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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2018	Feb. 22, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	BRIGHTHOUSE FINANCIAL, INC.
Entity Central Index Key	0001685040
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4.8
Entity Common Stock, Shares Outstanding		116,670,471

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $60,920 and $60,173, respectively)	$ 62,608	$ 64,991
Equity securities, at estimated fair value	140	161
Mortgage loans (net of valuation allowances of $57 and $47, respectively)	13,694	10,742
Policy loans	1,421	1,523
Real estate joint ventures	451	433
Other limited partnership interests	1,840	1,669
Short-term investments, principally at estimated fair value	0	312
Other invested assets, principally at estimated fair value	3,027	2,507
Total investments	83,181	82,338
Cash and cash equivalents	4,145	1,857
Accrued investment income	724	601
Premiums, reinsurance and other receivables	13,697	13,525
Deferred policy acquisition costs and value of business acquired	5,717	6,286
Current income tax recoverable	1	740
Other assets	573	588
Separate account assets	98,256	118,257
Total assets	206,294	224,192
Liabilities
Future policy benefits	36,209	36,616
Policyholder account balances	40,054	37,783
Other policy-related balances	3,000	2,985
Payables for collateral under securities loaned and other transactions	5,057	4,169
Long-term Debt	3,963	3,612
Current income tax payable	15	0
Deferred income tax liability	972	927
Other liabilities	4,285	5,263
Separate account liabilities	98,256	118,257
Total liabilities	191,811	209,612
Contingencies, Commitments and Guarantees (Note 15)
Brighthouse Financial, Inc.’s stockholders’ equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,448,018 and 119,773,106 shares issued, respectively; 117,532,336 and 119,773,106 shares outstanding, respectively	1	1
Additional paid-in capital	12,473	12,432
Retained earnings (deficit)	1,346	406
Treasury Stock at cost	(118)	0
Accumulated other comprehensive income (loss)	716	1,676
Total Brighthouse Financial, Inc.’s stockholders’ equity	14,418	14,515
Noncontrolling interests	65	65
Total equity	14,483	14,580
Total liabilities and equity	$ 206,294	$ 224,192

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Aug. 04, 2017	Dec. 31, 2016
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 60,920	$ 60,173
Mortgage loans valuation allowances	$ 57	$ 47
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	120,448,018	119,773,106
Common stock, shares outstanding	117,532,336	119,773,106	119,773,106	100,000
Treasury Stock, Shares	2,915,682	0

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Premiums									$ 900	$ 863	$ 1,222
Universal life and investment-type product policy fees									3,835	3,898	3,782
Net investment income									3,338	3,078	3,207
Other revenues									397	651	736
Net investment gains (losses)									(207)	(28)	(78)
Net derivative gains (losses)									702	(1,620)	(5,851)
Total revenues	$ 4,026	$ 1,422	$ 1,702	$ 1,815	$ 1,880	$ 1,972	$ 2,025	$ 965	8,965	6,842	3,018
Expenses
Policyholder benefits and claims									3,272	3,636	3,903
Interest credited to policyholder account balances									1,079	1,111	1,165
Amortization of DAC and VOBA									1,050	227	371
Other expenses									2,575	2,483	2,284
Total expenses	2,239	1,790	2,019	1,928	2,102	2,096	1,704	1,555	7,976	7,457	7,723
Income (loss) before provision for income tax									989	(615)	(4,705)
Provision for income tax expense (benefit)									119	(237)	(1,766)
Net income (loss)	1,442	(269)	(238)	(65)	668	(943)	246	(349)	870	(378)	(2,939)
Less: Net income (loss) attributable to noncontrolling interests	0	2	1	2	0	0	0	0	5	0	0
Net income (loss) available to common shareholders	$ 1,442	$ (271)	$ (239)	$ (67)	$ 668	$ (943)	$ 246	$ (349)	$ 865	$ (378)	$ (2,939)
Earnings per common share
Basic	$ 12.18	$ (2.26)	$ (2.01)	$ (0.56)	$ 5.57	$ (7.87)	$ 2.05	$ (2.91)	$ 7.24	$ (3.16)	$ (24.54)
Diluted	$ 12.14	$ (2.26)	$ (2.01)	$ (0.56)	$ 5.57	$ (7.87)	$ 2.05	$ (2.91)	$ 7.21	$ (3.16)	$ (24.54)

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 870	$ (378)	$ (2,939)
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets	(1,165)	336	(421)
Unrealized gains (losses) on derivatives	25	(175)	26
Foreign currency translation adjustments	(4)	10	1
Defined benefit plans adjustment	7	(19)	3
Other comprehensive income (loss), before income tax	(1,137)	152	(391)
Income tax (expense) benefit related to items of other comprehensive income (loss)	256	259	133
Other Comprehensive Income (Loss), Net of Tax not including change in accounting principle	(881)	411	(258)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(11)	33	(3,197)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	5	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (16)	$ 33	$ (3,197)

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Shareholder's net investment [Member]	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss)	Brighthouse Financial, Inc.'s Stockholders’ Equity	Noncontrolling Interests	Restatement Adjustment [Member]	Restatement Adjustment [Member] Shareholder's net investment [Member]	Restatement Adjustment [Member] Common Stock	Restatement Adjustment [Member] Additional Paid-in Capital	Restatement Adjustment [Member] Retained Earnings (Deficit)	Restatement Adjustment [Member] Treasury Stock [Member]	Restatement Adjustment [Member] Accumulated Other Comprehensive Income (Loss)	Restatement Adjustment [Member] Brighthouse Financial, Inc.'s Stockholders’ Equity	Restatement Adjustment [Member] Noncontrolling Interests
Total Brighthouse Financial, Inc.’s stockholders’ equity		$ 15,316	$ 0	$ 0	$ 0	$ 0	$ 1,523	$ 16,839
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets							0
Beginning Balance at Dec. 31, 2015	$ 16,839								$ 0
Change in shareholders Net Investment	1,220	1,220						1,220
Net income (loss)	(2,939)	(2,939)						(2,939)
Net income (loss)	(2,939)
Other comprehensive income (loss), net of income tax	(258)						(258)	(258)
Ending Balance at Dec. 31, 2016	14,862								0
Total Brighthouse Financial, Inc.’s stockholders’ equity		13,597	0	0	0	0	1,265	14,862
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets							0
Stockholders' Equity, Other	1	1						1
Stockholders' Equity, Period Increase (Decrease)	(1,798)	(1,798)						(1,798)
Change in shareholders Net Investment	1,718	1,718						1,718
Net income (loss)	(378)	(1,085)			707			(378)
Net income (loss)	(378)
Adjustments to Additional Paid in Capital, Other	0	(12,433)	1	12,432				0
Other Separation related transactions	65							0	65
Other comprehensive income (loss), net of income tax	110						110	110
Ending Balance at Dec. 31, 2017	14,580								65	$ 14,576								$ 65
Total Brighthouse Financial, Inc.’s stockholders’ equity	14,515	0	1	12,432	406	0	1,676	14,515			$ 0	$ 1	$ 12,432	$ 481	$ 0	$ 1,597	$ 14,511
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	(4)				75		(79)	(4)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets \| Adjustments for New Accounting Pronouncement [Member]	0				(301)		301	0
Treasury Stock, Value, Acquired, Cost Method	(105)					(105)		(105)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	28			41		(13)		28
Net income (loss)	865				865			865	5
Net income (loss)	870
Other Separation related transactions	(5)							0	(5)
Other comprehensive income (loss), net of income tax	(881)						(881)	(881)
Ending Balance at Dec. 31, 2018	14,483								$ 65
Total Brighthouse Financial, Inc.’s stockholders’ equity	$ 14,418	$ 0	$ 1	$ 12,473	$ 1,346	$ (118)	$ 716	$ 14,418

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income (loss)	$ 870	$ (378)	$ (2,939)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expenses	18	17	17
Amortization of premiums and accretion of discounts associated with investments, net	(264)	(276)	(235)
(Gains) losses on investments, net	207	28	78
(Gains) losses on derivatives, net	(45)	3,000	7,093
(Income) loss from equity method investments, net of dividends and distributions	(66)	(46)	(7)
Interest credited to policyholder account balances	1,079	1,111	1,165
Universal life and investment-type product policy fees	(3,835)	(3,898)	(3,782)
Goodwill impairment	0	0	161
Change in accrued investment income	(171)	(80)	(33)
Change in premiums, reinsurance and other receivables	(207)	197	40
Change in deferred policy acquisition costs and value of business acquired, net	725	(33)	38
Change in income tax	1,082	(117)	(2,084)
Change in other assets	2,129	2,254	2,240
Change in future policy benefits and other policy-related balances	1,358	1,418	2,438
Change in other liabilities	72	70	(586)
Other, net	110	129	132
Net cash provided by (used in) operating activities	3,062	3,396	3,736
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	15,819	17,214	46,130
Sales, maturities and repayments of equity securities	22	97	224
Sales, maturities and repayments of mortgage loans	797	742	1,602
Sales, maturities and repayments of real estate and real estate joint ventures	87	77	450
Sales, maturities and repayments of other limited partnership interests	188	264	417
Purchases of fixed maturity securities	(16,460)	(18,782)	(39,687)
Purchases of equity securities	(2)	(2)	(58)
Purchases of mortgage loans	(3,890)	(2,041)	(2,855)
Purchases of real estate and real estate joint ventures	(31)	(268)	(75)
Purchases of other limited partnership interests	(327)	(263)	(203)
Cash received in connection with freestanding derivatives	1,803	1,865	709
Cash paid in connection with freestanding derivatives	(2,940)	(3,831)	(2,765)
Receipts on loans to a former affiliate	0	0	50
Net change in policy loans	103	(6)	111
Net change in short-term investments	312	1,030	616
Net change in other invested assets	(19)	(13)	8
Other, net	0	2	0
Net cash provided by (used in) investing activities	(4,538)	(3,915)	4,674
Cash flows from financing activities
Policyholder account balances: Deposits	6,480	4,990	10,712
Policyholder account balances: Withdrawals	(3,494)	(3,103)	(12,379)
Net change in payables for collateral under securities loaned and other transactions	888	(3,147)	(3,247)
Long-term debt issued	375	3,588	0
Long-term debt repaid	(9)	(13)	(26)
Collateral financing arrangement repaid	0	(2,797)	0
Treasury stock acquired in connection with share repurchases	(105)	0	0
Distribution to MetLife, Inc.	0	(1,798)	0
Cash received from MetLife, Inc. in connection with shareholder’s net investment	0	293	1,833
Cash paid to MetLife, Inc. in connection with shareholder’s net investment	0	(668)	(634)
Financing element on certain derivative instruments and other derivative related transactions, net	(303)	(149)	(1,011)
Other, net	(68)	(48)	0
Net cash provided by (used in) financing activities	3,764	(2,852)	(4,752)
Change in cash, cash equivalents and restricted cash	2,288	(3,371)	3,658
Cash, cash equivalents and restricted cash, beginning of year	1,857	5,228	1,570
Cash, cash equivalents and restricted cash, end of year	4,145	1,857	5,228
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	159	155	186
Net cash paid (received) for income tax	(895)	(637)	189
Non-cash transactions:
Transfer of fixed maturity securities from former affiliates	0	0	4,030
Transfer of mortgage loans from former affiliates	0	0	662
Transfer of short-term investments from former affiliates	0	0	94
Transfer of fixed maturity securities to former affiliates	0	293	346
Reduction of other invested assets in connection with affiliated reinsurance transactions	0	0	676
Reduction of policyholder account balances in connection with reinsurance transactions	$ 0	$ 293	$ 0

Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

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

Business

“Brighthouse Financial” and the “Company” refer to Brighthouse Financial, Inc. and its subsidiaries (formerly, MetLife U.S. Retail Separation Business). Brighthouse Financial, Inc. (“BHF”) is a holding company formed to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former Retail segment. BHF 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 former Corporate Benefit Funding segment (the “Separation”), which was completed on August 4, 2017.

The Company is one of the largest providers of annuity products and life insurance in the United States through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. 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.

Until the completion of the Separation on August 4, 2017, BHF was a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). MetLife, Inc. undertook several actions, including an internal reorganization involving its U.S. retail business (the “Restructuring”) to include Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY (“BHNY”), New England Life Insurance Company (“NELICO”), Brighthouse Reinsurance Company of Delaware (“BRCD”) and Brighthouse Investment Advisers, LLC in the separated business. In connection with the Restructuring, effective April 2017, following receipt of applicable regulatory approvals, MetLife, Inc. contributed certain affiliated reinsurance companies and BHNY to Brighthouse Life Insurance Company. The affiliated reinsurance companies, which included MetLife Reinsurance Company of Delaware, MetLife Reinsurance Company of South Carolina (“MRSC”) and a designated protected cell of MetLife Reinsurance Company of Vermont (“MRV Cell”), were then merged into BRCD, a licensed reinsurance subsidiary of Brighthouse Life Insurance Company. On July 28, 2017, MetLife, Inc. contributed Brighthouse Holdings, LLC (“BH Holdings”) to BHF. See Notes 10 and 14.

On August 4, 2017, BHF entered into the Master Separation Agreement with MetLife and MetLife, Inc. completed the Separation through a distribution of 80.8% of MetLife, Inc.’s interest in BHF, to holders of MetLife, Inc.’s common stock and retained the remaining 19.2%. As a result, BHF became an independent, publicly traded company on the Nasdaq Stock Market under the symbol “BHF.”

On June 14, 2018, MetLife, Inc. divested its remaining shares of BHF 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.

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 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 financial statements presented in this annual report for periods on or after the Separation are presented on a consolidated basis and include the financial position, results of operations and cash flows of the Company. The accompanying consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and joint ventures in which the Company has control. Intercompany accounts and transactions have been eliminated.

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

Combination

The financial statements for the periods prior to the Separation are presented on a combined basis and reflect the historical combined results of operations and cash flows. The combined statements of operations reflect certain corporate expenses allocated to the Company by MetLife for certain corporate functions and for shared services provided by MetLife. These expenses were allocated to the Company based on direct usage or benefit where specifically identifiable, with the remainder allocated based upon other reasonable allocation measures. The Company considers the expense methodology and results to be reasonable for all periods presented. See Note 16 for further information on expenses allocated by MetLife.

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

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

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

Reclassifications

Certain amounts in the prior years’ consolidated and combined financial statements and related footnotes thereto have been reclassified to conform with the current year presentation as discussed throughout the Notes to the Consolidated and Combined 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.

Summary of Significant Accounting Policies

Insurance

Future Policy Benefit Liabilities and Policyholder Account Balances

The Company establishes liabilities for future amounts payable under insurance policies. Insurance liabilities are generally equal to the present value of future expected benefits to be paid, reduced by the present value of future expected net premiums. Assumptions used to measure the liability are based on the Company’s experience and include a margin for adverse deviation. The principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, benefit utilization and withdrawals, policy lapse, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type.

For traditional long duration insurance contracts (term, whole-life insurance and income annuities), assumptions are determined at issuance of the policy and are not updated unless a premium deficiency exists. A premium deficiency exists when the liability for future policy benefits plus the present value of expected future gross premiums are less than expected future benefits and expenses (based on current assumptions). When a premium deficiency exists, the Company will reduce any deferred acquisition costs and may also establish an additional liability to eliminate the deficiency. To assess whether a premium deficiency exists, the Company groups insurance contracts based on the manner acquired, serviced and the measurement of profitability. In applying the profitability criteria, groupings are limited by segment.

In certain cases, the liability for an insurance product may be sufficient in the aggregate, but the pattern of future earnings may result in profits followed by losses. In these situations, the Company may establish an additional liability to offset the losses that are expected to be recognized in later years.

Policyholder account balances relate to customer deposits on universal life insurance and deferred annuity contracts and are equal to the sum of deposits, plus interest credited, less charges and withdrawals.

Liabilities for secondary guarantees on universal and variable life insurance contracts are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the contract period based on total expected assessments. The Company also maintains a liability for profits followed by losses on universal life insurance with secondary guarantees. The assumptions used in estimating the secondary guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”) and are reviewed and updated at least annually. The assumptions of investment performance and volatility for variable products are consistent with historical experience of the appropriate underlying separate account funds. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios.

See “— Variable Annuity Guarantees” for additional information on the Company’s variable annuity guarantee features that are accounted for as insurance liabilities and recorded in future policy benefits, as well as the guarantee features that are accounted for at fair value as embedded derivatives and recorded in policyholder account balances.

Recognition of Insurance Revenues and Deposits

Premiums related to traditional life insurance and annuity contracts are recognized as revenues when due from policyholders. When premiums are due over a significantly shorter period than the period over which policyholder benefits are incurred, any excess profit is deferred and recognized into earnings in proportion to insurance in-force or, for annuities, the amount of expected future policy benefit payments.

Deposits related to universal life insurance, deferred annuity contracts and investment contracts are credited to policyholder account balances. Revenues from such contracts consist of asset-based investment management fees, mortality charges, risk charges, policy administration fees and surrender charges. These fees are recognized when assessed to the contract holder and are included in universal life and investment-type product policy fees on the statements of operations.

Premiums, policy fees, policyholder benefits and expenses are presented net of reinsurance.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. These costs mainly consist of commissions and include the portion of employees’ compensation and benefits related to time spent selling, underwriting or processing the issuance of new insurance contracts. All other acquisition-related costs are expensed as incurred.

Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity and investment-type contracts in-force as of the acquisition date. The estimated fair value of the acquired contracts is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors.

The Company amortizes DAC and VOBA related to term life insurance, non-participating whole-life and immediate annuities over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policy benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits.

The Company amortizes DAC and VOBA on deferred annuities, universal life and variable life insurance contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon investment returns in excess of the amounts credited to policyholders, mortality, persistency, benefit elections and withdrawals, interest crediting rates, and expenses to administer the business. When significant negative gross profits are expected in future periods, the Company substitutes the amount of insurance in-force for expected future gross profits as the amortization basis for DAC.

Assumptions for DAC and VOBA are reviewed at least annually, and if they change significantly, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to net income. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to net income. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits.

The Company updates expected future gross profits to reflect the actual gross profits for each period, including changes to its nonperformance risk related to embedded derivatives and the actual amount of business remaining in-force. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to net income. The opposite result occurs when the actual gross profits are below the previously expected future gross profits.

DAC and VOBA balances on deferred annuities, universal and variable life insurance contracts are also adjusted to reflect the effect of investment gains and losses and certain embedded derivatives (including changes in nonperformance risk). These adjustments can create fluctuations in net income from period to period. Changes in DAC and VOBA balances related to unrealized gains and losses are recorded to other comprehensive income (loss) (“OCI”).

DAC and VOBA balances and amortization for variable contracts can be significantly impacted by changes in expected future gross profits related to projected separate account rates of return. The Company’s practice of determining changes in separate account returns assumes that long-term appreciation in equity markets is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes.

Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of an existing contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If a modification is considered to have substantially changed the contract, the associated DAC or VOBA is written off immediately as net income and any new acquisition costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed.

See Note 4 for additional information on DAC and VOBA.

The Company also has deferred sales inducements (“DSI”) and value of distribution agreements (“VODA”) which are included in other assets. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in policyholder benefits and claims. VODA represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. The VODA associated with past business combinations is amortized over useful lives ranging from 10 to 40 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews DSI and VODA to determine whether the assets are impaired.

Reinsurance

The Company enters into reinsurance arrangements pursuant to which it cedes certain insurance risks to unaffiliated reinsurers. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The accounting for reinsurance arrangements depends on whether the arrangement provides indemnification against loss or liability relating to insurance risk in accordance with GAAP.

For ceded reinsurance of existing in-force blocks of insurance contracts that transfer significant insurance risk, the difference, if any, between the amounts paid or received, and the liabilities ceded or assumed related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment to DAC when there is a gain at inception on the ceding entity and to other liabilities when there is a loss at inception. The net cost of reinsurance is recognized as a component of other expenses when there is a gain at inception and as policyholder benefits and claims when there is a loss and is subsequently amortized on a basis consistent with the methodology used for amortizing DAC related to the underlying reinsured contracts.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate.

The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. Under certain reinsurance agreements, the Company withholds the funds rather than transferring the underlying investments and, as a result, records a funds withheld liability within other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. Certain funds withheld arrangements may also contain embedded derivatives measured at fair value that are related to the investment return on the assets withheld.

The Company accounts for assumed reinsurance similar to directly written business, except for guaranteed minimum income benefits (“GMIBs”), where a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives.

Variable Annuity Guarantees

The Company issues certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (the “Benefit Base”) less withdrawals. In some cases, the Benefit Base may be increased by additional deposits, bonus amounts, accruals or optional market value step-ups.

Certain of the Company’s variable annuity guarantee features are accounted for as insurance liabilities and recorded in future policy benefits while others are accounted for at fair value as embedded derivatives and recorded in policyholder account balances. Generally, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. Alternatively, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize, that is, the policyholder can receive the guarantee on a net basis. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Further, changes in assumptions, principally involving behavior, can result in a change of expected future cash outflows of a guarantee between portions accounted for as insurance liabilities and portions accounted for as embedded derivatives.

Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the life contingent portion of the guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of the GMIBs that require annuitization, as well as the life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value.

These insurance liabilities are accrued over the accumulation phase of the contract in proportion to actual and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns. The scenarios are based on best estimate assumptions consistent with those used to amortize DAC. When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income. The opposite result occurs when the current estimates of future benefits are lower than those previously projected or when current estimates of future assessments exceed those previously projected. At each reporting period, the actual amount of business remaining in-force is updated, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings. See Note 3 for additional details of guarantees accounted for as insurance liabilities.

Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMABs”), and for GMIBs the non-life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value, as well as the guaranteed principal option.

The estimated fair values of guarantees accounted for as embedded derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees. At policy inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees are considered revenue and are reported in universal life and investment-type product policy fees. The percentage of fees included in the initial fair value measurement is not updated in subsequent periods.

The Company updates the estimated fair value of guarantees in subsequent periods by projecting future benefits using capital market and actuarial assumptions including expectations of policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital market scenarios to determine an economic liability. The reported estimated fair value is then determined by taking the present value of these risk-free generated cash flows using a discount rate that incorporates a spread over the risk-free rate to reflect the Company’s nonperformance risk and adding a risk margin. For more information on the determination of estimated fair value of embedded derivatives, see Note 8.

Assumptions for all variable guarantees are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted by a cumulative charge or credit to net income.

Index-linked annuities

The Company issues and assumes through reinsurance index-linked annuities. The crediting rate associated with index-linked annuities is accounted for at fair value as an embedded derivative. The estimated fair value is determined using a combination of an option pricing model and an option-budget approach. Under this approach, the company estimates the cost of funding the crediting rate using option pricing and establishes that cost on the balance sheet as a reduction to the initial deposit amount. In subsequent periods, the embedded derivative is remeasured at fair value while the account value is accreted up to the initial deposit over the estimated life of the contract.

Investments

Net Investment Income and Net Investment Gains (Losses)

Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported within net investment gains (losses), unless otherwise stated herein.

Fixed Maturity Securities Available-For-Sale

The Company’s fixed maturity securities are classified as available-for-sale (“AFS”) and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of OCI, net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Investment gains and losses on sales are determined on a specific identification basis.

Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts and is based on the estimated economic life of the securities, which for residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”) considers the estimated timing and amount of prepayments of the underlying loans. The amortization of premium and accretion of discount of fixed maturity securities also takes into consideration call and maturity dates.

Amortization of premium and accretion of discount on Structured Securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed, and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Securities are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive Structured Securities and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other Structured Securities, the effective yield is recalculated on a retrospective basis.

The Company periodically evaluates fixed maturity securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age. See Note 6 “— Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities.”

For fixed maturity securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the OTTI recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI in earnings (“credit loss”). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors (“noncredit loss”) is recorded in OCI.

Mortgage Loans

Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and any deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. See Note 6 for information on impairments on mortgage loans.

Policy Loans

Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy.

Real Estate Joint Ventures and Other Limited Partnership Interests

The Company uses the equity method of accounting for investments when it has more than a minor ownership interest or more than a minor influence over the investee’s operations; when the Company has virtually no influence over the investee’s operations the investment is carried at estimated fair value. The Company generally recognizes its share of the equity method 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; while distributions on investments carried at estimated fair value are recognized as earned or received.

Short-term Investments

Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value.

Other Invested Assets

Other invested assets consist principally of freestanding derivatives with positive estimated fair values which are described in “—Derivatives” below.

Securities Lending Program

Securities lending transactions whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, within net investment income.

The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned and maintains it at a level greater than or equal to 100% for the duration of the loan. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Securities loaned under such transactions may be sold or repledged by the transferee. The Company is liable to return to the counterparties the cash collateral received.

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.

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 reported in net derivative gains (losses) except for economic hedges of variable annuity guarantees which are presented in future policy benefits and claims and economic hedges of equity method investments in joint ventures which are presented in net investment income. In connection with changes in its variable annuity hedging strategy, the Company discontinued presenting changes in the estimated fair value of the derivatives in future policy benefits in 2018.

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.

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 and indexed-linked annuities 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 and measured at fair value, separately from the host contract. The Company bifurcates embedded derivatives when a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument, the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract and the underlying contract is not already measured at estimated fair value with changes recorded in earnings.

See “— Variable Annuity Guarantees”, “— Index-Linked Annuities” and “— Reinsurance” for additional information on the accounting policies for embedded derivatives bifurcated from variable annuity and reinsurance host contracts.

Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition.

In determining the estimated fair value of the Company’s investments, fair values are based on unadjusted quoted prices for identical investments in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical investments, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of investments.

Separate Accounts

Separate accounts underlying the Company’s variable life and annuity contracts are reported at fair value. Assets in separate accounts supporting the contract liabilities are legally insulated from the Company’s general account liabilities. Investments in these separate accounts are directed by the contract holder and all investment performance, net of contract fees and assessments, is passed through to the contract holder. Investment performance and the corresponding amounts credited to contract holders of such separate accounts are offset within the same line on the statements of operations.

Separate accounts that do not pass all investment performance to the contract holder, including those underlying certain index-linked annuities, are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses. The accounting for investments in these separate accounts is consistent with the methodologies described herein for similar financial instruments held within the general account.

The Company receives asset-based distribution and service fees from mutual funds available to the variable life and annuity contract holders as investment options in its separate accounts. These fees are recognized in the period in which the related services are performed and are included in other revenues in the statement of operations.

Income Tax

Income taxes as presented herein attribute current and deferred income taxes of MetLife, Inc., for periods up until the Separation, to Brighthouse Financial in a manner that is systematic, rational and consistent with the asset and liability method prescribed by the Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Codification 740 — Income Taxes (“ASC 740”). The Company’s income tax provision was prepared following the modified separate return method. The modified separate return method applies ASC 740 to the standalone financial statements of each member of the consolidated group as if the group member were a separate taxpayer and a standalone enterprise, after providing benefits for losses. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions.

Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse.

The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including the jurisdiction in which the deferred tax asset was generated, the length of time that carryforward can be utilized in the various taxing jurisdictions, future taxable income exclusive of reversing temporary differences and carryforwards, future reversals of existing taxable temporary differences, taxable income in prior carryback years, tax planning strategies and the nature, frequency, and amount of cumulative financial reporting income and losses in recent years.

The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made.

The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense.

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“the Tax Act”) into law. The Tax Act reduced the corporate tax rate to 21%, limited deductibility of interest expense, increased capitalization amounts for deferred acquisition costs, eliminated the corporate alternative minimum tax, provided for determining reserve deductions as 92.81% of statutory reserves, and reduced the dividend received deduction. Most of the changes in the Tax Act were effective as of January 1, 2018.

In December 2017, the U.S. Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin (“SAB”) 118, addressing the application of GAAP in situations when a registrant does not have necessary information available to complete the accounting for certain income tax effects of the Tax Act. SAB 118 provides guidance for registrants under three scenarios: (1) the measurement of certain income tax effects is complete, (2) the measurement of certain income tax effects can be reasonably estimated, and (3) the measurement of certain income tax effects cannot be reasonably estimated. SAB 118 provides that the measurement period is complete when a company’s accounting is complete. The measurement period cannot extend beyond one year from the enactment date. The Company completed its accounting for the tax effects of the Tax Act as of December 31, 2018.

The corporate rate reduction also left certain tax effects, which were originally recorded using the previous corporate rate, stranded in AOCI. The Company adopted new accounting guidance as of December 31, 2017 that allowed the Company to reclassify the stranded tax effects from AOCI into retained earnings. The Company elected to reclassify amounts based on the difference between the previously enacted statutory tax rate and the newly enacted rate as applied on an aggregate basis. See Note 13 for more information.

Litigation Contingencies

The Company is a party to a number of legal actions and may be involved in a number of regulatory investigations. Given the inherent unpredictability of these matters, it is difficult to estimate the impact, on the Company’s financial position. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected on the Company’s financial statements.

Other Accounting Policies

Cash and Cash Equivalents

The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, which approximates estimated fair value.

Employee Benefit Plans

Brighthouse Services, LLC (“Brighthouse Services”), an affiliate, sponsors qualified and nonqualified defined contribution plans, and NELICO sponsors certain frozen defined benefit pension and postretirement plans. NELICO recognizes the funded status of each of its pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits in other assets or other liabilities.

Actuarial gains and losses result from differences between the actual experience and the assumed experience on plan assets or PBO during a particular period and are recorded in AOCI. To the extent such gains and losses exceed 10% of the greater of the PBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate. Prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate.

Net periodic benefit costs are determined using management estimates and actuarial assumptions; and are comprised of service cost, interest cost, expected return on plan assets, amortization of net actuarial (gains) losses, settlement and curtailment costs, and amortization of prior service costs (credit).

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the FASB in the form of accounting standards updates (“ASU”) 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 consolidated 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 consolidated financial statements.

Except as noted below, the ASUs adopted by the Company during 2018 did not have a material impact on its consolidated financial statements. ASUs adopted as of December 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities	The new guidance changes the current accounting guidance related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option 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 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 11.

ASUs issued but not yet adopted as of December 31, 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 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 requirement to measure all variable annuity guarantees at fair value.
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 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. The Company expects the most significant impacts to be earlier recognition of impairments 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 does not expect a material impact on its financial statements from adoption of the new guidance.

Segment Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Information

2. Segment Information

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

Annuities

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

Life

The Life segment consists of insurance products and services, including term, universal, whole 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 (“ULSG”).

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 BHF’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 GMIB 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 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 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 years ended December 31, 2018, 2017 and 2016 and at December 31, 2018 and 2017. The segment accounting policies are the same as those used to prepare the Company’s consolidated and combined financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

Beginning in the first quarter of 2018, the Company changed the methodology for how capital is allocated to segments and, in some cases, products (the “Portfolio Realignment”). Segment investment and capitalization targets are now based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital (“RBC”). 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 BHF’s common shareholders or adjusted earnings, but it did impact segment results for the year ended December 31, 2018. It was not practicable to determine the impact of the Portfolio Realignment to adjusted earnings in prior periods; however, the Company estimates that pre-tax adjusted earnings in the Life segment for the year ended December 31, 2018 increased between $120 million and $140 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
Year Ended December 31, 2018	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,233	$	285	$	(57	)	$	(431	)	$	1,030
Provision for income tax expense (benefit)	210		57		(14		)	(120		)	133
Post-tax adjusted earnings	1,023		228		(43		)	(311		)	897
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			5			5
Adjusted earnings	$	1,023	$	228	$	(43	)	$	(316	)	892
Adjustments for:
Net investment gains (losses)											(207		)
Net derivative gains (losses)											702
Other adjustments to net income											(536		)
Provision for income tax (expense) benefit											14
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	865

Interest revenue	$	1,536	$	449	$	1,310		$	57
Interest expense	$	—	$	—	$	—		$	158



Balance at December 31, 2018	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total assets	$	141,489	$	20,449	$	32,393	$	11,963	$	206,294
Separate account assets	$	91,922	$	4,679	$	1,655	$	—	$	98,256
Separate account liabilities	$	91,922	$	4,679	$	1,655	$	—	$	98,256



	Operating Results
Year Ended December 31, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,386	$	7		$	147	$	57		$	1,597
Provision for income tax expense (benefit)	369		(9		)	43		274			677
Post-tax adjusted earnings	1,017		16			104		(217		)	920
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—			—
Adjusted earnings	$	1,017	$	16		$	104	$	(217	)	920
Adjustments for:
Net investment gains (losses)											(28		)
Net derivative gains (losses)											(1,620		)
Other adjustments to net income											(564		)
Provision for income tax (expense) benefit											914
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(378	)

Interest revenue	$	1,277	$	342		$	1,399	$	192
Interest expense	$	—	$	—		$	23	$	132



Balance at December 31, 2017	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total assets	$	154,667	$	18,049	$	36,824	$	14,652	$	224,192
Separate account assets	$	109,888	$	5,250	$	3,119	$	—	$	118,257
Separate account liabilities	$	109,888	$	5,250	$	3,119	$	—	$	118,257



	Operating Results
Year Ended December 31, 2016	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,636	$	26	$	(834	)	$	39		$	867
Provision for income tax expense (benefit)	484		—		(295		)	(8		)	181
Post-tax adjusted earnings	1,152		26		(539		)	47			686
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			—			—
Adjusted earnings	$	1,152	$	26	$	(539	)	$	47		686
Adjustments for:
Net investment gains (losses)											(78		)
Net derivative gains (losses)											(5,851		)
Other adjustments to net income											357
Provision for income tax (expense) benefit											1,947
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(2,939	)

Interest revenue	$	1,451	$	371	$	1,441		$	239
Interest expense	$	—	$	—	$	61		$	111

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



	Years Ended December 31,
	2018		2017			2016
	(In millions)
Annuities	$	4,567	$	4,370		$	4,958
Life	1,389		1,315			1,249
Run-off	2,112		2,147			2,343
Corporate & Other	152		510			401
Adjustments	745		(1,500		)	(5,933		)
Total	$	8,965	$	6,842		$	3,018

The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Annuity products	$	3,304	$	3,363	$	3,938
Life insurance products	1,827		1,822		1,745
Other products	1		227		57
Total	$	5,132	$	5,412	$	5,740

Substantially all of the Company’s premiums, universal life and investment-type product policy fees and other revenues originated in the U.S.

Revenues derived from any individual customer did not exceed 10% of premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2018, 2017 and 2016.

Insurance

12 Months Ended

Dec. 31, 2018

Insurance [Abstract]

Insurance

3. Insurance

Insurance Liabilities

Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2018		2017
	(In millions)
Annuities	$	37,433	$	34,281
Life	8,785		8,542
Run-off	25,448		27,027
Corporate & Other	7,597		7,534
Total	$	79,263	$	77,384

Assumptions for Future Policyholder Benefits and Policyholder Account Balances

For non-participating term and whole-life insurance, assumptions for mortality and persistency are based upon the Company’s experience. Interest rate assumptions for the aggregate future policy benefit liabilities range from 3% to 9%. The liability for single premium immediate annuities is based on the present value of expected future payments using the Company’s experience for mortality assumptions, with interest rate assumptions used in establishing such liabilities ranging from 2% to 8%.

Participating whole-life insurance uses an interest assumption based upon non-forfeiture interest rate, ranging from 4% to 5%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole-life insurance represented 3% of the Company’s life insurance in-force at both December 31, 2018 and 2017, and 38%, 38% and 42% of gross traditional life insurance premiums for the years ended December 31, 2018, 2017 and 2016, respectively.

The liability for future policyholder benefits for long-term disability (included in the Life segment) and long-term care insurance (included in the Run-off segment) includes assumptions based on the Company’s experience for future morbidity, withdrawals and interest. Interest rate assumptions used for long-term disability in establishing such liabilities range from 4% to 7%. Claim reserves for these products include best estimate assumptions for claim terminations, expenses and interest. Interest rate assumptions used for establishing long-term care claim liabilities range from 3% to 7%.

Policyholder account balances liabilities for deferred annuities and universal life insurance have interest credited rates ranging from 1% to 7%.

Guarantees

The Company issues variable annuity contracts with guaranteed minimum benefits. GMABs, the non-life-contingent portion of 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 7.

The assumptions for GMDBs and GMIBs included in future policyholder benefits include projected separate account rates of return, general account investment returns, interest crediting rates, mortality, in-force or persistency, benefit elections and withdrawals, and expenses to administer business. GMIBs also include an assumption for the percentage of the potential annuitizations that may be elected by the contract holder, while GMWBs include assumptions for withdrawals.

The Company also has universal and variable life insurance contracts with secondary guarantees.

See Note 1 for more information on GMDBs and GMIBs accounted for as insurance liabilities.

