument \| Net derivative gains (losses) \| Credit
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	8	6	(2)	17
Not Designated as Hedging Instrument \| Net derivative gains (losses) \| Equity market contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(458)	(712)	(942)	(2,123)
Not Designated as Hedging Instrument \| Net derivative gains (losses) \| Embedded Derivative Financial Instruments
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(38)	582	664	890
Not Designated as Hedging Instrument \| Policyholder benefits and claims
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(2)	(79)	(4)	(355)
Not Designated as Hedging Instrument \| Policyholder benefits and claims \| Interest rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	6	0	8
Not Designated as Hedging Instrument \| Policyholder benefits and claims \| Foreign currency exchange rate contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument \| Policyholder benefits and claims \| Credit
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Not Designated as Hedging Instrument \| Policyholder benefits and claims \| Equity market contracts
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	(64)	0	(341)
Not Designated as Hedging Instrument \| Policyholder benefits and claims \| Embedded Derivative Financial Instruments
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (2)	$ (21)	$ (4)	$ (22)

Fair Value (Quantitative Information) (Details) - Fair Value, Inputs, Level 3	Sep. 30, 2018 $ / shares	Dec. 31, 2017 $ / shares
Minimum \| Measurement input, age 0 - 40, mortality rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Minimum \| Measurement input, age 41- 60, mortality rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0004	0.0004
Minimum \| Measurement input, age 61 - 115, mortality rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0026	0.0026
Minimum \| Measurement input, duration 1 - 10, lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Minimum \| Measurement input, duration 11 - 20, lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.02	0.02
Minimum \| Measurement input, duration 21 - 116, lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.02	0.02
Minimum \| Measurement input, utilization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Minimum \| Measurement input, withdrawal rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Minimum \| Measurement input, long term equity volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.1740	0.1740
Minimum \| Measurement input, entity credit risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0105	0.0064
Maximum \| Measurement input, age 0 - 40, mortality rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0008	0.0009
Maximum \| Measurement input, age 41- 60, mortality rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0060	0.0065
Maximum \| Measurement input, age 61 - 115, mortality rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	1.0000	1.0000
Maximum \| Measurement input, duration 1 - 10, lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	1.0000	1.0000
Maximum \| Measurement input, duration 11 - 20, lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	1.0000	1.0000
Maximum \| Measurement input, duration 21 - 116, lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	1.0000	1.0000
Maximum \| Measurement input, utilization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Maximum \| Measurement input, withdrawal rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.1000	0.1000
Maximum \| Measurement input, long term equity volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Maximum \| Measurement input, entity credit risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0191	0.0143
U.S. corporate and foreign corporate \| Minimum \| Valuation technique, matrix pricing \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	86	93
U.S. corporate and foreign corporate \| Minimum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	53	0
U.S. corporate and foreign corporate \| Maximum \| Valuation technique, matrix pricing \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	126	142
U.S. corporate and foreign corporate \| Maximum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	316	443
U.S. corporate and foreign corporate \| Weighted average \| Valuation technique, matrix pricing \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	104	111
U.S. corporate and foreign corporate \| Weighted average \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	101	77
RMBS \| Minimum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	59	3
RMBS \| Maximum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	107	107
RMBS \| Weighted average \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	95	95
CMBS \| Minimum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	67	8
CMBS \| Minimum \| Valuation technique, consensus pricing model \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	103	105
CMBS \| Maximum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	104	104
CMBS \| Maximum \| Valuation technique, consensus pricing model \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	103	105
CMBS \| Weighted average \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	92	88
CMBS \| Weighted average \| Valuation technique, consensus pricing model \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	103	105
ABS \| Minimum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	99	100
ABS \| Minimum \| Valuation technique, consensus pricing model \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	100	100
ABS \| Maximum \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	101	104
ABS \| Maximum \| Valuation technique, consensus pricing model \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	100	100
ABS \| Weighted average \| Valuation, market approach \| Measurement input, quoted price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	100	101
ABS \| Weighted average \| Valuation technique, consensus pricing model \| Measurement input, offered price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	100	100
Foreign Exchange Contract [Member] \| Minimum \| Valuation, income approach \| Measurement input, swap yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	(23)	0
Foreign Exchange Contract [Member] \| Maximum \| Valuation, income approach \| Measurement input, swap yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	2	0
Credit \| Minimum \| Valuation, income approach \| Measurement input, credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	97	0
Credit \| Maximum \| Valuation, income approach \| Measurement input, credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	99	0
Equity market \| Minimum \| Valuation, income approach \| Measurement input, option volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.12	0.11
Equity market \| Minimum \| Valuation, income approach \| Measurement input, comparability adjustment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.30	0.10
Equity market \| Maximum \| Valuation, income approach \| Measurement input, option volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.26	0.31
Equity market \| Maximum \| Valuation, income approach \| Measurement input, comparability adjustment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset (Liability) Net, Measurement Input	0.30	0.30