0001685040-20-000007 | 10-K | XBRL Viewer | Brighthouse Financial INC

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity File Number	001-37905
Entity Central Index Key	0001685040
Entity Registrant Name	Brighthouse Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3846992
Entity Address, Address Line One	11225 North Community House Road,
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	365-7100
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4.1
Entity Common Stock, Shares Outstanding		105,096,065
Common Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BHF
Security Exchange Name	NASDAQ
Depositary Shares, each representing a 1/1,000th interest in a share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share
Trading Symbol	BHFAP
Security Exchange Name	NASDAQ
6.250% Junior Subordinated Debentures due 2058
Entity Information [Line Items]
Title of 12(b) Security	6.250% Junior Subordinated Debentures due 2058
Trading Symbol	BHFAL
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $64,079 and $60,920, respectively)	$ 71,036	$ 62,608
Equity securities, at estimated fair value	147	140
Mortgage loans (net of valuation allowances of $64 and $57, respectively)	15,753	13,694
Policy loans	1,292	1,421
Limited partnerships and limited liability companies	2,380	2,291
Short-term investments, principally at estimated fair value	1,958	0
Other invested assets, principally at estimated fair value	3,216	3,027
Total investments	95,782	83,181
Cash and cash equivalents	2,877	4,145
Accrued investment income	684	724
Premiums, reinsurance and other receivables	14,760	13,697
Deferred policy acquisition costs and value of business acquired	5,448	5,717
Current income tax recoverable	17	1
Other assets	584	573
Separate account assets	107,107	98,256
Total assets	227,259	206,294
Liabilities
Liability for Future Policy Benefit, after Reinsurance	39,686	36,209
Policyholder account balances	45,771	40,054
Other policy-related balances	3,111	3,000
Payables for collateral under securities loaned and other transactions	4,391	5,057
Long-term debt	4,365	3,963
Current income tax payable	0	15
Deferred income tax liability	1,355	972
Other liabilities	5,236	4,285
Separate account liabilities	107,107	98,256
Total liabilities	211,022	191,811
Contingencies, Commitments and Guarantees (Note 15)
Preferred Stock, Value, Issued	0	0
Brighthouse Financial, Inc.’s stockholders’ equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,647,871 and 120,448,018 shares issued, respectively; 106,027,301 and 117,532,336 shares outstanding, respectively	1	1
Additional paid-in capital	12,908	12,473
Retained earnings (deficit)	585	1,346
Treasury stock, at cost; 14,620,570 and 2,915,682 shares, respectively	(562)	(118)
Accumulated other comprehensive income (loss)	3,240	716
Total Brighthouse Financial, Inc.’s stockholders’ equity	16,172	14,418
Noncontrolling interests	65	65
Total equity	16,237	14,483
Total liabilities and equity	$ 227,259	$ 206,294

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 64,079	$ 60,920
Mortgage loans valuation allowances	$ 64	$ 57
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, Liquidation Preference, Value	$ 425
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	120,647,871	120,448,018
Common stock, shares outstanding	106,027,301	117,532,336	119,773,106	100,000
Treasury stock, shares outstanding	14,620,570	2,915,682