Information regarding the liabilities for guarantees (excluding policyholder account balances and embedded derivatives) relating to variable annuity contracts and universal and variable life insurance contracts was as follows:



	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
	(In millions)
Direct
Balance at January 1, 2016	$	845		$	2,004		$	2,787		$	5,636
Incurred guaranteed benefits	339			331			753			1,423
Paid guaranteed benefits	(60		)	—			—			(60		)
Balance at December 31, 2016	1,124			2,335			3,540			6,999
Incurred guaranteed benefits	373			374			692			1,439
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2017	1,439			2,709			4,232			8,380
Incurred guaranteed benefits	186			365			484			1,035
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2018	$	1,567		$	3,074		$	4,716		$	9,357
Net Ceded/(Assumed)
Balance at January 1, 2016	$	(20	)	$	10		$	1,007		$	997
Incurred guaranteed benefits	48			10			98			156
Paid guaranteed benefits	(55		)	—			—			(55		)
Balance at December 31, 2016	(27		)	20			1,105			1,098
Incurred guaranteed benefits	101			(20		)	(160		)	(79		)
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2017	18			—			945			963
Incurred guaranteed benefits	49			—			18			67
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2018	$	11		$	—		$	963		$	974
Net
Balance at January 1, 2016	$	865		$	1,994		$	1,780		$	4,639
Incurred guaranteed benefits	291			321			655			1,267
Paid guaranteed benefits	(5		)	—			—			(5		)
Balance at December 31, 2016	1,151			2,315			2,435			5,901
Incurred guaranteed benefits	272			394			852			1,518
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2017	1,421			2,709			3,287			7,417
Incurred guaranteed benefits	137			365			466			968
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2018	$	1,556		$	3,074		$	3,753		$	8,383

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



	December 31,
	2018						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)	$	96,865		$	55,967		$	115,147		$	67,110
Separate account value	$	91,837		$	54,731		$	109,792		$	65,782
Net amount at risk	$	11,073	(4)	$	4,128	(5)	$	5,261	(4)	$	2,642	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	December 31,
	2018		2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,099	$	6,244
Net amount at risk (6)	$	73,131	$	75,304
Average attained age of policyholders	65 years		64 years

Variable Life Contracts
Total account value (3)	$	3,230	$	3,379
Net amount at risk (6)	$	23,004	$	24,546
Average attained age of policyholders	50 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 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.

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:



	December 31,
	2018		2017
	(In millions)
Fund Groupings:
Balanced	$	60,040	$	56,979
Equity	25,344		47,571
Bond	8,339		6,662
Money Market	18		657
Total	$	93,741	$	111,869

Obligations Under Funding Agreements

The Company has issued fixed and floating rate funding agreements, which are denominated in either U.S. dollars or foreign currencies, to certain special purpose entities that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. During the years ended December 31, 2018, 2017 and 2016, the Company issued $0, $0 and $1.4 billion, respectively, and repaid $6 million, $6 million and $3.4 billion, respectively, of such funding agreements. At December 31, 2018 and 2017, liabilities for funding agreements outstanding, which are included in policyholder account balances, were $136 million and $141 million, respectively.

Brighthouse Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Atlanta and holds common stock in certain regional banks in the FHLB system. Holdings of FHLB common stock carried at cost at December 31, 2018 and 2017 were $64 million and $71 million, respectively.

Brighthouse Life Insurance Company has also entered into funding agreements with FHLBs. The liabilities for these funding agreements are included in policyholder account balances. Liabilities for FHLB funding agreements at both December 31, 2018 and 2017 were $595 million.

Funding agreements are issued to FHLBs in exchange for cash. The FHLBs have been granted liens on certain assets, some of which are in their custody, including RMBS, to collateralize the Company’s obligations under the funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of the FHLBs as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, the FHLBs recovery on the collateral is limited to the amount of the Company’s liabilities to the FHLBs.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles

12 Months Ended

Dec. 31, 2018

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Intangible Assets Disclosure [Text Block]

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

See Note 1 for a description of capitalized acquisition costs.

Information regarding DAC and VOBA was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
DAC:
Balance at January 1,	$	5,678		$	5,652		$	5,679
Capitalizations	322			260			334
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	(384		)	258			1,400
Other expenses	(560		)	(445		)	(1,656		)
Total amortization	(944		)	(187		)	(256		)
Unrealized investment gains (losses)	93			(47		)	(56		)
Other	—			—			(49		)
Balance at December 31,	5,149			5,678			5,652
VOBA:
Balance at January 1,	608			641			711
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	(1		)	(9		)	2
Other expenses	(105		)	(31		)	(117		)
Total amortization	(106		)	(40		)	(115		)
Unrealized investment gains (losses)	66			7			45
Balance at December 31,	568			608			641
Total DAC and VOBA:
Balance at December 31,	$	5,717		$	6,286		$	6,293

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2018		2017
	(In millions)
Annuities	$	4,550	$	5,047
Life	1,051		1,106
Run-off	5		5
Corporate & Other	111		128
Total	$	5,717	$	6,286

Information regarding other intangibles was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
DSI:
Balance at January 1,	$	431		$	445		$	532
Capitalization	2			2			3
Amortization	(41		)	(5		)	(88		)
Unrealized investment gains (losses)	18			(11		)	(2		)
Balance at December 31,	$	410		$	431		$	445
VODA:
Balance at January 1,	$	105		$	120		$	136
Amortization	(14		)	(15		)	(16		)
Balance at December 31,	$	91		$	105		$	120
Accumulated amortization	$	169		$	155		$	140

The estimated future amortization expense to be reported in other expenses for the next five years is as follows:



	VOBA		VODA
	(In millions)
2019	$	77	$	13
2020	$	58	$	12
2021	$	52	$	10
2022	$	46	$	9
2023	$	41	$	8

Intangible Assets and Liabilities, excluding Goodwill [Text Block]

The estimated future amortization expense to be reported in other expenses for the next five years is as follows:



	VOBA		VODA
	(In millions)
2019	$	77	$	13
2020	$	58	$	12
2021	$	52	$	10
2022	$	46	$	9
2023	$	41	$	8

Reinsurance

12 Months Ended

Dec. 31, 2018

Reinsurance Disclosures [Abstract]

Reinsurance

5. Reinsurance

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 affiliated and unaffiliated companies. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth.

Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 6.

Annuities and Life

For annuities, the Company reinsures portions of the living and death benefit guarantees issued in connection with certain variable annuities to unaffiliated reinsurers. Under these reinsurance agreements, the Company pays a reinsurance premium generally based on fees associated with the guarantees collected from policyholders and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The value of embedded derivatives on the ceded risk is determined using a methodology consistent with the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The Company also reinsures 100% of certain variable annuity risks to a former affiliate and assumed 100% of the living and death benefit guarantees issued in connection with certain variable annuities issued by a former affiliate. The Company cedes certain fixed rate annuities to unaffiliated third-party reinsurers and assumes certain index-linked annuities from an unaffiliated third-party insurer. These reinsurance arrangements are structured on a coinsurance basis and are reported as deposit accounting.

For its life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. The Company currently reinsures 90% of the mortality risk in excess of $2 million for most products. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. On a case by case basis, the Company may retain up to $20 million per life and reinsure 100% of amounts in excess of the amount the Company retains. The Company also reinsures 90% of the risk associated with participating whole life policies to a former affiliate and assumes certain term life policies and universal life policies with secondary death benefit guarantees issued by a former affiliate. The Company evaluates its reinsurance programs routinely and may increase or decrease its retention at any time.

Corporate & Other

The Company reinsures, through 100% quota share reinsurance agreements certain run-off long-term care and workers’ compensation business written by the Company. At December 31, 2018, the Company had $6.6 billion of reinsurance recoverables associated with its reinsured long-term care business. The reinsurer has established trust accounts for the Company’s benefit to secure their obligations under the reinsurance agreements.

Catastrophe Coverage

The Company has exposure to catastrophes which could contribute to significant fluctuations in the Company’s results of operations. The Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks

Reinsurance Recoverables

The Company reinsures its business through a diversified group of reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at both December 31, 2018 and 2017, were not significant.

The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $5.3 billion and $2.6 billion of unsecured reinsurance recoverable balances with third-party reinsurers at December 31, 2018 and 2017, respectively.

At December 31, 2018, the Company had $12.7 billion of net ceded reinsurance recoverables with third-parties. Of this total, $11.1 billion, or 87%, were with the Company’s five largest ceded reinsurers, including $4.0 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2017, the Company had $9.3 billion of net ceded reinsurance recoverables with third-parties. Of this total, $8.0 billion, or 86%, were with the Company’s five largest ceded reinsurers, including $1.4 billion of net ceded reinsurance recoverables which were unsecured.

The amounts on the consolidated and combined statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Premiums
Direct premiums	$	1,699		$	1,795		$	2,296
Reinsurance assumed	11			11			79
Reinsurance ceded	(810		)	(943		)	(1,153		)
Net premiums	$	900		$	863		$	1,222
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	4,296		$	4,430		$	4,300
Reinsurance assumed	95			96			119
Reinsurance ceded	(556		)	(628		)	(637		)
Net universal life and investment-type product policy fees	$	3,835		$	3,898		$	3,782
Other revenues
Direct other revenues	$	373		$	576		$	326
Reinsurance assumed	—			28			87
Reinsurance ceded	24			47			323
Net other revenues	$	397		$	651		$	736
Policyholder benefits and claims
Direct policyholder benefits and claims	$	4,891		$	5,228		$	6,351
Reinsurance assumed	32			31			123
Reinsurance ceded	(1,651		)	(1,623		)	(2,571		)
Net policyholder benefits and claims	$	3,272		$	3,636		$	3,903

The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at:



	December 31,
	2018								2017
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	649	$	39	$	13,009	$	13,697	$	647	$	27	$	12,851	$	13,525
Liabilities
Policyholder account balances	$	38,696	$	1,358	$	—	$	40,054	$	37,510	$	273	$	—	$	37,783
Other policy-related balances	$	1,337	$	1,663	$	—	$	3,000	$	1,311	$	1,674	$	—	$	2,985
Other liabilities	$	3,545	$	33	$	707	$	4,285	$	4,475	$	32	$	756	$	5,263

Effective December 1, 2016, the Company terminated two agreements with a third-party reinsurer which covered 90% of the liabilities on certain participating whole life insurance policies issued between April 1, 2000 and December 31, 2001 by Metropolitan Life Insurance Company (“MLIC”). This termination resulted in a decrease in other invested assets of $713 million, a decrease in DAC and VOBA of $95 million, a decrease in future policy benefits of $654 million, and a decrease in other liabilities of $43 million. The Company recognized a loss of approximately $72 million, net of income tax, as a result of this transaction.

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $1.6 billion at both December 31, 2018 and 2017. The deposit liabilities on reinsurance were $1.3 billion and $247 million at December 31, 2018 and 2017, respectively.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain MetLife, Inc. subsidiaries, including MLIC, Metropolitan Tower Life Insurance Company, MetLife Reinsurance Company of Vermont (“MRV”) and American Life Insurance Company, 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 consolidated and combined statements of operations was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Premiums
Reinsurance assumed	$	6		$	11		$	34
Reinsurance ceded	(201		)	(537		)	(766		)
Net premiums	$	(195	)	$	(526	)	$	(732	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	45		$	96		$	119
Reinsurance ceded	1			(14		)	(60		)
Net universal life and investment-type product policy fees	$	46		$	82		$	59
Other revenues
Reinsurance assumed	$	—		$	27		$	56
Reinsurance ceded	18			44			320
Net other revenues	$	18		$	71		$	376
Policyholder benefits and claims
Reinsurance assumed	$	9		$	30		$	86
Reinsurance ceded	(178		)	(420		)	(757		)
Net policyholder benefits and claims	$	(169	)	$	(390	)	$	(671	)

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



	December 31,
	2018				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 agreement contains 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 December 31, 2018 and 2017, respectively. Net derivative gains (losses) associated with the embedded derivatives were less than ($1) million, ($263) million and $62 million for the years ended December 31, 2018, 2017 and 2016, 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 reinsurance agreements under which MLIC reinsured certain variable annuities, including guaranteed minimum benefits, issued by BHNY and NELICO. As a result of the novation and assignment, the reinsurance agreements are now between Brighthouse Life Insurance Company and BHNY and NELICO. The transaction was treated as a termination of the existing reinsurance agreements with recognition of a loss and new reinsurance agreements 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.

The Company previously assumed risks from MLIC related to guaranteed minimum benefits written directly by MLIC. The assumed reinsurance agreement contained embedded derivatives and changes in their estimated fair value are included within net derivative gains (losses). The embedded derivatives associated with the agreement are recorded within policyholder account balances and was zero at both December 31, 2018 and 2017. Net derivative gains (losses) associated with the embedded derivatives were $0, $110 million and ($27) million for the years ended December 31, 2018, 2017 and 2016, respectively. In January 2017, MLIC recaptured these risks which 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.

In December 2016, the Company recaptured level premium term business previously reinsured to MRV. This recapture resulted in a decrease in cash and cash equivalents of $27 million, a decrease in premiums, reinsurance and other receivables of $94 million and a decrease in other liabilities of $158 million. The Company recognized a gain of $24 million, net of income tax, as a result of this recapture.

In November 2016, the Company recaptured certain single premium deferred annuity contracts previously reinsured to MLIC. This recapture resulted in an increase in investments and cash and cash equivalents of $933 million and increase in DAC of $23 million, offset by a decrease in premiums, reinsurance and other receivables of $923 million. The Company recognized a gain of $22 million, net of income tax, as a result of this recapture.

In April 2016, the Company recaptured risks related to certain single premium deferred annuity contracts previously reinsured to MLIC. As a result of this recapture, the significant effects to the Company were an increase in investments and cash and cash equivalents of $4.3 billion and an increase in DAC of $87 million, offset by a decrease in premiums, reinsurance and other receivables of $4.0 billion. The Company recognized a gain of $246 million, net of income tax, as a result of this recapture.

The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $0 and $2.6 billion of unsecured related party reinsurance recoverable balances at December 31, 2018 and 2017, respectively.

Related party reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on related party reinsurance were $0 and $1.4 billion at December 31, 2018 and 2017, respectively. There were no deposit liabilities on related party reinsurance at both December 31, 2018 and 2017.

Investments

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

See Note 8 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:



	December 31, 2018											December 31, 2017
	Amortized Cost		Gross Unrealized							Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities: (2)
U.S. corporate	$	24,312	$	830	$	669	$	—		$	24,473	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	7,944		1,263		112		—			9,095		14,548		1,862		118		—			16,292
RMBS	8,428		246		129		(2		)	8,547		7,749		285		60		(3		)	7,977
Foreign corporate	8,183		159		316		—			8,026		6,703		386		66		—			7,023
CMBS	5,292		43		88		(1		)	5,248		3,386		53		17		(1		)	3,423
State and political subdivision	3,200		412		15		—			3,597		3,635		553		6		1			4,181
ABS	2,135		13		22		—			2,126		1,810		21		2		—			1,829
Foreign government	1,426		102		32		—			1,496		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,920	$	3,068	$	1,383	$	(3	)	$	62,608	$	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.

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 December 31, 2018 and 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 December 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,818	$	7,874	$	11,672	$	23,701	$	15,855	$	60,920
Estimated fair value	$	1,817	$	7,894	$	11,456	$	25,520	$	15,921	$	62,608

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:



	December 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	10,584	$	470	$	2,328	$	199	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	412		8		1,543		104		4,962		38		1,573		80
RMBS	1,627		26		2,611		101		2,367		14		1,332		43
Foreign corporate	3,982		203		774		113		637		8		603		58
CMBS	2,317		53		803		34		619		6		335		10
State and political subdivision	346		7		158		8		170		3		106		4
ABS	1,422		21		70		1		170		—		74		2
Foreign government	521		26		132		6		155		2		69		2
Total fixed maturity securities	$	21,211	$	814	$	8,419	$	566	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	3,027				1,028				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.

For securities in an unrealized loss position, an OTTI is recognized in earnings when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the OTTI recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI in earnings (“credit loss”). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors (“noncredit loss”) is recorded in OCI.

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 December 31, 2018.

Gross unrealized losses on fixed maturity securities increased $1.0 billion during the year ended December 31, 2018 to $1.4 billion. The increase in gross unrealized losses for the year ended December 31, 2018, was primarily attributable to increasing longer-term interest rates and widening credit spreads.

At December 31, 2018, $12 million of the total $1.4 billion of gross unrealized losses were from 12 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:



	December 31,
	2018					2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	8,529		62.3	%	$	7,375		68.6	%
Agricultural	2,946			21.5		2,276			21.2
Residential	2,276			16.6		1,138			10.6
Subtotal (1)	13,751			100.4		10,789			100.4
Valuation allowances (2)	(57		)	(0.4	)	(47		)	(0.4	)
Total mortgage loans, net	$	13,694		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $1.9 billion and $420 million for the years ended December 31, 2018 and 2017, respectively, and were primarily comprised of residential mortgage loans.


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

Information on commercial, agricultural and residential mortgage loans is presented in the tables below.

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										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(Dollars in millions)
December 31, 2018
Loan-to-value ratios:
Less than 65%	$	7,470	$	89	$	34	$	7,593	89.0	%	$	7,668	89.0	%
65% to 75%	762		—		24		786		9.2		798		9.3
76% to 80%	141		—		9		150		1.8		145		1.7
Greater than 80%	—		—		—		—		—		—		—
Total	$	8,373	$	89	$	67	$	8,529	100.0	%	$	8,611	100.0	%
December 31, 2017
Loan-to-value ratios:
Less than 65%	$	6,309	$	293	$	33	$	6,635	90.0	%	$	6,796	90.2	%
65% to 75%	642		—		14		656		8.9		658		8.7
76% to 80%	42		—		9		51		0.7		50		0.7
Greater than 80%	—		9		24		33		0.4		30		0.4
Total	$	6,993	$	302	$	80	$	7,375	100.0	%	$	7,534	100.0	%

Credit Quality of Agricultural Mortgage Loans

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



	December 31,
	2018				2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,623	89.0	%	$	2,113	92.8	%
65% to 75%	322		10.9		163		7.2
76% to 80%	1		0.1		—		—
Total	$	2,946	100.0	%	$	2,276	100.0	%

The estimated fair value of agricultural mortgage loans was $2.9 billion and $2.3 billion at December 31, 2018 and 2017, respectively.

Credit Quality of Residential Mortgage Loans

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



	December 31,
	2018				2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,240	98.4	%	$	1,106	97.2	%
Nonperforming	36		1.6		32		2.8
Total	$	2,276	100.0	%	$	1,138	100.0	%

The estimated fair value of residential mortgage loans was $2.3 billion and $1.2 billion at December 31, 2018 and 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 December 31, 2018 and 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 mortgage loans past due and no commercial or agricultural mortgage loans in nonaccrual status at either December 31, 2018 or 2017. The Company had one agricultural mortgage loan past due of less than $1 million at December 31, 2018. The recorded investment of residential mortgage loans past due and in nonaccrual status was $36 million and $32 million at December 31, 2018 and 2017, respectively. During the years ended December 31, 2018 and 2017, the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring.

Other Invested Assets

Freestanding derivatives with positive estimated fair values comprise over 90% of other invested assets. See Note 7 for information about freestanding derivatives with positive estimated fair values and see “— Related Party Investment Transactions” for information regarding loans to affiliates. Other invested assets also includes tax credit and renewable energy partnerships, leveraged leases and FHLB stock.

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 $3.1 billion and $1.4 billion at December 31, 2018 and 2017, respectively.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities and the effect on DAC, VOBA, 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:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Fixed maturity securities	$	1,691		$	4,808		$	2,664
Equity securities	—			39			32
Derivatives	264			239			414
Short-term investments	—			—			(42		)
Other	(13		)	(8		)	(26		)
Subtotal	1,942			5,078			3,042
Amounts allocated from:
Future policy benefits	(886		)	(2,626		)	(802		)
DAC, VOBA and DSI	(90		)	(267		)	(216		)
Subtotal	(976		)	(2,893		)	(1,018		)
Deferred income tax benefit (expense)	(203		)	(459		)	(712		)
Net unrealized investment gains (losses)	$	763		$	1,726		$	1,312

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



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Balance, December 31,	$	1,726		$	1,312		$	1,573
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(79		)	—			—
Balance at January 1,	1,647			1,312			1,573
Unrealized investment gains (losses) during the year	(3,057		)	2,036			294
Unrealized investment gains (losses) relating to:
Future policy benefits	1,740			(1,824		)	(676		)
DAC, VOBA and DSI	177			(51		)	(13		)
Deferred income tax benefit (expense)	256			253			134
Balance at December 31,	$	763		$	1,726		$	1,312
Change in net unrealized investment gains (losses)	$	(884	)	$	414		$	(261	)

__________________


(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 December 31, 2018 and 2017.

Securities Lending

Elements of the securities lending program are presented below at:



	December 31,
	2018		2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,056	$	3,085
Estimated fair value	$	3,628	$	3,748
Cash collateral received from counterparties (2)	$	3,646	$	3,791
Security collateral received from counterparties (3)	$	55	$	29
Reinvestment portfolio — estimated fair value	$	3,658	$	3,823

__________________


(1)	Included within fixed maturity securities.


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


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

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



	December 31, 2018								December 31, 2017
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	1,474	$	1,823	$	349	$	3,646	$	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 December 31, 2018 was $1.4 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. and foreign corporate securities, ABS, U.S. government and agency securities, and non-agency RMBS) with 57% invested in agency RMBS, cash equivalents, U.S. government and agency securities or held in cash at December 31, 2018. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

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

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



	December 31,
	2018		2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,176	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	3,455		2,634
Invested assets pledged as collateral (3)	3,341		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	14,972	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policy holder liabilities, of which $55 million and $34 million of the assets on deposit balance represents restricted cash at December 31, 2018 and 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $87 million and $42 million of the assets held in trust balance represents restricted cash at December 31, 2018 and 2017, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3) and derivative transactions (see Note 7).

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

Purchased Credit Impaired Investments

Investments acquired with evidence of credit quality deterioration since origination and for which it is probable at the acquisition date that the Company will be unable to collect all contractually required payments are classified as purchased credit impaired (“PCI”) investments. For each investment, the excess of the cash flows expected to be collected as of the acquisition date over its acquisition date fair value is referred to as the accretable yield and is recognized as net investment income on an effective yield basis. If, subsequently, based on current information and events, it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected to be collected, the accretable yield is adjusted prospectively. The excess of the contractually required payments (including interest) as of the acquisition date over the cash flows expected to be collected as of the acquisition date is referred to as the nonaccretable difference, and this amount is not expected to be realized as net investment income. Decreases in cash flows expected to be collected can result in OTTI.

The Company’s PCI investments had an outstanding principal and interest balance of $1.1 billion and $1.3 billion at December 31, 2018 and 2017, respectively, which represents the contractually required principal and accrued interest, whether or not currently due; and a carrying value (estimated fair value of the investments plus accrued interest) of $881 million and $1.0 billion at December 31, 2018 and 2017, respectively. Accretion of accretable yield on PCI investments recognized in earnings were $65 million and $69 million for the years ended December 31, 2018 and 2017, respectively. Purchases of PCI investments were insignificant in both of the years ended December 31, 2018 and 2017.

Collectively Significant Equity Method Investments

The Company holds investments in real estate joint ventures, real estate funds and other limited partnership interests consisting of leveraged buy-out funds, hedge funds, private equity funds, joint ventures and other funds. The portion of these investments accounted for under the equity method had a carrying value of $2.3 billion at December 31, 2018. The Company’s maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $1.5 billion at December 31, 2018. The Company’s investments in real estate funds and other limited partnership interests are generally of a passive nature in that the Company does not participate in the management of the entities.

As described in Note 1, the Company generally records its share of earnings in its equity method investments using a three-month lag methodology and within net investment income. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) for two of the three most recent annual periods: 2018 and 2017. This aggregated summarized financial data does not represent the Company’s proportionate share of the assets, liabilities, or earnings of such entities.

The aggregated summarized financial data presented below reflects the latest available financial information and is as of and for the years ended December 31, 2018, 2017 and 2016. Aggregate total assets of these entities totaled $344.9 billion and $329.2 billion at December 31, 2018 and 2017, respectively. Aggregate total liabilities of these entities totaled $30.2 billion and $40.0 billion at December 31, 2018 and 2017, respectively. Aggregate net income (loss) of these entities totaled $33.3 billion, $36.4 billion and $21.3 billion for the years ended December 31, 2018, 2017 and 2016, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income and realized and unrealized investment gains (losses).

Variable Interest Entities

The Company has invested in legal entities that are variable interest entities (“VIEs”). VIEs are consolidated when the investor is the primary beneficiary. A primary beneficiary is the variable interest holder in a VIE with both the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at December 31, 2018 or 2017.

The Company’s investments in unconsolidated VIEs are described below.

Fixed Maturity Securities

The Company invests in U.S. corporate bonds, foreign corporate bonds, and Structured Securities, which include RMBS, ABS and CMBS, issued by VIEs. The Company is not obligated to provide any financial or other support to these VIEs, other than the original investment. The Company’s involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the service, special servicer, or investment manager, which are generally viewed as having the power to direct the activities that most significantly impact the economic performance of the VIE, nor does the Company function in any of these roles. The Company does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity; as a result, the Company has determined it is not the primary beneficiary, or consolidator, of the VIE. The Company’s maximum exposure to loss on these fixed maturity securities is limited to the amortized cost of these investments. See “— Fixed Maturity Securities AFS” for information on these securities.

Joint Ventures and Limited Partnerships

The Company holds investments in certain joint ventures and limited partnerships which are VIEs. These ventures include real estate joint ventures, private equity funds, hedge funds, and to a lesser extent tax credit and renewable energy partnerships. The Company is not considered the primary beneficiary, or consolidator, when its involvement takes the form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner’s interest does not provide the Company with any substantive kick-out or participating rights, nor does it provide the Company with the power to direct the activities of the fund. The Company’s maximum exposure to loss on these investments is limited to: (i) the amount invested in debt or equity of the VIE and (ii) commitments to the VIE, as described in Note 15.



	December 31,
	2018				2017
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,099	$	13,099	$	11,965	$	11,965
Joint ventures and limited partnerships	1,756		3,145		1,593		2,552
Total	$	14,855	$	16,244	$	13,558	$	14,517

Net Investment Income

The components of net investment income were as follows:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Investment income:
Fixed maturity securities	$	2,565	$	2,420	$	2,642
Equity securities	7		9		14
Mortgage loans	543		454		413
Policy loans	85		73		78
Real estate joint ventures	47		53		32
Other limited partnership interests	211		184		163
Cash, cash equivalents and short-term investments	35		35		20
Other	41		28		21
Subtotal	3,534		3,256		3,383
Less: Investment expenses	196		178		176
Net investment income	$	3,338	$	3,078	$	3,207

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

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Total gains (losses) on fixed maturity securities:
OTTI losses on fixed maturity securities recognized in earnings	$	—		$	(1	)	$	(22	)
Fixed maturity securities — net gains (losses) on sales and disposals	(180		)	(25		)	(40		)
Total gains (losses) on fixed maturity securities	(180		)	(26		)	(62		)
Total gains (losses) on equity securities:
OTTI losses on equity securities recognized in earnings	—			(4		)	(2		)
Equity securities — Mark to market and net gains (losses) on sales and disposals	(16		)	26			10
Total gains (losses) on equity securities	(16		)	22			8
Mortgage loans	(13		)	(9		)	6
Real estate joint ventures	42			4			(34		)
Other limited partnership interests	(2		)	(11		)	(7		)
Other	(38		)	(8		)	11
Total net investment gains (losses)	$	(207	)	$	(28	)	$	(78	)

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.



	Years Ended December 31,
	2018			2017			2016
	Fixed Maturity Securities
	(In millions)
Proceeds	$	11,251		$	12,665		$	39,800
Gross investment gains	$	102		$	59		$	266
Gross investment losses	(282		)	(84		)	(306		)
OTTI losses	—			(1		)	(22		)
Net investment gains (losses)	$	(180	)	$	(26	)	$	(62	)

Related Party Investment Transactions

The Company previously transferred invested assets, primarily consisting of fixed maturity securities, to former affiliates. The estimated fair value of invested assets transferred to former affiliates was $0, $292 million and $1.5 billion for the years ended December 31, 2018, 2017 and 2016, respectively. The amortized cost of invested assets transferred to former affiliates was $0, $294 million and $1.4 billion for the years ended December 31, 2018, 2017, and 2016, respectively. The net investment gains (losses) recognized on transfers of invested assets to former affiliates was $0, ($2) million and $27 million for the years ended December 31, 2018, 2017, and 2016, respectively. Additionally, the Company received invested assets from former affiliates with an estimated fair value of $5.6 billion for the year-ended December 31, 2016. The Company did not receive invested assets from former affiliates for the years ended December 31, 2018 and 2017.

In April 2016 and in November 2016, the Company received transfers of investments and cash and cash equivalents of $5.2 billion for the recapture of risks related to certain single premium deferred annuity contracts previously reinsured to MLIC, a former affiliate. See Note 5 for additional information related to these transfers.

At December 31, 2016, 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.

In January 2017, MLIC 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. See Note 5 for additional information related to the transfer.

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 $50 million, $95 million and $100 million for the years ended December 31, 2018, 2017 and 2016, 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

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Financial Instruments

7. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 8 for information about the fair value hierarchy for 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 and futures.

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 a floating 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 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 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 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 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 a floating 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. 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:



		December 31,
		2018						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	2,524		211		30		1,827		94		75
Subtotal		2,524		211		30		1,854		99		75
Total qualifying hedges		2,524		211		30		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Interest rate swaps	Interest rate	10,747		528		558		20,213		922		774
Interest rate caps	Interest rate	3,350		21		—		2,671		7		—
Interest rate futures	Interest rate	54		—		—		282		1		—
Interest rate options	Interest rate	17,168		168		61		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,409		101		18		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	125		—		—		130		—		1
Credit default swaps — purchased	Credit	98		3		—		65		—		1
Credit default swaps — written	Credit	1,820		14		3		1,900		40		—
Equity futures	Equity market	169		—		—		2,713		15		—
Equity index options	Equity market	45,815		1,372		1,207		47,066		794		1,664
Equity variance swaps	Equity market	5,574		80		232		8,998		128		430
Equity total return swaps	Equity market	3,920		280		3		1,767		—		79
Total non-designated or nonqualifying derivatives		90,249		2,567		2,082		111,520		2,111		3,054
Total		$	92,773	$	2,778	$	2,112	$	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 December 31, 2018 and 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:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Qualifying hedges:
Net investment income	$	28	$	23	$	21
Nonqualifying hedges:
Net derivative gains (losses)	166		314		461
Policyholder benefits and claims	—		8		15
Total	$	194	$	345	$	497

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):



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—	$	—		$	—
Total fair value hedges	(12		)	12			—		—			—
Cash flow hedges (5):
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	—		—			164
Total cash flow hedges	129			(2		)	5		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(735		)	—			—		—			—
Foreign currency exchange rate derivatives	66			(8		)	—		—			—
Credit derivatives	(19		)	—			—		—			—
Equity derivatives	571			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	417			(8		)	—		(8		)	—
Total	$	534		$	2		$	5	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	2		$	(2	)	$	—		$	—		$	—
Total fair value hedges	2			(2		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	—			—			(160		)
Total cash flow hedges	12			(9		)	6			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(324		)	—			—			8			—
Foreign currency exchange rate derivatives	(99		)	(33		)	—			—			—
Credit derivatives	21			—			—			—			—
Equity derivatives	(2,584		)	—			(1		)	(341		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,904		)	(33		)	(1		)	(349		)	—
Total	$	(1,890	)	$	(44	)	$	5		$	(349	)	$	(157	)



	Year Ended December 31, 2016
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—		$	—		$	—
Total fair value hedges	1			(1		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	35			—			5			—			28
Foreign currency exchange rate derivatives	5			(3		)	—			—			43
Total cash flow hedges	40			(3		)	5			—			71
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2,872		)	—			—			(4		)	—
Foreign currency exchange rate derivatives	76			(15		)	—			—			—
Credit derivatives	10			—			—			—			—
Equity derivatives	(1,724		)	—			(6		)	(320		)	—
Embedded derivatives	(1,824		)	—			—			(4		)	—
Total non-qualifying hedges	(6,334		)	(15		)	(6		)	(328		)	—
Total	$	(6,293	)	$	(19	)	$	(1	)	$	(328	)	$	71

______________


(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, $12 million and $1 million for the years ended December 31, 2018, 2017 and 2016, respectively.

There were no hedged forecasted transactions, other than the receipt of payment of variable interest payments, for December 31, 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 December 31, 2018 and 2017, the balance in AOCI associated with cash flow hedges was $264 million and $239 million,

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:



	December 31,
	2018					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	$	8	$	689	2.0	$	12	$	558	2.8
Baa	3		1,131		5.0	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	11	$	1,820	3.9	$	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”), S&P 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.

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 8 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:



	December 31,
	2018						2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,813		$	2,102		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	20			2			70			40
Total gross estimated fair value of derivatives (1)	2,833			2,104			2,303			3,121
Estimated fair value of derivatives presented on the consolidated and combined balance sheets (1), (6)	2,833			2,104			2,303			3,121
Gross amounts not offset on the consolidated and combined balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,669		)	(1,669		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	(2		)	(2		)	(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(1,047		)	—			(257		)	—
OTC-cleared and Exchange-traded	(15		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(86		)	(433		)	(31		)	(1,138		)
Net amount after application of master netting agreements and collateral	$	14		$	—		$	44		$	1

__________________


(1)	At December 31, 2018 and 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $55 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 December 31, 2018 and 2017, the Company received excess cash collateral of $349 million and $94 million, respectively, and provided excess cash collateral of $64 million 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 December 31, 2018, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At December 31, 2018 and 2017, the Company received excess securities collateral with an estimated fair value of $59 million and $337 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2018 and 2017, the Company provided excess securities collateral with an estimated fair value of $364 million and $471 million, respectively, for its OTC-bilateral derivatives, $81 million and $427 million, respectively, for its OTC-cleared derivatives, and $14 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.



	December 31,
	2018		2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	433	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	797	$	1,414

__________________


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

Embedded Derivatives

The Company issues certain insurance contracts that contain embedded derivatives that are required to be separated from their host contracts and measured at fair value. These host contracts include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; index-linked annuities that are directly written or assumed through reinsurance; and ceded reinsurance of variable annuity GMIBs.

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:



		December 31,
	Balance Sheet Location	2018		2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum income benefits	Premiums, reinsurance and other receivables	$	228	$	227
Options embedded in debt or equity securities (1)	Investments	—		(52		)
Embedded derivatives within asset host contracts		$	228	$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,642	$	1,212
Direct index-linked annuities	Policyholder account balances	488		674
Assumed index-linked annuities	Policyholder account balances	96		1
Embedded derivatives within liability host contracts		$	2,226	$	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:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Net derivative gains (losses) (1), (2)	$	534		$	1,082		$	(1,824	)
Policyholder benefits and claims	$	(8	)	$	(16	)	$	(4	)

__________________


(1)	The valuation of direct guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $466 million, $290 million and $246 million for the years ended December 31, 2018, 2017 and 2016, respectively.


(2)	See Note 5 for discussion of related party net derivative gains (losses).

Fair Value

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

8. Fair Value

When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows:



Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.



Level 2	Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.



Level 3	Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

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, are presented below. Investments that do not have a readily determinable fair value and are measured at net asset value (“NAV”) (or equivalent) as practical expedient to estimated fair value are excluded from the fair value hierarchy.



	December 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	24,150	$	323	$	24,473
U.S government and agency	2,722		6,373		—		9,095
RMBS	—		8,541		6		8,547
Foreign corporate	—		7,617		409		8,026
CMBS	—		5,120		128		5,248
State and political subdivision	—		3,523		74		3,597
ABS	—		2,087		39		2,126
Foreign government	—		1,496		—		1,496
Total fixed maturity securities	2,722		58,907		979		62,608
Equity securities (1)	13		124		3		140
Derivative assets: (2)
Interest rate	—		717		—		717
Foreign currency exchange rate	—		301		11		312
Credit	—		10		7		17
Equity market	—		1,634		98		1,732
Total derivative assets	—		2,662		116		2,778
Embedded derivatives within asset host contracts (3)	—		—		228		228
Separate account assets	217		98,038		1		98,256
Total assets	$	2,952	$	159,731	$	1,327	$	164,010
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	619	$	—	$	619
Foreign currency exchange rate	—		48		—		48
Credit	—		2		1		3
Equity market	—		1,205		237		1,442
Total derivative liabilities	—		1,874		238		2,112
Embedded derivatives within liability host contracts (3)	—		—		2,226		2,226
Total liabilities	$	—	$	1,874	$	2,464	$	4,338



	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
CMBS	—		3,287		136		3,423
State and political subdivision	—		4,181		—		4,181
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 (1)	18		19		124		161
Short-term investments	142		156		14		312
Commercial mortgage loans	—		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	—		11		—		11
Total liabilities	$	—	$	2,702	$	2,325	$	5,027

__________________


(1)	The Company reclassified FHLB stock in the prior period from equity securities to other invested assets.

(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 December 31, 2018 and 2017, debt and equity securities also included embedded derivatives of $0 and ($52) million, respectively.

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 its valuation service providers. 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 Financial’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. Valuation service providers perform 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.

Valuation service providers also apply 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, valuation service providers will use the last available price.

The Company reviews outputs of the valuation service providers’ 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 year ended December 31, 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, commercial mortgage loans and long-term debt

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.

Commercial mortgage loans and long-term debt: 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 and ceded variable annuity guarantees, equity crediting rates within index-linked 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 and combined balance sheets.

The Company determines the fair value of these embedded derivatives by estimating the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations of 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. The percentage of fees included in the initial fair value measurement is not updated in subsequent periods.

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 BHF’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 BHF’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.

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, commercial mortgage loans and long-term debt.” The estimated fair value of these embedded derivatives is included, along with the funds withheld liability, in other liabilities on the consolidated and combined balance sheets with changes in estimated fair value recorded in net derivative gains (losses).

The Company issues and assumes through reinsurance index-linked annuities which allow the policyholder to participate in returns from equity indices. The crediting rates associated with these 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 and combined balance sheets.

