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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Brighthouse Financial, Inc.
Entity Central Index Key	0001685040
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		115,809,697

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $61,101 and $60,920, respectively)	$ 64,847	$ 62,608
Equity securities, at estimated fair value	150	140
Mortgage loans (net of valuation allowances of $60 and $57, respectively)	14,504	13,694
Policy loans	1,385	1,421
Real estate limited partnerships and limited liability companies	453	451
Other limited partnership interests	1,800	1,840
Short-term investments, principally at estimated fair value	799	0
Other invested assets, principally at estimated fair value	2,302	3,027
Total investments	86,240	83,181
Cash and cash equivalents	3,864	4,145
Accrued investment income	791	724
Premiums, reinsurance and other receivables	14,026	13,697
Deferred policy acquisition costs and value of business acquired	5,680	5,717
Current income tax recoverable	0	1
Other assets	618	573
Separate account assets	105,211	98,256
Total assets	216,430	206,294
Liabilities
Future policy benefits	37,157	36,209
Policyholder account balances	41,177	40,054
Other policy-related balances	3,005	3,000
Payables for collateral under securities loaned and other transactions	3,990	5,057
Long-term debt	4,364	3,963
Current income tax payable	19	15
Deferred income tax liability	1,005	972
Other liabilities	5,438	4,285
Separate account liabilities	105,211	98,256
Total liabilities	201,366	191,811
Contingencies, Commitments and Guarantees (Note 11)
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $425 aggregate liquidation preference at March 31, 2019	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,552,514 and 120,448,018 shares issued, respectively; 116,182,687 and 117,532,336 shares outstanding, respectively	1	1
Additional paid-in capital	12,889	12,473
Retained earnings (deficit)	609	1,346
Treasury stock, at cost; 4,369,827 and 2,915,682 shares, respectively	(170)	(118)
Accumulated other comprehensive income (loss)	1,670	716
Total Brighthouse Financial, Inc.’s stockholders’ equity	14,999	14,418
Noncontrolling interests	65	65
Total equity	15,064	14,483
Total liabilities and equity	$ 216,430	$ 206,294

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 61,101	$ 60,920
Mortgage loans valuation allowances	$ 60	$ 57
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Liquidation Preference, Value	$ 425	$ 0
Brighthouse Financial, Inc.’s stockholders’ equity:
Treasury stock, shares	4,369,827	2,915,682
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	120,552,514	120,448,018
Common stock, shares outstanding	116,182,687	117,532,336

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Premiums	$ 227	$ 229
Universal life and investment-type product policy fees	875	1,002
Net investment income	811	817
Other revenues	92	105
Net investment gains (losses)	(11)	(4)
Net derivative gains (losses)	(1,303)	(334)
Total revenues	691	1,815
Expenses
Policyholder benefits and claims	772	738
Interest credited to policyholder account balances	258	267
Amortization of deferred policy acquisition costs and value of business acquired	22	305
Other expenses	592	618
Total expenses	1,644	1,928
Income (loss) before provision for income tax	(953)	(113)
Provision for income tax expense (benefit)	(218)	(48)
Net income (loss)	(735)	(65)
Less: Net income (loss) attributable to noncontrolling interests	2	2
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(737)	(67)
Comprehensive income (loss)	219	(925)
Less: Comprehensive income (loss) attributable to noncontrolling interests	2	2
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ 217	$ (927)
Earnings Per Share, Basic	$ (6.31)	$ (0.56)
Earnings Per Share, Diluted	$ (6.31)	$ (0.56)

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Brighthouse Financial, Inc.’s Stockholders’ Equity	Noncontrolling Interests	Restatement adjustment	Restatement adjustment Preferred Stock	Restatement adjustment Common Stock	Restatement adjustment Additional Paid-in Capital	Restatement adjustment Retained Earnings (Deficit)	Restatement adjustment Treasury Stock at Cost	Restatement adjustment Accumulated Other Comprehensive Income (Loss)	Restatement adjustment Brighthouse Financial, Inc.’s Stockholders’ Equity	Restatement adjustment Noncontrolling Interests
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 14,580								$ 65	$ 14,576								$ 65
Cumulative effect of change in accounting principle and other, net of income tax	(4)				$ 75		$ (79)	$ (4)
Beginning Balance at Dec. 31, 2017		$ 0	$ 1	$ 12,432	406	$ 0	1,676	14,515			$ 0	$ 1	$ 12,432	$ 481	$ 0	$ 1,597	$ 14,511
Change in noncontrolling interests	(2)							0	(2)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(67)				(67)			(67)
Less: Net income (loss) attributable to noncontrolling interests	2								2
Net income (loss)	(65)
Other comprehensive income (loss), net of income tax	(860)						(860)	(860)
Ending Balance at Mar. 31, 2018		0	1	12,432	414	0	737	13,584
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	13,649								65
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	14,483								65
Beginning Balance at Dec. 31, 2018	14,418	0	1	12,473	1,346	(118)	716	14,418
Preferred stock issuance	412	0		412				412
Treasury stock acquired in connection with share repurchases	(52)					(52)		(52)
Share-based compensation	4			4				4
Change in noncontrolling interests	(2)							0	(2)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(737)				(737)			(737)
Less: Net income (loss) attributable to noncontrolling interests	2								2
Net income (loss)	(735)
Other comprehensive income (loss), net of income tax	954						954	954
Ending Balance at Mar. 31, 2019	14,999	$ 0	$ 1	$ 12,889	$ 609	$ (170)	$ 1,670	$ 14,999
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 15,064								$ 65

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 376	$ 291
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	4,100	4,057
Sales, maturities and repayments of equity securities	6	6
Sales, maturities and repayments of mortgage loans	263	169
Sales, maturities and repayments of real estate limited partnerships and limited liability companies	1	74
Sales, maturities and repayments of other limited partnership interests	76	42
Purchases of fixed maturity securities	(3,830)	(3,804)
Purchases of equity securities	0	(1)
Purchases of mortgage loans	(1,076)	(739)
Purchases of of real estate limited partnerships and limited liability companies	(4)	(15)
Purchases of other limited partnership interests	(106)	(38)
Cash received in connection with freestanding derivatives	316	712
Cash paid in connection with freestanding derivatives	(310)	(1,414)
Net change in policy loans	36	7
Net change in short-term investments	(799)	19
Net change in other invested assets	55	22
Net cash provided by (used in) investing activities	(1,272)	(903)
Cash flows from financing activities
Policyholder account balances: Deposits	1,858	1,516
Policyholder account balances: Withdrawals	(911)	(772)
Net change in payables for collateral under securities loaned and other transactions	(1,067)	75
Long-term debt issued	1,000	0
Long-term debt repaid	(600)	(3)
Preferred stock issued, net of issuance costs	412	0
Treasury stock acquired in connection with share repurchases	(52)	0
Financing element on certain derivative instruments and other derivative related transactions, net	(11)	(157)
Other, net	(14)	(16)
Net cash provided by (used in) financing activities	615	643
Change in cash, cash equivalents and restricted cash	(281)	31
Cash, cash equivalents and restricted cash, beginning of period	4,145	1,857
Cash, cash equivalents and restricted cash, end of period	3,864	1,888
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	12	8
Net cash paid (received) for income tax	$ (1)	$ 0

Business, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

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

Business

“Brighthouse 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 (together with its subsidiaries and affiliates, “MetLife”) 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.

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 (the “MetLife Divestiture”). As a result, MetLife, Inc. and its subsidiaries and affiliates are no longer considered related parties subsequent to the MetLife Divestiture.

Brighthouse Financial is one of the largest providers of annuity and life insurance products 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.

Basis of Presentation

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

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLCs”) in which the Company has control. Intercompany accounts and transactions have been eliminated.

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

Reclassifications

Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2019 presentation as may be discussed throughout the Notes to the Interim Condensed Consolidated Financial Statements.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2018 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated and combined financial statements of the Company included in the 2018 Annual Report.

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements. There were no ASUs adopted during the first quarter of 2019 which had a material impact on the Company’s financial statements.

ASUs issued but not yet adopted as of March 31, 2019 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendments to Topic 350 require the capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract. The requirements align with the existing requirements to capitalize implementation costs incurred to develop or obtain internal-use software.	January 1, 2020 using the prospective method or retrospective method (with early adoption permitted)	The Company is currently evaluating the impact of this guidance on its financial statements.
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts	The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred acquisition costs, and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances.	January 1, 2021 using a modified retrospective method for the new market risk benefit guidance and prospective methods for the increased frequency of updating assumptions, the new discount rate requirements and deferred policy acquisition costs (“DAC”) amortization changes. Early adoption is permitted.	The Company is in the early stages of evaluating the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact will be the measurement of liabilities for variable annuity guarantees.
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than- temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method (with early adoption permitted beginning January 1, 2019)	The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.

Segment Information

3 Months Ended

Mar. 31, 2019

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.

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 the impact of market volatility, which could distort trends.

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


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

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


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


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


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

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

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months ended March 31, 2019 and 2018 and at March 31, 2019 and December 31, 2018. The segment accounting policies are the same as those used to prepare the Company’s condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

Segment investment and capitalization targets are 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. 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.



	Operating Results
Three Months Ended March 31, 2019	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	361	$	31	$	(46	)	$	(72	)	$	274
Provision for income tax expense (benefit)	66		6		(10		)	(22		)	40
Post-tax adjusted earnings	295		25		(36		)	(50		)	234
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			2			2
Adjusted earnings	$	295	$	25	$	(36	)	$	(52	)	232
Adjustments for:
Net investment gains (losses)											(11		)
Net derivative gains (losses)											(1,303		)
Other adjustments to net income											87
Provision for income tax (expense) benefit											258
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(737	)

Interest revenue	$	421	$	97	$	276		$	17
Interest expense	$	—	$	—	$	—		$	47



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

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

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Annuities	$	1,117		$	1,147
Life	303			369
Run-off	476			548
Corporate & Other	43			34
Adjustments	(1,248		)	(283		)
Total	$	691		$	1,815

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



	March 31, 2019		December 31, 2018
	(In millions)
Annuities	$	149,900	$	141,489
Life	20,546		20,449
Run-off	33,218		32,393
Corporate & Other	12,766		11,963
Total	$	216,430	$	206,294

Insurance

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2018 Annual Report, the Company issues variable annuity contracts with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and certain portions of GMIBs that do not require the policyholder to annuitize are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 5.

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

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



	March 31, 2019						December 31, 2018
	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)	$	103,148		$	59,507		$	96,865		$	55,967
Separate account value	$	98,148		$	58,291		$	91,837		$	54,731
Net amount at risk	$	7,643	(4)	$	3,301	(5)	$	11,073	(4)	$	4,128	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	March 31, 2019		December 31, 2018
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,056	$	6,099
Net amount at risk (6)	$	72,642	$	73,131
Average attained age of policyholders	65 years		65 years

Variable Life Contracts
Total account value (3)	$	3,343	$	3,230
Net amount at risk (6)	$	22,522	$	23,004
Average attained age of policyholders	50 years		50 years

__________________


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

(2)

Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 of the Notes to the Consolidated and Combined Financial Statements included in the 2018 Annual Report for a discussion of guaranteed minimum benefits which have been reinsured.


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


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

(5)

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


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

Investments

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

See Note 1 of the Notes to the Consolidated and Combined Financial Statements included in the 2018 Annual Report for a description of the Company’s accounting policies for investments and Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies.

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

Fixed Maturity Securities AFS by Sector

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



	March 31, 2019											December 31, 2018
	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	$	24,716	$	1,373	$	233	$	—		$	25,856	$	24,312	$	830	$	669	$	—		$	24,473
U.S. government and agency	6,640		1,477		29		—			8,088		7,944		1,263		112		—			9,095
RMBS	8,648		297		65		(3		)	8,883		8,428		246		129		(2		)	8,547
Foreign corporate	8,908		322		157					9,073		8,183		159		316		—			8,026
CMBS	5,330		130		33		—			5,427		5,292		43		88		(1		)	5,248
State and political subdivision	3,289		525		3					3,811		3,200		412		15		—			3,597
ABS	2,075		15		12		—			2,078		2,135		13		22		—			2,126
Foreign government	1,495		146		10		—			1,631		1,426		102		32		—			1,496
Total fixed maturity securities	$	61,101	$	4,285	$	542	$	(3	)	$	64,847	$	60,920	$	3,068	$	1,383	$	(3	)	$	62,608

__________________


(1)	Noncredit OTTI losses included in accumulated other comprehensive income (loss) (“AOCI”) in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities.


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

The Company held non-income producing fixed maturity securities with an estimated fair value of $28 million and less than $1 million with unrealized gains (losses) of ($5) million and less than $1 million at March 31, 2019 and December 31, 2018, respectively.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2019:



	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	$	1,577	$	7,692	$	12,155	$	23,624	$	16,053	$	61,101
Estimated fair value	$	1,584	$	7,818	$	12,411	$	26,646	$	16,388	$	64,847

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

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

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



	March 31, 2019								December 31, 2018
	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	$	2,664	$	85	$	3,774	$	148	$	10,584	$	470	$	2,328	$	199
U.S. government and agency	243		1		852		28		412		8		1,543		104
RMBS	796		5		2,665		57		1,627		26		2,611		101
Foreign corporate	1,610		67		1,164		90		3,982		203		774		113
CMBS	323		16		1,043		17		2,317		53		803		34
State and political subdivision	31		1		129		2		346		7		158		8
ABS	874		10		161		2		1,422		21		70		1
Foreign government	275		9		30		1		521		26		132		6
Total fixed maturity securities	$	6,816	$	194	$	9,818	$	345	$	21,211	$	814	$	8,419	$	566
Total number of securities in an unrealized loss position	1,188				1,252				3,027				1,028

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 other comprehensive income (“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 March 31, 2019.