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Premiums									$ 882	$ 900	$ 863
Universal life and investment-type product policy fees									3,580	3,835	3,898
Net investment income									3,579	3,338	3,078
Other revenues									389	397	651
Net investment gains (losses)									112	(207)	(28)
Net derivative gains (losses)									(1,988)	702	(1,620)
Total revenues	$ 306	$ 3,187	$ 2,370	$ 691	$ 4,026	$ 1,422	$ 1,702	$ 1,815	6,554	8,965	6,842
Expenses
Policyholder benefits and claims									3,670	3,272	3,636
Interest credited to policyholder account balances									1,063	1,079	1,111
Amortization of DAC and VOBA									382	1,050	227
Other expenses									2,491	2,575	2,483
Total expenses	1,678	2,383	1,901	1,644	2,239	1,790	2,019	1,928	7,606	7,976	7,457
Income (loss) before provision for income tax									(1,052)	989	(615)
Provision for income tax expense (benefit)									(317)	119	(237)
Net income (loss)	(1,069)	685	384	(735)	1,442	(269)	(238)	(65)	(735)	870	(378)
Less: Net income (loss) attributable to noncontrolling interests	1	2	0	2	0	2	1	2	5	5	0
Net income (loss) attributable to Brighthouse Financial, Inc.	(1,070)	683	384	(737)	1,442	(271)	(239)	(67)	(740)	865	(378)
Less: Preferred stock dividends	7	7	7	0	0	0	0	0	21	0	0
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (1,077)	$ 676	$ 377	$ (737)	$ 1,442	$ (271)	$ (239)	$ (67)	$ (761)	$ 865	$ (378)
Earnings per common share
Basic	$ (10.02)	$ 6.09	$ 3.28	$ (6.31)	$ 12.18	$ (2.26)	$ (2.01)	$ (0.56)	$ (6.76)	$ 7.24	$ (3.16)
Diluted	$ (10.02)	$ 6.06	$ 3.27	$ (6.31)	$ 12.14	$ (2.26)	$ (2.01)	$ (0.56)	$ (6.76)	$ 7.21	$ (3.16)

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (735)	$ 870	$ (378)
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets	3,209	(1,165)	336
Unrealized gains (losses) on derivatives	(19)	25	(175)
Foreign currency translation adjustments	12	(4)	10
Defined benefit plans adjustment	(10)	7	(19)
Other comprehensive income (loss), before income tax	3,192	(1,137)	152
Income tax (expense) benefit related to items of other comprehensive income (loss)	(668)	256	259
Other comprehensive income (loss), net of income tax	2,524	(881)	411
Comprehensive income (loss)	1,789	(11)	33
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	5	5	0
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ 1,784	$ (16)	$ 33

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Shareholder’s Net Investment	Preferred Stock [Member]	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 Shareholder’s Net Investment	Restatement Adjustment Preferred Stock [Member]	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
Total Brighthouse Financial, Inc.’s stockholders’ equity		$ 13,597	$ 0	$ 0	$ 0	$ 0	$ 0	$ 1,265	$ 14,862
Beginning Balance at Dec. 31, 2016	$ 14,862									$ 0
Stockholder's Equity	1	1							1
Balance at January 1, 2018	(1,798)	(1,798)							(1,798)
Other Separation related transactions	1,718	1,718							1,718
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(378)	(1,085)				707			(378)
Net income (loss)	(378)
Separation from MetLife, Inc.	0	(12,433)		1	12,432				0
Effect of change in accounting principle	0
Effect of change in accounting principle \| Adjustments for New Accounting Pronouncement [Member]						(301)		301	0
Change in noncontrolling interests	65								0	65
Other comprehensive income (loss), net of income tax	(110)							(110)	(110)
Ending Balance at Dec. 31, 2017	14,580									65	$ 14,576									$ 65
Total Brighthouse Financial, Inc.’s stockholders’ equity		0	0	1	12,432	406	0	1,676	14,515			$ 0	$ 0	$ 1	$ 12,432	$ 481	$ 0	$ 1,597	$ 14,511
Cumulative effect of change in accounting principle and other, net of income tax	(4)					75		(79)	(4)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	865					865			865	5
Net income (loss)	870
Change in noncontrolling interests	(5)								0	(5)
Other comprehensive income (loss), net of income tax	881							881	881
Treasury stock acquired in connection with share repurchases	(105)						(105)		(105)
Share-based compensation	28				41		(13)		28
Ending Balance at Dec. 31, 2018	14,483									65
Total Brighthouse Financial, Inc.’s stockholders’ equity	14,418	0	0	1	12,473	1,346	(118)	716	14,418
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(761)					(740)			(740)	5
Net income (loss)	(735)
Change in noncontrolling interests	(5)								0	(5)
Other comprehensive income (loss), net of income tax	(2,524)							(2,524)	(2,524)
Treasury stock acquired in connection with share repurchases	(442)						(442)		(442)
Share-based compensation	21				23		(2)		21
Preferred stock issuance	412		0		412				412
Dividends on preferred stock	(21)					(21)			(21)
Ending Balance at Dec. 31, 2019	16,237									$ 65
Total Brighthouse Financial, Inc.’s stockholders’ equity	$ 16,172	$ 0	$ 0	$ 1	$ 12,908	$ 585	$ (562)	$ 3,240	$ 16,172