The estimated fair value of crediting rates associated with index-linked annuities is determined using a combination of an option pricing model and an option-budget approach. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

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:



					December 31, 2018			December 31, 2017			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range			Impact of Increase in Input on Estimated Fair Value
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates	0.02%	-	11%	0.02%	-	12%	Decrease (1)
			•	Lapse rates	0.25%	-	16%	0.25%	-	16%	Decrease (2)
			•	Utilization rates	0%	-	25%	0%	-	25%	Increase (3)
			•	Withdrawal rates	0.25%	-	10%	0.25%	-	10%	Increase (4)
			•	Long-term equity volatilities	16.50%	-	22%	17.40%	-	25%	Increase (5)
			•	Nonperformance risk spread	1.91%	-	2.66%	0.64%	-	1.43%	Decrease (6)

__________________


(1)	Mortality rates vary by age and by demographic characteristics such as gender. Range shown reflects the mortality rate for policyholders between 35 and 90 years old, which represents the majority of the business with living benefits. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.

(2)

Range reflects base lapse rates for major product categories for duration 1-20, which represents majority of business with living benefit riders. 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.

(3)

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 in a given year. The range shown represents the floor and cap of the GMIB dynamic election rates across varying levels of in-the-money. For lifetime withdrawal guarantee riders, the assumption is that everyone will begin withdrawals once account value reaches zero which is equivalent to a 100% utilization rate. Utilization rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contracts withdrawal history and by the age of the policyholder.

(4)

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.


(5)	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.


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

The Company does not develop unobservable inputs used in measuring fair value for all other assets and liabilities classified within Level 3; therefore, these are not included in the table above. The other Level 3 assets and liabilities primarily included fixed maturity securities and derivatives. For fixed maturity securities valued based on non-binding broker quotes, an increase (decrease) in credit spreads would result in a higher (lower) fair value. For derivatives valued based on third-party pricing models, an increase (decrease) in credit spreads would generally result in a higher (lower) fair value.

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			Short Term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Balance, January 1, 2017	$	2,391		$	1,711		$	17		$	—		$	137		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(3		)	28			—			—			(3		)	—			92			1,078			—
Total realized/unrealized gains (losses) included in AOCI	131			52			—			—			—			—			—			—			—
Purchases (7)	441			107			—			5			3			14			4			—			2
Sales (7)	(223		)	(535		)	—			—			(13		)	(1		)	—			—			(4		)
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			579			(355		)	(1		)
Transfers into Level 3 (8)	178			11			—			—			—			—			—			—			2
Transfers out of Level 3 (8)	(918		)	(144		)	(17		)	—			—			(1		)	—			—			(4		)
Balance, December 31, 2017	1,997			1,230			—			5			124			14			(279		)	(1,660		)	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			2			1			—			—			—			152			526			—
Total realized/unrealized gains (losses) included in AOCI	(33		)	(6		)	(1		)	—			—			—			9			—			—
Purchases (7)	71			42			—			—			1			—			3			—			1
Sales (7)	(197		)	(91		)	(1		)	(5		)	(3		)	(14		)	(7		)	—			(1		)
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			—			(864		)	(1		)
Transfers into Level 3 (8)	418			8			75			—			—			—			—			—			—
Transfers out of Level 3 (8)	(1,525		)	(1,012		)	—			—			(119		)	—			—			—			(3		)
Balance, December 31, 2018	$	732		$	173		$	74		$	—		$	3		$	—		$	(122	)	$	(1,998	)	$	1
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2016: (9)	$	2		$	29		$	—		$	—		$	—		$	—		$	(687	)	$	(1,952	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2017: (9)	$	1		$	23		$	—		$	—		$	—		$	—		$	(52	)	$	966		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018: (9)	$	(2	)	$	—		$	1		$	—		$	1		$	—		$	148		$	395		$	—
Gains (Losses) Data for the year ended December 31, 2016:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(11	)	$	30		$	—		$	—		$	—		$	—		$	(703	)	$	(1,842	)	$	—
Total realized/unrealized gains (losses) included in AOCI	$	(25	)	$	20		$	—		$	—		$	(11	)	$	—		$	4		$	—		$	—

__________________


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


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


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


(4)	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).

(5)

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).


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


(7)	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.


(8)	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.


(9)	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 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 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:



	December 31, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	13,694	$	—	$	—	$	13,860	$	13,860
Policy loans	$	1,421	$	—	$	656	$	959	$	1,615
Other invested assets	$	77	$	—	$	64	$	13	$	77
Premiums, reinsurance and other receivables	$	1,609	$	—	$	32	$	1,664	$	1,696
Liabilities
Policyholder account balances	$	15,332	$	—	$	—	$	13,861	$	13,861
Long-term debt	$	3,963	$	—	$	2,758	$	600	$	3,358
Other liabilities	$	330	$	—	$	118	$	212	$	330
Separate account liabilities	$	1,029	$	—	$	1,029	$	—	$	1,029



	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 NAV as a practical expedient to 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

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-term Debt

9. Long-term Debt

Long-term debt outstanding was as follows:



			December 31,
	Interest Rate	Maturity	2018		2017
			(In millions)
Senior notes (1)	3.700%	2027	$	1,490	$	1,489
Senior notes (1)	4.700%	2047	1,478		1,477
Term loan	LIBOR plus 1.5%	2019	600		600
Junior subordinated debentures (1)	6.250%	2058	361		—
Other long-term debt (2)	7.028%	2030	34		46
Total long-term debt			$	3,963	$	3,612

__________________


(1)	Includes unamortized debt issuance costs and debt discount totaling $46 million and $34 million for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis at December 31, 2018 and 2017, respectively.


(2)	Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.

The aggregate maturities of long-term debt at December 31, 2018 were $602 million in 2019, $2 million in each of 2020, 2021, 2022 and 2023 and $3.4 billion thereafter.

Unsecured senior notes and borrowings outstanding under the 2017 Term Loan Facility rank highest in priority, followed by subordinated debt consisting of junior subordinated debentures.

Interest expense related to long-term debt of $158 million, $135 million and $133 million for the years ended December 31, 2018, 2017 and 2016, respectively, is included in other expenses.

Certain of the Company’s debt instruments and credit and committed facilities contain certain administrative, reporting and legal covenants. Additionally, the Company’s credit facilities contain financial covenants, including requirements to maintain a specified minimum adjusted consolidated net worth, to maintain a ratio of total indebtedness to total capitalization not in excess of a specified percentage and that place limitations on the dollar amount of indebtedness that may be incurred by the Company. At December 31, 2018, the Company was in compliance with these financial covenants.

Senior Notes

On June 22, 2017, BHF issued $1.5 billion of senior notes due June 2027, which bear interest at a fixed rate of 3.70%, payable semi-annually, and $1.5 billion of senior notes due June 2047, which bear interest at a fixed rate of 4.70%, payable semi-annually (collectively, the “Senior Notes”). In connection with the issuance of the Senior Notes, debt issuance costs of $23 million and debt discounts of $12 million were capitalized, which are amortized over the term of the related debt instrument as a component of interest expense.

Junior Subordinated Debentures

On September 12, 2018, BHF issued $375 million of junior subordinated debentures (the “Junior Debentures”) due September 2058, which bear interest at a fixed rate of 6.25%, payable quarterly, subject to BHF’s right to defer interest payments in accordance with the terms of the debentures. In connection with the issuance of the Junior Debentures, debt issuance costs of $14 million were capitalized, which are amortized over the term of the related debt instrument as a component of interest expense.

Surplus Notes

On June 16, 2017, MetLife, Inc. forgave Brighthouse Life Insurance Company’s obligation to pay the principal amount of $750 million, 8.595% surplus notes held by MetLife, Inc., which were originally issued in 2008. The forgiveness of the surplus notes was treated as a capital transaction and recorded as an increase to additional paid-in capital.

On April 28, 2017, two surplus note obligations due to MetLife, Inc. totaling $1.1 billion, which were originally issued in 2012 and 2013, were due on September 30, 2032 and December 31, 2033 and bore interest at 5.13% and 6.00%, respectively, were satisfied in a non-cash exchange for $1.1 billion of loans due from MetLife, Inc.

Credit Facilities

On December 2, 2016, BHF entered into a $2.0 billion five-year senior unsecured revolving credit facility (the “Revolving Credit Facility”), all of which may be used for letters of credit and up to $1.0 billion may be used for loans, and a $3.0 billion three-year term loan facility (the “2016 Term Loan Facility”) with a syndicate of banks. In connection with entering into these credit facilities, MetLife, Inc. paid $16 million of debt issuance costs on the Company’s behalf. The Company capitalized these costs, which are included in other assets, and reimbursed MetLife, Inc. in 2017. Such debt issuance costs are amortized over the terms of the facilities, which is included in other expenses.

On July 21, 2017, BHF entered into a new term loan agreement (the “2017 Term Loan Agreement”) with respect to a new $600 million unsecured delayed draw term loan facility due December 2, 2019 (the “2017 Term Loan Facility”). Debt issuance costs incurred related to the 2017 Term Loan Facility were not significant. On August 2, 2017, BHF borrowed $500 million under the 2017 Term Loan Facility in connection with the Separation. On August 14, 2017, BHF borrowed the remaining $100 million available under the 2017 Term Loan Facility.

On July 21, 2017, concurrently with entering into the 2017 Term Loan Agreement, the 2016 Term Loan Facility was terminated without penalty. As a result of this termination, unamortized debt issuance costs of $7 million were written off and included in other expenses.

For the years ended December 31, 2018, 2017 and 2016, fees associated with these credit facilities were not significant.

At December 31, 2018, there were no borrowings or letters of credit outstanding under the Revolving Credit Facility and there was $600 million outstanding under the 2017 Term Loan Facility, resulting in unused commitments totaling $2.0 billion in comparison to the maximum capacity of $2.6 billion under these credit facilities.

On February 1, 2019, BHF entered into a new term loan agreement and terminated the 2017 Term Loan Facility without penalty. See Note 18.

Committed Facilities

MetLife, Inc. Credit and Committed Facilities

The Company previously had access to an unsecured revolving credit facility and certain committed facilities through the Company’s former parent, MetLife, Inc. These facilities were used for collateral for certain of the Company’s affiliated reinsurance liabilities. In connection with the affiliated reinsurance company restructuring, effective April 28, 2017, MetLife, Inc.’s then existing affiliated reinsurance subsidiaries that supported the business interests of Brighthouse Financial became a part of Brighthouse Financial. Simultaneously with the affiliated reinsurance company restructuring, the existing reserve financing arrangements of the affected reinsurance subsidiaries, as well as Brighthouse Financial’s access to MetLife Inc.’s revolving credit facility and certain committed facilities, including outstanding letters of credit, were terminated and replaced with a single reinsurance financing arrangement, which is discussed in more detail below. The terminated facilities included a $3.5 billion committed facility for the benefit of MRSC and a $4.3 billion committed facility for the benefit of MRV Cell.

For the years ended December 31, 2017 and 2016, the Company recognized commitment and letters of credit fees totaling $19 million and $55 million, respectively, in other expenses associated with these committed facilities.

Collateral Financing Arrangement

In 2007, MetLife, Inc. and MRSC entered into a 30-year collateral financing arrangement with an unaffiliated financial institution that provided up to $3.5 billion of statutory reserve support for MRSC associated with reinsurance obligations under affiliated reinsurance agreements. Proceeds from this collateral financing arrangement, which resulted in a drawdown of $2.8 billion on the aforementioned $3.5 billion committed facility, were placed in trusts to support MRSC’s statutory obligations associated with the reinsurance of secondary guarantees (see Note 6 for additional information regarding MRSC invested assets). On April 28, 2017, MetLife, Inc. and MRSC terminated this collateral financing arrangement and, as a result, the $2.8 billion obligation outstanding was extinguished utilizing $2.8 billion of assets held in trust, which had been repositioned into short-term investments and cash equivalents. The remaining assets held in trust of $590 million were returned to MetLife, Inc., resulting in a decrease in shareholder’s net investment. For the years ended December 31, 2017 and 2016, the Company recognized interest expense of $19 million and $39 million, respectively, related to this collateral financing arrangement, which is included in other expenses.

Reinsurance Financing Arrangement

On April 28, 2017, BRCD entered into a $10.0 billion financing arrangement with a pool of highly rated third-party reinsurers. This financing arrangement consists of credit-linked notes that each mature in 2037. At December 31, 2018, there were no borrowings under this facility and there was $9.8 billion of funding available under this arrangement. For the years ended December 31, 2018 and 2017, the Company recognized commitment fees of $44 million and $27 million, respectively, in other expenses associated with this committed facility.

Repurchase Facility

On April 16, 2018, Brighthouse Life Insurance Company entered into a secured 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. The Repurchase Facility has a term of three years, beginning on July 31, 2018 and maturing on July 31, 2021. Under the Repurchase Facility, Brighthouse Life Insurance Company may sell certain eligible securities at a purchase price based on the market value of the securities less an applicable margin based on the types of securities sold, with a concurrent agreement to repurchase such securities at a predetermined future date (ranging from two weeks to three months) and at a price which represents the original purchase price plus interest. At December 31, 2018, there were no borrowings under the Repurchase Facility. For the year ended December 31, 2018, fees associated with this committed facility were not significant.

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

10. Equity

Preferred Stock

At December 31, 2018 and 2017, BHF was authorized to issue up to 100,000,000 shares of preferred stock, par value $0.01 per share. At December 31, 2018 and 2017, no preferred shares were issued or outstanding.

Common Stock

The following table presents the rollforward of common shares outstanding:



Balance at January 1, 2016 and December 31, 2016	100,000
Shares issued	119,673,106
Balance at December 31, 2017	119,773,106
Shares issued	674,912
Shares repurchased (1)	(2,915,682	)
Balance at December 31, 2018	117,532,336

__________


(1)	Includes shares of common stock withheld with respect to tax withholding obligations associated with the vesting of share-based compensation awards under the Company’s publicly announced benefit plans or programs.

On August 4, 2017, BHF issued 119,673,106 shares of common stock to MetLife, Inc. Also, on August 4, 2017, in connection with the Separation, 80.8% of MetLife Inc.’s interest in BHF 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 BHF common stock.

On August 5, 2018, BHF’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 December 31, 2018, the Company repurchased 2,628,167 shares of its common stock through open market purchases, pursuant to 10b5-1 plans, for $105 million.

Shareholder’s Net Investment

The following sections summarize certain transactions that occurred prior to and including the Separation and affected shareholder’s net investment. In connection with the Separation, on August 4, 2017, the Company reclassified $12.4 billion from shareholder’s net investment to common stock and additional paid-in capital.

Capital Contributions

During the third quarter of 2017, the Company recognized a $1.1 billion non-cash tax charge and corresponding capital contribution from MetLife, Inc. This tax obligation was in connection with the Separation and MetLife, Inc. is responsible for this obligation through a tax separation agreement with MetLife (the “Tax Separation Agreement”). See Note 13.

During the second quarter of 2017, MetLife, Inc. forgave Brighthouse Life Insurance Company’s obligation to pay the principal amount of $750 million of surplus notes held by MetLife, Inc. The forgiveness of these notes was a non-cash capital contribution. See Note 9.

During the first quarter of 2017, the Company sold an operating joint venture to a former affiliate and the resulting $202 million gain was treated as a cash capital contribution. See Note 6.

During the year ended December 31, 2016, the Company received cash capital contributions of $1.6 billion from MetLife, Inc.

In December 2015, the Company accrued capital contributions from MetLife, Inc. of $120 million in premiums, reinsurance and other receivables and shareholder’s net investment, which were settled for cash in 2016.

MetLife, Inc. has made payments and received collections on behalf of the Company. Such net amounts, as well as amortization of deferred credit and committed facility structuring costs and debt issuance costs incurred by MetLife, Inc. on behalf of the Company, are recorded as non-cash net contributions of capital. During the years ended December 31, 2017 and 2016, MetLife, Inc. made non-cash net capital contributions of $60 million and $47 million, respectively, in the forms of payment of letters of credit fees and amortization of deferred credit and committed facility structuring costs and debt issuance costs incurred on the Company’s behalf, partially offset by investment income, net of interest expense, related to the MRSC collateral financing arrangement collected on the Company’s behalf. See Note 9.

Prior to the Separation, certain transactions related to expense allocations were settled through shareholder’s net investment.

Cash Distributions

On August 3, 2017, BHF made a cash distribution in an aggregate amount of $1.8 billion to MetLife, Inc., the sole holder of BHF common stock as of the record date for the distribution.

In April 2017, MetLife, Inc. and MRSC terminated a collateral financing arrangement and the obligation outstanding was extinguished utilizing assets held in trust. The remaining assets held in trust of $590 million were returned to MetLife, Inc., resulting in a decrease in shareholder’s net investment. See Note 9.

During the year ended December 31, 2016, Brighthouse Life Insurance Company and NELICO paid dividends totaling $556 million to MetLife, Inc. or one of its subsidiaries, resulting in a decrease in shareholder’s net investment.

During the years ended December 31, 2017 and 2016, the Company paid cash distributions of $40 million and $78 million, respectively, to certain MetLife affiliates related to a profit sharing agreement with Brighthouse Advisers.

Noncontrolling Interests

On June 20, 2017, BH Holdings issued $50 million aggregate liquidation preference of fixed rate cumulative preferred units to MetLife, Inc., which MetLife subsequently resold to unaffiliated third parties. These preferred units are reported as noncontrolling interests on the consolidated balance sheets.

On April 28, 2017, BRCD issued $15 million of fixed to floating rate cumulative preferred stock, Series A preferred stock, to an affiliate of MetLife, Inc., which MetLife subsequently resold to unaffiliated third parties. These Series A preferred stock are reported as noncontrolling interests on the consolidated balance sheets.

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, or 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 BHF annual meeting of stockholders held on May 23, 2018. The aggregate number of authorized shares available for issuance at December 31, 2018 under the Company’s various share-based compensation plans was 7,306,788.

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. 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:



	Year Ended December 31,
	2018
	(In millions)
Restricted stock units, Founders’ Grant	$	31
Restricted stock units	$	7
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$13 million at December 31, 2018 with a weighted average recognition period of five quarters.

Equity Awards

Restricted Share Units (“RSUs”)

RSUs are units that, if vested, are payable in shares of BHF 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 BHF 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 are 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 December 31, 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 BHF’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	998,825		$	48.04	73,849		$	48.10
Forfeited	(30,825	)	$	48.10	(7,480	)	$	48.10
Paid	(654,315	)	$	48.10	—		$	—
Outstanding at December 31, 2018	313,685		$	47.90	66,369		$	48.10
Vested at December 31, 2018	—		$	—	—		$	—

Stock Options

Stock options represent the contingent right of award holders to purchase shares of BHF 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. During the year ended December 31, 2018, no stock options were exercised or expired, and 24,570 options were forfeited.

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 BHF has granted:



	December 31, 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

Statutory Equity and Income

The states of domicile of the Company’s insurance subsidiaries impose RBC requirements that were developed by the National Association of Insurance Commissioners (“NAIC”). Regulatory compliance is determined by a ratio of a company’s total adjusted capital (“TAC”), calculated in the manner prescribed by the NAIC to its authorized control level RBC (“ACL RBC”), calculated in the manner prescribed by the NAIC, based on the statutory-based filed financial statements. Companies below specific trigger levels or ratios are classified by their respective levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC. The RBC ratios for the Company’s insurance subsidiaries were each in excess of 400% for all periods presented.

The Company’s insurance subsidiaries prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile.

Statutory accounting principles differ from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, reporting of reinsurance agreements and valuing investments and deferred tax assets on a different basis.

The tables below present amounts from the Company’s insurance subsidiaries, which are derived from the statutory-basis financial statements as filed with the insurance regulators.

Statutory net income (loss) was as follows:



		Years Ended December 31,
Company	State of Domicile	2018			2017			2016
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	(1,104	)	$	(425	)	$	1,186
New England Life Insurance Company	Massachusetts	$	130		$	68		$	109

Statutory capital and surplus was as follows at:



	December 31,
Company	2018		2017
	(In millions)
Brighthouse Life Insurance Company	$	6,731	$	5,594
New England Life Insurance Company	$	213	$	483

The Company has a reinsurance subsidiary, BRCD that was formed in 2017 as the result of the merger of certain other affiliated captive reinsurance subsidiaries. BRCD reinsures risks including level premium term life and ULSG assumed from other Brighthouse Life Insurance Company subsidiaries. BRCD, with the explicit permission of the Delaware Commissioner, has included, as admitted assets, the value of credit-linked notes, serving as collateral, which resulted in higher statutory capital and surplus of $8.7 billion and $8.3 billion for the years ended December 31, 2018 and 2017, respectively.

The statutory net income (loss) of the Company’s affiliate reinsurance companies was ($1.1) billion, ($1.6) billion and ($363) million for the years ended December 31, 2018, 2017 and 2016, respectively, and the combined statutory capital and surplus, including the aforementioned prescribed practices, were $557 million and $972 million at December 31, 2018 and 2017, respectively.

Dividend Restrictions

The table below sets forth the dividends permitted to be paid by the Company’s insurance companies without insurance regulatory approval and dividends paid:



	2019		2018		2017
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	798	$	—	$	—
New England Life Insurance Company (3)	$	131	$	400	$	106

______________


(1)	Reflects dividend amounts that may be paid during 2019 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2019, some or all of such dividends may require regulatory approval.


(2)	Reflects all amounts paid, including those requiring regulatory approval.


(3)	Dividends paid by NELICO in 2018, including a $65 million ordinary cash dividend and a $335 million extraordinary dividend comprised of $135 million of cash and a $200 million surplus note, were paid to its parent, BH Holdings, LLC.

Under the Delaware Insurance Law, Brighthouse Life Insurance Company is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend as long as the amount of the dividend when aggregated with all other dividends in the preceding 12 months does not exceed the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year; or (ii) its net statutory gain from operations for the immediately preceding calendar year (excluding realized capital gains), not including pro rata distributions of Brighthouse Life Insurance Company’s own securities. Brighthouse Life Insurance Company will be permitted to pay a stockholder dividend in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Delaware Commissioner and the Delaware Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)”) as of the immediately preceding calendar year requires insurance regulatory approval. Under the Delaware Insurance Law, the Delaware Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders.

Under the Massachusetts State Insurance Law, NELICO is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend as long as the aggregate amount of the dividend, when aggregated with all other dividends paid in the preceding 12 months, does not exceed the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year; or (ii) its statutory net gain from operations for the immediately preceding calendar year, not including pro rata distributions of NELICO’s own securities. NELICO will be permitted to pay a dividend in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Massachusetts Commissioner of Insurance (the “Massachusetts Commissioner”) and the Massachusetts Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)”) as of the last filed annual statutory statement requires insurance regulatory approval. Under the Massachusetts State Insurance Law, the Massachusetts Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders.

Under BRCD’s plan of operations, no dividend or distribution may be made by BRCD without the prior approval of the Delaware Commissioner. During the year ended December 31, 2018, BRCD paid cash dividends of $2 million to its preferred shareholders. During the year ended December 31, 2017, BRCD paid an extraordinary cash dividend of $535 million to Brighthouse Life Insurance Company.

Accumulated Other Comprehensive Income (Loss)

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



	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 at December 31, 2015	$	1,322		$	251		$	(32	)	$	(18	)	$	1,523
OCI before reclassifications	(465		)	71			1			2			(391		)
Deferred income tax benefit (expense)	158			(25		)	—			(1		)	132
AOCI before reclassifications, net of income tax	1,015			297			(31		)	(17		)	1,264
Amounts reclassified from AOCI	44			(45		)	—			1			—
Deferred income tax benefit (expense)	(15		)	16			—			—			1
Amounts reclassified from AOCI, net of income tax	29			(29		)	—			1			1
Balance at December 31, 2016	1,044			268			(31		)	(16		)	1,265
OCI before reclassifications	276			(157		)	10			(19		)	110
Deferred income tax benefit (expense)	(94		)	55			(3		)	14			(28		)
AOCI before reclassifications, net of income tax	1,226			166			(24		)	(21		)	1,347
Amounts reclassified from AOCI	60			(18		)	—			—			42
Deferred income tax benefit (expense) (2)	286			6			—			(5		)	287
Amounts reclassified from AOCI, net of income tax	346			(12		)	—			(5		)	329
Balance at 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	(1,346		)	159			(4		)	6			(1,185		)
Deferred income tax benefit (expense)	287			48			1			(1		)	335
AOCI before reclassifications, net of income tax	434			361			(27		)	(21		)	747
Amounts reclassified from AOCI	181			(134		)	—			1			48
Deferred income tax benefit (expense)	(39		)	(40		)	—			—			(79		)
Amounts reclassified from AOCI, net of income tax	142			(174		)	—			1			(31		)
Balance at December 31, 2018	$	576		$	187		$	(27	)	$	(20	)	$	716

__________________


(1)	See Note 6 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.


(2)	Includes the $306 million and ($5) million impacts of the Tax Act related to unrealized investments gains (losses), net of related offsets and defined benefit plans adjustment, respectively. See Note 1 for more information.

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



AOCI Components	Amounts Reclassified from AOCI									Consolidated and Combined Statements of Operations Locations
	Years Ended December 31,
	2018			2017			2016
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(180	)	$	(15	)	$	(51	)	Net investment gains (losses)
Net unrealized investment gains (losses)	1			3			3			Net investment income
Net unrealized investment gains (losses)	(2		)	(48		)	4			Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(181		)	(60		)	(44		)
Income tax (expense) benefit	39			(286		)	15
Net unrealized investment gains (losses), net of income tax	(142		)	(346		)	(29		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	98			—			33			Net derivative gains (losses)
Interest rate swaps	3			3			3			Net investment income
Interest rate forwards	31			2			2			Net derivative gains (losses)
Interest rate forwards	2			3			2			Net investment income
Foreign currency swaps	—			10			5			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	134			18			45
Income tax (expense) benefit	40			(6		)	(16		)
Gains (losses) on cash flow hedges, net of income tax	174			12			29

Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(1		)	—			(1		)
Amortization of prior service (costs) credit	—			—			—
Amortization of defined benefit plan items, before income tax	(1		)	—			(1		)
Income tax (expense) benefit	—			5			—
Amortization of defined benefit plan items, net of income tax	(1		)	5			(1		)
Total reclassifications, net of income tax	$	31		$	(329	)	$	(1	)

Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

Other Expenses

11. 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 were $360 million, $359 million and $275 million for the years ended December 31, 2018, 2017 and 2016, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Compensation	$	289	$	287	$	400
Contracted services and other labor costs	245		176		101
Transition services agreements	279		306		—
Establishment costs	239		162		—
Premium and other taxes, licenses and fees	68		64		63
Separate account fees	524		466		287
Volume related costs, excluding compensation, net of DAC capitalization	628		711		462
Interest expense on debt	158		153		175
Goodwill impairment (1)	—		—		161
Other	145		158		635
Total other expenses	$	2,575	$	2,483	$	2,284

__________________


(1)	Based on a quantitative analysis performed for the Run-off reporting unit, it was determined that the goodwill associated with this reporting unit was not recoverable and resulted in the impairment of the entire goodwill balance.

Capitalization of DAC

See Note 4 for additional information on the capitalization of DAC.

Interest Expense on Debt

See Note 9 for attribution of interest expense by debt issuance.

Related Party Expenses

Commissions and capitalization of DAC include the impact of related party reinsurance transactions. See Note 16 for a discussion of related party expenses included in the table above.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

12. Employee Benefit Plans

BHF Active Defined Contribution Plans

Brighthouse Services sponsors qualified and nonqualified defined contribution plans. For the years ended December 31, 2018 and 2017, the total employer contributions for the qualified defined contribution plan was $14 million and $8 million, respectively, and the total accrual for the nonqualified deferred compensation plan was $3 million and $2 million, respectively.

NELICO Legacy Pension and Other Unfunded Benefit Plans

NELICO sponsors a qualified and a nonqualified defined benefit pension plan, a postretirement and other unfunded benefit plans. The NELICO sponsored pension and other unfunded benefit plans were amended to cease benefit accruals and are closed to new entrants. All benefit payments related to the unfunded benefit plans are subject to reimbursement annually, on an after tax basis, by MetLife.

On August 4, 2017, an employee matters agreement (“EMA”) between BHF and MetLife became effective. Under this agreement, MetLife has agreed to reimburse BHF on an annual basis for benefit payments, claims and premiums under the agreed to NELICO plans. At December 31, 2018 and 2017, the Company’s receivable from MetLife under the EMA was $186 million and $192 million, respectively, and is recorded in premiums, reinsurance and other receivables.

Obligations and Funded Status



	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	233		$	40		$	219		$	37
Interest costs	9			1			9			2
Plan participants’ contributions	—			2			—			3
Net actuarial (gains) losses	(18		)	(1		)	11			6
Change in benefits and other	—			—			5			—
Benefits paid	(12		)	(8		)	(11		)	(8		)
Benefit obligations at December 31,	212			34			233			40
Change in plan assets:
Estimated fair value of plan assets at January 1,	165			—			155			—
Actual return on plan assets	(7		)	—			17			—
Plan participants’ contributions	—			2			—			3
Employer contributions	4			7			4			5
Benefits paid	(11		)	(9		)	(11		)	(8		)
Estimated fair value of plan assets at December 31,	151			—			165			—
Over (under) funded status at December 31,	$	(61	)	$	(34	)	$	(68	)	$	(40	)
Amounts recognized in the consolidated balance sheets:
Other assets	$	4		$	—		$	3		$	—
Other liabilities	(65		)	(34		)	(71		)	(40		)
Net amount recognized	$	(61	)	$	(34	)	$	(68	)	$	(40	)
AOCI:
Net actuarial (gains) losses	$	26		$	2		$	31		$	3
Prior service costs (credit)	—			—			—			—
AOCI, before income tax	$	26		$	2		$	31		$	3
Accumulated benefit obligation	$	212		N/A			$	233		N/A

__________________


(1)	Includes nonqualified unfunded plan, for which the aggregate PBO was $65 million and $71 million at December 31, 2018 and 2017, respectively.

Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows at:



	December 31,
	2018		2017
	(In millions)
Projected benefit obligations	$	65	$	71
Accumulated benefit obligations	$	65	$	71
Estimated fair value of plan assets	$	—	$	—

The PBO exceeded assets for only the nonqualified unfunded pension plan at both December 31, 2018 and 2017.

The estimated net actuarial (gains) losses and prior service costs (credit) for the defined benefit pension plans and other postretirement benefit plans that will be amortized from AOCI into net periodic benefit costs over the next year are not significant.

Assumptions

The assumptions used in determining benefit obligations were 4.55% and 3.90% at December 31, 2018 and 2017, respectively, using the weighted average discount rate.

Assumptions used in determining net periodic benefit costs were as follows:



	Years Ended December 31,
Pension Benefits	2018	2017	2016
Weighted average discount rate	3.90%	4.30%	4.42%
Weighted average expected rate of return on plan assets	4.75%	5.75%	5.75%
Rate of compensation increase	N/A	N/A	N/A

The weighted average discount rate is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the valuation date, which would provide the necessary future cash flows to pay the aggregate PBO when due.

The weighted average expected rate of return on plan assets is based on anticipated performance of the various asset sectors in which the plan invests, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the Company’s long-term expectations on the performance of the markets. While the precise expected rate of return derived using this approach will fluctuate from year to year, the Company’s policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate.

Plan Assets

The assets of the qualified pension plan (the “Invested Plan”) are invested in general and separate accounts of MLIC and managed by MLIA in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters. Specifically, investment policies are oriented toward (i) maximizing the Invested Plan’s funded status; (ii) minimizing the volatility of the Invested Plan’s funded status; (iii) generating asset returns that exceed liability increases; and (iv) targeting rates of return in excess of a custom benchmark and industry standards over appropriate reference time periods. These goals are expected to be met through identifying appropriate and diversified asset classes and allocations, ensuring adequate liquidity to pay benefits and expenses when due and controlling the costs of administering and managing the Invested Plan’s investments. Independent investment consultants are periodically used to evaluate the investment risk of Invested Plan’s assets relative to liabilities, analyze the economic and portfolio impact of various asset allocations and management strategies and to recommend asset allocations.

Derivative contracts may be used to reduce investment risk, to manage duration and to replicate the risk/return profile of an asset or asset class. Derivatives may not be used to leverage a portfolio in any manner, such as to magnify exposure to an asset, asset class, interest rates or any other financial variable. Derivatives are also prohibited for use in creating exposures to securities, currencies, indices or any other financial variable that is otherwise restricted. The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2018 for the Invested Plan:



	December 31,
	2018				2017
	Target		Actual Allocation		Actual Allocation
Asset Class
Fixed maturity securities	90	%	86	%	100	%
Cash and cash equivalents	10	%	14	%	—	%
Total assets	100	%	100	%	100	%

Estimated Fair Value

The pension benefit plan assets are categorized into a three-level fair value hierarchy, as described in Note 8.

The pension plan assets are measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:



	December 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Interest in insurance company separate accounts	$	39	$	91	$	—	$	130
Insurance company general accounts	—		21		—		21
Total assets	$	39	$	112	$	—	$	151



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Interest in insurance company separate accounts	$	45	$	102	$	—	$	147
Insurance company general accounts	—		—		18		18
Total assets	$	45	$	102	$	18	$	165

For each of the years ended December 31, 2018 and 2017, the changes to pension plan assets invested in insurance company separate and general accounts measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs were ($18) million and $18 million, respectively.

Expected Future Contributions and Benefit Payments

It is the Company’s practice to make contributions to the qualified pension plan to comply with minimum funding requirements of Employee Retirement Income Security Act, the Pension Protection Act of 2006, non-life federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended (the “Tax Code”) and the applicable rules and regulations. In accordance with such practice, no contributions are required for 2019. The Company expects to make no discretionary contributions to the qualified pension plan in 2019. For information on employer contributions, see “— Obligations and Funded Status.”

Benefit payments due under the unfunded benefit plans are primarily funded from the Company’s general assets as they become due under the provision of the plans. As a result, benefit payments equal employer and employee contributions for these plans. The Company does not expect contributions to be material in 2019. As stated above, all benefit payments for unfunded benefit plans are subject to reimbursement annually, on an after tax basis, by MetLife.

Gross pension and postretirement benefit payments for the next 10 years before MetLife reimbursement are expected to be as follows:



	Pension Benefits		Other Postretirement Benefits
	(In millions)
2019	$	12	$	4
2020	$	12	$	4
2021	$	13	$	3
2022	$	13	$	3
2023	$	13	$	3
2024-2028	$	68	$	13

Income Tax

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Tax

13. Income Tax

The provision for income tax was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Current:
Federal	$	(166	)	$	406		$	(305	)
State and local	—			6			—
Foreign	—			18			—
Subtotal	(166		)	430			(305		)
Deferred:
Federal	285			(667		)	(1,461		)
State and local	—			—			—
Foreign	—			—			—
Subtotal	285			(667		)	(1,461		)
Provision for income tax expense (benefit)	$	119		$	(237	)	$	(1,766	)

The reconciliation of the income tax provision at the statutory tax rate to the provision for income tax as reported was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Tax provision at statutory rate	$	207		$	(215	)	$	(1,647	)
Tax effect of:
Excess loss account - Separation from MetLife (1)	(2		)	1,088			—
Rate revaluation due to tax reform (2)	—			(803		)	—
Sale of subsidiaries	—			(138		)	—
Dividend received deduction	(44		)	(130		)	(123		)
Other tax credits	(25		)	(30		)	(18		)
Release of valuation allowance	(11		)	—			—
Goodwill impairment	—			—			4
Other, net	(6		)	(9		)	18
Provision for income tax expense (benefit)	$	119		$	(237	)	$	(1,766	)
Effective tax rate	12		%	39		%	38		%

__________________


(1)	For the year ended December 31, 2017, the Company recognized a $1.1 billion non-cash charge to provision for income tax expense and corresponding capital contribution from MetLife. This tax obligation was in connection with the Separation. MetLife, Inc. is responsible for this obligation through the Tax Separation Agreement.

(2)

For the year ended December 31, 2017, the Company recognized a $725 million benefit in net income from remeasurement of net deferred tax liabilities in connection with the Tax Act discussed in Note 1. Additionally, as a result of the reduction in the statutory tax rate under the Tax Act, the liability to MetLife under the Tax Receivables Agreement (as defined below) was reduced by $222 million, which is included in other revenues and is non-taxable.

Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:



	December 31,
	2018			2017
	(In millions)
Deferred income tax assets:
Tax credit carryforwards	$	58		$	202
Net operating loss carryforwards	1,052			422
Employee benefits	7			3
Intangibles	159			227
Investments, including derivatives	—			302
Other	—			95
Total deferred income tax assets	1,276			1,251
Less: valuation allowance	—			11
Total net deferred income tax assets	1,276			1,240
Deferred income tax liabilities:
Policyholder liabilities and receivables	746			819
Investments, including derivatives	513			—
Net unrealized investment gains	202			459
DAC	761			889
Other	26			—
Total deferred income tax liabilities	2,248			2,167
Net deferred income tax asset (liability)	$	(972	)	$	(927	)

At December 31, 2018, the Company had net operating loss carryforwards of approximately $5.0 billion and the Company had recorded a related deferred tax asset of $1.1 billion. The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2018.



	Net Operating Loss Carryforwards
	(In millions)
Expiration
2034-2038	$	3,174
Indefinite	1,837
	$	5,011

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2018.