Gross unrealized losses on fixed maturity securities decreased $841 million during the three months ended March 31, 2019 to $539 million. The decrease in gross unrealized losses for the three months ended March 31, 2019 was primarily attributable to decreasing longer-term interest rates and narrowing credit spreads.

At March 31, 2019, $17 million of the total $539 million of gross unrealized losses were from eight fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	March 31, 2019					December 31, 2018
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	8,748		60.3	%	$	8,529		62.3	%
Agricultural	3,155			21.8		2,946			21.5
Residential	2,661			18.3		2,276			16.6
Subtotal (1)	14,564			100.4		13,751			100.4
Valuation allowances (2)	(60		)	(0.4	)	(57		)	(0.4	)
Total mortgage loans, net	$	14,504		100.0	%	$	13,694		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $477 million and $86 million for the three months ended March 31, 2019 and 2018, 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
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
March 31, 2019
Loan-to-value ratios:
Less than 65%	$	7,676	$	89	$	34	$	7,799	89.2	%	$	7,987	89.2	%
65% to 75%	800		—		—		800		9.1		819		9.1
76% to 80%	140		—		9		149		1.7		146		1.7
Total	$	8,616	$	89	$	43	$	8,748	100.0	%	$	8,952	100.0	%
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
Total	$	8,373	$	89	$	67	$	8,529	100.0	%	$	8,611	100.0	%

Credit Quality of Agricultural Mortgage Loans

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



	March 31, 2019				December 31, 2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,827	89.6	%	$	2,623	89.0	%
65% to 75%	327		10.3		322		10.9
76% to 80%	1		0.1		1		0.1
Total	$	3,155	100.0	%	$	2,946	100.0	%

The estimated fair value of agricultural mortgage loans was $3.2 billion and $2.9 billion at March 31, 2019 and December 31, 2018, respectively.

Credit Quality of Residential Mortgage Loans

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



	March 31, 2019				December 31, 2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,622	98.5	%	$	2,240	98.4	%
Nonperforming	39		1.5		36		1.6
Total	$	2,661	100.0	%	$	2,276	100.0	%

The estimated fair value of residential mortgage loans was $2.7 billion and $2.3 billion at March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018. 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 mortgage loans in nonaccrual status at either March 31, 2019 or December 31, 2018. Agricultural mortgage loans past due totaled $7 million and less than $1 million at March 31, 2019 and December 31, 2018, respectively. The Company had no agricultural mortgage loans in nonaccrual status at either March 31, 2019 or December 31, 2018. Residential mortgage loans past due and in nonaccrual status totaled $39 million and $36 million at March 31, 2019 and December 31, 2018, respectively. During the three months ended March 31, 2019, the Company did not have mortgage loans modified in a troubled debt restructuring. The Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring during the three months ended March 31, 2018.

Other Invested Assets

Freestanding derivatives with positive estimated fair values comprise over 90% of other invested assets. See Note 5 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes tax credit and renewable energy partnerships, leveraged leases and Federal Home Loan Bank 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 $1.1 billion and $3.1 billion at March 31, 2019 and December 31, 2018, respectively.

Net Unrealized Investment Gains (Losses)

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

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



	March 31, 2019			December 31, 2018
	(In millions)
Fixed maturity securities	$	3,749		$	1,691
Derivatives	204			264
Other	(12		)	(13		)
Subtotal	3,941			1,942
Amounts allocated from:
Future policy benefits	(1,564		)	(886		)
DAC, VOBA and DSI	(200		)	(90		)
Subtotal	(1,764		)	(976		)
Deferred income tax benefit (expense)	(457		)	(203		)
Net unrealized investment gains (losses)	$	1,720		$	763

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



	Three Months Ended March 31, 2019
	(In millions)
Balance, December 31, 2018	$	763
Unrealized investment gains (losses) during the period	1,999
Unrealized investment gains (losses) relating to:
Future policy benefits	(678		)
DAC, VOBA and DSI	(110		)
Deferred income tax benefit (expense)	(254		)
Balance, March 31, 2019	$	1,720
Change in net unrealized investment gains (losses)	$	957

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2019 and December 31, 2018.

Securities Lending

Elements of the securities lending program are presented below at:



	March 31, 2019		December 31, 2018
	(In millions)
Securities on loan: (1)
Amortized cost	$	2,568	$	3,056
Estimated fair value	$	3,360	$	3,628
Cash collateral received from counterparties (2)	$	3,407	$	3,646
Security collateral received from counterparties (3)	$	36	$	55
Reinvestment portfolio — estimated fair value	$	3,426	$	3,658

__________________


(1)	Included within fixed maturity securities.


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


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

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



	March 31, 2019								December 31, 2018
	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	$	1,567	$	940	$	900	$	3,407	$	1,474	$	1,823	$	349	$	3,646

__________________


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

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at March 31, 2019 was $1.5 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, non-agency RMBS and U.S. government and agency securities) with 53% invested in agency RMBS, cash and cash equivalents, U.S. government and agency securities, and short-term investments at March 31, 2019. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

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

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



	March 31, 2019		December 31, 2018
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,592	$	8,176
Invested assets held in trust (reinsurance agreements) (2)	3,788		3,455
Invested assets pledged as collateral (3)	3,501		3,341
Total invested assets on deposit, held in trust and pledged as collateral	$	15,881	$	14,972

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $101 million and $55 million of the assets on deposit balance represents restricted cash at March 31, 2019 and December 31, 2018, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $58 million and $87 million of the assets held in trust balance represents restricted cash at March 31, 2019 and December 31, 2018, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2018 Annual Report) and derivative transactions (see Note 5).

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

Variable Interest Entities

The Company has invested in legal entities that are 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 March 31, 2019 or December 31, 2018.

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 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 servicer, 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.

Limited Partnerships and LLCs

The Company holds investments in certain limited partnerships and LLCs which are VIEs. These ventures include real estate limited partnerships/LLCs, 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 11.



	March 31, 2019				December 31, 2018
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,317	$	13,003	$	13,099	$	13,099
Limited partnerships and LLCs	1,722		2,887		1,756		3,145
Total	$	15,039	$	15,890	$	14,855	$	16,244

Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2019		2018
	(In millions)
Investment income:
Fixed maturity securities	$	653	$	628
Equity securities	3		2
Mortgage loans	159		120
Policy loans	16		16
Real estate limited partnerships and limited liability companies	8		14
Other limited partnership interests	—		65
Cash, cash equivalents and short-term investments	14		6
Other	13		9
Subtotal	866		860
Less: Investment expenses	55		43
Net investment income	$	811	$	817

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Fixed maturity securities	$	(15	)	$	(39	)
Equity securities	10			(1		)
Mortgage loans	(4		)	(4		)
Real estate limited partnerships and limited liability companies	(1		)	42
Other limited partnership interests	(2		)	—
Other	1			(2		)
Total net investment gains (losses)	$	(11	)	$	(4	)

Sales or Disposals of Fixed Maturity Securities

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Proceeds	$	3,279		$	2,861
Gross investment gains	$	67		$	3
Gross investment losses	(82		)	(42		)
Net investment gains (losses)	$	(15	)	$	(39	)

Derivatives

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

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

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 limited partnerships and LLCs which are presented in net investment income.

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. 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 index-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” in Note 1 of the Notes to the Consolidated and Combined Financial Statements included in the 2018 Annual Report for additional information on the accounting policies for embedded derivatives bifurcated from variable annuity and reinsurance host contracts.

Derivative Strategies

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

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

Interest Rate Derivatives

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

To a lesser extent, 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.

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:



		March 31, 2019						December 31, 2018
	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:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	2,563	$	179	$	37	$	2,524	$	211	$	30
Total qualifying hedges		2,563		179		37		2,524		211		30
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	10,397		651		457		10,747		528		558
Interest rate caps	Interest rate	3,350		10		—		3,350		21		—
Interest rate futures	Interest rate	54		—		—		54		—		—
Interest rate options	Interest rate	23,668		255		73		17,168		168		61
Foreign currency swaps	Foreign currency exchange rate	1,128		91		17		1,409		101		18
Foreign currency forwards	Foreign currency exchange rate	124		—		—		125		—		—
Credit default swaps — purchased	Credit	67		—		—		98		3		—
Credit default swaps — written	Credit	1,855		25		—		1,820		14		3
Equity futures	Equity market	—		—		—		169		—		—
Equity index options	Equity market	42,813		771		1,541		45,815		1,372		1,207
Equity variance swaps	Equity market	5,574		91		242		5,574		80		232
Equity total return swaps	Equity market	4,550		—		219		3,920		280		3
Total non-designated or nonqualifying derivatives		93,580		1,894		2,549		90,249		2,567		2,082
Total		$	96,143	$	2,073	$	2,586	$	92,773	$	2,778	$	2,112

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both March 31, 2019 and December 31, 2018. 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 tables present the amount and location of gains (losses), including earned income, recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Net Derivative Gains (Losses) Recognized for Derivatives (1), (6)			Net Derivative Gains (Losses) Recognized for Hedged Items (2), (6)		Net Investment Income (1), (3), (7)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Three Months Ended March 31, 2019
Derivatives Designated as Hedging Instruments:
Cash flow hedges (5):
Interest rate derivatives	$	22		$	—	$	1	$	—		$	—
Foreign currency exchange rate derivatives	3			—		8		—			(34		)
Total cash flow hedges	25			—		9		—			(34		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	332			—		—		—			—
Foreign currency exchange rate derivatives	(8		)	—		—		—			—
Credit derivatives	18			—		—		—			—
Equity derivatives	(1,446		)	—		—		—			—
Embedded derivatives	(224		)	—		—		—			—
Total non-qualifying hedges	(1,328		)	—		—		—			—
Total	$	(1,303	)	$	—	$	9	$	—		$	(34	)
Three Months Ended March 31, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	1	$	—		$	—
Total fair value hedges	(8		)	7		1		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		4		—			(74		)
Total cash flow hedges	7			—		5		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(773		)	—		—		—			—
Foreign currency exchange rate derivatives	(37		)	2		—		—			—
Credit derivatives	(4		)	—		—		—			—
Equity derivatives	(34		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(342		)	2		—		(1		)	—
Total	$	(343	)	$	9	$	6	$	(1	)	$	(76	)

______________


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


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships.


(3)	Includes changes in estimated fair value related to economic hedges of limited partnerships and LLCs.


(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.


(6)	Total net derivative gains (losses) were ($1.3) billion and ($334) million for the three months ended March 31, 2019 and 2018, respectively.


(7)	Total net investment income was $811 million and $817 million for the three months ended March 31, 2019 and 2018, respectively.

At March 31, 2019 and December 31, 2018, the balance in AOCI associated with cash flow hedges was $204 million and $264 million, respectively.

Credit Derivatives

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

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



	March 31, 2019					December 31, 2018
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	$	18	$	1,376	3.3	$	8	$	689	2.0
Baa	7		479		4.9	3		1,131		5.0
Total	$	25	$	1,855	3.8	$	11	$	1,820	3.9

__________________

(1)

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


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

Counterparty Credit Risk

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

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

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

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

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



	March 31, 2019						December 31, 2018
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)	$	2,095		$	2,563		$	2,813		$	2,102
OTC-cleared and Exchange-traded (1), (6)	17			—			20			2
Total gross estimated fair value of derivatives (1)	2,112			2,563			2,833			2,104
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,112			2,563			2,833			2,104
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,398		)	(1,398		)	(1,669		)	(1,669		)
OTC-cleared and Exchange-traded	—			—			(2		)	(2		)
Cash collateral: (3), (4)
OTC-bilateral	(496		)	—			(1,047		)	—
OTC-cleared and Exchange-traded	(17		)	—			(15		)	—
Securities collateral: (5)
OTC-bilateral	(179		)	(1,156		)	(86		)	(433		)
Net amount after application of master netting agreements and collateral	$	22		$	9		$	14		$	—

__________________


(1)	At March 31, 2019 and December 31, 2018, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $39 million and $55 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($23) million and ($8) million, respectively.


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


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

(4)

The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2019 and December 31, 2018, the Company received excess cash collateral of $70 million and $349 million, respectively, and provided excess cash collateral of $15 million and $64 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)

Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at March 31, 2019, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2019 and December 31, 2018, the Company received excess securities collateral with an estimated fair value of $96 million and $59 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2019 and December 31, 2018, the Company provided excess securities collateral with an estimated fair value of $288 million and $364 million, respectively, for its OTC-bilateral derivatives, and $99 million and $81 million, respectively, for its OTC-cleared derivatives, and $8 million and $14 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.



	March 31, 2019		December 31, 2018
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,165	$	433
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,444	$	797

__________________


(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:



	Balance Sheet Location	March 31, 2019		December 31, 2018
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum income benefits	Premiums, reinsurance and other receivables	$	219	$	228

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,260	$	1,642
Direct index-linked annuities	Policyholder account balances	1,249		488
Assumed index-linked annuities	Policyholder account balances	146		96
Embedded derivatives within liability host contracts		$	2,655	$	2,226

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Net derivative gains (losses) (1)	$	(224	)	$	506
Policyholder benefits and claims	$	—		$	(1	)

__________________


(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 ($163) million and ($15) million for the three months ended March 31, 2019 and 2018, respectively.

Fair Value

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

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

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, are presented below. Investments that do not have a readily determinable fair value and are measured at net asset value (or equivalent) as a practical expedient to estimated fair value are excluded from the fair value hierarchy.