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)	$ (735)	$ 870	$ (378)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums and accretion of discounts associated with investments, net	(283)	(264)	(276)
(Gains) losses on investments, net	(112)	207	28
(Gains) losses on derivatives, net	2,547	(45)	3,000
(Income) loss from equity method investments, net of dividends and distributions	70	(66)	(46)
Interest credited to policyholder account balances	1,063	1,079	1,111
Universal life and investment-type product policy fees	(3,580)	(3,835)	(3,898)
Change in accrued investment income	84	(171)	(80)
Change in premiums, reinsurance and other receivables	(629)	(207)	197
Change in deferred policy acquisition costs and value of business acquired, net	8	725	(33)
Change in income tax	(316)	1,082	(117)
Change in other assets	1,974	2,143	2,271
Change in future policy benefits and other policy-related balances	1,688	1,358	1,418
Change in other liabilities	(26)	72	70
Other, net	75	114	129
Net cash provided by (used in) operating activities	1,828	3,062	3,396
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	14,146	15,819	17,214
Sales, maturities and repayments of equity securities	57	22	97
Sales, maturities and repayments of mortgage loans	1,538	797	742
Sales, maturities and repayments of limited partnerships and limited liability companies	302	275	341
Purchases of fixed maturity securities	(16,915)	(16,460)	(18,782)
Purchases of equity securities	(22)	(2)	(2)
Purchases of mortgage loans	(3,610)	(3,890)	(2,041)
Purchases of limited partnerships and limited liability companies	(463)	(358)	(531)
Cash received in connection with freestanding derivatives	2,041	1,803	1,865
Cash paid in connection with freestanding derivatives	(2,639)	(2,940)	(3,831)
Net change in policy loans	129	103	(6)
Net change in short-term investments	(1,942)	312	1,030
Net change in other invested assets	37	(19)	(13)
Other, net	0	0	2
Net cash provided by (used in) investing activities	(7,341)	(4,538)	(3,915)
Cash flows from financing activities
Policyholder account balances: Deposits	7,672	6,480	4,990
Policyholder account balances: Withdrawals	(2,849)	(3,494)	(3,103)
Net change in payables for collateral under securities loaned and other transactions	(666)	888	(3,147)
Long-term debt issued	1,000	375	3,588
Long-term debt repaid	(602)	(9)	(13)
Collateral financing arrangement repaid	0	0	(2,797)
Treasury stock acquired in connection with share repurchases	(442)	(105)	0
Preferred stock issued, net of issuance costs	412	0	0
Dividends on preferred stock	(21)	0	0
Distribution to MetLife, Inc.	0	0	(1,798)
Cash received from MetLife, Inc. in connection with shareholder’s net investment	0	0	293
Cash paid to MetLife, Inc. in connection with shareholder’s net investment	0	0	(668)
Financing element on certain derivative instruments and other derivative related transactions, net	(203)	(303)	(149)
Other, net	(56)	(68)	(48)
Net cash provided by (used in) financing activities	4,245	3,764	(2,852)
Change in cash, cash equivalents and restricted cash	(1,268)	2,288	(3,371)
Cash, cash equivalents and restricted cash, beginning of year	4,145	1,857	5,228
Cash, cash equivalents and restricted cash, end of year	2,877	4,145	1,857
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	187	159	155
Net cash paid (received) for income tax	16	(895)	(637)
Non-cash transactions:
Transfer of fixed maturity securities to former affiliate	0	0	293
Reduction of policyholder account balances in connection with reinsurance transactions	$ 0	$ 0	$ 293

Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

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

Business

“Brighthouse Financial” and the “Company” refer to Brighthouse Financial, Inc. and its subsidiaries (formerly, MetLife U.S. Retail Separation Business). Brighthouse Financial, Inc. (“BHF”) is a holding company formed to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s (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. See Notes 10 and 14 for additional information related to the Separation.

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 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 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 years’ consolidated financial statements and related footnotes thereto have been reclassified to conform with the current year presentation as may be discussed when applicable in the Notes to the Consolidated Financial Statements.

Summary of Significant Accounting Policies

Insurance

Future Policy Benefit Liabilities and Policyholder Account Balances

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

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

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

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

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

Recognition of Insurance Revenues and Deposits

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

Deposits related to universal life insurance, deferred annuity contracts and investment contracts are credited to policyholder account balances. Revenues from such contracts consist of asset-based investment management fees, cost of insurance charges, risk charges, policy administration fees and surrender charges. These fees, which are included in universal life and investment-type product policy fees, are recognized when assessed to the contract holder, except for non-level insurance charges which are deferred and amortized over the life of the contracts.

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

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

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

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

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

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

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

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

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

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

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

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

Reinsurance

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

For ceded reinsurance of existing in-force blocks of insurance contracts that transfer significant insurance risk, premiums, benefits and the amortization of DAC are reported net of reinsurance ceded. Amounts recoverable from reinsurers related to incurred claims and ceded reserves are included in premiums, reinsurance and other receivables and amounts payable to reinsurers included in other liabilities.

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

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

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

Variable Annuity Guarantees

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

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

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

These insurance liabilities are accrued over the accumulation phase of the contract in proportion to actual and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns. The scenarios are based on best estimate assumptions consistent with those used to amortize DAC. When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income. The opposite result occurs when the current estimates of future benefits are lower than those previously projected or when current estimates of future assessments exceed those previously projected. At each reporting period, the actual amount of business remaining in-force is updated, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings. Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMABs”), and for GMIBs the non-life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value, as well as the guaranteed principal option.

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

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

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

Index-linked Annuities

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

Investments

Net Investment Income and Net Investment Gains (Losses)

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

Fixed Maturity Securities Available-For-Sale

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

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

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

The Company periodically evaluates fixed maturity securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age.

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

Mortgage Loans

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

Policy Loans

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

Limited Partnerships and LLCs

The Company uses the equity method of accounting for investments when it has more than a minor ownership interest or more than a minor influence over the investee’s operations; when the Company has virtually no influence over the investee’s operations the investment is carried at estimated fair value. The Company generally recognizes its share of the equity method investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period; while distributions on investments carried at estimated fair value are recognized as earned or received.

Short-term Investments

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

Other Invested Assets

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

Securities Lending Program

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

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

Derivatives

Freestanding Derivatives

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

If a derivative is not designated or did not qualify as an accounting hedge, changes in the estimated fair value of the derivative are reported in net derivative gains (losses).

The Company generally reports cash received or paid for a derivative in the investing activity section of the statement of cash flows except for cash flows of certain derivative options with deferred premiums, which are reported in the financing activity section of the statement of cash flows.

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 or hedged item 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 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). The changes in estimated fair value of derivatives previously 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. When the hedged item matures or is sold, or the forecasted transaction is not probable of occurring, the Company immediately reclassifies any remaining balances in OCI to net derivative gains (losses).

Embedded Derivatives

The Company has certain insurance and reinsurance contracts that contain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. 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. Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the consolidated balance sheets. Changes in the estimated fair value of the embedded derivative are reported in net derivative gains (losses).