	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2019-2023	$	—	$	18
2024-2028	—		27
2029-2033	—		—
2034-2038	13		—
Indefinite	—		—
	$	13	$	45

The Company’s liability for unrecognized tax benefits may increase or decrease in the next 12 months. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its combined and consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate in the future.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:



	Years Ended December 31,
	2018		2017			2016
	(In millions)
Balance at January 1,	$	23	$	58		$	64
Additions for tax positions of prior years	12		—			2
Reductions for tax positions of prior years	—		(4		)	(9		)
Additions for tax positions of current year	—		3			5
Reductions for tax positions of current year	—		(2		)	—
Settlements with tax authorities	—		(32		)	(4		)
Balance at December 31,	$	35	$	23		$	58
Unrecognized tax benefits that, if recognized would impact the effective rate	$	35	$	23		$	58

The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses, while penalties are included in income tax expense. Interest related to unrecognized tax benefits was not significant. The Company had no penalties for each of the years ended December 31, 2018, 2017 and 2016.

The dividend received deduction reduces the amount of dividend income subject to tax and is a significant component of the difference between the actual tax expense and expected amount determined using the statutory tax rate. The Tax Act has changed the dividend received deduction amount applicable to insurance companies to a 70% company share and a 50% dividend received deduction for eligible dividends.

The Company is under continuous examination by the Internal Revenue Service and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to federal, state or local income tax examinations for years prior to 2007. Management believes it has established adequate tax liabilities, and final resolution of the audit for the years 2007 and forward is not expected to have a material impact on the Company’s combined and consolidated financial statements.

Tax Sharing Agreements

For the periods prior to the Separation, Brighthouse Financial filed a consolidated federal life and non-life income tax return in accordance with the provisions of the Tax Code. Current taxes (and the benefits of tax attributes such as losses) are allocated to Brighthouse Financial, Inc., and its includable subsidiaries, under the consolidated tax return regulations and a tax sharing agreement with MetLife. This tax sharing agreement states that federal taxes will be computed on a modified separate return basis with benefits for losses.

For periods after the Separation, Brighthouse Financial entered into two separate tax sharing agreements. Brighthouse Life Insurance Company and any directly owned life insurance and reinsurance subsidiaries (including BHNY and BRCD) entered in a tax sharing agreement to join a life consolidated federal income tax return. Brighthouse Financial, Inc. and its includable subsidiaries entered into a tax sharing agreement to join a nonlife consolidated federal income tax return. NELICO and the nonlife subsidiaries of Brighthouse Life Insurance Company will file their own federal income tax returns. The tax sharing agreements state that federal taxes are computed on a modified separate return basis with benefit for losses.

Income Tax Transactions with Former Parent

In connection with the Separation, the Company entered into a tax receivables agreement (the “Tax Receivables Agreement”) with MetLife that provides MetLife with the right to receive as partial consideration for its contribution of assets to BHF future payments from BHF, equal to 86% of the amount of cash savings, if any, in federal income tax that Brighthouse Financial actually, or are deemed to, realize as a result of the utilization of Brighthouse Financial, Inc. and its subsidiaries’ net operating losses, capital losses, tax basis and amortization or depreciation deductions in respect of certain tax benefits it may realize as a result of certain transactions involved in the Separation. In connection with the Tax Receivables Agreement, the Company has a payable to MetLife of $328 million and $331 million at December 31, 2018 and 2017, respectively.

The Company also entered into the Tax Separation Agreement. Among other things, the Tax Separation Agreement governs the allocation between MetLife and us of the responsibility for the taxes of the MetLife group. The Tax Separation Agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. In October 2017, MetLife paid $729 million to Brighthouse Financial under the Tax Separation Agreement. At December 31, 2017, the current income tax recoverable included $873 million related to this agreement. In November 2018, MetLife paid $909 million to Brighthouse Financial under the Tax Separation Agreement. At December 31, 2018, the current income tax payable included a $148 million payable to MetLife related to this agreement.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

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



	Years Ended December 31,
	2018		2017 (1)			Pro forma 2016 (1)
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	865	$	(378	)	$	(2,939	)

Weighted average common shares outstanding — basic	119,386,280		119,773,106			119,773,106
Dilutive effect of share-based awards	441,198		—			—
Weighted average common shares outstanding — diluted	119,827,478		119,773,106			119,773,106

Earnings per common share:
Basic	$	7.24	$	(3.16	)	$	(24.54	)
Diluted	$	7.21	$	(3.16	)	$	(24.54	)

__________________


(1)	On August 4, 2017, following the completion of the Separation, 119,773,106 shares of BHF common stock were outstanding. This number of shares remained outstanding through December 31, 2017 and is utilized to calculate EPS for the years ended December 31, 2017 and 2016.

For the year ended December 31, 2018, weighted average shares used for calculating diluted earnings per common share excludes 217,990 “out-of-the-money” stock options, as the inclusion of these shares would be antidilutive to the earnings per common share calculation due to the average share price for the periods presented. See Note 10 for further information on share-based compensation plans.

Contingencies, Commitments and Guarantees	12 Months Ended
Contingencies, Commitments and Guarantees	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	15. 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 December 31, 2018. Matters as to Which an Estimate Can Be Made For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. As of December 31, 2018, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $10 million. Matters as to Which an Estimate Cannot Be Made For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Sales Practices Claims Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its combined and consolidated financial statements for all probable and reasonably estimable losses for sales practices matters. Summary Various litigation claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s combined and 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 combined and 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 $492 million and $388 million at December 31, 2018 and 2017, respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $1.9 billion and $1.4 billion at December 31, 2018 and 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 $142 million, with a cumulative maximum of $148 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 December 31, 2018 and 2017 for indemnities, guarantees and commitments.

Related Party Transactions

12 Months Ended

Dec. 31, 2018

16. 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.

Non-Broker-Dealer Transactions

The following table summarizes income and expense from transactions with MetLife (excluding broker-dealer transactions) for the years indicated:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Income	$	(182	)	$	(606	)	$	(280	)
Expense	$	133		$	378		$	332

The following table summarizes assets and liabilities from transactions with MetLife (excluding broker-dealer transactions) at:



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

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

Reinsurance Agreements

The Company has reinsurance agreements with certain of MetLife subsidiaries. See Note 5 for further discussion of the related party reinsurance agreements.

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. See Note 9 for more information.

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 6 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 the costs are 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 $186 million, $390 million and $868 million for the years ended December 31, 2018, 2017 and 2016, respectively, and were recorded in other expenses.

Broker-Dealer Transactions

Beginning in March 2017, Brighthouse Securities, LLC, a registered broker-dealer affiliate, began distributing the Company’s existing and future registered annuity and life products, and the MetLife broker-dealers discontinued such distributions. Prior to March 2017, the Company recognized related party revenues and expenses arising from transactions with MetLife broker-dealers that previously sold the Company’s registered annuity and life products. The related party expense for the Company was commissions collected on the sale of variable products by the Company and passed through to the broker-dealer. The related party revenue for the Company was fee income from trusts and mutual funds whose shares serve as investment options of policyholders of the Company.

The following table summarizes income and expense from transactions with MetLife broker-dealers for the years indicated:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Fee income	$	—	$	43	$	216
Commission expense	$	—	$	129	$	649

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

17. Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for 2018 and 2017 are summarized in the table below:



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(In millions, except per share data)
2018
Total revenues	$	1,815		$	1,702		$	1,422		$	4,026
Total expenses	$	1,928		$	2,019		$	1,790		$	2,239
Net income (loss)	$	(65	)	$	(238	)	$	(269	)	$	1,442
Less: Net Income (loss) attributable to noncontrolling interests	$	2		$	1		$	2		$	—
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(67	)	$	(239	)	$	(271	)	$	1,442
Basic earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.18
Diluted earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.14
2017
Total revenues	$	965		$	2,025		$	1,972		$	1,880
Total expenses	$	1,555		$	1,704		$	2,096		$	2,102
Net income (loss)	$	(349	)	$	246		$	(943	)	$	668
Less: Net Income (loss) attributable to noncontrolling interests	$	—		$	—		$	—		$	—
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(349	)	$	246		$	(943	)	$	668
Basic earnings per common share (1)	$	(2.91	)	$	2.05		$	(7.87	)	$	5.57
Diluted earnings per common share (1)	$	(2.91	)	$	2.05		$	(7.87	)	$	5.57

__________________

(1) See Note 14 for additional information on the calculation of EPS.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	18. Subsequent Events Term Loan Facility On February 1, 2019, BHF entered into a new term loan agreement with respect to a new $1.0 billion five-year unsecured term loan facility (the “2019 Term Loan Facility”). On February 1, 2019, BHF borrowed $1.0 billion under the 2019 Term Loan Facility, terminated the 2017 Term Loan Facility without penalty and repaid $600 million of borrowings outstanding under the 2017 Term Loan Facility, with the remainder to be used for general corporate purposes. Debt issuance costs incurred related to the 2019 Term Loan Facility were not significant. Farmer Mac Funding Agreements On February 15, 2019, Brighthouse Life Insurance Company entered into a funding agreement program with the Federal Agricultural Mortgage Corporation and its affiliate Farmer Mac Mortgage Securities Corporation (“Farmer Mac”), pursuant to which the parties may agree to enter into funding agreements in an aggregate amount of up to $500 million. The funding agreement program has a term ending on December 1, 2023. Funding agreements are issued to Farmer Mac in exchange for cash. In connection with each funding agreement, Farmer Mac will be granted liens on certain assets, including agricultural loans, to collateralize Brighthouse Life Insurance Company’s obligations under the funding agreements. Upon any event of default by Brighthouse Life Insurance Company, Farmer Mac’s recovery on the collateral is limited to the amount of Brighthouse Life Insurance Company’s liabilities to Farmer Mac. At February 26, 2019, there were no borrowings under this funding agreement program.

Consolidated Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Consolidated Summary of Investments - Other Than Investments in Related Parties

Schedule I

Consolidated Summary of Investments —

Other Than Investments in Related Parties

December 31, 2018

(In millions)



Types of Investments	Cost or Amortized Cost (1)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities:
Bonds:
U.S. government and agency securities	$	7,944	$	9,095	$	9,095
State and political subdivision securities	3,200		3,597		3,597
Public utilities	2,642		2,763		2,763
Foreign government securities	1,426		1,496		1,496
All other corporate bonds	29,512		29,388		29,388
Total bonds	44,724		46,339		46,339
Mortgage-backed and asset-backed securities	15,855		15,921		15,921
Redeemable preferred stock	341		348		348
Total fixed maturity securities	60,920		62,608		62,608
Equity securities:
Non-redeemable preferred stock	132		124		124
Common stock:
Industrial, miscellaneous and all other	10		14		14
Public utilities	—		2		2
Total equity securities	142		140		140
Mortgage loans	13,694				13,694
Policy loans	1,421				1,421
Real estate joint ventures	451				451
Other limited partnership interests	1,840				1,840
Other invested assets	3,027				3,027
Total investments	$	81,495			$	83,181

______________

(1)

Cost or amortized cost for fixed maturity securities represents original cost reduced by impairments from other-than-temporary declines in estimated fair value that are charged to earnings and adjusted for amortization of premiums or accretion of discounts; for mortgage loans, cost represents original cost reduced by repayments and valuation allowances and adjusted for amortization of premiums or accretion of discounts; for equity securities, cost represents original cost; for real estate joint ventures and other limited partnership interests, cost represents original cost adjusted for equity in earnings and distributions.

Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company)

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2018 and 2017

(In thousands, except share and per share data)



	2018			2017
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $235,480 and $238,948, respectively)	$	232,130		$	236,946
Investment in subsidiary	18,085,732			17,810,226
Total investments	18,317,862			18,047,172
Cash and cash equivalents	460,885			325,528
Accrued investment income	935			945
Premiums and other receivables	190,014			191,570
Current income tax recoverable	6,904			20,714
Deferred income tax receivable	5,093			—
Other assets	6,110			8,205
Total assets	$	18,987,803		$	18,594,134
Liabilities and Stockholders’ Equity
Liabilities
Long-term and short-term debt	$	4,231,906		$	3,702,071
Payable to former affiliate	331,399			333,148
Deferred income tax liability	—			33,166
Other liabilities	6,117			10,083
Total liabilities	4,569,422			4,078,468
Stockholders’ Equity
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized, respectively; 120,448,018 and 119,773,106 shares issued, respectively; 117,532,336 and 119,773,106 shares outstanding, respectively	1,204			1,198
Additional paid-in capital	12,473,363			12,432,449
Retained earnings (deficit)	1,345,810			405,853
Treasury stock, at cost; 2,915,682 and 0 shares, respectively	(117,970		)	—
Accumulated other comprehensive income (loss)	715,974			1,676,166
Total stockholders’ equity	14,418,381			14,515,666
Total liabilities and stockholders’ equity	$	18,987,803		$	18,594,134

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2018 and 2017 and

For the Period from August 1, 2016 (Date of Inception) to December 31, 2016

(In thousands)



	2018			2017			2016
Condensed Statements of Operations
Revenues
Equity in earnings (losses) of subsidiaries	$	1,003,123		$	(565,979	)	$	—
Net investment income	9,718			5,573			—
Other revenues	4,608			221,834			—
Net investment gains (losses)	64			(237		)	—
Net derivative gains (losses)	—			1,729			—
Total revenues	1,017,513			(337,080		)	—
Expenses
Credit facility fees	7,081			16,014			875
Other expenses	176,203			75,921			—
Total expenses	183,284			91,935			875
Income (loss) before provision for income tax	834,229			(429,015		)	(875		)
Provision for income tax expense (benefit)	(30,321		)	(50,897		)	(306		)
Net income (loss) available to common shareholders	$	864,550		$	(378,118	)	$	(569	)
Comprehensive income (loss)	$	(15,739	)	$	33,000		$	(569	)

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2018 and 2017 and

For the Period from August 1, 2016 (Date of Inception) to December 31, 2016

(In thousands)



	2018			2017			2016
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)	$	864,550		$	(378,118	)	$	(569	)
Equity in (earnings) losses of subsidiaries	(1,003,123		)	565,979			—
Distribution from subsidiary	51,900			50,000			—
Other, net	8,144			(252,310		)	569
Net cash provided by (used in) operating activities	(78,529		)	(14,449		)	—
Cash flows from investing activities
Sales of fixed maturity securities	3,484			509,814			—
Purchases of fixed maturity securities	—			(748,972		)	—
Capital contributions to subsidiary	(208,000		)	(1,300,000		)	—
Net cash provided by (used in) investing activities	(204,516		)	(1,539,158		)	—
Cash flows from financing activities
Long-term and short-term debt issued	892,500			3,724,375			—
Long-term and short-term debt repaid	(350,964		)	—			—
Debt issuance costs	(12,143		)	(39,187		)	—
Issuance of common stock	—			—			1
Treasury stock acquired in connection with share repurchases	(105,253		)	—			—
Distribution to MetLife, Inc.	—			(1,798,000		)	—
Credit facility fees	(5,738		)	(8,054		)	—
Net cash provided by (used in) financing activities	418,402			1,879,134			1
Change in cash, cash equivalents and restricted cash	135,357			325,527			1
Cash, cash equivalents and restricted cash, beginning of period	325,528			1			—
Cash, cash equivalents and restricted cash, end of period	$	460,885		$	325,528		$	1

Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	158,022		$	67,135		$	—
Income tax:
Cash received from MetLife, Inc. for income tax	$	(6,902	)	$	(40	)	$	—
Income tax paid by Brighthouse Financial, Inc.	746			888			—
Net cash paid (received) for income tax	$	(6,156	)	$	848		$	—

Schedule II

Notes to the Condensed Financial Information

(Parent Company Only)

1. Basis of Presentation

The condensed financial information of Brighthouse Financial, Inc. (the “Parent Company”) should be read in conjunction with the consolidated and combined financial statements of Brighthouse Financial, Inc. and its subsidiaries and the notes thereto (the “Consolidated and Combined Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for Brighthouse Financial, Inc. Investments in subsidiaries are accounted for using the equity method of accounting.

The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, identifiable intangible assets and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates.

2. Investment in Subsidiary

Contribution of Brighthouse Holdings, LLC

On July 28, 2017, MetLife, Inc. contributed to BHF all of the common interests in BH Holdings in exchange for (i) the assumption by BHF of certain liabilities of MetLife, Inc. including, among other things, liabilities relating to the operation of BHF’s business (including from periods prior to the separation) and certain liabilities related to BHF’s employees, liabilities relating to BHF’s assets and outstanding contractual and non-contractual relationships with customers, vendors and others (including obligations under leases for BHF’s corporate headquarters in Charlotte, North Carolina, as well as certain other locations), and liabilities relating to certain historical operations of MetLife, Inc.; (ii) a cash distribution; (iii) the issuance of additional shares of BHF common stock; and (iv) the entry into certain other agreements between MetLife, Inc. and BHF.

During the years ended December 31, 2018 and 2017, BHF made cash capital contributions of $208 million and $1.3 billion, respectively, to BH Holdings.

During the years ended December 31, 2018 and 2017, BHF received cash distributions of $52 million and $50 million, respectively, from BH Holdings.

3. Long-term and Short-term Debt

Long-term and short-term debt outstanding was as follows:



			December 31,
	Interest Rate	Maturity	2018		2017
			(In millions)
Senior notes — unaffiliated (1)	3.70%	2027	$	1,490	$	1,489
Senior notes — unaffiliated (1)	4.70%	2047	1,478		1,477
Term loan — unaffiliated	LIBOR plus 1.5%	2019	600		600
Junior subordinated debentures — unaffiliated (1)	6.25%	2058	361		—
Total long-term debt			3,929		3,566
Short-term intercompany loans			303		136
Total long-term and short-term debt			$	4,232	$	3,702

_______________


(1)	Includes unamortized debt issuance costs and debt discount totaling $46 million and $34 million at December 31, 2018 and 2017, respectively, for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis.

The aggregate maturities of long-term and short-term debt at December 31, 2018 were $903 million in 2019, $0 in each of 2020, 2021, 2022 and 2023 and $3.4 billion thereafter.

Interest expense related to long-term and short-term debt of $157 million and $75 million for the years ended December 31, 2018 and 2017, respectively, is included in other expenses.

Senior Notes and Junior Subordinated Debentures

See Note 9 of the Notes to the Consolidated and Combined Financial Statements for information regarding the unaffiliated senior notes and junior subordinated debentures.

Credit Facilities

See Note 9 of the Notes to the Consolidated and Combined Financial Statements for information regarding BHF’s credit facilities, including the unaffiliated term loan.

Short-term Intercompany Loans

On October 23, 2017, BHF, as borrower, entered into a short-term intercompany loan agreement with certain of its non-insurance subsidiaries, as lenders, for the purposes of facilitating the management of the available cash of the borrower and the lenders on a consolidated basis. Each loan entered into under this intercompany loan agreement has a term not more than 364 days and bears interest on the unpaid principal amount at a variable rate, payable monthly.

During the years ended December 31, 2018 and 2017, BHF borrowed $478 million and $136 million, respectively, from certain of its non-insurance subsidiaries and repaid $311 million of such borrowings during the year ended December 31, 2018. The weighted average interest rate on short-term intercompany loans outstanding at December 31, 2018 and 2017 was 1.80% and 0.73%, respectively.

Intercompany Liquidity Facilities

BHF has established an intercompany liquidity facility with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under the facility, which is comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term not more than 364 days. For each insurance subsidiary, the borrowing and lending limit is 3% of the respective insurance subsidiary’s statutory admitted assets as of the previous year end. For BHF and each non-insurance subsidiary, the borrowing and lending limit is based on a formula tied to the statutory admitted assets of the respective non-insurance subsidiaries. In the second quarter of 2018, BHF borrowed $40 million from NELICO under this liquidity facility and repaid such borrowing in the third quarter of 2018.

4. Related Party Transactions

On June 14, 2018, MetLife, Inc. divested its remaining shares of BHF common stock. As a result, MetLife, Inc. and its subsidiaries and affiliates are no longer considered related parties subsequent to the MetLife Divestiture. See Note 1 of the Notes to the Consolidated and Combined Financial Statements for more information.

See Notes 12 and 13 of the Notes to the Consolidated and Combined Financial Statements for information regarding related party transactions.

5. Subsequent Events

On January 14, 2019, BHF repaid $195 million of short-term intercompany loans due to BH Holdings and, immediately following, received a cash distribution of $195 million from BH Holdings.

Consolidated Supplementary Insurance Information

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Consolidated Supplementary Insurance Information

Brighthouse Financial, Inc.

Schedule III

Consolidated and Combined Supplementary Insurance Information

December 31, 2018 and 2017

(In millions)



Segment	DAC and VOBA		Future Policy Benefits and Other Policy-Related Balances		Policyholder Account Balances		Unearned Premiums (1)(2)		Unearned Revenue (1)
2018
Annuities	$	4,550	$	8,814	$	28,619	$	—	$	91
Life	1,051		5,546		3,239		14		277
Run-off	5		17,253		8,195		—		107
Corporate & Other	111		7,596		1		6		—
Total	$	5,717	$	39,209	$	40,054	$	20	$	475
2017
Annuities	$	5,047	$	8,347	$	25,934	$	—	$	96
Life	1,106		5,200		3,342		14		278
Run-off	5		18,521		8,506		—		95
Corporate & Other	128		7,533		1		5		—
Total	$	6,286	$	39,601	$	37,783	$	19	$	469

______________


(1)	Amounts are included within the future policy benefits and other policy-related balances column.


(2)	Includes premiums received in advance.

Brighthouse Financial, Inc.

Schedule III

Consolidated and Combined Supplementary Insurance Information (continued)

December 31, 2018, 2017 and 2016

(In millions)



Segment	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income (1)		Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances		Amortization of DAC and VOBA			Other Expenses
2018
Annuities	$	2,947	$	1,522	$	1,597	$	944		$	1,629
Life	927		447		768		90			241
Run-off	776		1,312		1,922		—			202
Corporate & Other	85		57		64		16			503
Total	$	4,735	$	3,338	$	4,351	$	1,050		$	2,575
2017
Annuities	$	3,000	$	1,252	$	2,130	$	(23	)	$	1,565
Life	951		327		820		223			265
Run-off	714		1,358		1,735		7			279
Corporate & Other	96		141		62		20			374
Total	$	4,761	$	3,078	$	4,747	$	227		$	2,483
2016
Annuities	$	3,259	$	1,329	$	2,347	$	(896	)	$	1,248
Life	739		350		681		282			273
Run-off	878		1,341		1,953		961			437
Corporate & Other	128		187		87		24			326
Total	$	5,004	$	3,207	$	5,068	$	371		$	2,284

______________


(1)	See Note 2 of the Notes to the Consolidated and Combined Financial Statements for the basis of allocation of net investment income.

Consolidated Reinsurance

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Consolidated Reinsurance

Brighthouse Financial, Inc.

Schedule IV

Consolidated and Combined Reinsurance

December 31, 2018, 2017 and 2016

(Dollars in millions)



	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2018
Life insurance in-force	$	597,694	$	191,083	$	7,458	$	414,069	1.8%
Insurance premium
Life insurance (1)	$	1,468	$	580	$	11	$	899	1.2%
Accident & health insurance	231		230		—		1		—%
Total insurance premium	$	1,699	$	810	$	11	$	900	1.2%
2017
Life insurance in-force	$	629,367	$	206,304	$	6,879	$	429,942	1.6%
Insurance premium
Life insurance (1)	$	1,557	$	711	$	11	$	857	1.3%
Accident & health insurance	238		232		—		6		—%
Total insurance premium	$	1,795	$	943	$	11	$	863	1.3%
2016
Life insurance in-force	$	653,270	$	465,841	$	7,006	$	194,435	3.6%
Insurance premium
Life insurance (1)	$	2,067	$	929	$	76	$	1,214	6.3%
Accident & health insurance	229		224		3		8		37.5%
Total insurance premium	$	2,296	$	1,153	$	79	$	1,222	6.5%

______________


(1)	Includes annuities with life contingencies.

For the year ended December 31, 2018, there was no ceded and assumed related party life insurance in-force. For the year ended December 31, 2018, reinsurance ceded and assumed included related party transactions for life insurance premiums of $201 million and $6 million, respectively. For the year ended December 31, 2017, reinsurance ceded and assumed included related party transactions for life insurance in-force of $17.1 billion and $6.9 billion, respectively, and life insurance premiums of $537 million and $11 million, respectively. For the year ended December 31, 2016, reinsurance ceded and assumed included related party transactions for life insurance in-force of $266.4 billion and $7.0 billion, respectively, and life insurance premiums of $766 million and $34 million, respectively.

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

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates, Policy [Policy Text Block]

Consolidation, Policy [Policy Text Block]

Consolidation

Reclassifications

Future Policy Benefits Liability, Policy [Policy Text Block]

Future Policy Benefit Liabilities and Policyholder Account Balances

Minimum Guarantees, Policy [Policy Text Block]

Variable Annuity Guarantees

Assumptions for all variable guarantees are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted by a cumulative charge or credit to net income.

Index-linked annuities

Embedded Derivatives

Insurance Premiums Revenue Recognition, Policy [Policy Text Block]

Recognition of Insurance Revenues and Deposits

Premiums, policy fees, policyholder benefits and expenses are presented net of reinsurance.

Deferred Policy Acquisition Costs, Policy [Policy Text Block]

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block]

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Sales Inducements to Contract Holders, Policy [Policy Text Block]

Reinsurance Accounting Policy [Policy Text Block]

Reinsurance

Investment, Policy [Policy Text Block]

Investments

Net Investment Income and Net Investment Gains (Losses)

Fixed Maturity Securities Available-For-Sale

Mortgage Loans

Policy Loans

Real Estate Joint Ventures and Other Limited Partnership Interests

Short-term Investments

Other Invested Assets

Other invested assets consist principally of freestanding derivatives with positive estimated fair values which are described in “—Derivatives” below.

Securities Lending Program

Maturities of Fixed Maturity Securities

Valuation Allowance Methodology

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

Purchased Credit Impaired Investments

Variable Interest Entities

Derivatives, Policy [Policy Text Block]

Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives

Counterparty Credit Risk

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value



Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.



Level 2	Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.



Level 3	Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

Policyholder Accounts, Policy [Policy Text Block]

Separate Accounts

Income Tax, Policy [Policy Text Block]

Income Tax

The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense.

Commitments and Contingencies, Policy [Policy Text Block]

Litigation Contingencies

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Pension and Other Postretirement Plans, Policy [Policy Text Block]

Employee Benefit Plans

NELICO Legacy Pension and Other Unfunded Benefit Plans

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

Restricted Share Units (“RSUs”)

Performance Share Units (“PSUs”)

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements



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 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 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 11.

ASUs issued but not yet adopted as of December 31, 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 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 requirement to measure all variable annuity guarantees at fair value.
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 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. The Company expects the most significant impacts to be earlier recognition of impairments 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 does not expect a material impact on its financial statements from adoption of the new guidance.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Year Ended December 31, 2018	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,233	$	285	$	(57	)	$	(431	)	$	1,030
Provision for income tax expense (benefit)	210		57		(14		)	(120		)	133
Post-tax adjusted earnings	1,023		228		(43		)	(311		)	897
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			5			5
Adjusted earnings	$	1,023	$	228	$	(43	)	$	(316	)	892
Adjustments for:
Net investment gains (losses)											(207		)
Net derivative gains (losses)											702
Other adjustments to net income											(536		)
Provision for income tax (expense) benefit											14
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	865

Interest revenue	$	1,536	$	449	$	1,310		$	57
Interest expense	$	—	$	—	$	—		$	158



Balance at December 31, 2018	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total assets	$	141,489	$	20,449	$	32,393	$	11,963	$	206,294
Separate account assets	$	91,922	$	4,679	$	1,655	$	—	$	98,256
Separate account liabilities	$	91,922	$	4,679	$	1,655	$	—	$	98,256



	Operating Results
Year Ended December 31, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,386	$	7		$	147	$	57		$	1,597
Provision for income tax expense (benefit)	369		(9		)	43		274			677
Post-tax adjusted earnings	1,017		16			104		(217		)	920
Less: Net income (loss) attributable to noncontrolling interests	—		—			—		—			—
Adjusted earnings	$	1,017	$	16		$	104	$	(217	)	920
Adjustments for:
Net investment gains (losses)											(28		)
Net derivative gains (losses)											(1,620		)
Other adjustments to net income											(564		)
Provision for income tax (expense) benefit											914
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(378	)

Interest revenue	$	1,277	$	342		$	1,399	$	192
Interest expense	$	—	$	—		$	23	$	132



Balance at December 31, 2017	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total assets	$	154,667	$	18,049	$	36,824	$	14,652	$	224,192
Separate account assets	$	109,888	$	5,250	$	3,119	$	—	$	118,257
Separate account liabilities	$	109,888	$	5,250	$	3,119	$	—	$	118,257



	Operating Results
Year Ended December 31, 2016	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,636	$	26	$	(834	)	$	39		$	867
Provision for income tax expense (benefit)	484		—		(295		)	(8		)	181
Post-tax adjusted earnings	1,152		26		(539		)	47			686
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			—			—
Adjusted earnings	$	1,152	$	26	$	(539	)	$	47		686
Adjustments for:
Net investment gains (losses)											(78		)
Net derivative gains (losses)											(5,851		)
Other adjustments to net income											357
Provision for income tax (expense) benefit											1,947
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(2,939	)

Interest revenue	$	1,451	$	371	$	1,441		$	239
Interest expense	$	—	$	—	$	61		$	111

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:



	Years Ended December 31,
	2018		2017			2016
	(In millions)
Annuities	$	4,567	$	4,370		$	4,958
Life	1,389		1,315			1,249
Run-off	2,112		2,147			2,343
Corporate & Other	152		510			401
Adjustments	745		(1,500		)	(5,933		)
Total	$	8,965	$	6,842		$	3,018

Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Product Groups



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Annuity products	$	3,304	$	3,363	$	3,938
Life insurance products	1,827		1,822		1,745
Other products	1		227		57
Total	$	5,132	$	5,412	$	5,740

Insurance (Tables)

12 Months Ended

Dec. 31, 2018

Insurance [Abstract]

Schedule of Net Amount of Risk by Product and Guarantee [Table Text Block]

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



	December 31,
	2018						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)	$	96,865		$	55,967		$	115,147		$	67,110
Separate account value	$	91,837		$	54,731		$	109,792		$	65,782
Net amount at risk	$	11,073	(4)	$	4,128	(5)	$	5,261	(4)	$	2,642	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	December 31,
	2018		2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,099	$	6,244
Net amount at risk (6)	$	73,131	$	75,304
Average attained age of policyholders	65 years		64 years

Variable Life Contracts
Total account value (3)	$	3,230	$	3,379
Net amount at risk (6)	$	23,004	$	24,546
Average attained age of policyholders	50 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 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)


(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.

Insurance Liabilities



	December 31,
	2018		2017
	(In millions)
Annuities	$	37,433	$	34,281
Life	8,785		8,542
Run-off	25,448		27,027
Corporate & Other	7,597		7,534
Total	$	79,263	$	77,384

Liabilities for Guarantees



	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
	(In millions)
Direct
Balance at January 1, 2016	$	845		$	2,004		$	2,787		$	5,636
Incurred guaranteed benefits	339			331			753			1,423
Paid guaranteed benefits	(60		)	—			—			(60		)
Balance at December 31, 2016	1,124			2,335			3,540			6,999
Incurred guaranteed benefits	373			374			692			1,439
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2017	1,439			2,709			4,232			8,380
Incurred guaranteed benefits	186			365			484			1,035
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2018	$	1,567		$	3,074		$	4,716		$	9,357
Net Ceded/(Assumed)
Balance at January 1, 2016	$	(20	)	$	10		$	1,007		$	997
Incurred guaranteed benefits	48			10			98			156
Paid guaranteed benefits	(55		)	—			—			(55		)
Balance at December 31, 2016	(27		)	20			1,105			1,098
Incurred guaranteed benefits	101			(20		)	(160		)	(79		)
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2017	18			—			945			963
Incurred guaranteed benefits	49			—			18			67
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2018	$	11		$	—		$	963		$	974
Net
Balance at January 1, 2016	$	865		$	1,994		$	1,780		$	4,639
Incurred guaranteed benefits	291			321			655			1,267
Paid guaranteed benefits	(5		)	—			—			(5		)
Balance at December 31, 2016	1,151			2,315			2,435			5,901
Incurred guaranteed benefits	272			394			852			1,518
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2017	1,421			2,709			3,287			7,417
Incurred guaranteed benefits	137			365			466			968
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2018	$	1,556		$	3,074		$	3,753		$	8,383

Fund Groupings

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:



	December 31,
	2018		2017
	(In millions)
Fund Groupings:
Balanced	$	60,040	$	56,979
Equity	25,344		47,571
Bond	8,339		6,662
Money Market	18		657
Total	$	93,741	$	111,869

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables)

12 Months Ended

Dec. 31, 2018

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
DAC:
Balance at January 1,	$	5,678		$	5,652		$	5,679
Capitalizations	322			260			334
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	(384		)	258			1,400
Other expenses	(560		)	(445		)	(1,656		)
Total amortization	(944		)	(187		)	(256		)
Unrealized investment gains (losses)	93			(47		)	(56		)
Other	—			—			(49		)
Balance at December 31,	5,149			5,678			5,652
VOBA:
Balance at January 1,	608			641			711
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	(1		)	(9		)	2
Other expenses	(105		)	(31		)	(117		)
Total amortization	(106		)	(40		)	(115		)
Unrealized investment gains (losses)	66			7			45
Balance at December 31,	568			608			641
Total DAC and VOBA:
Balance at December 31,	$	5,717		$	6,286		$	6,293

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
DAC:
Balance at January 1,	$	5,678		$	5,652		$	5,679
Capitalizations	322			260			334
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	(384		)	258			1,400
Other expenses	(560		)	(445		)	(1,656		)
Total amortization	(944		)	(187		)	(256		)
Unrealized investment gains (losses)	93			(47		)	(56		)
Other	—			—			(49		)
Balance at December 31,	5,149			5,678			5,652
VOBA:
Balance at January 1,	608			641			711
Amortization related to:
Net investment gains (losses) and net derivative gains (losses)	(1		)	(9		)	2
Other expenses	(105		)	(31		)	(117		)
Total amortization	(106		)	(40		)	(115		)
Unrealized investment gains (losses)	66			7			45
Balance at December 31,	568			608			641
Total DAC and VOBA:
Balance at December 31,	$	5,717		$	6,286		$	6,293

Information regarding Deferred Policy Acquisition Costs and Value of Business Acquired by Segment

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2018		2017
	(In millions)
Annuities	$	4,550	$	5,047
Life	1,051		1,106
Run-off	5		5
Corporate & Other	111		128
Total	$	5,717	$	6,286

Deferred Sales Inducements of Business Acquired

Information regarding other intangibles was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
DSI:
Balance at January 1,	$	431		$	445		$	532
Capitalization	2			2			3
Amortization	(41		)	(5		)	(88		)
Unrealized investment gains (losses)	18			(11		)	(2		)
Balance at December 31,	$	410		$	431		$	445
VODA:
Balance at January 1,	$	105		$	120		$	136
Amortization	(14		)	(15		)	(16		)
Balance at December 31,	$	91		$	105		$	120
Accumulated amortization	$	169		$	155		$	140

Value of Distribution Agreements and Customer Relationships Acquired

Information regarding other intangibles was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
DSI:
Balance at January 1,	$	431		$	445		$	532
Capitalization	2			2			3
Amortization	(41		)	(5		)	(88		)
Unrealized investment gains (losses)	18			(11		)	(2		)
Balance at December 31,	$	410		$	431		$	445
VODA:
Balance at January 1,	$	105		$	120		$	136
Amortization	(14		)	(15		)	(16		)
Balance at December 31,	$	91		$	105		$	120
Accumulated amortization	$	169		$	155		$	140

Estimated Future Amortization Expense (Credit)

The estimated future amortization expense to be reported in other expenses for the next five years is as follows:



	VOBA		VODA
	(In millions)
2019	$	77	$	13
2020	$	58	$	12
2021	$	52	$	10
2022	$	46	$	9
2023	$	41	$	8

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2018

Effects of Reinsurance [Line Items]

Effect of reinsurance

The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at:



	December 31,
	2018								2017
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	649	$	39	$	13,009	$	13,697	$	647	$	27	$	12,851	$	13,525
Liabilities
Policyholder account balances	$	38,696	$	1,358	$	—	$	40,054	$	37,510	$	273	$	—	$	37,783
Other policy-related balances	$	1,337	$	1,663	$	—	$	3,000	$	1,311	$	1,674	$	—	$	2,985
Other liabilities	$	3,545	$	33	$	707	$	4,285	$	4,475	$	32	$	756	$	5,263

The amounts on the consolidated and combined statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Premiums
Direct premiums	$	1,699		$	1,795		$	2,296
Reinsurance assumed	11			11			79
Reinsurance ceded	(810		)	(943		)	(1,153		)
Net premiums	$	900		$	863		$	1,222
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	4,296		$	4,430		$	4,300
Reinsurance assumed	95			96			119
Reinsurance ceded	(556		)	(628		)	(637		)
Net universal life and investment-type product policy fees	$	3,835		$	3,898		$	3,782
Other revenues
Direct other revenues	$	373		$	576		$	326
Reinsurance assumed	—			28			87
Reinsurance ceded	24			47			323
Net other revenues	$	397		$	651		$	736
Policyholder benefits and claims
Direct policyholder benefits and claims	$	4,891		$	5,228		$	6,351
Reinsurance assumed	32			31			123
Reinsurance ceded	(1,651		)	(1,623		)	(2,571		)
Net policyholder benefits and claims	$	3,272		$	3,636		$	3,903

Affiliated Entity [Member]

Effects of Reinsurance [Line Items]

Effect of reinsurance

Information regarding the significant effects of reinsurance with former MetLife affiliates included on the consolidated and combined statements of operations was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Premiums
Reinsurance assumed	$	6		$	11		$	34
Reinsurance ceded	(201		)	(537		)	(766		)
Net premiums	$	(195	)	$	(526	)	$	(732	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	45		$	96		$	119
Reinsurance ceded	1			(14		)	(60		)
Net universal life and investment-type product policy fees	$	46		$	82		$	59
Other revenues
Reinsurance assumed	$	—		$	27		$	56
Reinsurance ceded	18			44			320
Net other revenues	$	18		$	71		$	376
Policyholder benefits and claims
Reinsurance assumed	$	9		$	30		$	86
Reinsurance ceded	(178		)	(420		)	(757		)
Net policyholder benefits and claims	$	(169	)	$	(390	)	$	(671	)

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



	December 31,
	2018				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

Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

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



	December 31, 2018											December 31, 2017
	Amortized Cost		Gross Unrealized							Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities: (2)
U.S. corporate	$	24,312	$	830	$	669	$	—		$	24,473	$	21,190	$	1,859	$	92	$	—		$	22,957
U.S. government and agency	7,944		1,263		112		—			9,095		14,548		1,862		118		—			16,292
RMBS	8,428		246		129		(2		)	8,547		7,749		285		60		(3		)	7,977
Foreign corporate	8,183		159		316		—			8,026		6,703		386		66		—			7,023
CMBS	5,292		43		88		(1		)	5,248		3,386		53		17		(1		)	3,423
State and political subdivision	3,200		412		15		—			3,597		3,635		553		6		1			4,181
ABS	2,135		13		22		—			2,126		1,810		21		2		—			1,829
Foreign government	1,426		102		32		—			1,496		1,152		161		4		—			1,309
Total fixed maturity securities	$	60,920	$	3,068	$	1,383	$	(3	)	$	62,608	$	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.