	March 31, 2019
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	25,562	$	294	$	25,856
U.S. government and agency	2,075		6,013		—		8,088
RMBS	—		8,864		19		8,883
Foreign corporate	—		8,670		403		9,073
CMBS	—		5,299		128		5,427
State and political subdivision	—		3,737		74		3,811
ABS	—		1,997		81		2,078
Foreign government	—		1,631		—		1,631
Total fixed maturity securities	2,075		61,773		999		64,847
Equity securities	14		132		4		150
Short term investments	557		242		—		799
Derivative assets: (1)
Interest rate	—		916		—		916
Foreign currency exchange rate	—		264		6		270
Credit	—		18		7		25
Equity market	—		762		100		862
Total derivative assets	—		1,960		113		2,073
Embedded derivatives within asset host contracts (2)	—		—		219		219
Separate account assets	262		104,949		—		105,211
Total assets	$	2,908	$	169,056	$	1,335	$	173,299
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	530	$	—	$	530
Foreign currency exchange rate	—		52		2		54
Credit	—		—		—		—
Equity market	—		1,755		247		2,002
Total derivative liabilities	—		2,337		249		2,586
Embedded derivatives within liability host contracts (2)	—		—		2,655		2,655
Total liabilities	$	—	$	2,337	$	2,904	$	5,241



	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	13		124		3		140
Derivative assets: (1)
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 (2)	—		—		228		228
Separate account assets	217		98,038		1		98,256
Total assets	$	2,952	$	159,731	$	1,327	$	164,010
Liabilities
Derivative liabilities: (1)
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 (2)	—		—		2,226		2,226
Total liabilities	$	—	$	1,874	$	2,464	$	4,338

__________________

(1)

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.


(2)	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.

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. 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 three months ended March 31, 2019.

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 and Short-Term Investments

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.

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 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 and short-term investments.” The estimated fair value of these embedded derivatives is included, along with the funds withheld liability, in other liabilities on the consolidated 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 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:



					March 31, 2019		December 31, 2018		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%	11.31%	0.02%	11%	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%	(4)
			•	Long-term equity volatilities	16.50%	22%	16.50%	22%	Increase (5)
			•	Nonperformance risk spread	1.31%	2.45%	1.91%	2.66%	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 contract’s 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)
Three Months Ended March 31, 2019
Balance, beginning of period	$	732		$	173		$	74	$	—		$	3		$	—		$	(122	)	$	(1,998	)	$	1
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			(1		)	—		—			—			—			(9		)	(224		)	—
Total realized/unrealized gains (losses) included in AOCI	8			2			—		—			—			—			(3		)	—			—
Purchases (7)	16			29			—		—			—			—			—			—			—
Sales (7)	(2		)	(13		)	—		—			—			—			—			—			(1		)
Issuances (7)	—			—			—		—			—			—			—			—			—
Settlements (7)	—			—			—		—			—			—			—			(214		)	—
Transfers into Level 3 (8)	35			45			—		—			1			—			—			—			—
Transfers out of Level 3 (8)	(92		)	(7		)	—		—			—			—			(2		)	—			—
Balance, end of period	$	697		$	228		$	74	$	—		$	4		$	—		$	(136	)	$	(2,436	)	$	—
Three Months Ended March 31, 2018
Balance, beginning of period	$	1,997		$	1,230		$	—	$	5		$	124		$	14		$	(279	)	$	(1,660	)	$	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	3			6			—		—			(1		)	—			5			505			—
Total realized/unrealized gains (losses) included in AOCI	(8		)	(12		)	—		—			—			—			—			—			—
Purchases (7)	66			99			—		—			—			—			1			—			3
Sales (7)	(102		)	(66		)	—		(5		)	—			—			—			—			(1		)
Issuances (7)	—			—			—		—			—			—			—			—			—
Settlements (7)	—			—			—		—			—			—			—			(138		)	—
Transfers into Level 3 (8)	87			—			—		—			—			—			—			—			—
Transfers out of Level 3 (8)	(137		)	(51		)	—		—			—			(14		)	—			—			—
Balance, end of period	$	1,906		$	1,206		$	—	$	—		$	123		$	—		$	(273	)	$	(1,293	)	$	7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2019 (9)	$	—		$	(1	)	$	—	$	—		$	—		$	—		$	(8	)	$	(288	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (9)	$	1		$	6		$	—	$	—		$	—		$	—		$	5		$	706		$	—

_______________


(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:



	March 31, 2019
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	14,504	$	—	$	—	$	14,822	$	14,822
Policy loans	$	1,385	$	—	$	622	$	961	$	1,583
Other invested assets	$	63	$	—	$	50	$	13	$	63
Premiums, reinsurance and other receivables	$	1,773	$	—	$	117	$	1,849	$	1,966
Liabilities
Policyholder account balances	$	15,283	$	—	$	—	$	14,334	$	14,334
Long-term debt	$	4,364	$	—	$	2,982	$	1,000	$	3,982
Other liabilities	$	861	$	—	$	639	$	222	$	861
Separate account liabilities	$	1,137	$	—	$	1,137	$	—	$	1,137



	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

- 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	3 Months Ended
Long-term Debt	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt 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 its former term loan facility due December 2, 2019 (the “2017 Term Loan Facility”) without penalty and repaid $600 million of borrowings outstanding under the 2017 Term Loan Facility, with the remainder of the proceeds to be used for general corporate purposes. Debt issuance costs incurred related to the 2019 Term Loan Facility were not significant.

Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity

8. Equity

Preferred Stock

On March 25, 2019, BHF issued depositary shares, each representing a 1/1,000th ownership interest in a share of BHF’s perpetual 6.600% Series A non-cumulative preferred stock (the “Series A Preferred Stock”) and in the aggregate representing 17,000 shares of Series A Preferred Stock, with a stated amount of $25,000 per share, for aggregate net cash proceeds of $412 million. Dividends, if declared, will accrue and be payable quarterly, in arrears, at an annual rate of 6.600% on the stated amount per share. In connection with the issuance of the depositary shares and the underlying Series A Preferred Stock, BHF incurred $13 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.

Common Stock Repurchase Program

During the three months ended March 31, 2019, BHF repurchased 1,417,582 shares of its common stock through open market purchases, pursuant to a 10b5-1 plan, for $52 million. At March 31, 2019, BHF had $43 million remaining under its $200 million common stock repurchase program announced in August 2018.

Accumulated Other Comprehensive Income (Loss)

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



	Three Months Ended March 31, 2019
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2018	$	576		$	187		$	(27	)	$	(20	)	$	716
OCI before reclassifications	1,252			(34		)	—			(3		)	1,215
Deferred income tax benefit (expense)	(263		)	7			—			—			(256		)
AOCI before reclassifications, net of income tax	1,565			160			(27		)	(23		)	1,675
Amounts reclassified from AOCI	19			(26		)	—			—			(7		)
Deferred income tax benefit (expense)	(4		)	6			—			—			2
Amounts reclassified from AOCI, net of income tax	15			(20		)	—			—			(5		)
Balance, March 31, 2019	$	1,580		$	140		$	(27	)	$	(23	)	$	1,670



	Three Months Ended March 31, 2018
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2017	$	1,572		$	154		$	(24	)	$	(26	)	$	1,676
Cumulative effect of change in accounting principle, net of income tax	(79		)	—			—			—			(79		)
Balance, January 1, 2018	1,493			154			(24		)	(26		)	1,597
OCI before reclassifications	(1,073		)	(76		)	2			3			(1,144		)
Deferred income tax benefit (expense)	229			16			—			—			245
AOCI before reclassifications, net of income tax	649			94			(22		)	(23		)	698
Amounts reclassified from AOCI	58			(8		)	—			—			50
Deferred income tax benefit (expense)	(12		)	1			—			—			(11		)
Amounts reclassified from AOCI, net of income tax	46			(7		)	—			—			39
Balance, March 31, 2018	$	695		$	87		$	(22	)	$	(23	)	$	737

__________________


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

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



AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended March 31,
	2019			2018
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(15	)	$	(59	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			1			Net investment income
Net unrealized investment gains (losses)	(4		)	—			Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(19		)	(58		)
Income tax (expense) benefit	4			12
Net unrealized investment gains (losses), net of income tax	(15		)	(46		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	22			6			Net derivative gains (losses)
Interest rate swaps	1			—			Net investment income
Interest rate forwards	—			1			Net derivative gains (losses)
Interest rate forwards	—			1			Net investment income
Foreign currency swaps	3			—			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	26			8
Income tax (expense) benefit	(6		)	(1		)
Gains (losses) on cash flow hedges, net of income tax	20			7
Total reclassifications, net of income tax	$	5		$	(39	)

Other Revenues and Other Expenses

3 Months Ended

Mar. 31, 2019

Other Income and Expenses [Abstract]

Other Revenue and Other Expenses

9. Other Revenues and Other Expenses

Other Revenues

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

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

Other revenues consisted primarily of 12b-1 fees of $82 million and $93 million for the three months ended March 31, 2019 and 2018, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:



	Three Months Ended March 31,
	2019		2018
	(In millions)
Compensation	$	81	$	70
Contracted services and other labor costs	47		49
Transition services agreements	66		74
Establishment costs	34		47
Premium and other taxes, licenses and fees	7		17
Separate account fees	119		136
Volume related costs, excluding compensation, net of DAC capitalization	165		159
Interest expense on debt	47		37
Other	26		29
Total other expenses	$	592	$	618

Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

10. Earnings Per Common Share

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



	Three Months Ended March 31,
	2019			2018
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(737	)	$	(67	)
Weighted average common shares outstanding:
Basic	116,805,384			119,773,106
Earnings per common share:
Basic	$	(6.31	)	$	(0.56	)

Basic loss per common share equaled diluted loss per common share for both the three months ended March 31, 2019 and 2018. The diluted shares were not utilized in the per share calculation, as the inclusion of such shares would have an antidilutive effect.

Contingencies, Commitments and Guarantees	3 Months Ended
Contingencies, Commitments and Guarantees	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	11. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at March 31, 2019. Matters as to Which an Estimate Can Be Made For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. As of March 31, 2019, 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 or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its consolidated 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 consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, investor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, large and/or indeterminate amounts, including punitive and treble damages, are sought. Although, in light of these considerations, it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $335 million and $492 million at March 31, 2019 and December 31, 2018, 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 $1.8 billion and $1.9 billion at March 31, 2019 and December 31, 2018, 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 $1 million and $2 million at March 31, 2019 and December 31, 2018, respectively, for indemnities, guarantees and commitments.

Related Party Transactions

3 Months Ended

Mar. 31, 2019

Related Party Transactions

12. Related Party Transactions

The following table summarizes income and expense from affiliated transactions with MetLife prior to the MetLife Divestiture (see Note 1) for the periods indicated:



	Three Months Ended March 31,
	2019		2018
	(In millions)
Income (1)	$	—	$	(81	)
Expense (2)	$	—	$	78

__________________


(1)	Primarily includes the net impact of reinsurance ceded to MetLife.


(2)	Primarily includes costs incurred with MetLife related to shared services, offset by reinsurance ceded to MetLife.

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Revolving Credit Facility On May 7, 2019, BHF entered into an amended and restated revolving credit agreement (the “2019 Revolving Credit Agreement”) with respect to a $1.0 billion five-year senior unsecured revolving credit facility, all of which may be used for revolving loans and/or letters of credit. The 2019 Revolving Credit Agreement replaces BHF’s existing $2.0 billion five-year senior unsecured revolving credit agreement, which was scheduled to mature in December 2021. Common Stock Repurchase Authorization On May 3, 2019, BHF authorized the repurchase of up to an additional $400 million of common stock. Repurchases made under such authorization may be made through open market purchases, including 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. No common stock repurchases have been made under the May 3, 2019 authorization as of May 7, 2019.

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

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates, Policy [Policy Text Block]

Basis of Presentation

Consolidation of Subsidiaries, Policy [Policy Text Block]

Consolidation

Reclassifications

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

ASUs issued but not yet adopted as of March 31, 2019 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendments to Topic 350 require the capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract. The requirements align with the existing requirements to capitalize implementation costs incurred to develop or obtain internal-use software.	January 1, 2020 using the prospective method or retrospective method (with early adoption permitted)	The Company is currently evaluating the impact of this guidance on its financial statements.
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts	The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred acquisition costs, and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances.	January 1, 2021 using a modified retrospective method for the new market risk benefit guidance and prospective methods for the increased frequency of updating assumptions, the new discount rate requirements and deferred policy acquisition costs (“DAC”) amortization changes. Early adoption is permitted.	The Company is in the early stages of evaluating the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact will be the measurement of liabilities for variable annuity guarantees.
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than- temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method (with early adoption permitted beginning January 1, 2019)	The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.

Investments, Policy [Policy Text Block]

Maturities of Fixed Maturity Securities

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

Past Due, Nonaccrual and Modified Mortgage Loans

Variable Interest Entities

Derivatives, Policy [Policy Text Block]

Accounting for Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives

Derivative Strategies

Counterparty Credit Risk

- Definition

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

+ References + Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Three Months Ended March 31, 2019	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	361	$	31	$	(46	)	$	(72	)	$	274
Provision for income tax expense (benefit)	66		6		(10		)	(22		)	40
Post-tax adjusted earnings	295		25		(36		)	(50		)	234
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			2			2
Adjusted earnings	$	295	$	25	$	(36	)	$	(52	)	232
Adjustments for:
Net investment gains (losses)											(11		)
Net derivative gains (losses)											(1,303		)
Other adjustments to net income											87
Provision for income tax (expense) benefit											258
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(737	)

Interest revenue	$	421	$	97	$	276		$	17
Interest expense	$	—	$	—	$	—		$	47



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

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

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



	March 31, 2019		December 31, 2018
	(In millions)
Annuities	$	149,900	$	141,489
Life	20,546		20,449
Run-off	33,218		32,393
Corporate & Other	12,766		11,963
Total	$	216,430	$	206,294

Reconciliation of Revenue from Segments to Consolidated

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Annuities	$	1,117		$	1,147
Life	303			369
Run-off	476			548
Corporate & Other	43			34
Adjustments	(1,248		)	(283		)
Total	$	691		$	1,815

Insurance (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

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



	March 31, 2019						December 31, 2018
	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)	$	103,148		$	59,507		$	96,865		$	55,967
Separate account value	$	98,148		$	58,291		$	91,837		$	54,731
Net amount at risk	$	7,643	(4)	$	3,301	(5)	$	11,073	(4)	$	4,128	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	March 31, 2019		December 31, 2018
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,056	$	6,099
Net amount at risk (6)	$	72,642	$	73,131
Average attained age of policyholders	65 years		65 years

Variable Life Contracts
Total account value (3)	$	3,343	$	3,230
Net amount at risk (6)	$	22,522	$	23,004
Average attained age of policyholders	50 years		50 years

__________________


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

(2)


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


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

(5)


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

Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

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



	March 31, 2019											December 31, 2018
	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	$	24,716	$	1,373	$	233	$	—		$	25,856	$	24,312	$	830	$	669	$	—		$	24,473
U.S. government and agency	6,640		1,477		29		—			8,088		7,944		1,263		112		—			9,095
RMBS	8,648		297		65		(3		)	8,883		8,428		246		129		(2		)	8,547
Foreign corporate	8,908		322		157					9,073		8,183		159		316		—			8,026
CMBS	5,330		130		33		—			5,427		5,292		43		88		(1		)	5,248
State and political subdivision	3,289		525		3					3,811		3,200		412		15		—			3,597
ABS	2,075		15		12		—			2,078		2,135		13		22		—			2,126
Foreign government	1,495		146		10		—			1,631		1,426		102		32		—			1,496
Total fixed maturity securities	$	61,101	$	4,285	$	542	$	(3	)	$	64,847	$	60,920	$	3,068	$	1,383	$	(3	)	$	62,608

__________________


(1)	Noncredit OTTI losses included in accumulated other comprehensive income (loss) (“AOCI”) in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities.


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

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

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2019:



	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	$	1,577	$	7,692	$	12,155	$	23,624	$	16,053	$	61,101
Estimated fair value	$	1,584	$	7,818	$	12,411	$	26,646	$	16,388	$	64,847

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



	March 31, 2019								December 31, 2018
	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	$	2,664	$	85	$	3,774	$	148	$	10,584	$	470	$	2,328	$	199
U.S. government and agency	243		1		852		28		412		8		1,543		104
RMBS	796		5		2,665		57		1,627		26		2,611		101
Foreign corporate	1,610		67		1,164		90		3,982		203		774		113
CMBS	323		16		1,043		17		2,317		53		803		34
State and political subdivision	31		1		129		2		346		7		158		8
ABS	874		10		161		2		1,422		21		70		1
Foreign government	275		9		30		1		521		26		132		6
Total fixed maturity securities	$	6,816	$	194	$	9,818	$	345	$	21,211	$	814	$	8,419	$	566
Total number of securities in an unrealized loss position	1,188				1,252				3,027				1,028

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	March 31, 2019					December 31, 2018
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	8,748		60.3	%	$	8,529		62.3	%
Agricultural	3,155			21.8		2,946			21.5
Residential	2,661			18.3		2,276			16.6
Subtotal (1)	14,564			100.4		13,751			100.4
Valuation allowances (2)	(60		)	(0.4	)	(57		)	(0.4	)
Total mortgage loans, net	$	14,504		100.0	%	$	13,694		100.0	%

__________________


(1)	Purchases of mortgage loans from third parties were $477 million and $86 million for the three months ended March 31, 2019 and 2018, respectively, and were primarily comprised of residential mortgage loans.


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

Credit Quality of Mortgage Loans by Portfolio Segment

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



	Recorded Investment
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
March 31, 2019
Loan-to-value ratios:
Less than 65%	$	7,676	$	89	$	34	$	7,799	89.2	%	$	7,987	89.2	%
65% to 75%	800		—		—		800		9.1		819		9.1
76% to 80%	140		—		9		149		1.7		146		1.7
Total	$	8,616	$	89	$	43	$	8,748	100.0	%	$	8,952	100.0	%
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
Total	$	8,373	$	89	$	67	$	8,529	100.0	%	$	8,611	100.0	%

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



	March 31, 2019				December 31, 2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,622	98.5	%	$	2,240	98.4	%
Nonperforming	39		1.5		36		1.6
Total	$	2,661	100.0	%	$	2,276	100.0	%

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



	March 31, 2019				December 31, 2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,827	89.6	%	$	2,623	89.0	%
65% to 75%	327		10.3		322		10.9
76% to 80%	1		0.1		1		0.1
Total	$	3,155	100.0	%	$	2,946	100.0	%

Net Unrealized Investment Gains (Losses)

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



	March 31, 2019			December 31, 2018
	(In millions)
Fixed maturity securities	$	3,749		$	1,691
Derivatives	204			264
Other	(12		)	(13		)
Subtotal	3,941			1,942
Amounts allocated from:
Future policy benefits	(1,564		)	(886		)
DAC, VOBA and DSI	(200		)	(90		)
Subtotal	(1,764		)	(976		)
Deferred income tax benefit (expense)	(457		)	(203		)
Net unrealized investment gains (losses)	$	1,720		$	763

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



	Three Months Ended March 31, 2019
	(In millions)
Balance, December 31, 2018	$	763
Unrealized investment gains (losses) during the period	1,999
Unrealized investment gains (losses) relating to:
Future policy benefits	(678		)
DAC, VOBA and DSI	(110		)
Deferred income tax benefit (expense)	(254		)
Balance, March 31, 2019	$	1,720
Change in net unrealized investment gains (losses)	$	957

Securities Lending

Elements of the securities lending program are presented below at:



	March 31, 2019		December 31, 2018
	(In millions)
Securities on loan: (1)
Amortized cost	$	2,568	$	3,056
Estimated fair value	$	3,360	$	3,628
Cash collateral received from counterparties (2)	$	3,407	$	3,646
Security collateral received from counterparties (3)	$	36	$	55
Reinvestment portfolio — estimated fair value	$	3,426	$	3,658

__________________


(1)	Included within fixed maturity securities.


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


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

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



	March 31, 2019								December 31, 2018
	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	$	1,567	$	940	$	900	$	3,407	$	1,474	$	1,823	$	349	$	3,646

__________________


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

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

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



	March 31, 2019		December 31, 2018
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,592	$	8,176
Invested assets held in trust (reinsurance agreements) (2)	3,788		3,455
Invested assets pledged as collateral (3)	3,501		3,341
Total invested assets on deposit, held in trust and pledged as collateral	$	15,881	$	14,972

__________________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $101 million and $55 million of the assets on deposit balance represents restricted cash at March 31, 2019 and December 31, 2018, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $58 million and $87 million of the assets held in trust balance represents restricted cash at March 31, 2019 and December 31, 2018, respectively.


(3)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated and Combined Financial Statements included in the 2018 Annual Report) and derivative transactions (see Note 5).

Variable Interest Entities

Fixed Maturity Securities

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 11.



	March 31, 2019				December 31, 2018
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,317	$	13,003	$	13,099	$	13,099
Limited partnerships and LLCs	1,722		2,887		1,756		3,145
Total	$	15,039	$	15,890	$	14,855	$	16,244

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2019		2018
	(In millions)
Investment income:
Fixed maturity securities	$	653	$	628
Equity securities	3		2
Mortgage loans	159		120
Policy loans	16		16
Real estate limited partnerships and limited liability companies	8		14
Other limited partnership interests	—		65
Cash, cash equivalents and short-term investments	14		6
Other	13		9
Subtotal	866		860
Less: Investment expenses	55		43
Net investment income	$	811	$	817

The components of net investment gains (losses)

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Fixed maturity securities	$	(15	)	$	(39	)
Equity securities	10			(1		)
Mortgage loans	(4		)	(4		)
Real estate limited partnerships and limited liability companies	(1		)	42
Other limited partnership interests	(2		)	—
Other	1			(2		)
Total net investment gains (losses)	$	(11	)	$	(4	)

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

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Proceeds	$	3,279		$	2,861
Gross investment gains	$	67		$	3
Gross investment losses	(82		)	(42		)
Net investment gains (losses)	$	(15	)	$	(39	)

Derivatives (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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



		March 31, 2019						December 31, 2018
	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:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	2,563	$	179	$	37	$	2,524	$	211	$	30
Total qualifying hedges		2,563		179		37		2,524		211		30
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	10,397		651		457		10,747		528		558
Interest rate caps	Interest rate	3,350		10		—		3,350		21		—
Interest rate futures	Interest rate	54		—		—		54		—		—
Interest rate options	Interest rate	23,668		255		73		17,168		168		61
Foreign currency swaps	Foreign currency exchange rate	1,128		91		17		1,409		101		18
Foreign currency forwards	Foreign currency exchange rate	124		—		—		125		—		—
Credit default swaps — purchased	Credit	67		—		—		98		3		—
Credit default swaps — written	Credit	1,855		25		—		1,820		14		3
Equity futures	Equity market	—		—		—		169		—		—
Equity index options	Equity market	42,813		771		1,541		45,815		1,372		1,207
Equity variance swaps	Equity market	5,574		91		242		5,574		80		232
Equity total return swaps	Equity market	4,550		—		219		3,920		280		3
Total non-designated or nonqualifying derivatives		93,580		1,894		2,549		90,249		2,567		2,082
Total		$	96,143	$	2,073	$	2,586	$	92,773	$	2,778	$	2,112

Derivative Instruments and Hedging Activities Disclosure

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives

Derivative Strategies

Interest Rate Derivatives

Foreign Currency Exchange Rate Derivatives

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

Credit Derivatives

Equity Derivatives

Primary Risks Managed by Derivatives

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



		March 31, 2019						December 31, 2018
	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:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	2,563	$	179	$	37	$	2,524	$	211	$	30
Total qualifying hedges		2,563		179		37		2,524		211		30
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	10,397		651		457		10,747		528		558
Interest rate caps	Interest rate	3,350		10		—		3,350		21		—
Interest rate futures	Interest rate	54		—		—		54		—		—
Interest rate options	Interest rate	23,668		255		73		17,168		168		61
Foreign currency swaps	Foreign currency exchange rate	1,128		91		17		1,409		101		18
Foreign currency forwards	Foreign currency exchange rate	124		—		—		125		—		—
Credit default swaps — purchased	Credit	67		—		—		98		3		—
Credit default swaps — written	Credit	1,855		25		—		1,820		14		3
Equity futures	Equity market	—		—		—		169		—		—
Equity index options	Equity market	42,813		771		1,541		45,815		1,372		1,207
Equity variance swaps	Equity market	5,574		91		242		5,574		80		232
Equity total return swaps	Equity market	4,550		—		219		3,920		280		3
Total non-designated or nonqualifying derivatives		93,580		1,894		2,549		90,249		2,567		2,082
Total		$	96,143	$	2,073	$	2,586	$	92,773	$	2,778	$	2,112



	Net Derivative Gains (Losses) Recognized for Derivatives (1), (6)			Net Derivative Gains (Losses) Recognized for Hedged Items (2), (6)		Net Investment Income (1), (3), (7)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Three Months Ended March 31, 2019
Derivatives Designated as Hedging Instruments:
Cash flow hedges (5):
Interest rate derivatives	$	22		$	—	$	1	$	—		$	—
Foreign currency exchange rate derivatives	3			—		8		—			(34		)
Total cash flow hedges	25			—		9		—			(34		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	332			—		—		—			—
Foreign currency exchange rate derivatives	(8		)	—		—		—			—
Credit derivatives	18			—		—		—			—
Equity derivatives	(1,446		)	—		—		—			—
Embedded derivatives	(224		)	—		—		—			—
Total non-qualifying hedges	(1,328		)	—		—		—			—
Total	$	(1,303	)	$	—	$	9	$	—		$	(34	)
Three Months Ended March 31, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	1	$	—		$	—
Total fair value hedges	(8		)	7		1		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		4		—			(74		)
Total cash flow hedges	7			—		5		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(773		)	—		—		—			—
Foreign currency exchange rate derivatives	(37		)	2		—		—			—
Credit derivatives	(4		)	—		—		—			—
Equity derivatives	(34		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(342		)	2		—		(1		)	—
Total	$	(343	)	$	9	$	6	$	(1	)	$	(76	)

______________


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


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships.


(3)	Includes changes in estimated fair value related to economic hedges of limited partnerships and LLCs.


(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.


(6)	Total net derivative gains (losses) were ($1.3) billion and ($334) million for the three months ended March 31, 2019 and 2018, respectively.


(7)	Total net investment income was $811 million and $817 million for the three months ended March 31, 2019 and 2018, respectively.

At March 31, 2019 and December 31, 2018, the balance in AOCI associated with cash flow hedges was $204 million and $264 million, respectively.

Credit Derivatives

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



	March 31, 2019					December 31, 2018
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	$	18	$	1,376	3.3	$	8	$	689	2.0
Baa	7		479		4.9	3		1,131		5.0
Total	$	25	$	1,855	3.8	$	11	$	1,820	3.9

__________________

(1)


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

Counterparty Credit Risk

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

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



	March 31, 2019						December 31, 2018
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)	$	2,095		$	2,563		$	2,813		$	2,102
OTC-cleared and Exchange-traded (1), (6)	17			—			20			2
Total gross estimated fair value of derivatives (1)	2,112			2,563			2,833			2,104
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,112			2,563			2,833			2,104
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,398		)	(1,398		)	(1,669		)	(1,669		)
OTC-cleared and Exchange-traded	—			—			(2		)	(2		)
Cash collateral: (3), (4)
OTC-bilateral	(496		)	—			(1,047		)	—
OTC-cleared and Exchange-traded	(17		)	—			(15		)	—
Securities collateral: (5)
OTC-bilateral	(179		)	(1,156		)	(86		)	(433		)
Net amount after application of master netting agreements and collateral	$	22		$	9		$	14		$	—

__________________


(1)	At March 31, 2019 and December 31, 2018, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $39 million and $55 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($23) 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.