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 December 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,818	$	7,874	$	11,672	$	23,701	$	15,855	$	60,920
Estimated fair value	$	1,817	$	7,894	$	11,456	$	25,520	$	15,921	$	62,608

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



	December 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	10,584	$	470	$	2,328	$	199	$	1,783	$	21	$	1,451	$	71
U.S. government and agency	412		8		1,543		104		4,962		38		1,573		80
RMBS	1,627		26		2,611		101		2,367		14		1,332		43
Foreign corporate	3,982		203		774		113		637		8		603		58
CMBS	2,317		53		803		34		619		6		335		10
State and political subdivision	346		7		158		8		170		3		106		4
ABS	1,422		21		70		1		170		—		74		2
Foreign government	521		26		132		6		155		2		69		2
Total fixed maturity securities	$	21,211	$	814	$	8,419	$	566	$	10,863	$	92	$	5,543	$	270
Total number of securities in an unrealized loss position	3,027				1,028				911				638

Schedule of Accounts, Notes, Loans and Financing Receivable

Mortgage loans are summarized as follows at:



	December 31,
	2018					2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	8,529		62.3	%	$	7,375		68.6	%
Agricultural	2,946			21.5		2,276			21.2
Residential	2,276			16.6		1,138			10.6
Subtotal (1)	13,751			100.4		10,789			100.4
Valuation allowances (2)	(57		)	(0.4	)	(47		)	(0.4	)
Total mortgage loans, net	$	13,694		100.0	%	$	10,742		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $1.9 billion and $420 million for the years ended December 31, 2018 and 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:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Fixed maturity securities	$	1,691		$	4,808		$	2,664
Equity securities	—			39			32
Derivatives	264			239			414
Short-term investments	—			—			(42		)
Other	(13		)	(8		)	(26		)
Subtotal	1,942			5,078			3,042
Amounts allocated from:
Future policy benefits	(886		)	(2,626		)	(802		)
DAC, VOBA and DSI	(90		)	(267		)	(216		)
Subtotal	(976		)	(2,893		)	(1,018		)
Deferred income tax benefit (expense)	(203		)	(459		)	(712		)
Net unrealized investment gains (losses)	$	763		$	1,726		$	1,312

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



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Balance, December 31,	$	1,726		$	1,312		$	1,573
Unrealized investment gains (losses) change due to cumulative effect, net of income tax (1)	(79		)	—			—
Balance at January 1,	1,647			1,312			1,573
Unrealized investment gains (losses) during the year	(3,057		)	2,036			294
Unrealized investment gains (losses) relating to:
Future policy benefits	1,740			(1,824		)	(676		)
DAC, VOBA and DSI	177			(51		)	(13		)
Deferred income tax benefit (expense)	256			253			134
Balance at December 31,	$	763		$	1,726		$	1,312
Change in net unrealized investment gains (losses)	$	(884	)	$	414		$	(261	)

__________________


(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:



	December 31,
	2018		2017
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,056	$	3,085
Estimated fair value	$	3,628	$	3,748
Cash collateral received from counterparties (2)	$	3,646	$	3,791
Security collateral received from counterparties (3)	$	55	$	29
Reinvestment portfolio — estimated fair value	$	3,658	$	3,823

__________________


(1)	Included within fixed maturity securities.


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


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

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



	December 31, 2018								December 31, 2017
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	1,474	$	1,823	$	349	$	3,646	$	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:



	December 31,
	2018		2017
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,176	$	8,263
Invested assets held in trust (reinsurance agreements) (2)	3,455		2,634
Invested assets pledged as collateral (3)	3,341		3,199
Total invested assets on deposit, held in trust and pledged as collateral	$	14,972	$	14,096

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policy holder liabilities, of which $55 million and $34 million of the assets on deposit balance represents restricted cash at December 31, 2018 and 2017, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $87 million and $42 million of the assets held in trust balance represents restricted cash at December 31, 2018 and 2017, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3) and derivative transactions (see Note 7).

The Components of Net Investment Income

The components of net investment income were as follows:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Investment income:
Fixed maturity securities	$	2,565	$	2,420	$	2,642
Equity securities	7		9		14
Mortgage loans	543		454		413
Policy loans	85		73		78
Real estate joint ventures	47		53		32
Other limited partnership interests	211		184		163
Cash, cash equivalents and short-term investments	35		35		20
Other	41		28		21
Subtotal	3,534		3,256		3,383
Less: Investment expenses	196		178		176
Net investment income	$	3,338	$	3,078	$	3,207

The components of net investment gains (losses)

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



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Total gains (losses) on fixed maturity securities:
OTTI losses on fixed maturity securities recognized in earnings	$	—		$	(1	)	$	(22	)
Fixed maturity securities — net gains (losses) on sales and disposals	(180		)	(25		)	(40		)
Total gains (losses) on fixed maturity securities	(180		)	(26		)	(62		)
Total gains (losses) on equity securities:
OTTI losses on equity securities recognized in earnings	—			(4		)	(2		)
Equity securities — Mark to market and net gains (losses) on sales and disposals	(16		)	26			10
Total gains (losses) on equity securities	(16		)	22			8
Mortgage loans	(13		)	(9		)	6
Real estate joint ventures	42			4			(34		)
Other limited partnership interests	(2		)	(11		)	(7		)
Other	(38		)	(8		)	11
Total net investment gains (losses)	$	(207	)	$	(28	)	$	(78	)

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.



	Years Ended December 31,
	2018			2017			2016
	Fixed Maturity Securities
	(In millions)
Proceeds	$	11,251		$	12,665		$	39,800
Gross investment gains	$	102		$	59		$	266
Gross investment losses	(282		)	(84		)	(306		)
OTTI losses	—			(1		)	(22		)
Net investment gains (losses)	$	(180	)	$	(26	)	$	(62	)

Financing Receivable Credit Quality Indicators

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



	December 31,
	2018				2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,623	89.0	%	$	2,113	92.8	%
65% to 75%	322		10.9		163		7.2
76% to 80%	1		0.1		—		—
Total	$	2,946	100.0	%	$	2,276	100.0	%

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



	December 31,
	2018				2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,240	98.4	%	$	1,106	97.2	%
Nonperforming	36		1.6		32		2.8
Total	$	2,276	100.0	%	$	1,138	100.0	%

Credit Quality of Commercial Mortgage Loans

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



	Recorded Investment										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(Dollars in millions)
December 31, 2018
Loan-to-value ratios:
Less than 65%	$	7,470	$	89	$	34	$	7,593	89.0	%	$	7,668	89.0	%
65% to 75%	762		—		24		786		9.2		798		9.3
76% to 80%	141		—		9		150		1.8		145		1.7
Greater than 80%	—		—		—		—		—		—		—
Total	$	8,373	$	89	$	67	$	8,529	100.0	%	$	8,611	100.0	%
December 31, 2017
Loan-to-value ratios:
Less than 65%	$	6,309	$	293	$	33	$	6,635	90.0	%	$	6,796	90.2	%
65% to 75%	642		—		14		656		8.9		658		8.7
76% to 80%	42		—		9		51		0.7		50		0.7
Greater than 80%	—		9		24		33		0.4		30		0.4
Total	$	6,993	$	302	$	80	$	7,375	100.0	%	$	7,534	100.0	%

Variable Interest Entities

The Company’s maximum exposure to loss on these investments is limited to: (i) the amount invested in debt or equity of the VIE and (ii) commitments to the VIE, as described in Note 15.



	December 31,
	2018				2017
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,099	$	13,099	$	11,965	$	11,965
Joint ventures and limited partnerships	1,756		3,145		1,593		2,552
Total	$	14,855	$	16,244	$	13,558	$	14,517

Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Earned Income On Derivatives And Income Statement Location

The following table presents earned income on derivatives:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Qualifying hedges:
Net investment income	$	28	$	23	$	21
Nonqualifying hedges:
Net derivative gains (losses)	166		314		461
Policyholder benefits and claims	—		8		15
Total	$	194	$	345	$	497

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:



	December 31,
	2018					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	$	8	$	689	2.0	$	12	$	558	2.8
Baa	3		1,131		5.0	28		1,317		4.7
Ba	—		—		—	—		25		4.5
Total	$	11	$	1,820	3.9	$	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:



	December 31,
	2018						2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,813		$	2,102		$	2,233		$	3,081
OTC-cleared and Exchange-traded (1), (6)	20			2			70			40
Total gross estimated fair value of derivatives (1)	2,833			2,104			2,303			3,121
Estimated fair value of derivatives presented on the consolidated and combined balance sheets (1), (6)	2,833			2,104			2,303			3,121
Gross amounts not offset on the consolidated and combined balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,669		)	(1,669		)	(1,942		)	(1,942		)
OTC-cleared and Exchange-traded	(2		)	(2		)	(1		)	(1		)
Cash collateral: (3), (4)
OTC-bilateral	(1,047		)	—			(257		)	—
OTC-cleared and Exchange-traded	(15		)	—			(28		)	(39		)
Securities collateral: (5)
OTC-bilateral	(86		)	(433		)	(31		)	(1,138		)
Net amount after application of master netting agreements and collateral	$	14		$	—		$	44		$	1

__________________


(1)	At December 31, 2018 and 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $55 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]

Derivative Instruments, Gain (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):



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—	$	—		$	—
Total fair value hedges	(12		)	12			—		—			—
Cash flow hedges (5):
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	—		—			164
Total cash flow hedges	129			(2		)	5		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(735		)	—			—		—			—
Foreign currency exchange rate derivatives	66			(8		)	—		—			—
Credit derivatives	(19		)	—			—		—			—
Equity derivatives	571			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	417			(8		)	—		(8		)	—
Total	$	534		$	2		$	5	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	2		$	(2	)	$	—		$	—		$	—
Total fair value hedges	2			(2		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	—			—			(160		)
Total cash flow hedges	12			(9		)	6			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(324		)	—			—			8			—
Foreign currency exchange rate derivatives	(99		)	(33		)	—			—			—
Credit derivatives	21			—			—			—			—
Equity derivatives	(2,584		)	—			(1		)	(341		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,904		)	(33		)	(1		)	(349		)	—
Total	$	(1,890	)	$	(44	)	$	5		$	(349	)	$	(157	)



	Year Ended December 31, 2016
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—		$	—		$	—
Total fair value hedges	1			(1		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	35			—			5			—			28
Foreign currency exchange rate derivatives	5			(3		)	—			—			43
Total cash flow hedges	40			(3		)	5			—			71
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2,872		)	—			—			(4		)	—
Foreign currency exchange rate derivatives	76			(15		)	—			—			—
Credit derivatives	10			—			—			—			—
Equity derivatives	(1,724		)	—			(6		)	(320		)	—
Embedded derivatives	(1,824		)	—			—			(4		)	—
Total non-qualifying hedges	(6,334		)	(15		)	(6		)	(328		)	—
Total	$	(6,293	)	$	(19	)	$	(1	)	$	(328	)	$	71

______________


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


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


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


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


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

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

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



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—	$	—		$	—
Total fair value hedges	(12		)	12			—		—			—
Cash flow hedges (5):
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	—		—			164
Total cash flow hedges	129			(2		)	5		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(735		)	—			—		—			—
Foreign currency exchange rate derivatives	66			(8		)	—		—			—
Credit derivatives	(19		)	—			—		—			—
Equity derivatives	571			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	417			(8		)	—		(8		)	—
Total	$	534		$	2		$	5	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	2		$	(2	)	$	—		$	—		$	—
Total fair value hedges	2			(2		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	—			—			(160		)
Total cash flow hedges	12			(9		)	6			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(324		)	—			—			8			—
Foreign currency exchange rate derivatives	(99		)	(33		)	—			—			—
Credit derivatives	21			—			—			—			—
Equity derivatives	(2,584		)	—			(1		)	(341		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,904		)	(33		)	(1		)	(349		)	—
Total	$	(1,890	)	$	(44	)	$	5		$	(349	)	$	(157	)



	Year Ended December 31, 2016
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—		$	—		$	—
Total fair value hedges	1			(1		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	35			—			5			—			28
Foreign currency exchange rate derivatives	5			(3		)	—			—			43
Total cash flow hedges	40			(3		)	5			—			71
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2,872		)	—			—			(4		)	—
Foreign currency exchange rate derivatives	76			(15		)	—			—			—
Credit derivatives	10			—			—			—			—
Equity derivatives	(1,724		)	—			(6		)	(320		)	—
Embedded derivatives	(1,824		)	—			—			(4		)	—
Total non-qualifying hedges	(6,334		)	(15		)	(6		)	(328		)	—
Total	$	(6,293	)	$	(19	)	$	(1	)	$	(328	)	$	71

______________


(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 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):



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(12	)	$	12		$	—	$	—		$	—
Total fair value hedges	(12		)	12			—		—			—
Cash flow hedges (5):
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	—		—			164
Total cash flow hedges	129			(2		)	5		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(735		)	—			—		—			—
Foreign currency exchange rate derivatives	66			(8		)	—		—			—
Credit derivatives	(19		)	—			—		—			—
Equity derivatives	571			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	417			(8		)	—		(8		)	—
Total	$	534		$	2		$	5	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	2		$	(2	)	$	—		$	—		$	—
Total fair value hedges	2			(2		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	—			—			(160		)
Total cash flow hedges	12			(9		)	6			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(324		)	—			—			8			—
Foreign currency exchange rate derivatives	(99		)	(33		)	—			—			—
Credit derivatives	21			—			—			—			—
Equity derivatives	(2,584		)	—			(1		)	(341		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,904		)	(33		)	(1		)	(349		)	—
Total	$	(1,890	)	$	(44	)	$	5		$	(349	)	$	(157	)



	Year Ended December 31, 2016
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)			Net Investment Income (3)			Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	1		$	(1	)	$	—		$	—		$	—
Total fair value hedges	1			(1		)	—			—			—
Cash flow hedges (5):
Interest rate derivatives	35			—			5			—			28
Foreign currency exchange rate derivatives	5			(3		)	—			—			43
Total cash flow hedges	40			(3		)	5			—			71
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2,872		)	—			—			(4		)	—
Foreign currency exchange rate derivatives	76			(15		)	—			—			—
Credit derivatives	10			—			—			—			—
Equity derivatives	(1,724		)	—			(6		)	(320		)	—
Embedded derivatives	(1,824		)	—			—			(4		)	—
Total non-qualifying hedges	(6,334		)	(15		)	(6		)	(328		)	—
Total	$	(6,293	)	$	(19	)	$	(1	)	$	(328	)	$	71

______________


(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 in Statement of Financial Position, Fair Value [Table Text Block]

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:



		December 31,
		2018						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	2,524		211		30		1,827		94		75
Subtotal		2,524		211		30		1,854		99		75
Total qualifying hedges		2,524		211		30		2,029		143		75
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Interest rate swaps	Interest rate	10,747		528		558		20,213		922		774
Interest rate caps	Interest rate	3,350		21		—		2,671		7		—
Interest rate futures	Interest rate	54		—		—		282		1		—
Interest rate options	Interest rate	17,168		168		61		24,600		133		63
Foreign currency swaps	Foreign currency exchange rate	1,409		101		18		1,115		71		42
Foreign currency forwards	Foreign currency exchange rate	125		—		—		130		—		1
Credit default swaps — purchased	Credit	98		3		—		65		—		1
Credit default swaps — written	Credit	1,820		14		3		1,900		40		—
Equity futures	Equity market	169		—		—		2,713		15		—
Equity index options	Equity market	45,815		1,372		1,207		47,066		794		1,664
Equity variance swaps	Equity market	5,574		80		232		8,998		128		430
Equity total return swaps	Equity market	3,920		280		3		1,767		—		79
Total non-designated or nonqualifying derivatives		90,249		2,567		2,082		111,520		2,111		3,054
Total		$	92,773	$	2,778	$	2,112	$	113,549	$	2,254	$	3,129

Schedule of Derivative Instruments

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



	December 31,
	2018		2017
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	433	$	1,138
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	797	$	1,414

__________________


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

Embedded Derivative Financial Instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) [Table Text Block]

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



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Net derivative gains (losses) (1), (2)	$	534		$	1,082		$	(1,824	)
Policyholder benefits and claims	$	(8	)	$	(16	)	$	(4	)

__________________


(1)	The valuation of direct guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $466 million, $290 million and $246 million for the years ended December 31, 2018, 2017 and 2016, respectively.


(2)	See Note 5 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:



		December 31,
	Balance Sheet Location	2018		2017
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum income benefits	Premiums, reinsurance and other receivables	$	228	$	227
Options embedded in debt or equity securities (1)	Investments	—		(52		)
Embedded derivatives within asset host contracts		$	228	$	175
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,642	$	1,212
Direct index-linked annuities	Policyholder account balances	488		674
Assumed index-linked annuities	Policyholder account balances	96		1
Embedded derivatives within liability host contracts		$	2,226	$	1,887

__________________

(1)

Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	December 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	24,150	$	323	$	24,473
U.S government and agency	2,722		6,373		—		9,095
RMBS	—		8,541		6		8,547
Foreign corporate	—		7,617		409		8,026
CMBS	—		5,120		128		5,248
State and political subdivision	—		3,523		74		3,597
ABS	—		2,087		39		2,126
Foreign government	—		1,496		—		1,496
Total fixed maturity securities	2,722		58,907		979		62,608
Equity securities (1)	13		124		3		140
Derivative assets: (2)
Interest rate	—		717		—		717
Foreign currency exchange rate	—		301		11		312
Credit	—		10		7		17
Equity market	—		1,634		98		1,732
Total derivative assets	—		2,662		116		2,778
Embedded derivatives within asset host contracts (3)	—		—		228		228
Separate account assets	217		98,038		1		98,256
Total assets	$	2,952	$	159,731	$	1,327	$	164,010
Liabilities
Derivative liabilities: (2)
Interest rate	$	—	$	619	$	—	$	619
Foreign currency exchange rate	—		48		—		48
Credit	—		2		1		3
Equity market	—		1,205		237		1,442
Total derivative liabilities	—		1,874		238		2,112
Embedded derivatives within liability host contracts (3)	—		—		2,226		2,226
Total liabilities	$	—	$	1,874	$	2,464	$	4,338



	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
CMBS	—		3,287		136		3,423
State and political subdivision	—		4,181		—		4,181
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 (1)	18		19		124		161
Short-term investments	142		156		14		312
Commercial mortgage loans	—		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	—		11		—		11
Total liabilities	$	—	$	2,702	$	2,325	$	5,027

__________________


(1)	The Company reclassified FHLB stock in the prior period from equity securities to other invested assets.

(2)

(3)

Fair Value Inputs, Quantitative Information



					December 31, 2018			December 31, 2017			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range			Impact of Increase in Input on Estimated Fair Value
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates	0.02%	-	11%	0.02%	-	12%	Decrease (1)
			•	Lapse rates	0.25%	-	16%	0.25%	-	16%	Decrease (2)
			•	Utilization rates	0%	-	25%	0%	-	25%	Increase (3)
			•	Withdrawal rates	0.25%	-	10%	0.25%	-	10%	Increase (4)
			•	Long-term equity volatilities	16.50%	-	22%	17.40%	-	25%	Increase (5)
			•	Nonperformance risk spread	1.91%	-	2.66%	0.64%	-	1.43%	Decrease (6)

__________________


(1)	Mortality rates vary by age and by demographic characteristics such as gender. Range shown reflects the mortality rate for policyholders between 35 and 90 years old, which represents the majority of the business with living benefits. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.

(2)

(3)

(4)


(5)	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.


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

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			State and Political Subdivision			Foreign Government			Equity Securities			Short Term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Balance, January 1, 2017	$	2,391		$	1,711		$	17		$	—		$	137		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(3		)	28			—			—			(3		)	—			92			1,078			—
Total realized/unrealized gains (losses) included in AOCI	131			52			—			—			—			—			—			—			—
Purchases (7)	441			107			—			5			3			14			4			—			2
Sales (7)	(223		)	(535		)	—			—			(13		)	(1		)	—			—			(4		)
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			579			(355		)	(1		)
Transfers into Level 3 (8)	178			11			—			—			—			—			—			—			2
Transfers out of Level 3 (8)	(918		)	(144		)	(17		)	—			—			(1		)	—			—			(4		)
Balance, December 31, 2017	1,997			1,230			—			5			124			14			(279		)	(1,660		)	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			2			1			—			—			—			152			526			—
Total realized/unrealized gains (losses) included in AOCI	(33		)	(6		)	(1		)	—			—			—			9			—			—
Purchases (7)	71			42			—			—			1			—			3			—			1
Sales (7)	(197		)	(91		)	(1		)	(5		)	(3		)	(14		)	(7		)	—			(1		)
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			—			(864		)	(1		)
Transfers into Level 3 (8)	418			8			75			—			—			—			—			—			—
Transfers out of Level 3 (8)	(1,525		)	(1,012		)	—			—			(119		)	—			—			—			(3		)
Balance, December 31, 2018	$	732		$	173		$	74		$	—		$	3		$	—		$	(122	)	$	(1,998	)	$	1
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2016: (9)	$	2		$	29		$	—		$	—		$	—		$	—		$	(687	)	$	(1,952	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2017: (9)	$	1		$	23		$	—		$	—		$	—		$	—		$	(52	)	$	966		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018: (9)	$	(2	)	$	—		$	1		$	—		$	1		$	—		$	148		$	395		$	—
Gains (Losses) Data for the year ended December 31, 2016:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(11	)	$	30		$	—		$	—		$	—		$	—		$	(703	)	$	(1,842	)	$	—
Total realized/unrealized gains (losses) included in AOCI	$	(25	)	$	20		$	—		$	—		$	(11	)	$	—		$	4		$	—		$	—

__________________


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


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


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


(4)	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).

(5)


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


(7)	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.


(8)	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.


(9)	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 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:



	December 31, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	13,694	$	—	$	—	$	13,860	$	13,860
Policy loans	$	1,421	$	—	$	656	$	959	$	1,615
Other invested assets	$	77	$	—	$	64	$	13	$	77
Premiums, reinsurance and other receivables	$	1,609	$	—	$	32	$	1,664	$	1,696
Liabilities
Policyholder account balances	$	15,332	$	—	$	—	$	13,861	$	13,861
Long-term debt	$	3,963	$	—	$	2,758	$	600	$	3,358
Other liabilities	$	330	$	—	$	118	$	212	$	330
Separate account liabilities	$	1,029	$	—	$	1,029	$	—	$	1,029



	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 NAV as a practical expedient to estimated fair value.


(2)	The Company reclassified FHLB stock in the prior period from equity securities to other invested assets.

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt outstanding was as follows:



			December 31,
	Interest Rate	Maturity	2018		2017
			(In millions)
Senior notes (1)	3.700%	2027	$	1,490	$	1,489
Senior notes (1)	4.700%	2047	1,478		1,477
Term loan	LIBOR plus 1.5%	2019	600		600
Junior subordinated debentures (1)	6.250%	2058	361		—
Other long-term debt (2)	7.028%	2030	34		46
Total long-term debt			$	3,963	$	3,612

__________________


(1)	Includes unamortized debt issuance costs and debt discount totaling $46 million and $34 million for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis at December 31, 2018 and 2017, respectively.


(2)	Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Common Stock

The following table presents the rollforward of common shares outstanding:



Balance at January 1, 2016 and December 31, 2016	100,000
Shares issued	119,673,106
Balance at December 31, 2017	119,773,106
Shares issued	674,912
Shares repurchased (1)	(2,915,682	)
Balance at December 31, 2018	117,532,336

__________


(1)	Includes shares of common stock withheld with respect to tax withholding obligations associated with the vesting of share-based compensation awards under the Company’s publicly announced benefit plans or programs.

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 BHF has granted:



	December 31, 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	998,825		$	48.04	73,849		$	48.10
Forfeited	(30,825	)	$	48.10	(7,480	)	$	48.10
Paid	(654,315	)	$	48.10	—		$	—
Outstanding at December 31, 2018	313,685		$	47.90	66,369		$	48.10
Vested at December 31, 2018	—		$	—	—		$	—

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

Share-Based Compensation Plans

Compensation Expense Related to Share-Based Compensation

The following table presents total share-based compensation expense:



	Year Ended December 31,
	2018
	(In millions)
Restricted stock units, Founders’ Grant	$	31
Restricted stock units	$	7
Stock options	$	1
Performance share units	$	—

Equity Awards

Restricted Share Units (“RSUs”)

Performance Share Units (“PSUs”)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

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



AOCI Components	Amounts Reclassified from AOCI									Consolidated and Combined Statements of Operations Locations
	Years Ended December 31,
	2018			2017			2016
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(180	)	$	(15	)	$	(51	)	Net investment gains (losses)
Net unrealized investment gains (losses)	1			3			3			Net investment income
Net unrealized investment gains (losses)	(2		)	(48		)	4			Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(181		)	(60		)	(44		)
Income tax (expense) benefit	39			(286		)	15
Net unrealized investment gains (losses), net of income tax	(142		)	(346		)	(29		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	98			—			33			Net derivative gains (losses)
Interest rate swaps	3			3			3			Net investment income
Interest rate forwards	31			2			2			Net derivative gains (losses)
Interest rate forwards	2			3			2			Net investment income
Foreign currency swaps	—			10			5			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	134			18			45
Income tax (expense) benefit	40			(6		)	(16		)
Gains (losses) on cash flow hedges, net of income tax	174			12			29

Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(1		)	—			(1		)
Amortization of prior service (costs) credit	—			—			—
Amortization of defined benefit plan items, before income tax	(1		)	—			(1		)
Income tax (expense) benefit	—			5			—
Amortization of defined benefit plan items, net of income tax	(1		)	5			(1		)
Total reclassifications, net of income tax	$	31		$	(329	)	$	(1	)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

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



	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 at December 31, 2015	$	1,322		$	251		$	(32	)	$	(18	)	$	1,523
OCI before reclassifications	(465		)	71			1			2			(391		)
Deferred income tax benefit (expense)	158			(25		)	—			(1		)	132
AOCI before reclassifications, net of income tax	1,015			297			(31		)	(17		)	1,264
Amounts reclassified from AOCI	44			(45		)	—			1			—
Deferred income tax benefit (expense)	(15		)	16			—			—			1
Amounts reclassified from AOCI, net of income tax	29			(29		)	—			1			1
Balance at December 31, 2016	1,044			268			(31		)	(16		)	1,265
OCI before reclassifications	276			(157		)	10			(19		)	110
Deferred income tax benefit (expense)	(94		)	55			(3		)	14			(28		)
AOCI before reclassifications, net of income tax	1,226			166			(24		)	(21		)	1,347
Amounts reclassified from AOCI	60			(18		)	—			—			42
Deferred income tax benefit (expense) (2)	286			6			—			(5		)	287
Amounts reclassified from AOCI, net of income tax	346			(12		)	—			(5		)	329
Balance at 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	(1,346		)	159			(4		)	6			(1,185		)
Deferred income tax benefit (expense)	287			48			1			(1		)	335
AOCI before reclassifications, net of income tax	434			361			(27		)	(21		)	747
Amounts reclassified from AOCI	181			(134		)	—			1			48
Deferred income tax benefit (expense)	(39		)	(40		)	—			—			(79		)
Amounts reclassified from AOCI, net of income tax	142			(174		)	—			1			(31		)
Balance at December 31, 2018	$	576		$	187		$	(27	)	$	(20	)	$	716

__________________


(1)	See Note 6 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.


(2)	Includes the $306 million and ($5) million impacts of the Tax Act related to unrealized investments gains (losses), net of related offsets and defined benefit plans adjustment, respectively. See Note 1 for more information.

Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary including dividend restrictions

Statutory net income (loss) was as follows:



		Years Ended December 31,
Company	State of Domicile	2018			2017			2016
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	(1,104	)	$	(425	)	$	1,186
New England Life Insurance Company	Massachusetts	$	130		$	68		$	109

Statutory capital and surplus was as follows at:



	December 31,
Company	2018		2017
	(In millions)
Brighthouse Life Insurance Company	$	6,731	$	5,594
New England Life Insurance Company	$	213	$	483

The table below sets forth the dividends permitted to be paid by the Company’s insurance companies without insurance regulatory approval and dividends paid:



	2019		2018		2017
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	798	$	—	$	—
New England Life Insurance Company (3)	$	131	$	400	$	106

______________


(1)	Reflects dividend amounts that may be paid during 2019 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2019, some or all of such dividends may require regulatory approval.


(2)	Reflects all amounts paid, including those requiring regulatory approval.


(3)	Dividends paid by NELICO in 2018, including a $65 million ordinary cash dividend and a $335 million extraordinary dividend comprised of $135 million of cash and a $200 million surplus note, were paid to its parent, BH Holdings, LLC.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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+ Details

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Other Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Compensation	$	289	$	287	$	400
Contracted services and other labor costs	245		176		101
Transition services agreements	279		306		—
Establishment costs	239		162		—
Premium and other taxes, licenses and fees	68		64		63
Separate account fees	524		466		287
Volume related costs, excluding compensation, net of DAC capitalization	628		711		462
Interest expense on debt	158		153		175
Goodwill impairment (1)	—		—		161
Other	145		158		635
Total other expenses	$	2,575	$	2,483	$	2,284

__________________


(1)	Based on a quantitative analysis performed for the Run-off reporting unit, it was determined that the goodwill associated with this reporting unit was not recoverable and resulted in the impairment of the entire goodwill balance.

Employee Benefit Plans Employee Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]



	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	233		$	40		$	219		$	37
Interest costs	9			1			9			2
Plan participants’ contributions	—			2			—			3
Net actuarial (gains) losses	(18		)	(1		)	11			6
Change in benefits and other	—			—			5			—
Benefits paid	(12		)	(8		)	(11		)	(8		)
Benefit obligations at December 31,	212			34			233			40
Change in plan assets:
Estimated fair value of plan assets at January 1,	165			—			155			—
Actual return on plan assets	(7		)	—			17			—
Plan participants’ contributions	—			2			—			3
Employer contributions	4			7			4			5
Benefits paid	(11		)	(9		)	(11		)	(8		)
Estimated fair value of plan assets at December 31,	151			—			165			—
Over (under) funded status at December 31,	$	(61	)	$	(34	)	$	(68	)	$	(40	)
Amounts recognized in the consolidated balance sheets:
Other assets	$	4		$	—		$	3		$	—
Other liabilities	(65		)	(34		)	(71		)	(40		)
Net amount recognized	$	(61	)	$	(34	)	$	(68	)	$	(40	)
AOCI:
Net actuarial (gains) losses	$	26		$	2		$	31		$	3
Prior service costs (credit)	—			—			—			—
AOCI, before income tax	$	26		$	2		$	31		$	3
Accumulated benefit obligation	$	212		N/A			$	233		N/A

__________________


(1)	Includes nonqualified unfunded plan, for which the aggregate PBO was $65 million and $71 million at December 31, 2018 and 2017, respectively.

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]



	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	233		$	40		$	219		$	37
Interest costs	9			1			9			2
Plan participants’ contributions	—			2			—			3
Net actuarial (gains) losses	(18		)	(1		)	11			6
Change in benefits and other	—			—			5			—
Benefits paid	(12		)	(8		)	(11		)	(8		)
Benefit obligations at December 31,	212			34			233			40
Change in plan assets:
Estimated fair value of plan assets at January 1,	165			—			155			—
Actual return on plan assets	(7		)	—			17			—
Plan participants’ contributions	—			2			—			3
Employer contributions	4			7			4			5
Benefits paid	(11		)	(9		)	(11		)	(8		)
Estimated fair value of plan assets at December 31,	151			—			165			—
Over (under) funded status at December 31,	$	(61	)	$	(34	)	$	(68	)	$	(40	)
Amounts recognized in the consolidated balance sheets:
Other assets	$	4		$	—		$	3		$	—
Other liabilities	(65		)	(34		)	(71		)	(40		)
Net amount recognized	$	(61	)	$	(34	)	$	(68	)	$	(40	)
AOCI:
Net actuarial (gains) losses	$	26		$	2		$	31		$	3
Prior service costs (credit)	—			—			—			—
AOCI, before income tax	$	26		$	2		$	31		$	3
Accumulated benefit obligation	$	212		N/A			$	233		N/A

__________________


(1)	Includes nonqualified unfunded plan, for which the aggregate PBO was $65 million and $71 million at December 31, 2018 and 2017, respectively.

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows at:



	December 31,
	2018		2017
	(In millions)
Projected benefit obligations	$	65	$	71
Accumulated benefit obligations	$	65	$	71
Estimated fair value of plan assets	$	—	$	—

Schedule of Net Benefit Costs [Table Text Block]



	December 31,
	2018		2017
	(In millions)
Projected benefit obligations	$	65	$	71
Accumulated benefit obligations	$	65	$	71
Estimated fair value of plan assets	$	—	$	—

The PBO exceeded assets for only the nonqualified unfunded pension plan at both December 31, 2018 and 2017.

Schedule of Assumptions Used [Table Text Block]

Assumptions used in determining net periodic benefit costs were as follows:



	Years Ended December 31,
Pension Benefits	2018	2017	2016
Weighted average discount rate	3.90%	4.30%	4.42%
Weighted average expected rate of return on plan assets	4.75%	5.75%	5.75%
Rate of compensation increase	N/A	N/A	N/A

Schedule of Allocation of Plan Assets [Table Text Block]

The pension plan assets are measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:



	December 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Interest in insurance company separate accounts	$	39	$	91	$	—	$	130
Insurance company general accounts	—		21		—		21
Total assets	$	39	$	112	$	—	$	151



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Interest in insurance company separate accounts	$	45	$	102	$	—	$	147
Insurance company general accounts	—		—		18		18
Total assets	$	45	$	102	$	18	$	165

The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2018 for the Invested Plan:



	December 31,
	2018				2017
	Target		Actual Allocation		Actual Allocation
Asset Class
Fixed maturity securities	90	%	86	%	100	%
Cash and cash equivalents	10	%	14	%	—	%
Total assets	100	%	100	%	100	%

Schedule of Expected Benefit Payments [Table Text Block]

Gross pension and postretirement benefit payments for the next 10 years before MetLife reimbursement are expected to be as follows:



	Pension Benefits		Other Postretirement Benefits
	(In millions)
2019	$	12	$	4
2020	$	12	$	4
2021	$	13	$	3
2022	$	13	$	3
2023	$	13	$	3
2024-2028	$	68	$	13

Income Tax (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of Operating Loss Carryforwards [Table Text Block]



	Net Operating Loss Carryforwards
	(In millions)
Expiration
2034-2038	$	3,174
Indefinite	1,837
	$	5,011

Provision for income tax from continuing operations

The provision for income tax was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Current:
Federal	$	(166	)	$	406		$	(305	)
State and local	—			6			—
Foreign	—			18			—
Subtotal	(166		)	430			(305		)
Deferred:
Federal	285			(667		)	(1,461		)
State and local	—			—			—
Foreign	—			—			—
Subtotal	285			(667		)	(1,461		)
Provision for income tax expense (benefit)	$	119		$	(237	)	$	(1,766	)

Income tax for continuing operations effective rate reconciliation

The reconciliation of the income tax provision at the statutory tax rate to the provision for income tax as reported was as follows:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Tax provision at statutory rate	$	207		$	(215	)	$	(1,647	)
Tax effect of:
Excess loss account - Separation from MetLife (1)	(2		)	1,088			—
Rate revaluation due to tax reform (2)	—			(803		)	—
Sale of subsidiaries	—			(138		)	—
Dividend received deduction	(44		)	(130		)	(123		)
Other tax credits	(25		)	(30		)	(18		)
Release of valuation allowance	(11		)	—			—
Goodwill impairment	—			—			4
Other, net	(6		)	(9		)	18
Provision for income tax expense (benefit)	$	119		$	(237	)	$	(1,766	)
Effective tax rate	12		%	39		%	38		%

__________________


(1)	For the year ended December 31, 2017, the Company recognized a $1.1 billion non-cash charge to provision for income tax expense and corresponding capital contribution from MetLife. This tax obligation was in connection with the Separation. MetLife, Inc. is responsible for this obligation through the Tax Separation Agreement.