	March 31, 2019		December 31, 2018
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,165	$	433
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,444	$	797

__________________


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

Embedded Derivatives

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



	Balance Sheet Location	March 31, 2019		December 31, 2018
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum income benefits	Premiums, reinsurance and other receivables	$	219	$	228

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,260	$	1,642
Direct index-linked annuities	Policyholder account balances	1,249		488
Assumed index-linked annuities	Policyholder account balances	146		96
Embedded derivatives within liability host contracts		$	2,655	$	2,226

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Net derivative gains (losses) (1)	$	(224	)	$	506
Policyholder benefits and claims	$	—		$	(1	)

__________________


(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 ($163) million and ($15) million for the three months ended March 31, 2019 and 2018, respectively.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)



	Net Derivative Gains (Losses) Recognized for Derivatives (1), (6)			Net Derivative Gains (Losses) Recognized for Hedged Items (2), (6)		Net Investment Income (1), (3), (7)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Three Months Ended March 31, 2019
Derivatives Designated as Hedging Instruments:
Cash flow hedges (5):
Interest rate derivatives	$	22		$	—	$	1	$	—		$	—
Foreign currency exchange rate derivatives	3			—		8		—			(34		)
Total cash flow hedges	25			—		9		—			(34		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	332			—		—		—			—
Foreign currency exchange rate derivatives	(8		)	—		—		—			—
Credit derivatives	18			—		—		—			—
Equity derivatives	(1,446		)	—		—		—			—
Embedded derivatives	(224		)	—		—		—			—
Total non-qualifying hedges	(1,328		)	—		—		—			—
Total	$	(1,303	)	$	—	$	9	$	—		$	(34	)
Three Months Ended March 31, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	1	$	—		$	—
Total fair value hedges	(8		)	7		1		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		4		—			(74		)
Total cash flow hedges	7			—		5		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(773		)	—		—		—			—
Foreign currency exchange rate derivatives	(37		)	2		—		—			—
Credit derivatives	(4		)	—		—		—			—
Equity derivatives	(34		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(342		)	2		—		(1		)	—
Total	$	(343	)	$	9	$	6	$	(1	)	$	(76	)

______________


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


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships.


(3)	Includes changes in estimated fair value related to economic hedges of limited partnerships and LLCs.


(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.

Components of Net Derivatives Gains (Losses)



	Net Derivative Gains (Losses) Recognized for Derivatives (1), (6)			Net Derivative Gains (Losses) Recognized for Hedged Items (2), (6)		Net Investment Income (1), (3), (7)		Policyholder Benefits and Claims (4)			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Three Months Ended March 31, 2019
Derivatives Designated as Hedging Instruments:
Cash flow hedges (5):
Interest rate derivatives	$	22		$	—	$	1	$	—		$	—
Foreign currency exchange rate derivatives	3			—		8		—			(34		)
Total cash flow hedges	25			—		9		—			(34		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	332			—		—		—			—
Foreign currency exchange rate derivatives	(8		)	—		—		—			—
Credit derivatives	18			—		—		—			—
Equity derivatives	(1,446		)	—		—		—			—
Embedded derivatives	(224		)	—		—		—			—
Total non-qualifying hedges	(1,328		)	—		—		—			—
Total	$	(1,303	)	$	—	$	9	$	—		$	(34	)
Three Months Ended March 31, 2018
Derivatives Designated as Hedging Instruments:
Fair value hedges (5):
Interest rate derivatives	$	(8	)	$	7	$	1	$	—		$	—
Total fair value hedges	(8		)	7		1		—			—
Cash flow hedges (5):
Interest rate derivatives	7			—		1		—			(2		)
Foreign currency exchange rate derivatives	—			—		4		—			(74		)
Total cash flow hedges	7			—		5		—			(76		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(773		)	—		—		—			—
Foreign currency exchange rate derivatives	(37		)	2		—		—			—
Credit derivatives	(4		)	—		—		—			—
Equity derivatives	(34		)	—		—		—			—
Embedded derivatives	506			—		—		(1		)	—
Total non-qualifying hedges	(342		)	2		—		(1		)	—
Total	$	(343	)	$	9	$	6	$	(1	)	$	(76	)

______________


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


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships.


(3)	Includes changes in estimated fair value related to economic hedges of limited partnerships and LLCs.


(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

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



	Three Months Ended March 31,
	2019			2018
	(In millions)
Net derivative gains (losses) (1)	$	(224	)	$	506
Policyholder benefits and claims	$	—		$	(1	)

__________________


(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 ($163) million and ($15) million for the three months ended March 31, 2019 and 2018, respectively.

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

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



	March 31, 2019					December 31, 2018
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	$	18	$	1,376	3.3	$	8	$	689	2.0
Baa	7		479		4.9	3		1,131		5.0
Total	$	25	$	1,855	3.8	$	11	$	1,820	3.9

__________________

(1)


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

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

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



	March 31, 2019						December 31, 2018
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)	$	2,095		$	2,563		$	2,813		$	2,102
OTC-cleared and Exchange-traded (1), (6)	17			—			20			2
Total gross estimated fair value of derivatives (1)	2,112			2,563			2,833			2,104
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,112			2,563			2,833			2,104
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,398		)	(1,398		)	(1,669		)	(1,669		)
OTC-cleared and Exchange-traded	—			—			(2		)	(2		)
Cash collateral: (3), (4)
OTC-bilateral	(496		)	—			(1,047		)	—
OTC-cleared and Exchange-traded	(17		)	—			(15		)	—
Securities collateral: (5)
OTC-bilateral	(179		)	(1,156		)	(86		)	(433		)
Net amount after application of master netting agreements and collateral	$	22		$	9		$	14		$	—

__________________


(1)	At March 31, 2019 and December 31, 2018, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $39 million and $55 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($23) 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.

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

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



	March 31, 2019						December 31, 2018
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)	$	2,095		$	2,563		$	2,813		$	2,102
OTC-cleared and Exchange-traded (1), (6)	17			—			20			2
Total gross estimated fair value of derivatives (1)	2,112			2,563			2,833			2,104
Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)	2,112			2,563			2,833			2,104
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(1,398		)	(1,398		)	(1,669		)	(1,669		)
OTC-cleared and Exchange-traded	—			—			(2		)	(2		)
Cash collateral: (3), (4)
OTC-bilateral	(496		)	—			(1,047		)	—
OTC-cleared and Exchange-traded	(17		)	—			(15		)	—
Securities collateral: (5)
OTC-bilateral	(179		)	(1,156		)	(86		)	(433		)
Net amount after application of master netting agreements and collateral	$	22		$	9		$	14		$	—

__________________


(1)	At March 31, 2019 and December 31, 2018, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $39 million and $55 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($23) million and ($8) million, respectively.


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


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

(4)

(5)


(6)	Effective January 16, 2018, the London Clearing House (“LCH”) amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. These amendments impacted the accounting treatment of the Company’s centrally cleared derivatives, for which the LCH serves as the central clearing party.

Schedule of Derivative Instruments

The Company’s collateral agreements require both parties to be fully collateralized, as such, the Company would not be required to post additional collateral as a result of a downgrade in its financial strength rating. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.



	March 31, 2019		December 31, 2018
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,165	$	433
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	1,444	$	797

__________________


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

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



	Balance Sheet Location	March 31, 2019		December 31, 2018
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum income benefits	Premiums, reinsurance and other receivables	$	219	$	228

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,260	$	1,642
Direct index-linked annuities	Policyholder account balances	1,249		488
Assumed index-linked annuities	Policyholder account balances	146		96
Embedded derivatives within liability host contracts		$	2,655	$	2,226

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	March 31, 2019
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	25,562	$	294	$	25,856
U.S. government and agency	2,075		6,013		—		8,088
RMBS	—		8,864		19		8,883
Foreign corporate	—		8,670		403		9,073
CMBS	—		5,299		128		5,427
State and political subdivision	—		3,737		74		3,811
ABS	—		1,997		81		2,078
Foreign government	—		1,631		—		1,631
Total fixed maturity securities	2,075		61,773		999		64,847
Equity securities	14		132		4		150
Short term investments	557		242		—		799
Derivative assets: (1)
Interest rate	—		916		—		916
Foreign currency exchange rate	—		264		6		270
Credit	—		18		7		25
Equity market	—		762		100		862
Total derivative assets	—		1,960		113		2,073
Embedded derivatives within asset host contracts (2)	—		—		219		219
Separate account assets	262		104,949		—		105,211
Total assets	$	2,908	$	169,056	$	1,335	$	173,299
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	530	$	—	$	530
Foreign currency exchange rate	—		52		2		54
Credit	—		—		—		—
Equity market	—		1,755		247		2,002
Total derivative liabilities	—		2,337		249		2,586
Embedded derivatives within liability host contracts (2)	—		—		2,655		2,655
Total liabilities	$	—	$	2,337	$	2,904	$	5,241



	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	13		124		3		140
Derivative assets: (1)
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 (2)	—		—		228		228
Separate account assets	217		98,038		1		98,256
Total assets	$	2,952	$	159,731	$	1,327	$	164,010
Liabilities
Derivative liabilities: (1)
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 (2)	—		—		2,226		2,226
Total liabilities	$	—	$	1,874	$	2,464	$	4,338

__________________

(1)


(2)	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.

Fair Value Inputs, Quantitative Information



					March 31, 2019		December 31, 2018		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%	11.31%	0.02%	11%	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%	(4)
			•	Long-term equity volatilities	16.50%	22%	16.50%	22%	Increase (5)
			•	Nonperformance risk spread	1.31%	2.45%	1.91%	2.66%	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)
Three Months Ended March 31, 2019
Balance, beginning of period	$	732		$	173		$	74	$	—		$	3		$	—		$	(122	)	$	(1,998	)	$	1
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			(1		)	—		—			—			—			(9		)	(224		)	—
Total realized/unrealized gains (losses) included in AOCI	8			2			—		—			—			—			(3		)	—			—
Purchases (7)	16			29			—		—			—			—			—			—			—
Sales (7)	(2		)	(13		)	—		—			—			—			—			—			(1		)
Issuances (7)	—			—			—		—			—			—			—			—			—
Settlements (7)	—			—			—		—			—			—			—			(214		)	—
Transfers into Level 3 (8)	35			45			—		—			1			—			—			—			—
Transfers out of Level 3 (8)	(92		)	(7		)	—		—			—			—			(2		)	—			—
Balance, end of period	$	697		$	228		$	74	$	—		$	4		$	—		$	(136	)	$	(2,436	)	$	—
Three Months Ended March 31, 2018
Balance, beginning of period	$	1,997		$	1,230		$	—	$	5		$	124		$	14		$	(279	)	$	(1,660	)	$	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	3			6			—		—			(1		)	—			5			505			—
Total realized/unrealized gains (losses) included in AOCI	(8		)	(12		)	—		—			—			—			—			—			—
Purchases (7)	66			99			—		—			—			—			1			—			3
Sales (7)	(102		)	(66		)	—		(5		)	—			—			—			—			(1		)
Issuances (7)	—			—			—		—			—			—			—			—			—
Settlements (7)	—			—			—		—			—			—			—			(138		)	—
Transfers into Level 3 (8)	87			—			—		—			—			—			—			—			—
Transfers out of Level 3 (8)	(137		)	(51		)	—		—			—			(14		)	—			—			—
Balance, end of period	$	1,906		$	1,206		$	—	$	—		$	123		$	—		$	(273	)	$	(1,293	)	$	7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2019 (9)	$	—		$	(1	)	$	—	$	—		$	—		$	—		$	(8	)	$	(288	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (9)	$	1		$	6		$	—	$	—		$	—		$	—		$	5		$	706		$	—

_______________


(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:



	March 31, 2019
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	14,504	$	—	$	—	$	14,822	$	14,822
Policy loans	$	1,385	$	—	$	622	$	961	$	1,583
Other invested assets	$	63	$	—	$	50	$	13	$	63
Premiums, reinsurance and other receivables	$	1,773	$	—	$	117	$	1,849	$	1,966
Liabilities
Policyholder account balances	$	15,283	$	—	$	—	$	14,334	$	14,334
Long-term debt	$	4,364	$	—	$	2,982	$	1,000	$	3,982
Other liabilities	$	861	$	—	$	639	$	222	$	861
Separate account liabilities	$	1,137	$	—	$	1,137	$	—	$	1,137



	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

Equity (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

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



	Three Months Ended March 31, 2019
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2018	$	576		$	187		$	(27	)	$	(20	)	$	716
OCI before reclassifications	1,252			(34		)	—			(3		)	1,215
Deferred income tax benefit (expense)	(263		)	7			—			—			(256		)
AOCI before reclassifications, net of income tax	1,565			160			(27		)	(23		)	1,675
Amounts reclassified from AOCI	19			(26		)	—			—			(7		)
Deferred income tax benefit (expense)	(4		)	6			—			—			2
Amounts reclassified from AOCI, net of income tax	15			(20		)	—			—			(5		)
Balance, March 31, 2019	$	1,580		$	140		$	(27	)	$	(23	)	$	1,670



	Three Months Ended March 31, 2018
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, December 31, 2017	$	1,572		$	154		$	(24	)	$	(26	)	$	1,676
Cumulative effect of change in accounting principle, net of income tax	(79		)	—			—			—			(79		)
Balance, January 1, 2018	1,493			154			(24		)	(26		)	1,597
OCI before reclassifications	(1,073		)	(76		)	2			3			(1,144		)
Deferred income tax benefit (expense)	229			16			—			—			245
AOCI before reclassifications, net of income tax	649			94			(22		)	(23		)	698
Amounts reclassified from AOCI	58			(8		)	—			—			50
Deferred income tax benefit (expense)	(12		)	1			—			—			(11		)
Amounts reclassified from AOCI, net of income tax	46			(7		)	—			—			39
Balance, March 31, 2018	$	695		$	87		$	(22	)	$	(23	)	$	737

__________________


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

Reclassification out of Accumulated Other Comprehensive Income (Loss)

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



AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended March 31,
	2019			2018
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(15	)	$	(59	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			1			Net investment income
Net unrealized investment gains (losses)	(4		)	—			Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(19		)	(58		)
Income tax (expense) benefit	4			12
Net unrealized investment gains (losses), net of income tax	(15		)	(46		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	22			6			Net derivative gains (losses)
Interest rate swaps	1			—			Net investment income
Interest rate forwards	—			1			Net derivative gains (losses)
Interest rate forwards	—			1			Net investment income
Foreign currency swaps	3			—			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	26			8
Income tax (expense) benefit	(6		)	(1		)
Gains (losses) on cash flow hedges, net of income tax	20			7
Total reclassifications, net of income tax	$	5		$	(39	)

Other Revenues and Other Expenses Other Revenues and Expenses (Tables)

3 Months Ended

Mar. 31, 2019

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component [Table Text Block]

Information on other expenses was as follows:



	Three Months Ended March 31,
	2019		2018
	(In millions)
Compensation	$	81	$	70
Contracted services and other labor costs	47		49
Transition services agreements	66		74
Establishment costs	34		47
Premium and other taxes, licenses and fees	7		17
Separate account fees	119		136
Volume related costs, excluding compensation, net of DAC capitalization	165		159
Interest expense on debt	47		37
Other	26		29
Total other expenses	$	592	$	618

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

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



	Three Months Ended March 31,
	2019			2018
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(737	)	$	(67	)
Weighted average common shares outstanding:
Basic	116,805,384			119,773,106
Earnings per common share:
Basic	$	(6.31	)	$	(0.56	)

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2019

The following table summarizes income and expense from affiliated transactions with MetLife prior to the MetLife Divestiture (see Note 1) for the periods indicated:



	Three Months Ended March 31,
	2019		2018
	(In millions)
Income (1)	$	—	$	(81	)
Expense (2)	$	—	$	78

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - Segment	3 Months Ended
	Mar. 31, 2019	Aug. 04, 2017
Restructuring Cost and Reserve [Line Items]
Number of Reportable Segments	3
Spinoff [Member]
Restructuring Cost and Reserve [Line Items]
Common Stock Distribution by Parent		80.80%
Common Stock Retained by Parent		19.20%

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (953)	$ (113)
Provision for income tax expense (benefit)	(218)	(48)
Post-tax adjusted earnings	(735)	(65)
Less: Net income (loss) attributable to noncontrolling interests	2	2
Net investment gains (losses)	(11)	(4)
Net derivative gains (losses)	(1,303)	(334)
Other adjustments to net income	92	105
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(737)	(67)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	421	363
Interest expense	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	97	108
Interest expense	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	276	343
Interest expense	0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	17	11
Interest expense	47	37
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	274	330
Provision for income tax expense (benefit)	40	45
Post-tax adjusted earnings	234	285
Less: Net income (loss) attributable to noncontrolling interests	2	2
Adjusted earnings	232	283
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	361	272
Provision for income tax expense (benefit)	66	46
Post-tax adjusted earnings	295	226
Less: Net income (loss) attributable to noncontrolling interests	0	0
Adjusted earnings	295	226
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	31	81
Provision for income tax expense (benefit)	6	15
Post-tax adjusted earnings	25	66
Less: Net income (loss) attributable to noncontrolling interests	0	0
Adjusted earnings	25	66
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(46)	63
Provision for income tax expense (benefit)	(10)	13
Post-tax adjusted earnings	(36)	50
Less: Net income (loss) attributable to noncontrolling interests	0	0
Adjusted earnings	(36)	50
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(72)	(86)
Provision for income tax expense (benefit)	(22)	(29)
Post-tax adjusted earnings	(50)	(57)
Less: Net income (loss) attributable to noncontrolling interests	2	2
Adjusted earnings	(52)	(59)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	258	93
Net investment gains (losses)	(11)	(4)
Net derivative gains (losses)	(1,303)	(334)
Other adjustments to net income	$ 87	$ (105)

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 691	$ 1,815
Annuities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,117	1,147
Life
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	303	369
Run-off
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	476	548
Corporate & Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	43	34
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (1,248)	$ (283)

Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Assets	$ 216,430	$ 206,294
Annuities
Segment Reporting Information [Line Items]
Assets	149,900	141,489
Life
Segment Reporting Information [Line Items]
Assets	20,546	20,449
Run-off
Segment Reporting Information [Line Items]
Assets	33,218	32,393
Corporate & Other
Segment Reporting Information [Line Items]
Assets	$ 12,766	$ 11,963

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2019 Segment
Segment Reporting [Abstract]
Number of segments	3

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 103,148	$ 96,865
Separate account value	98,148	91,837
Net amount at risk	$ 7,643	$ 11,073
Average attained age of contract holders	68 years	68 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 59,507	$ 55,967
Separate account value	58,291	54,731
Net amount at risk	$ 3,301	$ 4,128
Average attained age of contract holders	68 years	68 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Universal Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 6,056	$ 6,099
Net amount at risk	$ 72,642	$ 73,131
Average attained age of policyholders	65 years	65 years
Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,343	$ 3,230
Net amount at risk	$ 22,522	$ 23,004
Average attained age of policyholders	50 years	50 years

Investments (Fixed Maturity Securities AFS by Sector) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	$ 61,101	$ 60,920
Debt Securities, Available-for-sale	64,847	62,608
Fixed maturity securities
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	61,101	60,920
Gross Unrealized Gain	4,285	3,068
Gross Unrealized Temporary Loss	542	1,383
Gross Unrealized OTTI Loss	(3)	(3)
Debt Securities, Available-for-sale	64,847	62,608
U.S. corporate
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	24,716	24,312
Gross Unrealized Gain	1,373	830
Gross Unrealized Temporary Loss	233	669
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	25,856	24,473
U.S. government and agency
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	6,640	7,944
Gross Unrealized Gain	1,477	1,263
Gross Unrealized Temporary Loss	29	112
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	8,088	9,095
RMBS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	8,648	8,428
Gross Unrealized Gain	297	246
Gross Unrealized Temporary Loss	65	129
Gross Unrealized OTTI Loss	(3)	(2)
Debt Securities, Available-for-sale	8,883	8,547
Foreign corporate
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	8,908	8,183
Gross Unrealized Gain	322	159
Gross Unrealized Temporary Loss	157	316
Gross Unrealized OTTI Loss		0
Debt Securities, Available-for-sale	9,073	8,026
CMBS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	5,330	5,292
Gross Unrealized Gain	130	43
Gross Unrealized Temporary Loss	33	88
Gross Unrealized OTTI Loss	0	(1)
Debt Securities, Available-for-sale	5,427	5,248
State and political subdivision
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	3,289	3,200
Gross Unrealized Gain	525	412
Gross Unrealized Temporary Loss	3	15
Gross Unrealized OTTI Loss		0
Debt Securities, Available-for-sale	3,811	3,597
ABS
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	2,075	2,135
Gross Unrealized Gain	15	13
Gross Unrealized Temporary Loss	12	22
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	2,078	2,126
Foreign government
Debt Securities, Available-for-sale [Abstract]
Amortized Cost	1,495	1,426
Gross Unrealized Gain	146	102
Gross Unrealized Temporary Loss	10	32
Gross Unrealized OTTI Loss	0	0
Debt Securities, Available-for-sale	$ 1,631	$ 1,496

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 1,577
Amortized Cost, Due after one year through five years	7,692
Amortized Cost, Due after five years through ten years	12,155
Amortized Cost, Due after ten years	23,624
Amortized Cost, Structured Securities	16,053
Amortized Cost, Subtotal	61,101	$ 60,920
Estimated Fair Value, Due in one year or less	1,584
Estimated Fair Value, Due after one year through five years	7,818
Estimated Fair Value, Due after five years through ten years	12,411
Estimated Fair Value, Due after ten years	26,646
Estimated Fair Value, Structured Securities	16,388
Debt Securities, Available-for-sale	$ 64,847	$ 62,608

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector) (Details) $ in Millions	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Total number of securities in an unrealized loss position less than 12 months	1,188	3,027
Total number of securities in an unrealized loss position equal to or greater than 12 months	1,252	1,028
Fixed maturity securities
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	$ 6,816	$ 21,211
Less than 12 Months Gross Unrealized Loss	194	814
Equal to or Greater than 12 Months Estimated Fair Value	9,818	8,419
Equal to or Greater than 12 Months Gross Unrealized Loss	345	566
U.S. corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	2,664	10,584
Less than 12 Months Gross Unrealized Loss	85	470
Equal to or Greater than 12 Months Estimated Fair Value	3,774	2,328
Equal to or Greater than 12 Months Gross Unrealized Loss	148	199
U.S. government and agency
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	243	412
Less than 12 Months Gross Unrealized Loss	1	8
Equal to or Greater than 12 Months Estimated Fair Value	852	1,543
Equal to or Greater than 12 Months Gross Unrealized Loss	28	104
RMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	796	1,627
Less than 12 Months Gross Unrealized Loss	5	26
Equal to or Greater than 12 Months Estimated Fair Value	2,665	2,611
Equal to or Greater than 12 Months Gross Unrealized Loss	57	101
Foreign corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	1,610	3,982
Less than 12 Months Gross Unrealized Loss	67	203
Equal to or Greater than 12 Months Estimated Fair Value	1,164	774
Equal to or Greater than 12 Months Gross Unrealized Loss	90	113
CMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	323	2,317
Less than 12 Months Gross Unrealized Loss	16	53
Equal to or Greater than 12 Months Estimated Fair Value	1,043	803
Equal to or Greater than 12 Months Gross Unrealized Loss	17	34
State and political subdivision
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	31	346
Less than 12 Months Gross Unrealized Loss	1	7
Equal to or Greater than 12 Months Estimated Fair Value	129	158
Equal to or Greater than 12 Months Gross Unrealized Loss	2	8
ABS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	874	1,422
Less than 12 Months Gross Unrealized Loss	10	21
Equal to or Greater than 12 Months Estimated Fair Value	161	70
Equal to or Greater than 12 Months Gross Unrealized Loss	2	1
Foreign government
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	275	521
Less than 12 Months Gross Unrealized Loss	9	26
Equal to or Greater than 12 Months Estimated Fair Value	30	132
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 1	$ 6

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 14,564	$ 13,751
Mortgage loans, gross as a percentage of total mortgage loans, net	100.40%	100.40%
Mortgage loans valuation allowances	$ (60)	$ (57)
Mortgage loans valuation allowances as a percentage of total mortgage loans, net	(0.40%)	(0.40%)
Total mortgage loans, net	$ 14,504	$ 13,694
Total mortgage loans, net as a percentage of total mortgage loans, net	100.00%	100.00%
Mortgage Loans \| Commercial
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 8,748	$ 8,529
Mortgage loans, gross as a percentage of total mortgage loans, net	60.30%	62.30%
Mortgage Loans \| Agricultural
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 3,155	$ 2,946
Mortgage loans, gross as a percentage of total mortgage loans, net	21.80%	21.50%
Mortgage Loans \| Residential
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 2,661	$ 2,276
Mortgage loans, gross as a percentage of total mortgage loans, net	18.30%	16.60%

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	$ 14,564	$ 13,751
% of Total	100.00%	100.00%
Estimated Fair Value	$ 8,952	$ 8,611
% of Total	100.00%	100.00%
Less than 65%
Financing Receivable, Recorded Investment [Line Items]
% of Total	89.20%	89.00%
Estimated Fair Value	$ 7,987	$ 7,668
% of Total	89.20%	89.00%
65% to 75%
Financing Receivable, Recorded Investment [Line Items]
% of Total	9.10%	9.20%
Estimated Fair Value	$ 819	$ 798
% of Total	9.10%	9.30%
76% to 80%
Financing Receivable, Recorded Investment [Line Items]
% of Total	1.70%	1.80%
Estimated Fair Value	$ 146	$ 145
% of Total	1.70%	1.70%
Mortgage Loans \| Commercial
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	$ 8,748	$ 8,529
Mortgage Loans \| Commercial \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	7,799	7,593
Mortgage Loans \| Commercial \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	800	786
Mortgage Loans \| Commercial \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	149	150
Mortgage Loans \| Commercial \| Greater than 1.20x
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	8,616	8,373
Mortgage Loans \| Commercial \| Greater than 1.20x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	7,676	7,470
Mortgage Loans \| Commercial \| Greater than 1.20x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	800	762
Mortgage Loans \| Commercial \| Greater than 1.20x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	140	141
Mortgage Loans \| Commercial \| 1.00x - 1.20x
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	89	89
Mortgage Loans \| Commercial \| 1.00x - 1.20x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	89	89
Mortgage Loans \| Commercial \| 1.00x - 1.20x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	0	0
Mortgage Loans \| Commercial \| 1.00x - 1.20x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	0	0
Mortgage Loans \| Commercial \| Less than 1.00x
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	43	67
Mortgage Loans \| Commercial \| Less than 1.00x \| Less than 65%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	34	34
Mortgage Loans \| Commercial \| Less than 1.00x \| 65% to 75%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	0	24
Mortgage Loans \| Commercial \| Less than 1.00x \| 76% to 80%
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	$ 9	$ 9

Investments (Credit Quality of Agricultural Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded Investment	$ 14,564	$ 13,751
% of Total	100.00%	100.00%
Less than 65%
Financing Receivable, Allowance for Credit Losses [Line Items]
% of Total	89.60%	89.00%
65% to 75%
Financing Receivable, Allowance for Credit Losses [Line Items]
% of Total	10.30%	10.90%
76% to 80%
Financing Receivable, Allowance for Credit Losses [Line Items]
% of Total	0.10%	0.10%
Mortgage Loans \| Agricultural
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded Investment	$ 3,155	$ 2,946
Mortgage Loans \| Agricultural \| Less than 65%
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded Investment	2,827	2,623
Mortgage Loans \| Agricultural \| 65% to 75%
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded Investment	327	322
Mortgage Loans \| Agricultural \| 76% to 80%
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded Investment	$ 1	$ 1