(2)

Components of deferred tax assets and liabilities



	December 31,
	2018			2017
	(In millions)
Deferred income tax assets:
Tax credit carryforwards	$	58		$	202
Net operating loss carryforwards	1,052			422
Employee benefits	7			3
Intangibles	159			227
Investments, including derivatives	—			302
Other	—			95
Total deferred income tax assets	1,276			1,251
Less: valuation allowance	—			11
Total net deferred income tax assets	1,276			1,240
Deferred income tax liabilities:
Policyholder liabilities and receivables	746			819
Investments, including derivatives	513			—
Net unrealized investment gains	202			459
DAC	761			889
Other	26			—
Total deferred income tax liabilities	2,248			2,167
Net deferred income tax asset (liability)	$	(972	)	$	(927	)

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2018.



	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2019-2023	$	—	$	18
2024-2028	—		27
2029-2033	—		—
2034-2038	13		—
Indefinite	—		—
	$	13	$	45

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:



	Years Ended December 31,
	2018		2017			2016
	(In millions)
Balance at January 1,	$	23	$	58		$	64
Additions for tax positions of prior years	12		—			2
Reductions for tax positions of prior years	—		(4		)	(9		)
Additions for tax positions of current year	—		3			5
Reductions for tax positions of current year	—		(2		)	—
Settlements with tax authorities	—		(32		)	(4		)
Balance at December 31,	$	35	$	23		$	58
Unrecognized tax benefits that, if recognized would impact the effective rate	$	35	$	23		$	58

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

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



	Years Ended December 31,
	2018		2017 (1)			Pro forma 2016 (1)
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	865	$	(378	)	$	(2,939	)

Weighted average common shares outstanding — basic	119,386,280		119,773,106			119,773,106
Dilutive effect of share-based awards	441,198		—			—
Weighted average common shares outstanding — diluted	119,827,478		119,773,106			119,773,106

Earnings per common share:
Basic	$	7.24	$	(3.16	)	$	(24.54	)
Diluted	$	7.21	$	(3.16	)	$	(24.54	)

__________________


(1)	On August 4, 2017, following the completion of the Separation, 119,773,106 shares of BHF common stock were outstanding. This number of shares remained outstanding through December 31, 2017 and is utilized to calculate EPS for the years ended December 31, 2017 and 2016.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

The following table summarizes income and expense from transactions with MetLife (excluding broker-dealer transactions) for the years indicated:



	Years Ended December 31,
	2018			2017			2016
	(In millions)
Income	$	(182	)	$	(606	)	$	(280	)
Expense	$	133		$	378		$	332

The following table summarizes assets and liabilities from transactions with MetLife (excluding broker-dealer transactions) at:



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

The following table summarizes income and expense from transactions with MetLife broker-dealers for the years indicated:



	Years Ended December 31,
	2018		2017		2016
	(In millions)
Fee income	$	—	$	43	$	216
Commission expense	$	—	$	129	$	649

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for 2018 and 2017 are summarized in the table below:



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(In millions, except per share data)
2018
Total revenues	$	1,815		$	1,702		$	1,422		$	4,026
Total expenses	$	1,928		$	2,019		$	1,790		$	2,239
Net income (loss)	$	(65	)	$	(238	)	$	(269	)	$	1,442
Less: Net Income (loss) attributable to noncontrolling interests	$	2		$	1		$	2		$	—
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(67	)	$	(239	)	$	(271	)	$	1,442
Basic earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.18
Diluted earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.14
2017
Total revenues	$	965		$	2,025		$	1,972		$	1,880
Total expenses	$	1,555		$	1,704		$	2,096		$	2,102
Net income (loss)	$	(349	)	$	246		$	(943	)	$	668
Less: Net Income (loss) attributable to noncontrolling interests	$	—		$	—		$	—		$	—
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(349	)	$	246		$	(943	)	$	668
Basic earnings per common share (1)	$	(2.91	)	$	2.05		$	(7.87	)	$	5.57
Diluted earnings per common share (1)	$	(2.91	)	$	2.05		$	(7.87	)	$	5.57

__________________

(1) See Note 14 for additional information on the calculation of EPS.

Condensed Financial Information (Parent Company) (Tables) - Parent Company

12 Months Ended

Dec. 31, 2018

Condensed Financial Statements, Captions [Line Items]

Condensed Balance Sheets (Parent Company)



	2018			2017
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $235,480 and $238,948, respectively)	$	232,130		$	236,946
Investment in subsidiary	18,085,732			17,810,226
Total investments	18,317,862			18,047,172
Cash and cash equivalents	460,885			325,528
Accrued investment income	935			945
Premiums and other receivables	190,014			191,570
Current income tax recoverable	6,904			20,714
Deferred income tax receivable	5,093			—
Other assets	6,110			8,205
Total assets	$	18,987,803		$	18,594,134
Liabilities and Stockholders’ Equity
Liabilities
Long-term and short-term debt	$	4,231,906		$	3,702,071
Payable to former affiliate	331,399			333,148
Deferred income tax liability	—			33,166
Other liabilities	6,117			10,083
Total liabilities	4,569,422			4,078,468
Stockholders’ Equity
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized, respectively; 120,448,018 and 119,773,106 shares issued, respectively; 117,532,336 and 119,773,106 shares outstanding, respectively	1,204			1,198
Additional paid-in capital	12,473,363			12,432,449
Retained earnings (deficit)	1,345,810			405,853
Treasury stock, at cost; 2,915,682 and 0 shares, respectively	(117,970		)	—
Accumulated other comprehensive income (loss)	715,974			1,676,166
Total stockholders’ equity	14,418,381			14,515,666
Total liabilities and stockholders’ equity	$	18,987,803		$	18,594,134

See accompanying notes to the condensed financial information.

Condensed Statements of Operations (Parent Company)



	2018			2017			2016
Condensed Statements of Operations
Revenues
Equity in earnings (losses) of subsidiaries	$	1,003,123		$	(565,979	)	$	—
Net investment income	9,718			5,573			—
Other revenues	4,608			221,834			—
Net investment gains (losses)	64			(237		)	—
Net derivative gains (losses)	—			1,729			—
Total revenues	1,017,513			(337,080		)	—
Expenses
Credit facility fees	7,081			16,014			875
Other expenses	176,203			75,921			—
Total expenses	183,284			91,935			875
Income (loss) before provision for income tax	834,229			(429,015		)	(875		)
Provision for income tax expense (benefit)	(30,321		)	(50,897		)	(306		)
Net income (loss) available to common shareholders	$	864,550		$	(378,118	)	$	(569	)
Comprehensive income (loss)	$	(15,739	)	$	33,000		$	(569	)

Condensed Statements of Cash Flows (Parent Company)



	2018			2017			2016
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)	$	864,550		$	(378,118	)	$	(569	)
Equity in (earnings) losses of subsidiaries	(1,003,123		)	565,979			—
Distribution from subsidiary	51,900			50,000			—
Other, net	8,144			(252,310		)	569
Net cash provided by (used in) operating activities	(78,529		)	(14,449		)	—
Cash flows from investing activities
Sales of fixed maturity securities	3,484			509,814			—
Purchases of fixed maturity securities	—			(748,972		)	—
Capital contributions to subsidiary	(208,000		)	(1,300,000		)	—
Net cash provided by (used in) investing activities	(204,516		)	(1,539,158		)	—
Cash flows from financing activities
Long-term and short-term debt issued	892,500			3,724,375			—
Long-term and short-term debt repaid	(350,964		)	—			—
Debt issuance costs	(12,143		)	(39,187		)	—
Issuance of common stock	—			—			1
Treasury stock acquired in connection with share repurchases	(105,253		)	—			—
Distribution to MetLife, Inc.	—			(1,798,000		)	—
Credit facility fees	(5,738		)	(8,054		)	—
Net cash provided by (used in) financing activities	418,402			1,879,134			1
Change in cash, cash equivalents and restricted cash	135,357			325,527			1
Cash, cash equivalents and restricted cash, beginning of period	325,528			1			—
Cash, cash equivalents and restricted cash, end of period	$	460,885		$	325,528		$	1

Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	158,022		$	67,135		$	—
Income tax:
Cash received from MetLife, Inc. for income tax	$	(6,902	)	$	(40	)	$	—
Income tax paid by Brighthouse Financial, Inc.	746			888			—
Net cash paid (received) for income tax	$	(6,156	)	$	848		$	—

See accompanying notes to the condensed financial information.

Schedule of Long-term and Short-term Debt (Parent Company)

Long-term and short-term debt outstanding was as follows:



			December 31,
	Interest Rate	Maturity	2018		2017
			(In millions)
Senior notes — unaffiliated (1)	3.70%	2027	$	1,490	$	1,489
Senior notes — unaffiliated (1)	4.70%	2047	1,478		1,477
Term loan — unaffiliated	LIBOR plus 1.5%	2019	600		600
Junior subordinated debentures — unaffiliated (1)	6.25%	2058	361		—
Total long-term debt			3,929		3,566
Short-term intercompany loans			303		136
Total long-term and short-term debt			$	4,232	$	3,702

_______________


(1)	Includes unamortized debt issuance costs and debt discount totaling $46 million and $34 million at December 31, 2018 and 2017, respectively, for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis.

Condensed Financial Information (Parent Company) (Subsequent Events Footnote) (Details) - Parent Company - USD ($) $ in Thousands		5 Months Ended	12 Months Ended
	Jan. 14, 2019	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt repaid			$ 311,000
Distribution from subsidiary		$ 0	$ 51,900	$ 50,000
Subsequent Event
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt repaid	$ 195,000
Distribution from subsidiary	$ 195,000

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) Segment	Dec. 31, 2017 USD ($)	Aug. 04, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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%
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 15
Retained Earnings [Member] \| The cumulative effect of adoption is a net increase to retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 38
Other Liabilities [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 46
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
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	40
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 64
Minimum [Member] \| Value Of Distribution Agreements And Value Of Customer Relationships Acquired Intangible Asset [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Maximum \| Value Of Distribution Agreements And Value Of Customer Relationships Acquired Intangible Asset [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life	40 years

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									$ 989	$ (615)	$ (4,705)
Provision for income tax expense (benefit)									119	(237)	(1,766)
Post-tax adjusted earnings	$ 1,442	$ (269)	$ (238)	$ (65)	$ 668	$ (943)	$ 246	$ (349)	870	(378)	(2,939)
Less: Net income (loss) attributable to noncontrolling interests	0	2	1	2	0	0	0	0	5	0	0
Net investment gains (losses)									(207)	(28)	(78)
Net derivative gains (losses)									702	(1,620)	(5,851)
Other adjustments to net income									397	651	736
Net income (loss)	$ 1,442	$ (271)	$ (239)	$ (67)	$ 668	$ (943)	$ 246	$ (349)	865	(378)	(2,939)
Annuities
Segment Reporting Information [Line Items]
Interest revenue									1,536	1,277	1,451
Interest expense									0	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue									449	342	371
Interest expense									0	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue									1,310	1,399	1,441
Interest expense									0	23	61
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue									57	192	239
Interest expense									158	132	111
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									1,030	1,597	867
Provision for income tax expense (benefit)									133	677	181
Post-tax adjusted earnings									897	920	686
Less: Net income (loss) attributable to noncontrolling interests									5	0	0
Adjusted earnings									892	920	686
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									1,233	1,386	1,636
Provision for income tax expense (benefit)									210	369	484
Post-tax adjusted earnings									1,023	1,017	1,152
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Adjusted earnings									1,023	1,017	1,152
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									285	7	26
Provision for income tax expense (benefit)									57	(9)	0
Post-tax adjusted earnings									228	16	26
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Adjusted earnings									228	16	26
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									(57)	147	(834)
Provision for income tax expense (benefit)									(14)	43	(295)
Post-tax adjusted earnings									(43)	104	(539)
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Adjusted earnings									(43)	104	(539)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									(431)	57	39
Provision for income tax expense (benefit)									(120)	274	(8)
Post-tax adjusted earnings									(311)	(217)	47
Less: Net income (loss) attributable to noncontrolling interests									5	0	0
Adjusted earnings									(316)	(217)	47
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)									14	914	1,947
Net investment gains (losses)									(207)	(28)	(78)
Net derivative gains (losses)									702	(1,620)	(5,851)
Other adjustments to net income									$ (536)	$ (564)	$ 357

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 4,026	$ 1,422	$ 1,702	$ 1,815	$ 1,880	$ 1,972	$ 2,025	$ 965	$ 8,965	$ 6,842	$ 3,018
Annuities
Segment Reporting Information [Line Items]
Total revenues									4,567	4,370	4,958
Life
Segment Reporting Information [Line Items]
Total revenues									1,389	1,315	1,249
Run-off
Segment Reporting Information [Line Items]
Total revenues									2,112	2,147	2,343
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues									152	510	401
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues									$ 745	$ (1,500)	$ (5,933)

Segment Information (Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 206,294	$ 224,192
Separate account assets	98,256	118,257
Separate account liabilities	98,256	118,257
Annuities
Segment Reporting Information [Line Items]
Total assets	141,489	154,667
Separate account assets	91,922	109,888
Separate account liabilities	91,922	109,888
Life
Segment Reporting Information [Line Items]
Total assets	20,449	18,049
Separate account assets	4,679	5,250
Separate account liabilities	4,679	5,250
Run-off
Segment Reporting Information [Line Items]
Total assets	32,393	36,824
Separate account assets	1,655	3,119
Separate account liabilities	1,655	3,119
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	11,963	14,652
Separate account assets	0	0
Separate account liabilities	$ 0	$ 0

Segment Information (Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Major Product Groups) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 5,132	$ 5,412	$ 5,740
Annuity products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	3,304	3,363	3,938
Life insurance products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	1,827	1,822	1,745
Other products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 1	$ 227	$ 57

Segment Information (Narrative) (Details) $ in Millions	12 Months Ended
Segment Information (Narrative) (Details) $ in Millions	Dec. 31, 2018 USD ($) Segment
Segment Reporting Information [Line Items]
Number of segments \| Segment	3
Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	$ 5,000
Annuities
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	2,000
Run-off
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	(3,000)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	(4,000)
Minimum [Member] \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology	120
Maximum \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology	$ 140

Insurance (Insurance Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	$ 79,263	$ 77,384
Annuities
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	37,433	34,281
Life
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	8,785	8,542
Run-off
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	25,448	27,027
Corporate & Other
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	$ 7,597	$ 7,534

Insurance (Insurance Liabilities Assumptions and Ratios - Narrative) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liability for Future Policy Benefits and Policyholder Account Balances [Abstract]
Participating business as a percentage of gross life insurance policies in-force	3.00%	3.00%
Participating business as a percentage of the gross life insurance premiums	38.00%	38.00%	42.00%

Insurance Insurance - Future Policy Benefits (Details)	Dec. 31, 2018
Minimum
Liability for Policyholder Contract Deposits, Interest Rate	1.00%
Maximum
Liability for Policyholder Contract Deposits, Interest Rate	7.00%
Nonparticipating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.00%
Nonparticipating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	9.00%
Fixed Annuity [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	2.00%
Fixed Annuity [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	8.00%
Participating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	4.00%
Participating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	5.00%
Other Insurance Product Line [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.00%
Other Insurance Product Line [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	7.00%
Disability Insurance Policy [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	4.00%
Disability Insurance Policy [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	7.00%

Insurance (Liabilities for Guarantees) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	$ 8,380	$ 6,999	$ 5,636
Incurred guaranteed benefits	1,035	1,439	1,423
Paid guaranteed benefits	(58)	(58)	(60)
Balance at December 31,	9,357	8,380	6,999
Variable Annuity Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	1,439	1,124	845
Incurred guaranteed benefits	186	373	339
Paid guaranteed benefits	(58)	(58)	(60)
Balance at December 31,	1,567	1,439	1,124
Variable Annuity Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	2,709	2,335	2,004
Incurred guaranteed benefits	365	374	331
Paid guaranteed benefits	0	0	0
Balance at December 31,	3,074	2,709	2,335
Universal and Variable Life Contracts \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	4,232	3,540	2,787
Incurred guaranteed benefits	484	692	753
Paid guaranteed benefits	0	0	0
Balance at December 31,	4,716	4,232	3,540
Ceded Liabilities For Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(56)	(56)	(55)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	974	963	1,098	$ 997
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	67	(79)	156
Ceded Liabilities For Guarantees \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	963	945	1,105	1,007
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	18	(160)	98
Ceded Liabilities For Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(56)	(56)	(55)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	11	18	(27)	(20)
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	49	101	48
Ceded Liabilities For Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	0	0	20	10
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	0	(20)	10
Net Liabilities For Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	968	1,518	1,267
Paid guaranteed benefits	(2)	(2)	(5)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	8,383	7,417	5,901	4,639
Net Liabilities For Guarantees \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	466	852	655
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	3,753	3,287	2,435	1,780
Net Liabilities For Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	137	272	291
Paid guaranteed benefits	(2)	(2)	(5)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1,556	1,421	1,151	865
Net Liabilities For Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	365	394	321
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	$ 3,074	$ 2,709	$ 2,315	$ 1,994

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 96,865	$ 115,147
Separate account value	91,837	109,792
Net amount at risk	$ 11,073	$ 5,261
Average attained age of contractholders	68 years	68 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 55,967	$ 67,110
Separate account value	54,731	65,782
Net amount at risk	$ 4,128	$ 2,642
Average attained age of contractholders	68 years	68 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Universal and Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 6,099	$ 6,244
Net amount at risk (6)	$ 73,131	$ 75,304
Average attained age of policyholders	65 years	64 years
Variable Life [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,230	$ 3,379
Net amount at risk (6)	$ 23,004	$ 24,546
Average attained age of policyholders	50 years	49 years

Insurance (Fund Groupings) (Details) - Variable Annuity and Variable Life - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Fund Groupings	$ 93,741	$ 111,869
Balanced
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Fund Groupings	60,040	56,979
Equity
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Fund Groupings	25,344	47,571
Bond
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Fund Groupings	8,339	6,662
Money Market
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Fund Groupings	$ 18	$ 657

Insurance (Obligations Under Funding Agreements - FHLB Common Stock) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Insurance [Abstract]
Federal Home Loan Bank Stock	$ 64	$ 71
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 595	$ 595

Insurance (Obligations Under Funding Agreements - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Insurance [Abstract]
Funding agreements issued to certain SPEs	$ 0	$ 0	$ 1,400
Funding Agreements Repaid To Certain Special Purpose Entities	6	6	$ 3,400
Outstanding Funding Agreements To Certain Special Purpose Entities	$ 136	$ 141

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Beginning Balance of DAC	$ 5,678	$ 5,652	$ 5,679
Capitalizations of DAC	322	260	334
Net investment gains (losses) of DAC and net derivative gains (losses) of DAC	(384)	258	1,400
Other expenses of DAC	(560)	(445)	(1,656)
Total amortization of DAC	(944)	(187)	(256)
Unrealized investment gains (losses) of DAC	93	(47)	(56)
Effect of foreign currency translation and other of DAC	0	0	(49)
Ending Balance of DAC	5,149	5,678	5,652
Beginning Balance of VOBA	608	641	711
Net investment gains (losses) of VOBA and net derivative gains (losses) of VOBA	(1)	(9)	2
Other expenses of VOBA	(105)	(31)	(117)
Total amortization of VOBA	(106)	(40)	(115)
Unrealized investment gains (losses) of VOBA	66	7	45
Ending Balance of VOBA	568	608	641
Balance at December 31,	$ 5,717	$ 6,286	$ 6,293

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
DAC and VOBA	$ 5,717	$ 6,286	$ 6,293
Annuities
Segment Reporting Information [Line Items]
DAC and VOBA	4,550	5,047
Corporate & Other
Segment Reporting Information [Line Items]
DAC and VOBA	111	128
Life
Segment Reporting Information [Line Items]
DAC and VOBA	1,051	1,106
Run-off
Segment Reporting Information [Line Items]
DAC and VOBA	$ 5	$ 5

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Deferred Sales Inducements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
DSI:
Balance at January 1,	$ 431	$ 445	$ 532
Capitalization	2	2	3
Amortization	(41)	(5)	(88)
Unrealized investment gains (losses)	18	(11)	(2)
Balance at December 31,	$ 410	$ 431	$ 445

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (VODA and VOCRA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Balance at January 1,	$ 105	$ 120	$ 136
Amortization	(14)	(15)	(16)
Balance at December 31,	91	105	120
Accumulated amortization	$ 169	$ 155	$ 140

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Estimated future amortization expense allocated to other expenses for VOBA [Abstract]
VOBA 2019	$ 77
VOBA 2020	58
VOBA 2021	52
VOBA 2022	46
VOBA 2023	41
Distribution Rights [Member]
Value of Distribution Agreements and Customer Relationships Acquired [Abstract]
VODA 2019	13
VODA 2020	12
VODA 2021	10
VODA 2022	9
VODA 2023	$ 8

Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Premiums:
Direct premiums	$ 1,699	$ 1,795	$ 2,296
Reinsurance assumed	11	11	79
Reinsurance ceded	(810)	(943)	(1,153)
Net premiums	900	863	1,222
Direct universal life and investment-type product policy fees	4,296	4,430	4,300
Reinsurance assumed	95	96	119
Reinsurance ceded	(556)	(628)	(637)
Net universal life and investment-type product policy fees	3,835	3,898	3,782
Other revenues
Other Income Direct	373	576	326
Commissions Fees And Other Income Assumed	0	28	87
Other Income Ceded	24	47	323
Other Income	397	651	736
Policyholder benefits and claims:
Direct policyholder benefits and claims	4,891	5,228	6,351
Reinsurance assumed	32	31	123
Reinsurance ceded	(1,651)	(1,623)	(2,571)
Net policyholder benefits and claims	3,272	3,636	3,903
Interest Credited To Policyholder Account Balances [Abstract]
Interest credited to policyholder account balances	1,079	1,111	1,165
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract]
Amortization of DAC and VOBA	1,050	227	371
Other expenses:
Total other expenses	2,575	2,483	2,284
Accident and Health Insurance Product Line [Member]
Premiums:
Direct premiums	231	238	229
Reinsurance assumed	0	0	3
Reinsurance ceded	(230)	(232)	(224)
Net premiums	$ 1	$ 6	$ 8

Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Other invested assets	$ 3,027	$ 2,507
Assets
Premiums and Other Receivables, Net	13,697	13,525
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net	5,717	6,286	$ 6,293
Liabilities
Future policy benefits	36,209	36,616
Policyholder account balances	40,054	37,783
Other policy-related balances	3,000	2,985
Other Liabilities	4,285	5,263
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	989	(615)	$ (4,705)
Direct
Assets
Premiums and Other Receivables, Net	649	647
Liabilities
Policyholder account balances	38,696	37,510
Other policy-related balances	1,337	1,311
Other Liabilities	3,545	4,475
Assumed
Assets
Premiums and Other Receivables, Net	39	27
Liabilities
Policyholder account balances	1,358	273
Other policy-related balances	1,663	1,674
Other Liabilities	33	32
Ceded
Assets
Premiums and Other Receivables, Net	13,009	12,851
Liabilities
Policyholder account balances	0	0
Other policy-related balances	0	0
Other Liabilities	$ 707	$ 756

Reinsurance Reinsurance (Effects of Reinsurance on Earnings - Related Party) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Reinsurance assumed	$ 11	$ 11	$ 79
Ceded Earned Premiums	(810)	(943)	(1,153)
Premiums	900	863	1,222
Assumed Insurance Commissions And Fees	95	96	119
Ceded Insurance Commissions and Fees	(556)	(628)	(637)
Insurance Commissions and Fees	3,835	3,898	3,782
Commissions Fees And Other Income Assumed	0	28	87
Other Income Ceded	24	47	323
Other Income	397	651	736
Policyholder Benefits and Claims Incurred, Assumed	32	31	123
Policyholder Benefits and Claims Incurred, Ceded	(1,651)	(1,623)	(2,571)
Amortization of DAC and VOBA	1,050	227	371
Operating Expenses	2,575	2,483	2,284
Affiliated Entity [Member] \| Assumed Reinsurance [Member]
Effects of Reinsurance [Line Items]
Reinsurance assumed	6	11	34
Assumed Insurance Commissions And Fees	45	96	119
Commissions Fees And Other Income Assumed	0	27	56
Policyholder Benefits and Claims Incurred, Assumed	9	30	86
Affiliated Entity [Member] \| Ceded Reinsurance [Member]
Effects of Reinsurance [Line Items]
Ceded Earned Premiums	(201)	(537)	(766)
Ceded Insurance Commissions and Fees	1	(14)	(60)
Other Income Ceded	18	44	320
Policyholder Benefits and Claims Incurred, Ceded	(178)	(420)	(757)
Affiliated Entity [Member] \| Reinsurance [Member]
Effects of Reinsurance [Line Items]
Premiums	(195)	(526)	(732)
Insurance Commissions and Fees	46	82	59
Other Income	18	71	376
Policyholder Benefits and Claims Incurred, Assumed and Ceded	$ (169)	$ (390)	$ (671)

Reinsurance (Effects of Reinsurance on Balance Sheet - Related Party) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Deposit Contracts, Assets	$ 1,600,000,000	$ 1,600,000,000
Premiums and Other Receivables, Net	13,697,000,000	13,525,000,000
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net	5,717,000,000	6,286,000,000	$ 6,293,000,000
Liability for Future Policy Benefits	36,209,000,000	36,616,000,000
Policyholder account balances	40,054,000,000	37,783,000,000
Other liabilities relating to variable interest entities	4,285,000,000	5,263,000,000
Affiliated Entity [Member]
Effects of Reinsurance [Line Items]
Deposit Contracts, Assets	0	1,400,000,000
Assumed Reinsurance [Member]
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net	39,000,000	27,000,000
Policyholder account balances	1,358,000,000	273,000,000
Other liabilities relating to variable interest entities	33,000,000	32,000,000
Assumed Reinsurance [Member] \| Affiliated Entity [Member]
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net	0	18,000,000
Other Policy-Related Balances	0	1,674,000,000
Other liabilities relating to variable interest entities	0	30,000,000
Ceded Reinsurance [Member]
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net	13,009,000,000	12,851,000,000
Policyholder account balances	0	0
Other liabilities relating to variable interest entities	707,000,000	756,000,000
Ceded Reinsurance [Member] \| Affiliated Entity [Member]
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net	0	3,410,000,000
Other Policy-Related Balances	0	0
Other liabilities relating to variable interest entities	$ 0	$ 401,000,000

Reinsurance (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Reinsurance (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Ceded Credit Risk [Line Items]
Deposit assets in premiums, reinsurance, and other receivables or secondary guarantee risk for reinsurance	$ 1,600	$ 1,600
Deposit liabilities in other liabilities for reinsurance	1,300
Reinsurance recoverables	12,700	9,300
Ceded Credit Risk, Unsecured [Member]
Ceded Credit Risk [Line Items]
Reinsurance recoverables	5,300	2,600
Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Five largest reinsurers, reinsurance recoverables amount	$ 11,100	$ 8,000
Five largest reinsurers, reinsurance recoverables percentage	87.00%	86.00%
Five Largest Ceded Reinsurers [Member] \| Ceded Credit Risk, Unsecured [Member]
Ceded Credit Risk [Line Items]
Five largest reinsurers, reinsurance recoverables amount	$ 4,000	$ 1,400
Annuities
Reinsurance Retention Policy [Line Items]
Percentage of reinsured risk in excess of stated amount	100.00%
Living And Death Benefit Guarantees [Member]
Reinsurance Retention Policy [Line Items]
Reinsured risk percentage	100.00%
Mortality Risk [Member]
Reinsurance Retention Policy [Line Items]
Percentage of reinsured risk in excess of stated amount	90.00%
Retention amount	$ 2
Mortality Risk on Case by Case Basis [Member]
Reinsurance Retention Policy [Line Items]
Percentage of reinsured risk in excess of stated amount	100.00%
Retention amount	$ 20
Quota Share Reinsurance for Certain Disability Business [Member]
Reinsurance Retention Policy [Line Items]
Reinsured risk percentage	100.00%
Maximum
Ceded Credit Risk [Line Items]
Deposit liabilities in other liabilities for reinsurance		$ 247

Reinsurance Transactions (Detail Narrative) (Details) - USD ($)			1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2017	Nov. 30, 2016	Jan. 31, 2017	Apr. 30, 2016	Dec. 31, 2016	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	May 01, 2017	Jan. 01, 2017	Nov. 01, 2016	Apr. 01, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Other invested assets							$ 3,027,000,000	$ 2,507,000,000
Embedded derivatives within liability host contracts							2,226,000,000	1,887,000,000
Other liabilities relating to variable interest entities							4,285,000,000	5,263,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest							989,000,000	(615,000,000)	$ (4,705,000,000)
Premiums and Other Receivables, Net							13,697,000,000	13,525,000,000
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net					$ 6,293,000,000		5,717,000,000	6,286,000,000	6,293,000,000
Reinsurance Recoverables, Ceded							12,700,000,000	9,300,000,000
Deferred Policy Acquisition Costs					5,652,000,000		5,149,000,000	5,678,000,000	5,652,000,000					$ 5,679,000,000
Deposit Contracts, Assets							1,600,000,000	1,600,000,000
Embedded derivatives within asset host contracts							228,000,000	175,000,000
Liability for Future Policy Benefits							36,209,000,000	36,616,000,000
Policyholder account balances							40,054,000,000	37,783,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Deposit Contracts, Assets							0	1,400,000,000
Recapture MLUS [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest				$ 246,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents													$ 4,300,000,000
Cash, Cash Equivalents, and Short-term Investments													5,200,000,000
Premiums and Other Receivables, Net													4,000,000,000
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net													$ 87,000,000
Life and Other [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 17,000,000
Cash, Cash Equivalents, and Short-term Investments										$ 214,000,000
Premiums and Other Receivables, Net										$ 189,000,000
Ceded Guaranteed Minimum Benefit [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Embedded derivatives gains (losses)								(263,000,000)	62,000,000
Embedded derivatives within asset host contracts							0	2,000,000
Affiliate Recapture Variable Annuities [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities relating to variable interest entities											$ 274,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest			$ 178,000,000
Assumed Guaranteed Minimum Benefit [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Embedded derivatives gains (losses)							0	110,000,000	(27,000,000)
MRVTermRecapture [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities relating to variable interest entities					158,000,000				158,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest					24,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents					27,000,000				27,000,000
Premiums and Other Receivables, Net					$ 94,000,000				$ 94,000,000
SPDARecapture [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ 22,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents												$ 933,000,000
Premiums and Other Receivables, Net												923,000,000
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net												$ 23,000,000
Metropolitan Life Insurance Company [Member] \| BHL Recapture GMIB [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest						$ 89,000,000
Cash, Cash Equivalents, and Short-term Investments											568,000,000
Premiums and Other Receivables, Net											140,000,000
Liability for Future Policy Benefits											106,000,000
Policyholder account balances											$ 460,000,000
PWL [Member]
Related Party Transaction [Line Items]
Percentage Of Participating Whole Life Insurance Policies					90.00%				90.00%
Other invested assets					$ 713,000,000				$ 713,000,000
Other liabilities relating to variable interest entities					43,000,000				43,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest					72,000,000
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net					95,000,000				95,000,000
Liability for Future Policy Benefits					$ 654,000,000				$ 654,000,000
Ceded Credit Risk, Unsecured [Member]
Related Party Transaction [Line Items]
Reinsurance Recoverables, Ceded							5,300,000,000	2,600,000,000
Ceded Credit Risk, Unsecured [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Reinsurance Recoverables, Ceded							0	$ 2,600,000,000
Ceded Credit Risk, Secured [Member] \| Accident and Health Insurance Product Line [Member]
Related Party Transaction [Line Items]
Reinsurance Recoverables, Ceded							$ 6,600,000,000
Participating Life Insurance Contract [Member]
Related Party Transaction [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage							90.00%
Maximum \| Ceded Guaranteed Minimum Benefit [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Embedded derivatives gains (losses)							$ (1,000,000)

Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	$ 60,920	$ 60,173
Debt Securities, Available-for-sale	62,608	64,991
Fixed Maturity Securities
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	60,920	60,173
Gross Unrealized Gain	3,068	5,180
Gross Unrealized Temporary Loss	1,383	365
Gross Unrealized OTTI Loss	(3)	(3)
Debt Securities, Available-for-sale	62,608	64,991
U.S. corporate
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	24,312	21,190
Gross Unrealized Gain	830	1,859
Gross Unrealized Temporary Loss	669	92
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	24,473	22,957
U.S. government and agency
Debt Securities, Available-for-sale [Abstract]
Amortized Cost		14,548
Gross Unrealized Gain	1,263	1,862
Gross Unrealized Temporary Loss	112	118
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale		16,292
RMBS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	8,428	7,749
Gross Unrealized Gain	246	285
Gross Unrealized Temporary Loss	129	60
Gross Unrealized OTTI Loss	(2)	(3)
Debt Securities, Available-for-sale	8,547	7,977
Foreign corporate
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	8,183	6,703
Gross Unrealized Gain	159	386
Gross Unrealized Temporary Loss	316	66
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	8,026	7,023
CMBS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	5,292	3,386
Gross Unrealized Gain	43	53
Gross Unrealized Temporary Loss	88	17
Gross Unrealized OTTI Loss	(1)	(1)
Debt Securities, Available-for-sale	5,248	3,423
State and political subdivision
Debt Securities, Available-for-sale [Abstract]
Amortized Cost		3,635
Gross Unrealized Gain	412	553
Gross Unrealized Temporary Loss	15	6
Gross Unrealized OTTI Loss	0	1
Debt Securities, Available-for-sale		4,181
ABS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	2,135	1,810
Gross Unrealized Gain	13	21
Gross Unrealized Temporary Loss	22	2
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	2,126	1,829
Foreign government
Debt Securities, Available-for-sale [Abstract]
Amortized Cost		1,152
Gross Unrealized Gain	102	161
Gross Unrealized Temporary Loss	32	4
Gross Unrealized OTTI Loss	$ 0	0
Debt Securities, Available-for-sale		$ 1,309

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 1,818
Amortized Cost, Due after one year through five years	7,874
Amortized Cost, Due after five years through ten years	11,672
Amortized Cost, Due after ten years	23,701
Amortized Cost, Subtotal	60,920	$ 60,173
Estimated Fair Value, Due in one year or less	1,817
Estimated Fair Value, Due after one year through five years	7,894
Estimated Fair Value, Due after five years through ten years	11,456
Estimated Fair Value, Due after ten years	25,520
Debt Securities, Available-for-sale	$ 62,608	$ 64,991

Investments (Continuous Gross Unrealized Losses for Fixed Maturity (Details) $ in Millions	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Total number of securities in an unrealized loss position less than 12 months	3,027	911
Total number of securities in an unrealized loss position equal to or greater than 12 months	1,028	638
Fixed Maturity Securities
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	$ 21,211	$ 10,863
Less than 12 Months Gross Unrealized Loss	814	92
Equal to or Greater than 12 Months Estimated Fair Value	8,419	5,543
Equal to or Greater than 12 Months Gross Unrealized Loss	566	270
U.S. corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	10,584	1,783
Less than 12 Months Gross Unrealized Loss	470	21
Equal to or Greater than 12 Months Estimated Fair Value	2,328	1,451
Equal to or Greater than 12 Months Gross Unrealized Loss	199	71
U.S. government and agency
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	412	4,962
Less than 12 Months Gross Unrealized Loss	8	38
Equal to or Greater than 12 Months Estimated Fair Value	1,543	1,573
Equal to or Greater than 12 Months Gross Unrealized Loss	104	80
RMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	1,627	2,367
Less than 12 Months Gross Unrealized Loss	26	14
Equal to or Greater than 12 Months Estimated Fair Value	2,611	1,332
Equal to or Greater than 12 Months Gross Unrealized Loss	101	43
Foreign corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	3,982	637
Less than 12 Months Gross Unrealized Loss	203	8
Equal to or Greater than 12 Months Estimated Fair Value	774	603
Equal to or Greater than 12 Months Gross Unrealized Loss	113	58
CMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	2,317	619
Less than 12 Months Gross Unrealized Loss	53	6
Equal to or Greater than 12 Months Estimated Fair Value	803	335
Equal to or Greater than 12 Months Gross Unrealized Loss	34	10
State and political subdivision
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	346	170
Less than 12 Months Gross Unrealized Loss	7	3
Equal to or Greater than 12 Months Estimated Fair Value	158	106
Equal to or Greater than 12 Months Gross Unrealized Loss	8	4
ABS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	1,422	170
Less than 12 Months Gross Unrealized Loss	21	0
Equal to or Greater than 12 Months Estimated Fair Value	70	74
Equal to or Greater than 12 Months Gross Unrealized Loss	1	2
Foreign government
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Available-for-Sale
Less than 12 months Estimated Fair Value	521	155
Less than 12 Months Gross Unrealized Loss	26	2
Equal to or Greater than 12 Months Estimated Fair Value	132	69
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 6	$ 2

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Notes, Loans and Financing Receivable, Net, Current [Abstract]
Commercial mortgage loans	$ 8,529	$ 7,375
Percentage of loans receivable on commercial mortgage loans	62.30%	68.60%
Agricultural Mortgage Loans	$ 2,946	$ 2,276
Percentage of loans receivable on agricultural mortgage loans	21.50%	21.20%
Residential Mortgage Loans	$ 2,276	$ 1,138
Percentage of loans receivable on residential mortgage loans	16.60%	10.60%
Subtotal	$ 13,751	$ 10,789
Percentage of loans receivable on subtotal	100.40%	100.40%
Valuation allowances	$ (57)	$ (47)
Percentage of loans receivable on valuation allowances	0.40%	0.40%
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 13,694	$ 10,742
Percentage of loans held for sale on total mortgage loans, net	100.00%	100.00%

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	$ 8,529	$ 7,375
% of Total	100.00%	100.00%
Estimated Fair Value	$ 8,611	$ 7,534
% of Total	100.00%	100.00%
Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	$ 7,593	$ 6,635
% of Total	89.00%	90.00%
Estimated Fair Value	$ 7,668	$ 6,796
% of Total	89.00%	90.20%
65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	$ 786	$ 656
% of Total	9.20%	8.90%
Estimated Fair Value	$ 798	$ 658
% of Total	9.30%	8.70%
76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	$ 150	$ 51
% of Total	1.80%	0.70%
Estimated Fair Value	$ 145	$ 50
% of Total	1.70%	0.70%
Greater than 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	$ 0	$ 33
% of Total	0.00%	0.40%
Estimated Fair Value	$ 0	$ 30
% of Total	0.00%	0.40%
Greater than 1.20x
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	$ 8,373	$ 6,993
Greater than 1.20x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	7,470	6,309
Greater than 1.20x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	762	642
Greater than 1.20x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	141	42
Greater than 1.20x \| Greater than 80%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	0	0
1.00x - 1.20x
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	89	302
1.00x - 1.20x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	89	293
1.00x - 1.20x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	0	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	0	9
Less than 1.00x
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	67	80
Less than 1.00x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	34	33
Less than 1.00x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Commercial mortgage loans	24	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	$ 0	$ 24

Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Agricultural Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 2,946	$ 2,276
% of Total	100.00%	100.00%
Residential Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 2,276	$ 1,138
% of Total	100.00%	100.00%
Less than 65%
Agricultural Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 2,623	$ 2,113
% of Total	89.00%	92.80%
65% to 75%
Agricultural Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 322	$ 163
% of Total	10.90%	7.20%
Mortgage Loans By Credit Quality Indicator Range Three [Member]
Agricultural Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 1	$ 0
% of Total	0.10%	0.00%
Performing Financial Instruments [Member]
Residential Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 2,240	$ 1,106
% of Total	98.40%	97.20%
Nonperforming Financial Instruments [Member]
Residential Mortgage Loans - by Credit Quality Indicator [Abstract]
Recorded investment in mortgage loans	$ 36	$ 32
% of Total	1.60%	2.80%

Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 1,691	$ 4,808	$ 2,664
Equity securities	0	39	32
Derivatives	264	239	414
Net Unrealized Investment Gains Losses included in Accumulated Other Comprehensive Income Loss Allocated from short-term investments	0	0	(42)
Other	(13)	(8)	(26)
Subtotal	1,942	5,078	3,042
Future policy benefits	(886)	(2,626)	(802)
DAC, VOBA and DSI	(90)	(267)	(216)
Subtotal	(976)	(2,893)	(1,018)
Deferred income tax benefit (expense)	(203)	(459)	(712)
Net unrealized investment gains (losses)	$ 763	$ 1,726	$ 1,312

Investments (Changes in Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Income Loss Attributable To Company	$ 763	$ 1,726	$ 1,312	$ 1,573
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		(4)
Deferred income tax benefit (expense)	(256)	(253)	(134)
Change in net unrealized investment gains (losses)	(884)	414	(261)
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Unrealized investment gains (losses) during the year	(3,057)	2,036	294
Unrealized investment gains (losses) relating to:
Future policy benefits	1,740	(1,824)	(676)
DAC, VOBA and DSI	$ 177	(51)	(13)
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		(79)	0	0
Restatement Adjustment [Member]
Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Income Loss Attributable To Company		$ 1,647	$ 1,312	$ 1,573

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 3,646	$ 3,791
Security collateral on deposit from counterparties	55	29
Reinvestment portfolio — estimated fair value	3,658	3,823
Amortized cost
Securities Financing Transaction [Line Items]
Securities loaned	3,056	3,085
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	$ 3,628	$ 3,748

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Securities Financing Transaction [Line Items]
Total	$ 3,646	$ 3,791
U.S. government and agency
Securities Financing Transaction [Line Items]
Total	3,646	3,791
U.S. government and agency \| Maturity Overnight
Securities Financing Transaction [Line Items]
Total	1,474	1,626
U.S. government and agency \| Maturity less than 30 Days
Securities Financing Transaction [Line Items]
Total	1,823	964
U.S. government and agency \| Maturity 30 to 180 Days
Securities Financing Transaction [Line Items]
Total	$ 349	$ 1,201

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit	$ 8,176	$ 8,263
Invested assets held in trust	3,455	2,634
Invested assets pledged as collateral	3,341	3,199
Invested Assets On Deposit Held in Trust and Pledged as Collateral	$ 14,972	$ 14,096

Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying Amount Asset	$ 14,855	$ 13,558
Carrying Amount Liability	16,244	14,517
Joint ventures and limited partnerships
Variable Interest Entity [Line Items]
Carrying Amount Asset	1,756	1,593
Carrying Amount Liability	3,145	2,552
Fixed Maturity Securities
Variable Interest Entity [Line Items]
Carrying Amount Asset	13,099	11,965
Carrying Amount Liability	$ 13,099	$ 11,965

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Investment Income [Line Items]
Less: Investment expenses	$ 196	$ 178	$ 176
Net investment income	3,338	3,078	3,207
Fixed Maturity Securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	2,565	2,420	2,642
Equity securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	7	9	14
Mortgage loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	543	454	413
Policy loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	85	73	78
Real estate joint ventures
Net Investment Income [Line Items]
Gross Investment Income, Operating	47	53	32
Other limited partnership interests
Net Investment Income [Line Items]
Gross Investment Income, Operating	211	184	163
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	35	35	20
Other investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	41	28	21
Securities Investment
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 3,534	$ 3,256	$ 3,383

Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Marketable Securities, Gain (Loss)
Fixed maturity securities — net gains (losses) on sales and disposals	$ (180)	$ (25)	$ (40)
Equity securities — Mark to market and net gains (losses) on sales and disposals	(16)	26	10
Other net investment gains (losses):
Mortgage loans	(13)	(9)	6
Real estate joint ventures	42	4	(34)
Other limited partnership interests	(2)	(11)	(7)
Other	(38)	(8)	11
Net investment gains (losses)	(207)	(28)	(78)
Fixed Maturity Securities
Gain (Loss) on Securities [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	(1)	(22)
Net investment gains (losses)	(180)	(26)	(62)
Equity securities
Gain (Loss) on Securities [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	(4)	(2)
Net investment gains (losses)	$ (16)	$ 22	$ 8

Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - Fixed Maturity Securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 11,251	$ 12,665	$ 39,800
Gross investment gains	102	59	266
Gross investment losses	(282)	(84)	(306)
Total OTTI losses recognized in earnings [Abstract]
Total OTTI losses recognized in earnings	0	(1)	(22)
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract]
Net investment gains (losses)	$ (180)	$ (26)	$ (62)

Investments (Fixed Maturity Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	$ 62,608	$ 64,991
Non-Income Producing Debt Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale		4
Gross Unrealized Gain (Loss)		$ (2)
Maximum \| Non-Income Producing Debt Securities
Debt Securities, Available-for-sale [Line Items]
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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 1,165	$ (336)	$ 421
Fixed Maturities 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	$ (1,000)
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	1,400
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	$ 12
Number of Securities	12

Investments (Mortgage Loans - Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) Contracts	Dec. 31, 2017 USD ($) Contracts
Financing Receivable, Additional Disclosures [Abstract]
Financing Receivable, Significant Purchases	$ 1,900	$ 420
Financing Receivable, Recorded Investment, Aging [Abstract]
Percentage of Mortgage Loans Classified as Performing	99.00%	99.00%
Financing Receivable, Modifications, Subsequent Default, Number of Contracts \| Contracts	0	0
Residential Portfolio Segment [Member]
Financing Receivable, Additional Disclosures [Abstract]
Estimated fair value of mortgage loans held-for-investment	$ 2,300	$ 1,200
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable, Recorded Investment, Past Due	36	32
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	36	32
Agricultural Portfolio Segment [Member]
Financing Receivable, Additional Disclosures [Abstract]
Estimated fair value of mortgage loans held-for-investment	$ 2,900	$ 2,300
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due \| Contracts		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest \| Contracts	0	0
Commercial Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due \| Contracts	0	0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest \| Contracts	0	0
Maximum \| Agricultural Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable, Recorded Investment, Past Due	$ 1

Investments (Other Invested Assets - Narrative) (Details)	Dec. 31, 2018
Other invested assets
Percentage Estimated Fair Value	90.00%

Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 3.1	$ 1.4

Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investments in any counterparty that were greater than 10% of equity	$ 0	$ 0
Securities holdings exposure in single issuer greater than stated percentage of Company's equity	10.00%

Investments (Securities Lending Remaining Tenor - Narrative) (Details) $ in Billions	Dec. 31, 2018 USD ($)
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%
Securities Investment
Securities Financing Transaction [Line Items]
Percentage of Reinvestment Portfolio in Fixed Maturity Securities	57.00%
Estimated fair value
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 1.4

Investments Investments (Invested Assets On Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Invested assets on deposit	$ 8,176	$ 8,263
Invested assets held in trust	3,455	2,634
Fixed Maturity Securities \| Policyholder account balances
Invested assets on deposit	55	34
Fixed Maturity Securities \| Reinsurance [Member]
Invested assets held in trust	$ 87	$ 42

Investments (PCI Investments - Narratives) (Details) - Fixed Maturity Securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Purchased credit impaired investments, by invested asset class, held:
Outstanding principal and interest balance	$ 1,100	$ 1,300
Carrying value	881	1,000
Accretion recognized in earnings	$ 65	$ 69

Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)
Carrying Value of investments accounted for under the equity method	$ 2,300			$ 89
Unfunded commitments for investments accounted for under the equity method	$ 1,500
Aggregate Net income Exceeded Stated Percentage Of The Pre Tax Income (Loss) From Continuing Operations	10.00%
Total assets for investments accounted for under the equity method	$ 344,900	$ 329,200
Total liabilities for investments accounted for under the equity method	30,200	40,000
Net Income (loss) for investments accounted for under the equity method	$ 33,300	$ 36,400	$ 21,300

Investments (Unconsolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Financial or other support to investees designated as VIEs	$ 0	$ 0	$ 0

Investments (Related Party Investment Transactions- Narrative) (Details) - USD ($)		3 Months Ended	12 Months Ended
	Apr. 28, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 01, 2016	Apr. 01, 2016
Related Party Transaction [Line Items]
Increase (Decrease) in Notes Receivable, Related Parties	$ 1,100,000,000
Equity Method Investments		$ 89,000,000	$ 2,300,000,000
Proceeds from Sale of Equity Method Investments		286,000,000
Adjustments to Additional Paid in Capital, Capital Contribution		$ (202,000,000)
Related party investment administrative services			$ 186,000,000	$ 390,000,000	$ 868,000,000
Other investments
Related Party Transaction [Line Items]
Debt instrument, face amount					1,100,000,000
Other investments \| Related Party Loan One
Related Party Transaction [Line Items]
Debt Instrument, interest rate			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%
Debt Instrument, Maturity Date			Dec. 31, 2033
Metlife Investment Advisors, LLC [Member]
Related Party Transaction [Line Items]
Related party investment administrative services			$ 50,000,000	95,000,000	100,000,000
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Assets Transferred To Affiliates, Estimated Fair Value			0	292,000,000	1,500,000,000
Transfers of Financial Assets Accounted for as Sale, Amortized Cost of Assets Obtained as Proceeds			0	294,000,000	1,400,000,000
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale			0	(2,000,000)	27,000,000
Assets Transferred From Affiliates, Estimated Fair Value			$ 0	$ 0	$ 5,600,000,000
Affiliated Entity [Member] \| Recapture MLUS [Member]
Related Party Transaction [Line Items]
Cash, Cash Equivalents, and Short-term Investments							$ 5,200,000,000
Contract Termination [Member] \| Affiliated Entity [Member] \| Recapture MLUS [Member]
Related Party Transaction [Line Items]
Cash, Cash Equivalents, and Short-term Investments						$ 5,200,000,000

Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Gross Notional Amount	$ 92,773	$ 113,549
Derivative assets	2,778	2,254
Derivative liabilities	2,112	3,129
Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,524	2,029
Derivative assets	211	143
Derivative liabilities	30	75
Derivatives Designated as Hedging Instruments [Member] \| Fair Value Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	0	175
Derivative assets	0	44
Derivative liabilities	0	0
Derivatives Designated as Hedging Instruments [Member] \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,524	1,854
Derivative assets	211	99
Derivative liabilities	30	75
Derivatives Designated as Hedging Instruments [Member] \| Cash Flow Hedging \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	0	27
Derivative assets	0	5
Derivative liabilities	0	0
Derivatives Designated as Hedging Instruments [Member] \| Cash Flow Hedging \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,524	1,827
Derivative assets	211	94
Derivative liabilities	30	75
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Gross Notional Amount	90,249	111,520
Derivative assets	2,567	2,111
Derivative liabilities	2,082	3,054
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	10,747	20,213
Derivative assets	528	922
Derivative liabilities	558	774
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Interest rate caps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,350	2,671
Derivative assets	21	7
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Interest rate futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	54	282
Derivative assets	0	1
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Interest rate options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	17,168	24,600
Derivative assets	168	133
Derivative liabilities	61	63
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,409	1,115
Derivative assets	101	71
Derivative liabilities	18	42
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Gross Notional Amount	125	130
Derivative assets	0	0
Derivative liabilities	0	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Gross Notional Amount	98	65
Derivative assets	3	0
Derivative liabilities	0	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,820	1,900
Derivative assets	14	40
Derivative liabilities	3	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Equity futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	169	2,713
Derivative assets	0	15
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Equity index options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	45,815	47,066
Derivative assets	1,372	794
Derivative liabilities	1,207	1,664
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	5,574	8,998
Derivative assets	80	128
Derivative liabilities	232	430
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,920	1,767
Derivative assets	280	0
Derivative liabilities	$ 3	$ 79

Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income (Expense), Nonoperating, Net	$ 194	$ 345	$ 497
Derivatives Designated as Hedging Instruments [Member] \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	28	23	21
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	166	314	461
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] \| Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 0	$ 8	$ 15

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 11	$ 40
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,820	$ 1,900
Weighted Average Years to Maturity	3 years 11 months	4 years 1 month
Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 8	$ 12
Maximum Amount of Future Payments under Credit Default Swaps	$ 689	$ 558
Weighted Average Years to Maturity	1 year 12 months	2 years 9 months
Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 3	$ 28
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,131	$ 1,317
Weighted Average Years to Maturity	4 years 12 months	4 years 8 months
Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 0	$ 25
Weighted Average Years to Maturity	0 years	4 years 6 months

Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 2,833	$ 2,303
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,104	3,121
Estimated fair value of derivative assets presented in the consolidated balance sheets	2,833	2,303
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	2,104	3,121
Net amount of derivative assets after application of master netting agreements and cash collateral	14	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	2,813	2,233
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,102	3,081
Gross estimated fair value of derivative assets	(1,669)	(1,942)
Gross estimated fair value of derivative liabilities	(1,669)	(1,942)
Cash collateral on derivative assets	(1,047)	(257)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(86)	(31)
Securities collateral on derivative liabilities	(433)	(1,138)
Exchange Cleared
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	20	70
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2	40
Gross estimated fair value of derivative assets	(2)	(1)
Gross estimated fair value of derivative liabilities	(2)	(1)
Cash collateral on derivative assets	(15)	(28)
Cash collateral on derivative liabilities	$ 0	$ (39)

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in a Net Liability Position	$ 433	$ 1,138
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided:	$ 797	$ 1,414

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ 228	$ 175
Embedded derivatives within liability host contracts	2,226	1,887
Ceded guaranteed minimum income benefits \| Premiums, reinsurance and other receivables
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	228	227
Direct guaranteed minimum benefits \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	1,642	1,212
Fixed Annuity [Member] \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	488	674
Deferred Fixed Annuity \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	96	1
Options embedded in debt or equity securities \| Investments
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ 0	$ (52)

Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ 534	$ 1,082	$ (1,824)
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ (8)	$ (16)	$ (4)

Derivatives (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Derivatives (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 2,778	$ 2,254
Derivative liabilities	2,112	3,129
Cash collateral received on derivatives	349	94
Cash collateral provided on derivatives	64	$ 5
Customer Securities for which Entity has right to Sell or Repledge, Fair Value of Securities Sold or Repledged	$ 0
Derivative Instruments, Gain (Loss) [Line Items]
Hedging exposure to variability in future cash flows for specific length of time	0 years	2 years
Cumulative changes in Net Gain (Loss) from Cash flow hedged, Effect Net of Tax	$ 264	$ 239
Derivative Instrument Detail [Abstract]
Cash Flow Hedge Ineffectiveness is Immaterial	not significant
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0	12	$ 1
Nonperformance Risk [Member] \| Direct And Assumed Guaranteed Minimum Benefit [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	466	290	$ 246
Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative assets	55	49
Derivative liabilities	(8)	(8)
Over the Counter
Derivatives, Fair Value [Line Items]
Excess securities collateral received on derivatives	59	337
Excess securities collateral provided on derivatives	364	471
Exchange Cleared
Derivatives, Fair Value [Line Items]
Excess securities collateral provided on derivatives	81	427
Exchange Traded
Derivatives, Fair Value [Line Items]
Excess securities collateral provided on derivatives	$ 14	$ 118

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets [Abstract]
Debt Securities, Available-for-sale	$ 62,608	$ 64,991
Available-for-sale Securities, Equity Securities	140	161
Short-term investments	0	312
Mortgage Loans on Real Estate, Commercial and Consumer, Net	13,694	10,742
Derivative assets	2,778	2,254
Net embedded derivatives within asset host contracts	228	175
Separate account assets	98,256	118,257
Liabilities [Abstract]
Derivative liabilities	2,112	3,129
Net embedded derivatives within liability host contracts	2,226	1,887
Long-term Debt	3,963	3,612
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative, Net	0	(52)
Assets [Abstract]
Debt Securities, Available-for-sale	62,608	64,991
Available-for-sale Securities, Equity Securities	140	161
Short-term investments		312
Mortgage Loans on Real Estate, Commercial and Consumer, Net		115
Derivative assets	2,778	2,254
Net embedded derivatives within asset host contracts	228	227
Separate account assets	98,256	118,257
Total assets	164,010	186,317
Liabilities [Abstract]
Derivative liabilities	2,112	3,129
Net embedded derivatives within liability host contracts	2,226	1,887
Long-term Debt		11
Total liabilities	4,338	5,027
Recurring [Member] \| Interest rate contracts
Assets [Abstract]
Derivative assets	717	1,112
Liabilities [Abstract]
Derivative liabilities	619	837
Recurring [Member] \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	312	165
Liabilities [Abstract]
Derivative liabilities	48	118
Recurring [Member] \| Credit contracts
Assets [Abstract]
Derivative assets	17	40
Liabilities [Abstract]
Derivative liabilities	3	1
Recurring [Member] \| Equity market contracts
Assets [Abstract]
Derivative assets	1,732	937
Liabilities [Abstract]
Derivative liabilities	1,442	2,173
Recurring [Member] \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	24,473	22,957
Recurring [Member] \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	9,095	16,292
Recurring [Member] \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	8,026	7,023
Recurring [Member] \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,496	1,309
Recurring [Member] \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	8,547	7,977
Recurring [Member] \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	3,597	4,181
Recurring [Member] \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	2,126	1,829
Recurring [Member] \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	5,248	3,423
Recurring [Member] \| Level 1
Assets [Abstract]
Debt Securities, Available-for-sale	2,722	8,304
Available-for-sale Securities, Equity Securities	13	18
Short-term investments		142
Mortgage Loans on Real Estate, Commercial and Consumer, Net		0
Derivative assets	0	16
Net embedded derivatives within asset host contracts	0	0
Separate account assets	217	410
Total assets	2,952	8,890
Liabilities [Abstract]
Derivative liabilities	0	0
Net embedded derivatives within liability host contracts	0	0
Long-term Debt		0
Total liabilities	0	0
Recurring [Member] \| Level 1 \| Interest rate contracts
Assets [Abstract]
Derivative assets	0	1
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring [Member] \| Level 1 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring [Member] \| Level 1 \| Credit contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring [Member] \| Level 1 \| Equity market contracts
Assets [Abstract]
Derivative assets	0	15
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring [Member] \| Level 1 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 1 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	2,722	8,304
Recurring [Member] \| Level 1 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 1 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 1 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 1 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 1 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 1 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 2
Assets [Abstract]
Debt Securities, Available-for-sale	58,907	53,455
Available-for-sale Securities, Equity Securities	124	19
Short-term investments		156
Mortgage Loans on Real Estate, Commercial and Consumer, Net		115
Derivative assets	2,662	2,079
Net embedded derivatives within asset host contracts	0	0
Separate account assets	98,038	117,842
Total assets	159,731	173,666
Liabilities [Abstract]
Derivative liabilities	1,874	2,691
Net embedded derivatives within liability host contracts	0	0
Long-term Debt		11
Total liabilities	1,874	2,702
Recurring [Member] \| Level 2 \| Interest rate contracts
Assets [Abstract]
Derivative assets	717	1,111
Liabilities [Abstract]
Derivative liabilities	619	837
Recurring [Member] \| Level 2 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	301	165
Liabilities [Abstract]
Derivative liabilities	48	117
Recurring [Member] \| Level 2 \| Credit contracts
Assets [Abstract]
Derivative assets	10	30
Liabilities [Abstract]
Derivative liabilities	2	1
Recurring [Member] \| Level 2 \| Equity market contracts
Assets [Abstract]
Derivative assets	1,634	773
Liabilities [Abstract]
Derivative liabilities	1,205	1,736
Recurring [Member] \| Level 2 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	24,150	22,048
Recurring [Member] \| Level 2 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	6,373	7,988
Recurring [Member] \| Level 2 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	7,617	5,935
Recurring [Member] \| Level 2 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,496	1,304
Recurring [Member] \| Level 2 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	8,541	6,989
Recurring [Member] \| Level 2 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	3,523	4,181
Recurring [Member] \| Level 2 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	2,087	1,723
Recurring [Member] \| Level 2 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	5,120	3,287
Recurring [Member] \| Level 3
Assets [Abstract]
Debt Securities, Available-for-sale	979	3,232
Available-for-sale Securities, Equity Securities	3	124
Short-term investments		14
Mortgage Loans on Real Estate, Commercial and Consumer, Net		0
Derivative assets	116	159
Net embedded derivatives within asset host contracts	228	227
Separate account assets	1	5
Total assets	1,327	3,761
Liabilities [Abstract]
Derivative liabilities	238	438
Net embedded derivatives within liability host contracts	2,226	1,887
Long-term Debt		0
Total liabilities	2,464	2,325
Recurring [Member] \| Level 3 \| Interest rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring [Member] \| Level 3 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	11	0
Liabilities [Abstract]
Derivative liabilities	0	1
Recurring [Member] \| Level 3 \| Credit contracts
Assets [Abstract]
Derivative assets	7	10
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring [Member] \| Level 3 \| Equity market contracts
Assets [Abstract]
Derivative assets	98	149
Liabilities [Abstract]
Derivative liabilities	237	437
Recurring [Member] \| Level 3 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	323	909
Recurring [Member] \| Level 3 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring [Member] \| Level 3 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	409	1,088
Recurring [Member] \| Level 3 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	0	5
Recurring [Member] \| Level 3 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	6	988
Recurring [Member] \| Level 3 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	74	0
Recurring [Member] \| Level 3 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	39	106
Recurring [Member] \| Level 3 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	$ 128	$ 136

Fair Value (Quantitative Information) (Details) - Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2018	Dec. 31, 2017
Measurement Input, Mortality Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0002	0.0002
Measurement Input, Mortality Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1100	0.1200
Measurement Input, Lapse Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Lapse Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1600	0.1600
Measurement Input, Utilization Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Measurement Input, Utilization Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Measurement Input, Withdrawal Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Withdrawal Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1000	0.1000
Measurement Input, Long Term Equity Volatilities [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1650	0.1740
Measurement Input, Long Term Equity Volatilities [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.2200	0.2500
Measurement Input, Entity Credit Risk [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0191	0.0064
Measurement Input, Entity Credit Risk [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0266	0.0143

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at January 1,	$ (279)	$ (954)
Total realized/unrealized gains (losses) included in net income (loss)	152	92	$ (703)
Total realized/unrealized gains (losses) included in AOCI	9	0	4
Purchases	3	4
Sales	(7)	0
Issuances	0	0
Settlements	0	579
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at December 31,	(122)	(279)	(954)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	148	(52)	(687)
Net Embedded Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at January 1,	(1,660)	(2,383)
Total realized/unrealized gains (losses) included in net income (loss)	526	1,078	(1,842)
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(864)	(355)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at December 31,	(1,998)	(1,660)	(2,383)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	395	966	(1,952)
U.S. corporate and foreign corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	1,997	2,391
Total realized/unrealized gains (losses) included in net income (loss)	1	(3)	(11)
Total realized/unrealized gains (losses) included in AOCI	(33)	131	(25)
Purchases	71	441
Sales	(197)	(223)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	418	178
Transfers out of Level 3	(1,525)	(918)
Balance at December 31,	732	1,997	2,391
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(2)	1	2
Structured securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	1,230	1,711
Total realized/unrealized gains (losses) included in net income (loss)	2	28	30
Total realized/unrealized gains (losses) included in AOCI	(6)	52	20
Purchases	42	107
Sales	(91)	(535)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	8	11
Transfers out of Level 3	(1,012)	(144)
Balance at December 31,	173	1,230	1,711
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	23	29
State and political subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	0	17
Total realized/unrealized gains (losses) included in net income (loss)	1	0	0
Total realized/unrealized gains (losses) included in AOCI	(1)	0	0
Purchases	0	0
Sales	(1)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	75	0
Transfers out of Level 3	0	(17)
Balance at December 31,	74	0	17
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	0	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	5	0
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	0	5
Sales	(5)	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at December 31,	0	5	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	124	137
Total realized/unrealized gains (losses) included in net income (loss)	0	(3)	0
Total realized/unrealized gains (losses) included in AOCI	0	0	(11)
Purchases	1	3
Sales	(3)	(13)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(119)	0
Balance at December 31,	3	124	137
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	0	0
Short-term investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	14	2
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	0	14
Sales	(14)	(1)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	(1)
Balance at December 31,	0	14	2
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Separate account assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	5	10
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	1	2
Sales	(1)	(4)
Issuances	0	0
Settlements	(1)	(1)
Transfers into Level 3	0	2
Transfers out of Level 3	(3)	(4)
Balance at December 31,	1	5	10
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 0	$ 0	$ 0

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Assets
Mortgage loans	$ 13,860	$ 10,871
Policy loans	1,615	1,740
Real estate joint ventures		22
Other limited partnership interests		28
Other Investments Fair Value Disclosure	77	71
Premiums, reinsurance and other receivables	1,696	2,113
Liabilities
Policyholder account balances	13,861	15,927
Long-term debt	3,358	3,639
Other liabilities	330	314
Separate account liabilities	1,029	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 Investments Fair Value Disclosure	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	656	781
Real estate joint ventures		0
Other limited partnership interests		0
Other Investments Fair Value Disclosure	64	71
Premiums, reinsurance and other receivables	32	128
Liabilities
Policyholder account balances	0	0
Long-term debt	2,758	3,039
Other liabilities	118	100
Separate account liabilities	1,029	1,210
Estimated Fair Value \| Level 3
Assets
Mortgage loans	13,860	10,871
Policy loans	959	959
Real estate joint ventures		22
Other limited partnership interests		28
Other Investments Fair Value Disclosure	13	0
Premiums, reinsurance and other receivables	1,664	1,985
Liabilities
Policyholder account balances	13,861	15,927
Long-term debt	600	600
Other liabilities	212	214
Separate account liabilities	0	0
Carrying Value
Assets
Mortgage loans	13,694	10,627
Policy loans	1,421	1,523
Real estate joint ventures		5
Other limited partnership interests		36
Other Investments Fair Value Disclosure	77	71
Premiums, reinsurance and other receivables	1,609	1,758
Liabilities
Policyholder account balances	15,332	15,791
Long-term debt	3,963	3,601
Other liabilities	330	314
Separate account liabilities	$ 1,029	$ 1,210

Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Measurements, Recurring [Member]
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 ($) $ in Millions	12 Months Ended
Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 12, 2018	Dec. 31, 2017	Jun. 22, 2017
Debt Instrument [Line Items]
Long-term debt outstanding	$ 3,963		$ 3,612
Debt instrument, unamortized debt issuance costs and debt discount	$ 46		34
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.70%			3.70%
Long-term debt outstanding	$ 1,490		1,489
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.70%			4.70%
Long-term debt outstanding	$ 1,478		1,477
BHF Term Loan Due 2019
Debt Instrument [Line Items]
Long-term debt outstanding	$ 600		600
Debt instrument, basis spread on variable rate debt	1.50%
Junior Subordinated Debentures Due 2058
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Long-term debt outstanding	$ 361		0
Non-recourse Debt Due 2030
Debt Instrument [Line Items]
Debt instrument, stated interest rate	7.028%
Long-term debt outstanding	$ 34		$ 46

Long-term Debt (Narrative) (Details) - USD ($) $ in Millions								12 Months Ended
	Apr. 16, 2018	Aug. 14, 2017	Aug. 02, 2017	Jul. 21, 2017	Jun. 16, 2017	Apr. 28, 2017	Dec. 02, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 12, 2018	Jun. 22, 2017
Debt Instrument [Line Items]
Long-term debt maturities, year one								$ 602
Long-term debt maturities, year two								2
Long-term debt maturities, year three								2
Long-term debt maturities, year four								2
Long-term debt maturities, year five								2
Long-term debt maturities, after year five								3,400
Interest expense on long-term debt								158	$ 135	$ 133
Decrease in notes receivable due from a related party due to exchange of debt for notes receivable due from a related party						$ 1,100
Remaining assets held in trust pledged as collateral						590
Interest expense								158	153	175
BHF Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity							$ 2,000
Credit facilities, term							5 years
Credit facilities, outstanding balance								0
BHF Revolving Credit Facility \| Loans
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity							$ 1,000
BHF Term Loan Due 2019
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity				$ 600			$ 3,000
Credit facilities, term							3 years
Credit facilities, proceeds from drawdown		$ 100	$ 500
Credit facilities, unamortized debt issuance costs written off				$ 7
Credit facilities, outstanding balance								600
BHF Credit Facilities
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity								2,600
Credit facilities, debt issuance costs capitalized							$ 16
Credit facilities, remaining borrowing capacity								2,000
MRSC Committed Facility
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity						3,500
MRV Cell Committed Facility
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity						4,300
MRSC and MRV Cell Committed Facilities
Debt Instrument [Line Items]
Credit facilities, commitment fee amount									19	55
MRSC Collateral Financing Arrangement
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity						$ 3,500
Credit facilities, term						30 years
Credit facilities, outstanding balance						$ 2,800
Repayment of collateral financing arrangement						2,800
Assets held in trust pledged as collateral						2,800
Remaining assets held in trust pledged as collateral						590
Interest expense									19	$ 39
BRCD Reinsurance Financing Arrangement
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity						10,000
Credit facilities, outstanding balance								0
Credit facilities, remaining borrowing capacity								9,800
Credit facilities, commitment fee amount								44	$ 27
BLIC Repurchase Facility
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity	$ 2,000
Credit facilities, term	3 years
Credit facilities, outstanding balance								$ 0
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount												$ 1,500
Debt instrument, stated interest rate								3.70%				3.70%
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, face amount												$ 1,500
Debt instrument, stated interest rate								4.70%				4.70%
Senior Notes Due 2027 and 2047
Debt Instrument [Line Items]
Debt issuance costs capitalized												$ 23
Debt discount capitalized												$ 12
Junior Subordinated Debentures Due 2058
Debt Instrument [Line Items]
Debt instrument, face amount											$ 375
Debt instrument, stated interest rate								6.25%			6.25%
Debt issuance costs capitalized											$ 14
Surplus Notes Due 2038
Debt Instrument [Line Items]
Debt instrument, stated interest rate					8.595%
Decrease in long-term debt due to debt forgiveness					$ 750
Surplus Notes Due 2032 and 2033
Debt Instrument [Line Items]
Decrease in long-term debt due to exchange of debt for notes receivable due from a related party						1,100
Decrease in notes receivable due from a related party due to exchange of debt for notes receivable due from a related party						$ 1,100
Surplus Note Due 2032
Debt Instrument [Line Items]
Debt instrument, stated interest rate						5.13%
Surplus Note Due 2033
Debt Instrument [Line Items]
Debt instrument, stated interest rate						6.00%

Equity (Preferred Stock & Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Aug. 05, 2018	Aug. 04, 2017
Equity [Abstract]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding at beginning of period	119,773,106	100,000
Common stock, shares issued	674,912	119,673,106
Common stock, shares repurchased	(2,915,682)
Common stock, shares outstanding at end of period	117,532,336	119,773,106
Class of Stock [Line Items]
Treasury stock, value acquired	$ 105
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 200
Treasury stock, shares acquired	2,628,167
Treasury stock, value acquired	$ 105
Spinoff \| Parent Shareholders' Percentage
Class of Stock [Line Items]
Percentage of BHF common stock distributed by parent				80.80%
Spinoff \| Parent Percentage
Class of Stock [Line Items]
Percentage of BHF common stock retained by parent after distribution				19.20%

Equity (Shareholder's Net Investment) (Details) - USD ($) $ in Millions			3 Months Ended			12 Months Ended
	Aug. 04, 2017	Aug. 03, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Apr. 28, 2017
Reclassification of shareholder's net investment upon separation from MetLife, Inc.	$ 12,400						$ 0
Capital contributions					$ (202)
Distribution to MetLife, Inc.						$ 0	1,798	$ 0
Remaining assets held in trust pledged as collateral										$ 590
Dividends paid to a former affiliate								556
Cash distributions to former affiliates related to a profit sharing agreement							40	78
Spinoff
Distribution to MetLife, Inc.		$ 1,800
Non-cash Capital Contribution
Capital contributions			$ 1,100	$ 750			$ 60	47
Accrued capital contributions									$ 120
Cash Capital Contribution
Capital contributions					$ 202			$ 1,600

Equity (Noncontrolling Interests) (Details) - USD ($) $ in Millions	Jun. 20, 2017	Apr. 28, 2017
Noncontrolling Interest [Abstract]
Noncontrolling interest, amounts represented by preferred stock	$ 50	$ 15

Equity (Share-Based Compensation) (Details) $ in Millions	12 Months Ended
Equity (Share-Based Compensation) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Restricted Stock Units (RSUs), Founders' Grant \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 31.0
Other Share Based \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	7.0
Other Share Based \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	1.0
Other Share Based \| Performance Shares units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 0.0

Equity (Performance Share Units) (Details) - $ / shares	12 Months Ended
Equity (Performance Share Units) (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	313,685	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 47.90	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	998,825
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 48.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	30,825
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	654,315
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 0.00
Performance Shares units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	66,369	0
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, Grants in Period	73,849
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	7,480
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 0.00

Equity Equity (Stock Options) (Details)	12 Months Ended
Equity Equity (Stock Options) (Details)	Dec. 31, 2018 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 53.47
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	2.93%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years 9 months 18 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 53.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 12.54

Equity (Statutory Equity & Income and Dividend Restrictions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statutory Accounting Practices [Line Items]
Payments of Dividends			$ 556
Minimum
Statutory Accounting Practices [Line Items]
Description of Regulatory Capital Requirements under Insurance Regulations	in excess of 400%
Brighthouse Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 0	$ 0
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	6,731	5,594
Statutory Accounting Practices, Statutory Net Income Amount	(1,104)	(425)	1,186
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	400	106
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	213	483
Statutory Accounting Practices, Statutory Net Income Amount	$ 130	$ 68	$ 109

Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2019
Statutory Accounting Practices [Line Items]
Payments of Capital Distribution	$ 0	$ 668	$ 634
Payments of Dividends			$ 556
Brighthouse Reinsurance Company of Delaware [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	2	535
Brighthouse Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	0	0
Brighthouse Life Insurance Company [Member] \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 798
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Capital Distribution	335
Payments of Dividends	400	$ 106
New England Life Insurance Company [Member] \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 131
Cash [Member] \| New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Ordinary Dividends	65
Payments of Capital Distribution	135
Debt [Member] \| New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Capital Distribution	$ 200

Equity (Statutory Net Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statutory Accounting Practices [Line Items]
Payments of Dividends			$ 556
Brighthouse Reinsurance Company of Delaware [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 2	$ 535
Statutory Accounting Practices, Prescribed Practice, Amount	557	972
Statutory net income (loss)	(1,100)	(1,600)
Statutory capital and surplus	$ 8,700	$ 8,300
Domestic Captive Life Reinsurance Subsidiaries [Member]
Statutory Accounting Practices [Line Items]
Statutory net income (loss)			$ (363)

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ (4)
Net investment gains (losses)	$ (207)	(28)	$ (78)
Balance beginning of period	1,676	1,265	1,523
OCI before reclassifications	(1,185)	110	(391)
Deferred income tax benefit (expense)	335	(28)	132
AOCI before reclassifications, net of income tax	747	1,347	1,264
Amounts reclassified from AOCI	48	42	0
Deferred income tax benefit (expense)	(79)	287	1
Amounts reclassified from AOCI, net of income tax	(31)	329	1
Balance end of period	716	1,676	1,265
Unrealized Investment Gains (Losses), Net of Related Offsets
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)
Balance beginning of period	1,572	1,044	1,322
OCI before reclassifications	(1,346)	276	(465)
Deferred income tax benefit (expense)	287	(94)	158
AOCI before reclassifications, net of income tax	434	1,226	1,015
Amounts reclassified from AOCI	181	60	44
Deferred income tax benefit (expense)	(39)	286	(15)
Amounts reclassified from AOCI, net of income tax	142	346	29
Balance end of period	576	1,572	1,044
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	306
Balance beginning of period	154	268	251
OCI before reclassifications	159	(157)	71
Deferred income tax benefit (expense)	48	55	(25)
AOCI before reclassifications, net of income tax	361	166	297
Amounts reclassified from AOCI	(134)	(18)	(45)
Deferred income tax benefit (expense)	(40)	6	16
Amounts reclassified from AOCI, net of income tax	(174)	(12)	(29)
Balance end of period	187	154	268
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0
Balance beginning of period	(24)	(31)	(32)
OCI before reclassifications	(4)	10	1
Deferred income tax benefit (expense)	1	(3)	0
AOCI before reclassifications, net of income tax	(27)	(24)	(31)
Amounts reclassified from AOCI	0	0	0
Deferred income tax benefit (expense)	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0
Balance end of period	(27)	(24)	(31)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	(5)	0
Balance beginning of period	(26)	(16)	(18)
OCI before reclassifications	6	(19)	2
Deferred income tax benefit (expense)	(1)	14	(1)
AOCI before reclassifications, net of income tax	(21)	(21)	(17)
Amounts reclassified from AOCI	1	0	1
Deferred income tax benefit (expense)	0	(5)	0
Amounts reclassified from AOCI, net of income tax	1	(5)	1
Balance end of period	(20)	(26)	(16)
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
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)	0	$ 0
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net investment gains (losses)	(180)	(15)	$ (51)
Restatement Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	1,597
Balance end of period		1,597
Restatement Adjustment [Member] \| Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	1,493
Balance end of period		1,493
Restatement Adjustment [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	154
Balance end of period		154
Restatement Adjustment [Member] \| Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	(24)
Balance end of period		(24)
Restatement Adjustment [Member] \| Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	$ (26)
Balance end of period		$ (26)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)									$ (207)	$ (28)	$ (78)
Net derivative gains (losses)									702	(1,620)	(5,851)
Net investment income									3,338	3,078	3,207
Income (loss) before provision for income tax									989	(615)	(4,705)
Provision for income tax expense (benefit)									(119)	237	1,766
Net income (loss)	$ 1,442	$ (271)	$ (239)	$ (67)	$ 668	$ (943)	$ 246	$ (349)	865	(378)	(2,939)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									31	(329)	(1)
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)									(180)	(15)	(51)
Net derivative gains (losses)									(2)	(48)	4
Net investment income									1	3	3
Income (loss) before provision for income tax									(181)	(60)	(44)
Provision for income tax expense (benefit)									39	(286)	15
Net income (loss)									(142)	(346)	(29)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax									134	18	45
Provision for income tax expense (benefit)									40	(6)	(16)
Net income (loss)									174	12	29
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)									98	0	33
Net investment income									3	3	3
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	2	2
Net investment income									2	3	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	10	5
Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial gains (losses)									(1)	0	(1)
Amortization of prior service (costs) credit									0	0	0
Income (loss) before provision for income tax									(1)	0	(1)
Provision for income tax expense (benefit)									0	5	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax									$ (1)	$ 5	$ (1)

Equity (Share-Based Compensation (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	242,560
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	7,306,788
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 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, Forfeitures in Period	24,570
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, Period for Recognition	1 year 3 months
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 13,000,000
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%
Brighthouse Reinsurance Company of Delaware [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 8,700,000,000	$ 8,300,000,000
Statutory Accounting Practices, Statutory Net Income Amount	(1,100,000,000)	(1,600,000,000)
Statutory Accounting Practices, Prescribed Practice, Amount	$ 557,000,000	$ 972,000,000

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Distribution Service [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 360	$ 359	$ 275

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Income and Expenses [Abstract]
Compensation	$ 289	$ 287	$ 400
Professional Fees	245	176	101
Transition Services Agreements	279	306	0
Establishment Costs	239	162	0
Premium and other taxes, licenses and fees	68	64	63
Custody Fees	524	466	287
Cost, Overhead	628	711	462
Interest expense on debt	158	153	175
Goodwill impairment (1)	0	0	161
Other General and Administrative Expense	145	158	635
Total other expenses	$ 2,575	$ 2,483	$ 2,284

Employee Benefit Plans (Narrative) (Details) - USD ($)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Retirement Benefits [Abstract]

Accumulated benefit obligations in excess of fair value of plan assets

Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows at:



	December 31,
	2018		2017
	(In millions)
Projected benefit obligations	$	65	$	71
Accumulated benefit obligations	$	65	$	71
Estimated fair value of plan assets	$	—	$	—

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)



	December 31,
	2018		2017
	(In millions)
Projected benefit obligations	$	65	$	71
Accumulated benefit obligations	$	65	$	71
Estimated fair value of plan assets	$	—	$	—

The PBO exceeded assets for only the nonqualified unfunded pension plan at both December 31, 2018 and 2017.