Investments Investments (Credit Quality of Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	$ 14,564	$ 13,751
% of Total	100.00%	100.00%
Performing
Financing Receivable, Recorded Investment [Line Items]
% of Total	98.50%	98.40%
Nonperforming
Financing Receivable, Recorded Investment [Line Items]
% of Total	1.50%	1.60%
Mortgage Loans \| Residential
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	$ 2,661	$ 2,276
Mortgage Loans \| Residential \| Performing
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	2,622	2,240
Mortgage Loans \| Residential \| Nonperforming
Financing Receivable, Recorded Investment [Line Items]
Recorded Investment	$ 39	$ 36

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 3,749	$ 1,691
Derivatives	204	264
Other	(12)	(13)
Subtotal	3,941	1,942
Future policy benefits	(1,564)	(886)
DAC, VOBA and DSI	(200)	(90)
Subtotal	(1,764)	(976)
Deferred income tax benefit (expense)	(457)	(203)
Net unrealized investment gains (losses)	$ 1,720	$ 763

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, December 31, 2018	$ 1,720	$ 763
Unrealized investment gains (losses) during the period	1,999
Unrealized investment gains (losses) relating to:
Future policy benefits	(678)
DAC, VOBA and DSI	(110)
Deferred income tax benefit (expense)	(254)
Balance, March 31, 2019	1,720	$ 763
Change in net unrealized investment gains (losses)	$ 957

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties (2)	$ 3,407	$ 3,646
Security collateral received from counterparties (3)	36	55
Reinvestment portfolio — estimated fair value	3,426	3,658
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan: (1)	2,568	3,056
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan: (1)	$ 3,360	$ 3,628

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Total	$ 3,407	$ 3,646
U.S. government and agency
Securities Financing Transaction [Line Items]
Total	3,407	3,646
U.S. government and agency \| Maturity Overnight
Securities Financing Transaction [Line Items]
Total	1,567	1,474
U.S. government and agency \| Maturity Less than 30 Days
Securities Financing Transaction [Line Items]
Total	940	1,823
U.S. government and agency \| Maturity 30 to 180 Days
Securities Financing Transaction [Line Items]
Total	$ 900	$ 349

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits) (1)	$ 8,592	$ 8,176
Invested assets held in trust (reinsurance agreements) (2)	3,788	3,455
Invested assets pledged as collateral (3)	3,501	3,341
Total invested assets on deposit, held in trust and pledged as collateral	$ 15,881	$ 14,972

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Carrying Amount, Assets	$ 15,039	$ 14,855
Carrying Amount, Liabilities	15,890	16,244
Debt Securities
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Carrying Amount, Assets	13,317	13,099
Carrying Amount, Liabilities	13,003	13,099
Limited Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Carrying Amount, Assets	1,722	1,756
Carrying Amount, Liabilities	$ 2,887	$ 3,145

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Investment Income [Line Items]
Less: Investment expenses	$ 55	$ 43
Net investment income	811	817
Fixed maturity securities
Net Investment Income [Line Items]
Gross: Investment Income, Operating	653	628
Equity securities
Net Investment Income [Line Items]
Gross: Investment Income, Operating	3	2
Mortgage loans
Net Investment Income [Line Items]
Gross: Investment Income, Operating	159	120
Policy loans
Net Investment Income [Line Items]
Gross: Investment Income, Operating	16	16
Real estate limited partnerships and limited liability companies
Net Investment Income [Line Items]
Gross: Investment Income, Operating	8	14
Other limited partnership interests
Net Investment Income [Line Items]
Gross: Investment Income, Operating	0	65
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross: Investment Income, Operating	14	6
Other
Net Investment Income [Line Items]
Gross: Investment Income, Operating	13	9
Subtotal
Net Investment Income [Line Items]
Gross: Investment Income, Operating	$ 866	$ 860

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities	$ (15)	$ (39)
Equity securities	10	(1)
Other net investment gains (losses) [Abstract]
Mortgage loans	(4)	(4)
Real estate limited partnerships and limited liability companies	(1)	42
Other limited partnership interests	(2)	0
Other	1	(2)
Gain (Loss) on Investments	$ (11)	$ (4)

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - Fixed maturity securities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 3,279	$ 2,861
Gross investment gains	67	3
Gross investment losses	(82)	(42)
Components of Sales or Disposals of Fixed Maturity and Equity Securities [Abstract]
Net investment gains (losses)	$ (15)	$ (39)

Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Summary of Certain Fixed Maturity Securities
Debt Securities, Available-for-sale	$ 64,847	$ 62,608
Non-Income Producing Debt Securities
Summary of Certain Fixed Maturity Securities
Debt Securities, Available-for-sale	28
Gross Unrealized Gain loss	$ (5)
Non-Income Producing Debt Securities \| Maximum
Summary of Certain Fixed Maturity Securities
Debt Securities, Available-for-sale		1
Gross Unrealized Gain loss		$ 1

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector - Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) Contracts
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities available-for-sale with gross unrealized loss of equal to or greater than stated percentage	20.00%
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Change in Gross Unrealized Temporary Loss	$ 841
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	500
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	$ 17
Number of Securities \| Contracts	8

Investments (Mortgage Loans - Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) Contracts	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) Contracts
Financing Receivable, Recorded Investment, Past Due [Line Items]
Significant purchases	$ 477	$ 86
Percentage of mortgage loans classified as performing	99.00%		99.00%
Number of loans modified in troubled debt restructuring \| Contracts	0
Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans past due \| Contracts	0		0
Number of loans in nonaccrual status \| Contracts	0		0
Agricultural
Financing Receivable, Recorded Investment, Past Due [Line Items]
Estimated fair value	$ 3,200		$ 2,900
Recorded investment of loans past due	7
Recorded investment of loans in nonaccrual status	7,000		1
Agricultural \| Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment of loans past due			1
Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Estimated fair value	2,700		2,300
Recorded investment of loans past due	39		36
Recorded investment of loans in nonaccrual status	$ 39		$ 36

Investments Investments (Other Invested Assets - Narrative) (Details)	Mar. 31, 2019
Other invested assets [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage Estimated Fair Value	90.00%

Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 1.1	$ 3.1

Investments (Concentrations of Credit Risk & Securities Lending - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
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%
Securities Investment
Securities Financing Transaction [Line Items]
Percentage of Reinvestment Portfolio in Fixed Maturity Securities	53.00%
Estimated fair value
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 1,500
Estimated fair value \| U.S. government and agency
Securities Financing Transaction [Line Items]
Percentage Of US Treasury And Agency Securities At Estimated Fair Value Of Securities On Loan Relating To Cash Collateral On Open	100.00%

Investments Investments (Invested Assets On Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Invested assets on deposit	$ 8,592	$ 8,176
Assets Held-in-trust	3,788	3,455
Fixed maturity securities \| Policyholder account balances
Invested assets on deposit	101	55
Fixed maturity securities \| Reinsurance
Assets Held-in-trust	$ 58	$ 87

Investments (Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Financial or other support to investees designated as VIEs	$ 0	$ 0

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Gross Notional Amount	$ 96,143	$ 92,773
Derivative Asset, Fair Value, Gross Asset	2,073	2,778
Derivative Liability, Fair Value, Gross Liability	2,586	2,112
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,563	2,524
Derivative Asset, Fair Value, Gross Asset	179	211
Derivative Liability, Fair Value, Gross Liability	37	30
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	2,563	2,524
Derivative Asset, Fair Value, Gross Asset	179	211
Derivative Liability, Fair Value, Gross Liability	37	30
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	93,580	90,249
Derivative Asset, Fair Value, Gross Asset	1,894	2,567
Derivative Liability, Fair Value, Gross Liability	2,549	2,082
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	10,397	10,747
Derivative Asset, Fair Value, Gross Asset	651	528
Derivative Liability, Fair Value, Gross Liability	457	558
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,350	3,350
Derivative Asset, Fair Value, Gross Asset	10	21
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	54	54
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	23,668	17,168
Derivative Asset, Fair Value, Gross Asset	255	168
Derivative Liability, Fair Value, Gross Liability	73	61
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,128	1,409
Derivative Asset, Fair Value, Gross Asset	91	101
Derivative Liability, Fair Value, Gross Liability	17	18
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Gross Notional Amount	124	125
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Gross Notional Amount	67	98
Derivative Asset, Fair Value, Gross Asset	0	3
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,855	1,820
Derivative Asset, Fair Value, Gross Asset	25	14
Derivative Liability, Fair Value, Gross Liability	0	3
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	0	169
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity index options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	42,813	45,815
Derivative Asset, Fair Value, Gross Asset	771	1,372
Derivative Liability, Fair Value, Gross Liability	1,541	1,207
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	5,574	5,574
Derivative Asset, Fair Value, Gross Asset	91	80
Derivative Liability, Fair Value, Gross Liability	242	232
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	4,550	3,920
Derivative Asset, Fair Value, Gross Asset	0	280
Derivative Liability, Fair Value, Gross Liability	$ 219	$ 3

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 25	$ 11
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,855	$ 1,820
Weighted Average Years to Maturity (2)	3 years 9 months	3 years 11 months
Aaa/Aa/A
Credit Derivatives [Line Items]
Weighted Average Years to Maturity (2)	3 years 3 months
Baa
Credit Derivatives [Line Items]
Weighted Average Years to Maturity (2)	4 years 11 months
Credit Default Swap [Member] \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 18	$ 8
Maximum Amount of Future Payments under Credit Default Swaps	1,376	$ 689
Weighted Average Years to Maturity (2)		2 years
Credit Default Swap [Member] \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	7	$ 3
Maximum Amount of Future Payments under Credit Default Swaps	$ 479	$ 1,131
Weighted Average Years to Maturity (2)		5 years

Derivatives (Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 2,112	$ 2,833
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,563	2,104
Estimated fair value of derivative assets presented in the consolidated balance sheets	2,112	2,833
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	2,563	2,104
Net amount of derivative assets after application of master netting agreements and cash collateral	22	14
Net amount of derivative liabilities after application of master netting agreements and cash collateral	9	0
OTC-bilateral
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	2,095	2,813
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2,563	2,102
Gross estimated fair value of derivative assets	(1,398)	(1,669)
Gross estimated fair value of derivative liabilities	(1,398)	(1,669)
Cash collateral on derivative assets	(496)	(1,047)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(179)	(86)
Securities collateral on derivative liabilities	(1,156)	(433)
OTC-cleared and Exchange-traded
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	17	20
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	0	2
Gross estimated fair value of derivative assets	0	(2)
Gross estimated fair value of derivative liabilities	0	(2)
Cash collateral on derivative assets	(17)	(15)
Cash collateral on derivative liabilities	$ 0	$ 0

Derivatives Derivatives (Estimated Fair Value of OTC-Bilateral Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	$ 1,165	$ 433
Fixed Maturities
Derivative [Line Items]
Estimated Fair Value of Collateral Provided	$ 1,444	$ 797

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	$ 2,655	$ 2,226
Premiums, reinsurance and other receivables \| Ceded guaranteed minimum income benefits
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	219	228
Policyholder account balances \| Direct guaranteed minimum benefits
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	1,260	1,642
Policyholder account balances \| Fixed Annuity
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	1,249	488
Policyholder account balances \| Fixed Annuity \| Assumed index-linked annuities
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	$ 146	$ 96

Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	$ (224)	$ 506
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	$ 0	$ (1)

Derivatives (Derivatives Pertaining to Hedged Items - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ (1,303)	$ (334)
Net Investment Income	811	$ 817
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	$ 204		$ 264

Derivatives Derivatives (Credit Risk on Freestanding Derivatives - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2,073	$ 2,778
Derivative Liability, Fair Value, Gross Liability	2,586	2,112
Derivative, Collateral, Obligation to Return Cash	70	349
Derivative, Collateral, Right to Reclaim Cash	15	64
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged	0
Accrued Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Fair Value, Gross Asset	39	55
Derivative Liability, Fair Value, Gross Liability	(23)	(8)
Over the Counter
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Collateral, Obligation to Return Securities	96	59
Derivative, Collateral, Right to Reclaim Securities	288	364
Exchange Cleared
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Collateral, Right to Reclaim Securities	99	81
Exchange Traded
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Collateral, Right to Reclaim Securities	$ 8	$ 14

Derivatives Derivatives (Embedded Derivatives - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Nonperformance Risk \| Direct And Assumed Guaranteed Minimum Benefit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Embedded derivatives gains (losses)	$ (163)	$ (15)