Assumptions used in determining benefit obligations and net periodic benefit costs

Assumptions used in determining net periodic benefit costs were as follows:



	Years Ended December 31,
Pension Benefits	2018	2017	2016
Weighted average discount rate	3.90%	4.30%	4.42%
Weighted average expected rate of return on plan assets	4.75%	5.75%	5.75%
Rate of compensation increase	N/A	N/A	N/A

Plan Assets

The pension plan assets are measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:



	December 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Interest in insurance company separate accounts	$	39	$	91	$	—	$	130
Insurance company general accounts	—		21		—		21
Total assets	$	39	$	112	$	—	$	151



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Interest in insurance company separate accounts	$	45	$	102	$	—	$	147
Insurance company general accounts	—		—		18		18
Total assets	$	45	$	102	$	18	$	165



	December 31,
	2018				2017
	Target		Actual Allocation		Actual Allocation
Asset Class
Fixed maturity securities	90	%	86	%	100	%
Cash and cash equivalents	10	%	14	%	—	%
Total assets	100	%	100	%	100	%

Defined benefit plan estimated future benefit payments

Gross pension and postretirement benefit payments for the next 10 years before MetLife reimbursement are expected to be as follows:



	Pension Benefits		Other Postretirement Benefits
	(In millions)
2019	$	12	$	4
2020	$	12	$	4
2021	$	13	$	3
2022	$	13	$	3
2023	$	13	$	3
2024-2028	$	68	$	13

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation



	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	233		$	40		$	219		$	37
Interest costs	9			1			9			2
Plan participants’ contributions	—			2			—			3
Net actuarial (gains) losses	(18		)	(1		)	11			6
Change in benefits and other	—			—			5			—
Benefits paid	(12		)	(8		)	(11		)	(8		)
Benefit obligations at December 31,	212			34			233			40
Change in plan assets:
Estimated fair value of plan assets at January 1,	165			—			155			—
Actual return on plan assets	(7		)	—			17			—
Plan participants’ contributions	—			2			—			3
Employer contributions	4			7			4			5
Benefits paid	(11		)	(9		)	(11		)	(8		)
Estimated fair value of plan assets at December 31,	151			—			165			—
Over (under) funded status at December 31,	$	(61	)	$	(34	)	$	(68	)	$	(40	)
Amounts recognized in the consolidated balance sheets:
Other assets	$	4		$	—		$	3		$	—
Other liabilities	(65		)	(34		)	(71		)	(40		)
Net amount recognized	$	(61	)	$	(34	)	$	(68	)	$	(40	)
AOCI:
Net actuarial (gains) losses	$	26		$	2		$	31		$	3
Prior service costs (credit)	—			—			—			—
AOCI, before income tax	$	26		$	2		$	31		$	3
Accumulated benefit obligation	$	212		N/A			$	233		N/A

__________________


(1)	Includes nonqualified unfunded plan, for which the aggregate PBO was $65 million and $71 million at December 31, 2018 and 2017, respectively.

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year

$ 0

Defined Contribution Plan, Employer Discretionary Contribution Amount

14,000,000

$ 8,000,000

Other Deferred Compensation Arrangements, Liability, Current and Noncurrent

3,000,000

2,000,000

Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3

(18,000,000)

$ 18,000,000

Qualified Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year

$ 0

Pension Benefits

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate

4.55%

3.90%

Metlife Inc [Member]

Defined Benefit Plan Disclosure [Line Items]

Accounts Payable

$ 186,000,000

$ 192,000,000

Employee Benefit Plans (Obligations and Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits
Change in benefit obligations:
Benefit obligations at January 1,	$ 233	$ 219
Interest costs	9	9
Plan participants’ contributions	0	0
Net actuarial (gains) losses	(18)	11
Change in benefits	0	5
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(12)	(11)
Benefit obligations at December 31,	212	233
Change in plan assets
Actual return on plan assets	(7)	17
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	0	0
Defined Benefit Plan, Plan Assets, Benefits Paid	(11)	(11)
Employer contributions	4	4
Estimated fair value of plan assets at January 1,	165	155
Estimated fair value of plan assets at December 31,	151	165
Over (under) funded status at December 31,	(61)	(68)
Amounts recognized in the consolidated balance sheets
Other assets	4	3
Other liabilities	(65)	(71)
Net amount recognized	(61)	(68)
Accumulated other comprehensive (income) loss:
Net actuarial (gains) losses	26	31
Prior service costs (credit)	0	0
Accumulated other comprehensive (income) loss, before income tax	26	31
Accumulated benefit obligation	212	233
Other Postretirement Benefits Plan [Member]
Change in benefit obligations:
Benefit obligations at January 1,	40	37
Interest costs	1	2
Plan participants’ contributions	2	3
Net actuarial (gains) losses	(1)	6
Change in benefits	0	0
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(8)	(8)
Benefit obligations at December 31,	34	40
Change in plan assets
Actual return on plan assets	0	0
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	2	3
Defined Benefit Plan, Plan Assets, Benefits Paid	(9)	(8)
Employer contributions	7	5
Estimated fair value of plan assets at January 1,	0	0
Estimated fair value of plan assets at December 31,	0	0
Over (under) funded status at December 31,	(34)	(40)
Amounts recognized in the consolidated balance sheets
Other assets	0	0
Other liabilities	(34)	(40)
Net amount recognized	(34)	(40)
Accumulated other comprehensive (income) loss:
Net actuarial (gains) losses	2	3
Prior service costs (credit)	0	0
Accumulated other comprehensive (income) loss, before income tax	2	3
Unfunded Plan [Member] \| Nonqualified Plan [Member]
Change in benefit obligations:
Benefit obligations at January 1,	71
Benefit obligations at December 31,	$ 65	$ 71

Employee Benefit Plans (Paid Benefit Obligations and Accumulated Benefit Obligations in Excess of Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Accumulated benefit obligation [Abstract]
Projected benefit obligations	$ 65	$ 71
Accumulated benefit obligations	65	71
Estimated fair value of plan assets	$ 0	$ 0

Employee Benefit Plans (Assumptions in Determining Net Periodic Benefit Costs) (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assumptions used in determining net periodic benefit costs [Abstract]
Weighted average discount rate	3.90%	4.30%	4.42%
Weighted average expected rate of return on plan assets	4.75%	5.75%	5.75%

Employee Benefit Plans (Actual & Target Allocation of Fair Value by Asset Class) (Details) - Pension Plan [Member]	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100.00%	100.00%
Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	90.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	86.00%	100.00%
Alternative Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	14.00%	0.00%

Employee Benefit Plans (Estimated Fair Value on a Recurring Basis) (Details) - Pension Plan [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 151	$ 165	$ 155
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	18
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	39	45
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	112	102
Separate account assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	130	147
Separate account assets [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Separate account assets [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	39	45
Separate account assets [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	91	102
Fair Value Option General Account Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	21	18
Fair Value Option General Account Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	18
Fair Value Option General Account Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Option General Account Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 21	$ 0

Employee Benefit Plans (Expected Gross Benefit Payments) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Pension Benefits
Defined benefit plan estimated future benefit payments [Abstract]
2019	$ 12
2020	12
2021	13
2022	13
2023	13
2024-2028	68
Other Postretirement Benefits Plan [Member]
Defined benefit plan estimated future benefit payments [Abstract]
2019	4
2020	4
2021	3
2022	3
2023	3
2024-2028	$ 13

Income Tax (Provision for Income Tax from Continuing Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ (166)	$ 406	$ (305)
State and local	0	6	0
Foreign	0	18	0
Subtotal	(166)	430	(305)
Deferred:
Federal	285	(667)	(1,461)
State and local	0	0	0
Foreign	0	0	0
Subtotal	285	(667)	(1,461)
Current and Deferred:
Provision for income tax expense (benefit)	$ 119	$ (237)	$ (1,766)

Income Tax (Reconciliation of Income Tax Provision between US Statutory Rate and As Reported for Continuing Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income tax expense benefit continuing operations income tax reconciliation
Tax provision at statutory rate	$ 207	$ (215)	$ (1,647)
Adjustments To Additional Paid In Capital, Capital Contribution	(2)	1,088	0
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount	0	(803)	0
Income (Loss) from Subsidiaries, Tax Expense (Benefit)	0	(138)	0
Dividend received deduction	(44)	(130)	(123)
Other tax credits	(25)	(30)	(18)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	(11)	0	0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount	0	0	4
Other, net	(6)	(9)	18
Provision for income tax expense (benefit)	$ 119	$ (237)	$ (1,766)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	12.00%	39.00%	38.00%

Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets:
Deferred Tax Assets, Tax Credit Carryforwards	$ 58	$ 202
Deferred Tax Assets, Operating Loss Carryforwards	1,052	422
Employee benefits	7	3
Intangibles	159	227
Deferred Tax Assets, Investments	0	302
Other	0	95
Deferred Tax Assets, Net	1,276	1,251
Less: Valuation allowance	0	11
Total net deferred income tax assets	1,276	1,240
Deferred income tax liabilities:
Policyholder liabilities and receivables	746	819
Deferred Tax Liabilities, Investments	513	0
Net unrealized investment gains	202	459
DAC	761	889
Deferred Tax Liabilities, Other	26	0
Total deferred income tax liabilities	2,248	2,167
Deferred tax assets and liabilities [Abstract]
Net deferred income tax asset (liability)	$ (972)	$ (927)

Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits
Balance at January 1,	$ 23	$ 58	$ 64
Additions for tax positions of prior years	12	0	2
Reductions for tax positions of prior years	0	(4)	(9)
Additions for tax positions of current year	0	3	5
Reductions for tax positions of current year	0	(2)	0
Settlements with tax authorities	0	(32)	(4)
Balance at December 31,	35	23	58
Unrecognized tax benefits that, if recognized would impact the effective rate	$ 35	$ 23	$ 58

Income Tax Income Tax (Net Operating Loss Carryforwards) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 5,011
Expiration Period For Indefinite Number Of Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	1,837
Expiration Period Fourth Four Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 3,174

Income Tax (Tax Credit Carryforwards) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 45
Foreign Tax Authority \| 2019-2023
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	18
Foreign Tax Authority \| 2024-2028
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	27
Foreign Tax Authority \| 2029-2033
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| 2034-2038
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	13
General business tax credit carryforward \| 2019-2023
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2024-2028
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2029-2033
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2034-2038
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	13
General business tax credit carryforward \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 0

Income Tax (Narrative) (Details) - USD ($)			5 Months Ended	12 Months Ended
Income Tax (Narrative) (Details) - USD ($)	Nov. 30, 2018	Oct. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Examination, Penalties Expense				$ 0	$ 0	$ 0
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount				0	(803,000,000)	$ 0
Operating Loss Carryforwards				$ 5,011,000,000
Percent of cash savings included in tax receivable agreement				86.00%
Deferred Tax Assets, Operating Loss Carryforwards				$ 1,052,000,000	422,000,000
Due from Related Parties					873,000,000
Accrued Income Taxes				15,000,000	0
Metlife Inc [Member]
Related Party Transaction, Amounts of Transaction		$ 729,000,000
Accrued Income Taxes				148,000,000
Income tax paid by Brighthouse Financial, Inc.	$ 909,000,000
Spinoff
Due to Affiliate				328,000,000	331,000,000
Parent Company
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount					(222,000,000)
Income tax paid by Brighthouse Financial, Inc.			$ 0	$ 746,000	888,000
Alternative Minimum Tax adjustment [Member]
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount					$ (725,000,000)

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 04, 2017
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders	$ 1,442	$ (271)	$ (239)	$ (67)	$ 668	$ (943)	$ 246	$ (349)	$ 865	$ (378)	$ (2,939)
Weighted average common shares outstanding — basic									119,386,280	119,773,106	119,773,106
Dilutive effect of share-based awards									441,198	0	0
Weighted average common shares outstanding — diluted									119,827,478	119,773,106	119,773,106
Earnings per common share - basic	$ 12.18	$ (2.26)	$ (2.01)	$ (0.56)	$ 5.57	$ (7.87)	$ 2.05	$ (2.91)	$ 7.24	$ (3.16)	$ (24.54)
Earnings per common share - diluted	$ 12.14	$ (2.26)	$ (2.01)	$ (0.56)	$ 5.57	$ (7.87)	$ 2.05	$ (2.91)	$ 7.21	$ (3.16)	$ (24.54)
Common stock, shares outstanding	117,532,336				119,773,106				117,532,336	119,773,106	100,000	119,773,106
Antidilutive stock options excluded from the computation of earnings per share									218,000

- Definition

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

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details)	Dec. 31, 2018 USD ($)
Minimum
Loss Contingencies
Aggregate reasonably possible losses in excess of amounts accrued for loss contingency matters as to which an estimate can be made	$ 0
Maximum
Loss Contingencies
Aggregate reasonably possible losses in excess of amounts accrued for loss contingency matters as to which an estimate can be made	$ 10,000,000

Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Contingencies, Commitments and Guarantees (Textuals) [Abstract]
Cumulative maximum indemnities and guarantees contractual limitation	$ 148
Liabilities for indemnities, guarantees and commitments	2	$ 2
Minimum
Contingencies, Commitments and Guarantees (Textuals) [Abstract]
Indemnities and guarantees contractual limitation range	1
Maximum
Contingencies, Commitments and Guarantees (Textuals) [Abstract]
Indemnities and guarantees contractual limitation range	142
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet commitments	1,900	1,400
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet commitments	$ 492	$ 388

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from Related Parties		$ 873
Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Income	$ 0	43	$ 216
Expense	0	129	649
All Services and Transactions Except Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Due from Related Parties	0	2,907
Due to Related Parties	0	2,178
Income	(182)	(606)	(280)
Expense	$ 133	$ 378	$ 332

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction (Narrative) [Abstract]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 186	$ 390	$ 868

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 4,026	$ 1,422	$ 1,702	$ 1,815	$ 1,880	$ 1,972	$ 2,025	$ 965	$ 8,965	$ 6,842	$ 3,018
Total expenses	2,239	1,790	2,019	1,928	2,102	2,096	1,704	1,555	7,976	7,457	7,723
Net income (loss)	1,442	(269)	(238)	(65)	668	(943)	246	(349)	870	(378)	(2,939)
Less: Net income (loss) attributable to noncontrolling interests	0	2	1	2	0	0	0	0	5	0	0
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders	$ 1,442	$ (271)	$ (239)	$ (67)	$ 668	$ (943)	$ 246	$ (349)	$ 865	$ (378)	$ (2,939)
Earnings per common share - basic	$ 12.18	$ (2.26)	$ (2.01)	$ (0.56)	$ 5.57	$ (7.87)	$ 2.05	$ (2.91)	$ 7.24	$ (3.16)	$ (24.54)
Earnings per common share - diluted	$ 12.14	$ (2.26)	$ (2.01)	$ (0.56)	$ 5.57	$ (7.87)	$ 2.05	$ (2.91)	$ 7.21	$ (3.16)	$ (24.54)

- Definition

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

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
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-Name Accounting Standards Codification
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+ Details

Subsequent Events (Details) - USD ($) $ in Millions			12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Feb. 01, 2019	Dec. 02, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 26, 2019	Feb. 15, 2019	Jul. 21, 2017
Subsequent Event [Line Items]
Long-term debt issued			$ 375	$ 3,588	$ 0
Long-term debt repaid			9	$ 13	$ 26
BHF Term Loan Due 2019
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity		$ 3,000						$ 600
Credit facilities, term		3 years
Credit facilities, outstanding balance			$ 600
Subsequent Event \| BHF Term Loan Due 2024
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity	$ 1,000
Credit facilities, term	5 years
Long-term debt issued	$ 1,000
Subsequent Event \| BHF Term Loan Due 2019
Subsequent Event [Line Items]
Long-term debt repaid	$ 600
Subsequent Event \| Farmer Mac Funding Agreements
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity							$ 500
Credit facilities, outstanding balance						$ 0

Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 60,920	$ 60,173
Cost or Amortized Cost	81,495
Debt Securities, Available-for-sale	62,608	64,991
Estimated Fair Value	83,181
Mortgage Loans on Real Estate, Commercial and Consumer, Net	13,694	10,742
Policy loans	1,421	1,523
Real Estate Investments, Net	451	433
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	1,840	1,669
Other invested assets	3,027	$ 2,507
Fixed Maturity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	60,920
Amount at Which Shown on Balance Sheet	62,608
U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	7,944
Debt Securities, Available-for-sale	9,095
Estimated Fair Value	9,095
State and political subdivision
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,200
Debt Securities, Available-for-sale	3,597
Estimated Fair Value	3,597
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	2,642
Estimated Fair Value	2,763
Amount at Which Shown on Balance Sheet	2,763
Foreign government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,426
Debt Securities, Available-for-sale	1,496
Estimated Fair Value	1,496
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	29,512
Estimated Fair Value	29,388
Amount at Which Shown on Balance Sheet	29,388
Total bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	44,724
Estimated Fair Value	46,339
Amount at Which Shown on Balance Sheet	46,339
Mortgage-backed and asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Estimated Fair Value	15,921
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost	15,855
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value	15,921
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	341
Estimated Fair Value	348
Amount at Which Shown on Balance Sheet	348
Non-redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	132
Estimated Fair Value	124
Amount at Which Shown on Balance Sheet	124
Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	10
Estimated Fair Value	14
Amount at Which Shown on Balance Sheet	14
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	0
Estimated Fair Value	2
Amount at Which Shown on Balance Sheet	2
Equity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	142
Estimated Fair Value	140
Amount at Which Shown on Balance Sheet	140
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Estimated Fair Value	13,694
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Estimated Fair Value	1,421
Real estate joint ventures
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Estimated Fair Value	451
Other limited partnership interests
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Estimated Fair Value	1,840
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Estimated Fair Value	$ 3,027

Condensed Financial Information (Parent Company) (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 01, 2016	Dec. 31, 2015
Investments:
Debt Securities, Available-for-sale	$ 62,608,000	$ 64,991,000
Total investments	83,181,000	82,338,000
Cash and Cash Equivalents, at Carrying Value	4,145,000	1,857,000	$ 5,228,000		$ 1,570,000
Accrued Investment Income Receivable	724,000	601,000
Premiums and Other Receivables, Net	13,697,000	13,525,000
Current income tax recoverable	1,000	740,000
Other Assets	573,000	588,000
Total assets	206,294,000	224,192,000
Liabilities
Deferred income tax liability	972,000	927,000
Other Liabilities	4,285,000	5,263,000
Total liabilities	191,811,000	209,612,000
Stockholders’ Equity
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized, respectively; 120,448,018 and 119,773,106 shares issued, respectively; 117,532,336 and 119,773,106 shares outstanding, respectively	1,000	1,000
Additional paid-in capital	12,473,000	12,432,000
Retained earnings (deficit)	1,346,000	406,000
Treasury Stock, Value	118,000	0
Accumulated other comprehensive income (loss)	716,000	1,676,000	1,265,000		$ 1,523,000
Total Brighthouse Financial, Inc.’s stockholders’ equity	14,418,000	14,515,000
Total liabilities and equity	206,294,000	224,192,000
Parent Company
Investments:
Debt Securities, Available-for-sale	232,130	236,946
Investment in subsidiary	18,085,732	17,810,226
Total investments	18,317,862	18,047,172
Cash and Cash Equivalents, at Carrying Value	460,885	325,528	$ 1	$ 0
Accrued Investment Income Receivable	935	945
Premiums and Other Receivables, Net	190,014	191,570
Current income tax recoverable	6,904	20,714
Deferred Income Tax Assets, Net	5,093	0
Other Assets	6,110	8,205
Total assets	18,987,803	18,594,134
Liabilities
Long-term and short-term debt	4,231,906	3,702,071
Payable to former affiliate	331,399	333,148
Deferred income tax liability	0	33,166
Other Liabilities	6,117	10,083
Total liabilities	4,569,422	4,078,468
Stockholders’ Equity
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized, respectively; 120,448,018 and 119,773,106 shares issued, respectively; 117,532,336 and 119,773,106 shares outstanding, respectively	1,204	1,198
Additional paid-in capital	12,473,363	12,432,449
Retained earnings (deficit)	1,345,810	405,853
Treasury Stock, Value	117,970	0
Accumulated other comprehensive income (loss)	715,974	1,676,166
Total Brighthouse Financial, Inc.’s stockholders’ equity	14,418,381	14,515,666
Total liabilities and equity	$ 18,987,803	$ 18,594,134

Condensed Financial Information (Parent Company) (Condensed Balance Sheets - Insets) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Aug. 04, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 60,920,000	$ 60,173,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	120,448,018	119,773,106
Common stock, shares outstanding	117,532,336	119,773,106	119,773,106	100,000
Treasury Stock, Shares	2,915,682	0
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 235,480	$ 238,948
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	120,448,018	119,773,106
Common stock, shares outstanding	117,532,336	119,773,106

Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								5 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statements, Captions [Line Items]
Net investment income										$ 3,338,000	$ 3,078,000	$ 3,207,000
Other revenues										397,000	651,000	736,000
Net investment gains (losses)										(207,000)	(28,000)	(78,000)
Net derivative gains (losses)										702,000	(1,620,000)	(5,851,000)
Total revenues	$ 4,026,000	$ 1,422,000	$ 1,702,000	$ 1,815,000	$ 1,880,000	$ 1,972,000	$ 2,025,000	$ 965,000		8,965,000	6,842,000	3,018,000
Expenses
Other expenses										2,575,000	2,483,000	2,284,000
Total expenses	2,239,000	1,790,000	2,019,000	1,928,000	2,102,000	2,096,000	1,704,000	1,555,000		7,976,000	7,457,000	7,723,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest										989,000	(615,000)	(4,705,000)
Provision for income tax expense (benefit)										119,000	(237,000)	(1,766,000)
Net income (loss) available to common shareholders	$ 1,442,000	$ (271,000)	$ (239,000)	$ (67,000)	$ 668,000	$ (943,000)	$ 246,000	$ (349,000)		865,000	(378,000)	(2,939,000)
Comprehensive income (loss)										(16,000)	33,000	$ (3,197,000)
Parent Company
Condensed Income Statements, Captions [Line Items]
Equity in earnings (losses) of subsidiaries									$ 0	1,003,123	(565,979)
Net investment income									0	9,718	5,573
Other revenues									0	4,608	221,834
Net investment gains (losses)									0	64	(237)
Net derivative gains (losses)									0	0	1,729
Total revenues									0	1,017,513	(337,080)
Expenses
Credit facility fees									875	7,081	16,014
Other expenses									0	176,203	75,921
Total expenses									875	183,284	91,935
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest									(875)	834,229	(429,015)
Provision for income tax expense (benefit)									(306)	(30,321)	(50,897)
Net income (loss) available to common shareholders									(569)	864,550	(378,118)
Comprehensive income (loss)									$ (569)	$ (15,739)	$ 33,000

Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended								5 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income (loss)	$ 1,442,000	$ (271,000)	$ (239,000)	$ (67,000)	$ 668,000	$ (943,000)	$ 246,000	$ (349,000)		$ 865,000	$ (378,000)	$ (2,939,000)
Other, net										110,000	129,000	132,000
Net cash provided by (used in) operating activities										3,062,000	3,396,000	3,736,000
Cash flows from investing activities
Sales of fixed maturity securities										15,819,000	17,214,000	46,130,000
Purchases of fixed maturity securities										(16,460,000)	(18,782,000)	(39,687,000)
Net cash provided by (used in) investing activities										(4,538,000)	(3,915,000)	4,674,000
Cash flows from financing activities
Treasury stock acquired in connection with share repurchases										(105,000)	0	0
Distribution to MetLife, Inc.										0	(1,798,000)	0
Net cash provided by (used in) financing activities										3,764,000	(2,852,000)	(4,752,000)
Change in cash, cash equivalents and restricted cash										2,288,000	(3,371,000)	3,658,000
Cash, cash equivalents and restricted cash, beginning of year				1,857,000				5,228,000		1,857,000	5,228,000	1,570,000
Cash, cash equivalents and restricted cash, end of year	4,145,000				1,857,000				$ 5,228,000	4,145,000	1,857,000	5,228,000
Supplemental disclosures of cash flow information
Net cash paid (received) for interest										159,000	155,000	186,000
Net cash paid (received) for income tax										(895,000)	(637,000)	189,000
Parent Company
Cash flows from operating activities
Net income (loss)									(569)	864,550	(378,118)
Equity in (earnings) losses of subsidiaries									0	(1,003,123)	565,979
Distribution from subsidiary									0	51,900	50,000
Other, net									569	8,144	(252,310)
Net cash provided by (used in) operating activities									0	(78,529)	(14,449)
Cash flows from investing activities
Sales of fixed maturity securities									0	3,484	509,814
Purchases of fixed maturity securities									0	0	(748,972)
Capital contributions to subsidiary									0	(208,000)	(1,300,000)
Net cash provided by (used in) investing activities									0	(204,516)	(1,539,158)
Cash flows from financing activities
Long-term and short-term debt issued									0	892,500	3,724,375
Long-term and short-term debt repaid									0	(350,964)	0
Debt issuance costs									0	(12,143)	(39,187)
Issuance of common stock									1	0	0
Treasury stock acquired in connection with share repurchases									0	(105,253)	0
Distribution to MetLife, Inc.									0	0	(1,798,000)
Credit facility fees									0	(5,738)	(8,054)
Net cash provided by (used in) financing activities									1	418,402	1,879,134
Change in cash, cash equivalents and restricted cash									1	135,357	325,527
Cash, cash equivalents and restricted cash, beginning of year				$ 325,528				$ 1		325,528	1
Cash, cash equivalents and restricted cash, end of year	$ 460,885				$ 325,528				1	460,885	325,528	$ 1
Supplemental disclosures of cash flow information
Net cash paid (received) for interest									0	158,022	67,135
Cash received from MetLife, Inc. for income tax									0	(6,902)	(40)
Income tax paid by Brighthouse Financial, Inc.									0	746	888
Net cash paid (received) for income tax									$ 0	$ (6,156)	$ 848

Condensed Financial Information (Parent Company) (Investment in Subsidiary Footnote) (Details) - Parent Company - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Capital contributions to subsidiary	$ 0	$ 208,000	$ 1,300,000
Distribution from subsidiary	$ 0	$ 51,900	$ 50,000

Condensed Financial Information (Parent Company) (Long-term and Short-term Debt Footnote) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 12, 2018	Jun. 22, 2017
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding		$ 3,963,000	$ 3,612,000
Debt instrument, unamortized debt issuance costs and debt discount		46,000	34,000
Long-term debt maturities, year one		602,000
Long-term debt maturities, year two		2,000
Long-term debt maturities, year three		2,000
Long-term debt maturities, year four		2,000
Long-term debt maturities, year five		2,000
Long-term debt maturities, after year five		3,400,000
Interest expense on long-term debt		$ 158,000	135,000	$ 133,000
Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate		3.70%				3.70%
Long-term debt outstanding		$ 1,490,000	1,489,000
Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate		4.70%				4.70%
Long-term debt outstanding		$ 1,478,000	1,477,000
BHF Term Loan Due 2019
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding		$ 600,000	600,000
Debt instrument, basis spread on variable rate debt		1.50%
Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate		6.25%			6.25%
Long-term debt outstanding		$ 361,000	0
Parent Company
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding		3,929,000	3,566,000
Short-term debt outstanding		303,000	136,000
Long-term and short-term debt outstanding		4,231,906	3,702,071
Debt instrument, unamortized debt issuance costs and debt discount		46,000	34,000
Long-term debt maturities, year one		903,000
Long-term debt maturities, year two		0
Long-term debt maturities, year three		0
Long-term debt maturities, year four		0
Long-term debt maturities, year five		0
Long-term debt maturities, after year five		3,400,000
Interest expense on long-term debt		157,000	75,000
Short-term intercompany debt issued	$ 40,000	478,000	$ 136,000
Short-term intercompany debt repaid		$ 311,000
Weighted average interest rate		1.80%	0.73%
Maximum borrowing and lending limit applied to the respective insurance subsidiary's statutory admitted assets		3.00%
Parent Company \| Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate		3.70%
Long-term debt outstanding		$ 1,490,000	$ 1,489,000
Parent Company \| Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate		4.70%
Long-term debt outstanding		$ 1,478,000	1,477,000
Parent Company \| BHF Term Loan Due 2019
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding		$ 600,000	600,000
Debt instrument, basis spread on variable rate debt		1.50%
Parent Company \| Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate		6.25%
Long-term debt outstanding		$ 361,000	$ 0

Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	$ 5,717	$ 6,286	$ 6,293
Future Policy Benefits and Other Policy-Related Balances	39,209	39,601
Policyholder account balances	40,054	37,783
Unearned Premiums	20	19
Unearned Revenue	475	469
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	4,550	5,047
Future Policy Benefits and Other Policy-Related Balances	8,814	8,347
Policyholder account balances	28,619	25,934
Unearned Premiums	0	0
Unearned Revenue	91	96
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	1,051	1,106
Future Policy Benefits and Other Policy-Related Balances	5,546	5,200
Policyholder account balances	3,239	3,342
Unearned Premiums	14	14
Unearned Revenue	277	278
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	5	5
Future Policy Benefits and Other Policy-Related Balances	17,253	18,521
Policyholder account balances	8,195	8,506
Unearned Premiums	0	0
Unearned Revenue	107	95
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	111	128
Future Policy Benefits and Other Policy-Related Balances	7,596	7,533
Policyholder account balances	1	1
Unearned Premiums	6	5
Unearned Revenue	$ 0	$ 0

Consolidated Supplementary Insurance Information [Disclosure] Consolidated Supplementary Insurance Information (Income Statement Items) (Details) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	$ 4,735	$ 4,761	$ 5,004
Net Investment Income (1)	3,338	3,078	3,207
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	4,351	4,747	5,068
Amortization of DAC and VOBA	1,050	227	371
Other Expenses	2,575	2,483	2,284
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	85	96	128
Net Investment Income (1)	57	141	187
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	64	62	87
Amortization of DAC and VOBA	16	20	24
Other Expenses	503	374	326
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	2,947	3,000	3,259
Net Investment Income (1)	1,522	1,252	1,329
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	1,597	2,130	2,347
Amortization of DAC and VOBA	944	(23)	(896)
Other Expenses	1,629	1,565	1,248
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	927	951	739
Net Investment Income (1)	447	327	350
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	768	820	681
Amortization of DAC and VOBA	90	223	282
Other Expenses	241	265	273
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	776	714	878
Net Investment Income (1)	1,312	1,358	1,341
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	1,922	1,735	1,953
Amortization of DAC and VOBA	0	7	961
Other Expenses	$ 202	$ 279	$ 437

Consolidated Reinsurance (Consolidated Reinsurance) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	$ 597,694	$ 629,367	$ 653,270
Ceded	191,083	206,304	465,841
Assumed	7,458	6,879	7,006
Net Amount	$ 414,069	$ 429,942	$ 194,435
% Amount Assumed to Net	1.80%	1.60%	3.60%
Consolidated Reinsurance
Gross Amount	$ 1,699	$ 1,795	$ 2,296
Ceded	810	943	1,153
Assumed	11	11	79
Net premiums	$ 900	$ 863	$ 1,222
% Amount Assumed to Net	1.20%	1.30%	6.50%
Life insurance (1)
Consolidated Reinsurance
Gross Amount	$ 1,468	$ 1,557	$ 2,067
Ceded	580	711	929
Assumed	11	11	76
Net premiums	$ 899	$ 857	$ 1,214
% Amount Assumed to Net	1.20%	1.30%	6.30%
Accident and Health Insurance Product Line [Member]
Consolidated Reinsurance
Gross Amount	$ 231	$ 238	$ 229
Ceded	230	232	224
Assumed	0	0	3
Net premiums	$ 1	$ 6	$ 8
% Amount Assumed to Net	0.00%	0.00%	37.50%
Affiliated Entity [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded	$ 0	$ 17,100	$ 266,400
Assumed	0	6,900	7,000
Affiliated Entity [Member] \| Life insurance (1)
Consolidated Reinsurance
Ceded	201	537	766
Assumed	$ 6	$ 11	$ 34