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Debt Securities, Available-for-sale	$ 64,847	$ 62,608
Equity securities	150	140
Short-term Investments	799	0
Derivative assets: (1)	2,073	2,778
Separate account assets	105,211	98,256
Liabilities [Abstract]
Derivative liabilities: (1)	2,586	2,112
Embedded derivatives within liability host contracts	2,655	2,226
Recurring
Assets [Abstract]
Debt Securities, Available-for-sale	64,847	62,608
Equity securities	150	140
Short-term Investments	799
Derivative assets: (1)	2,073	2,778
Embedded derivatives within asset host contracts	219	228
Separate account assets	105,211	98,256
Total assets	173,299	164,010
Liabilities [Abstract]
Derivative liabilities: (1)	2,586	2,112
Embedded derivatives within liability host contracts	2,655	2,226
Total liabilities	5,241	4,338
Recurring \| Interest rate
Assets [Abstract]
Derivative assets: (1)	916	717
Liabilities [Abstract]
Derivative liabilities: (1)	530	619
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	270	312
Liabilities [Abstract]
Derivative liabilities: (1)	54	48
Recurring \| Credit
Assets [Abstract]
Derivative assets: (1)	25	17
Liabilities [Abstract]
Derivative liabilities: (1)	0	3
Recurring \| Equity market
Assets [Abstract]
Derivative assets: (1)	862	1,732
Liabilities [Abstract]
Derivative liabilities: (1)	2,002	1,442
Recurring \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	25,856	24,473
Recurring \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	8,088	9,095
Recurring \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	8,883	8,547
Recurring \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	9,073	8,026
Recurring \| State and Political Subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	3,811	3,597
Recurring \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	2,078	2,126
Recurring \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	5,427	5,248
Recurring \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,631	1,496
Recurring \| Level 1
Assets [Abstract]
Debt Securities, Available-for-sale	2,075	2,722
Equity securities	14	13
Short-term Investments	557
Derivative assets: (1)	0	0
Embedded derivatives within asset host contracts	0	0
Separate account assets	262	217
Total assets	2,908	2,952
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Embedded derivatives within liability host contracts	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| Credit
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| Equity market
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	2,075	2,722
Recurring \| Level 1 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| State and Political Subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 2
Assets [Abstract]
Debt Securities, Available-for-sale	61,773	58,907
Equity securities	132	124
Short-term Investments	242
Derivative assets: (1)	1,960	2,662
Embedded derivatives within asset host contracts	0	0
Separate account assets	104,949	98,038
Total assets	169,056	159,731
Liabilities [Abstract]
Derivative liabilities: (1)	2,337	1,874
Embedded derivatives within liability host contracts	0	0
Total liabilities	2,337	1,874
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	916	717
Liabilities [Abstract]
Derivative liabilities: (1)	530	619
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	264	301
Liabilities [Abstract]
Derivative liabilities: (1)	52	48
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets: (1)	18	10
Liabilities [Abstract]
Derivative liabilities: (1)	0	2
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets: (1)	762	1,634
Liabilities [Abstract]
Derivative liabilities: (1)	1,755	1,205
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	25,562	24,150
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	6,013	6,373
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	8,864	8,541
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	8,670	7,617
Recurring \| Level 2 \| State and Political Subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	3,737	3,523
Recurring \| Level 2 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	1,997	2,087
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	5,299	5,120
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,631	1,496
Recurring \| Level 3
Assets [Abstract]
Debt Securities, Available-for-sale	999	979
Equity securities	4	3
Short-term Investments	0
Derivative assets: (1)	113	116
Embedded derivatives within asset host contracts	219	228
Separate account assets	0	1
Total assets	1,335	1,327
Liabilities [Abstract]
Derivative liabilities: (1)	249	238
Embedded derivatives within liability host contracts	2,655	2,226
Total liabilities	2,904	2,464
Recurring \| Level 3 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 3 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	6	11
Liabilities [Abstract]
Derivative liabilities: (1)	2	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets: (1)	7	7
Liabilities [Abstract]
Derivative liabilities: (1)	0	1
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets: (1)	100	98
Liabilities [Abstract]
Derivative liabilities: (1)	247	237
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	294	323
Recurring \| Level 3 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	19	6
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	403	409
Recurring \| Level 3 \| State and Political Subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	74	74
Recurring \| Level 3 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	81	39
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	128	128
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	$ 0	$ 0

Fair Value (Asset and Liabilities Measured - Quantitative Information) (Details) - Level 3	Mar. 31, 2019	Dec. 31, 2018
Measurement Input, Mortality Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0002	0.0002
Measurement Input, Mortality Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.1131	0.1100
Measurement Input, Lapse Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Lapse Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.1600	0.1600
Measurement Input, Utilization Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Measurement Input, Utilization Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Measurement Input, Withdrawal Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Withdrawal Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.1000	0.1000
Measurement Input, Long Term Equity Volatilities \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.1650	0.1650
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.2200	0.2200
Measurement Input, Entity Credit Risk \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0131	0.0191
Measurement Input, Entity Credit Risk \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded Derivative Liability, Measurement Input	0.0245	0.0266

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ (122)	$ (279)
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(9)	5
Total realized/unrealized gains (losses) included in AOCI	(3)	0
Purchases (7)	0	1
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	(2)	0
Balance, end of period	(136)	(273)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(8)	5
Embedded derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(1,998)	(1,660)
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(224)	505
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	(214)	(138)
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	(2,436)	(1,293)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(288)	706
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	732	1,997
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	0	3
Total realized/unrealized gains (losses) included in AOCI	8	(8)
Purchases (7)	16	66
Sales (7)	(2)	(102)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	35	87
Transfers out of Level 3 (8)	(92)	(137)
Balance, end of period	697	1,906
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	1
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	173	1,230
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	(1)	6
Total realized/unrealized gains (losses) included in AOCI	2	(12)
Purchases (7)	29	99
Sales (7)	(13)	(66)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	45	0
Transfers out of Level 3 (8)	(7)	(51)
Balance, end of period	228	1,206
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	6
State and Political Subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	74	0
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	74	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	5
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	(5)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3	124
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	0	(1)
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	1	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	4	123
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Short Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	14
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	(14)
Balance, end of period	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Separate Account Assets (4)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1	5
Total realized/unrealized gains (losses) included in net income (loss) (6) (7)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	3
Sales (7)	(1)	(1)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	0	7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 0	$ 0

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Policy loans	$ 1,385	$ 1,421
Liabilities
Separate account liabilities	105,211	98,256
Carrying Value
Assets
Mortgage loans	14,504	13,694
Policy loans	1,385	1,421
Other invested assets	63	77
Premiums, reinsurance and other receivables	1,773	1,609
Liabilities
Policyholder account balances	15,283	15,332
Long-term debt	4,364	3,963
Other liabilities	861	330
Separate account liabilities	1,137	1,029
Estimated Fair Value
Assets
Mortgage loans	14,822	13,860
Policy loans	1,583	1,615
Other invested assets	63	77
Premiums, reinsurance and other receivables	1,966	1,696
Liabilities
Policyholder account balances	14,334	13,861
Long-term debt	3,982	3,358
Other liabilities	861	330
Separate account liabilities	1,137	1,029
Estimated Fair Value \| Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
Other invested assets	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value \| Level 2
Assets
Mortgage loans	0	0
Policy loans	622	656
Other invested assets	50	64
Premiums, reinsurance and other receivables	117	32
Liabilities
Policyholder account balances	0	0
Long-term debt	2,982	2,758
Other liabilities	639	118
Separate account liabilities	1,137	1,029
Estimated Fair Value \| Level 3
Assets
Mortgage loans	14,822	13,860
Policy loans	961	959
Other invested assets	13	13
Premiums, reinsurance and other receivables	1,849	1,664
Liabilities
Policyholder account balances	14,334	13,861
Long-term debt	1,000	600
Other liabilities	222	212
Separate account liabilities	$ 0	$ 0

Long-term Debt (Details) - USD ($) $ in Millions		3 Months Ended
Long-term Debt (Details) - USD ($) $ in Millions	Feb. 01, 2019	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		$ 1,000	$ 0
Repayments of long-term debt		$ 600	$ 3
Term Loan Due 2024
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity	$ 1,000
Credit facilities, term	5 years
Proceeds from issuance of long-term debt	$ 1,000
Term Loan Due 2019
Debt Instrument [Line Items]
Repayments of long-term debt	$ 600

Equity (Preferred Stock & Common Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Equity [Abstract]
Preferred stock, shares issued	17,000
Preferred stock, dividend rate	6.60%
Preferred stock, par value per share	$ 0.01		$ 0.01
Preferred stock, liquidation preference per share	$ 25,000
Proceeds from issuance of preferred stock, net of issuance costs	$ 412	$ 0
Preferred stock issuance costs	13
Class of Stock [Line Items]
Treasury stock, value acquired	$ 52
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Treasury stock, shares acquired	1,417,582
Treasury stock, value acquired	$ 52
Stock repurchase program, remaining authorized repurchase amount	43
Stock repurchase program, authorized amount	$ 200

Equity (Components Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 716	$ 1,676
Cumulative effect of change in accounting principle, net of income tax			$ (4)
Restated balance, beginning of period	716	1,676	1,676
OCI before reclassifications	1,215	(1,144)
Deferred income tax benefit (expense)	(256)	245
AOCI before reclassifications, net of income tax	1,675	698
Amounts reclassified from AOCI	(7)	50
Deferred income tax benefit (expense)	2	(11)
Amounts reclassified from AOCI, net of income tax	(5)	39
Balance, end of period	1,670	737
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	576	1,572
Cumulative effect of change in accounting principle, net of income tax			(79)
Restated balance, beginning of period	576	1,572	1,572
OCI before reclassifications	1,252	(1,073)
Deferred income tax benefit (expense)	(263)	229
AOCI before reclassifications, net of income tax	1,565	649
Amounts reclassified from AOCI	19	58
Deferred income tax benefit (expense)	(4)	(12)
Amounts reclassified from AOCI, net of income tax	15	46
Balance, end of period	1,580	695
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	187	154
Cumulative effect of change in accounting principle, net of income tax			0
Restated balance, beginning of period	187	154	154
OCI before reclassifications	(34)	(76)
Deferred income tax benefit (expense)	7	16
AOCI before reclassifications, net of income tax	160	94
Amounts reclassified from AOCI	(26)	(8)
Deferred income tax benefit (expense)	6	1
Amounts reclassified from AOCI, net of income tax	(20)	(7)
Balance, end of period	140	87
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(27)	(24)
Cumulative effect of change in accounting principle, net of income tax			0
Restated balance, beginning of period	(27)	(24)	(24)
OCI before reclassifications	0	2
Deferred income tax benefit (expense)	0	0
AOCI before reclassifications, net of income tax	(27)	(22)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Balance, end of period	(27)	(22)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(20)	(26)
Cumulative effect of change in accounting principle, net of income tax			0
Restated balance, beginning of period	(20)	(26)	(26)
OCI before reclassifications	(3)	3
Deferred income tax benefit (expense)	0	0
AOCI before reclassifications, net of income tax	(23)	(23)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Balance, end of period	$ (23)	(23)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle, net of income tax			(79)
Restatement adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		1,597
Restated balance, beginning of period		1,597	1,597
Restatement adjustment \| Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		1,493
Restated balance, beginning of period		1,493	1,493
Restatement adjustment \| Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		154
Restated balance, beginning of period		154	154
Restatement adjustment \| Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		(24)
Restated balance, beginning of period		(24)	(24)
Restatement adjustment \| Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		(26)
Restated balance, beginning of period		$ (26)	$ (26)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized investment gains (losses)	$ (11)	$ (4)
Net Investment Income	811	817
Gain (Loss) on Derivative Instruments, Net, Pretax	(1,303)	(334)
Income (loss) before provision for income tax	(953)	(113)
Income tax (expense) benefit	(218)	(48)
Net income (loss)	(735)	(65)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	5	(39)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Net unrealized investment gains (losses):
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized investment gains (losses)	(15)	(59)
Net Investment Income	0	1
Gain (Loss) on Derivative Instruments, Net, Pretax	(4)	0
Income (loss) before provision for income tax	(19)	(58)
Income tax (expense) benefit	(4)	(12)
Net income (loss)	(15)	(46)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Unrealized gains (losses) on derivatives - cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax	26	8
Income tax (expense) benefit	6	1
Net income (loss)	20	7
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Unrealized gains (losses) on derivatives - cash flow hedges: \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Investment Income	1	0
Gain (Loss) on Derivative Instruments, Net, Pretax	22	6
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Unrealized gains (losses) on derivatives - cash flow hedges: \| Interest rate forwards
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Investment Income	0	1
Gain (Loss) on Derivative Instruments, Net, Pretax	0	1
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Unrealized gains (losses) on derivatives - cash flow hedges: \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 3	$ 0

Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Income and Expenses [Abstract]
Compensation	$ 81	$ 70
Contracted services and other labor costs	47	49
Transition services agreements	66	74
Establishment costs	34	47
Premium and other taxes, licenses and fees	7	17
Separate account fees	119	136
Volume related costs, excluding compensation, net of DAC capitalization	165	159
Interest expense on debt	47	37
Other	26	29
Total other expenses	$ 592	$ 618

Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 82	$ 93

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (737)	$ (67)
Weighted average common shares outstanding - Basic	116,805,384	119,773,106
Earnings per common share - Basic	$ (6.31)	$ (0.56)

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Cumulative maximum indemnities and guarantees contractual limitation	$ 148,000,000
Liabilities for indemnities, guarantees and commitments	1,000,000	$ 2,000,000
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	0
Indemnities And Guarantees Contractual Limitation Range	1,000,000
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	10,000,000
Indemnities And Guarantees Contractual Limitation Range	142,000,000
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	335,000,000	492,000,000
Commitments to Fund Partnership Investments and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 1,800,000,000	$ 1,900,000,000

Related Party Transactions Related Party Transactions (Non Broker Dealer Transactions) (Details) - All services and transactions except broker dealer activities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Income (1)	$ 0	$ (81)
Expense (2)	$ 0	$ 78

Subsequent Events (Details) - USD ($) $ in Millions			3 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	May 07, 2019	May 07, 2019	Mar. 31, 2019	May 03, 2019
Subsequent Event [Line Items]
Treasury stock, value acquired			$ 52
Subsequent Event \| 2019 Authorization Under 10b5-1 Plan [Member]
Subsequent Event [Line Items]
Stock repurchase program, authorized amount				$ 400
Treasury stock, value acquired		$ 0
Subsequent Event \| Revolving Credit Facility Maturing 2024
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity	$ 1,000	1,000
Credit facilities, term	5 years
Subsequent Event \| Revolving Credit Facility Maturing 2019
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity	$ 2,000	$ 2,000
Credit facilities, term	5 years