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

Fair Value

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

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

Separate Accounts

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

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

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

Income Tax

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

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

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

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

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

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

Litigation Contingencies

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

Other Accounting Policies

Cash and Cash Equivalents

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

Employee Benefit Plans

Brighthouse Services, LLC (“Brighthouse Services”), sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company (“NELICO”) sponsors certain frozen defined benefit pension and postretirement plans. NELICO recognizes the funded status of each of its pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits in other assets or other liabilities. Brighthouse Services and NELICO are both indirect wholly-owned subsidiaries.

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

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

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the FASB in the form of accounting standards updates (“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 consolidated financial statements. There were no ASUs adopted during 2019 that had a material impact on the Company’s financial statements.

ASUs issued but not yet adopted as of December 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 adoption of this new guidance will not have a material impact on the Company’s 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 DAC, 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. The market risk benefit guidance is required to be applied on a retrospective basis, while the changes to guidance for insurance liabilities and DAC may be applied to existing carrying amounts on the effective date or on a retrospective basis.	January 1, 2022	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 is expected to 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 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 adoption of this new guidance will not have a material impact on the Company’s financial statements.

Segment Information

12 Months Ended

Dec. 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 (“ULSG”).

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes 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 and preferred stock dividends.

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 GMIB 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 related to GMIBs (“GMIB Costs”);


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


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

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

The segment accounting policies are the same as those used to prepare the Company’s 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 (“RBC”). Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.

Set forth in the tables below are the operating results with respect to the Company’s segments, as well as Corporate & Other, for the years ended December 31, 2019, 2018 and 2017 and at December 31, 2019 and 2018.



	Operating Results
Year Ended December 31, 2019	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,263	$	288	$	(580	)	$	(301	)	$	670
Provision for income tax expense (benefit)	235		57		(126		)	(121		)	45
Post-tax adjusted earnings	1,028		231		(454		)	(180		)	625
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			5			5
Less: Preferred stock dividends	—		—		—			21			21
Adjusted earnings	$	1,028	$	231	$	(454	)	$	(206	)	599
Adjustments for:
Net investment gains (losses)											112
Net derivative gains (losses)											(1,988		)
Other adjustments to net income (loss)											154
Provision for income tax (expense) benefit											362
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(761	)

Interest revenue	$	1,809	$	436	$	1,265		$	75
Interest expense	$	—	$	—	$	—		$	191



Balance at December 31, 2019	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total assets	$	156,965	$	21,876	$	35,112	$	13,306	$	227,259
Separate account assets	$	99,498	$	5,493	$	2,116	$	—	$	107,107
Separate account liabilities	$	99,498	$	5,493	$	2,116	$	—	$	107,107



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

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



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



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

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

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



	Years Ended December 31,
	2019			2018		2017
	(In millions)
Annuities	$	4,648		$	4,567	$	4,370
Life	1,328			1,389		1,315
Run-off	2,009			2,112		2,147
Corporate & Other	176			152		510
Adjustments	(1,607		)	745		(1,500		)
Total	$	6,554		$	8,965	$	6,842

The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product group:



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Annuity products	$	3,106	$	3,304	$	3,363
Life insurance products	1,709		1,827		1,822
Other products	36		1		227
Total	$	4,851	$	5,132	$	5,412

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

Revenues derived from any individual customer did not exceed 10% of premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2019, 2018 and 2017.

Insurance

12 Months Ended

Dec. 31, 2019

Insurance [Abstract]

Insurance

3. Insurance

Insurance Liabilities

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



	December 31,
	2019		2018
	(In millions)
Annuities	$	43,843	$	37,433
Life	8,960		8,785
Run-off	28,064		25,448
Corporate & Other	7,701		7,597
Total	$	88,568	$	79,263

Assumptions for Future Policyholder Benefits and Policyholder Account Balances

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

Participating whole life insurance uses an interest assumption based upon non-forfeiture interest rate, ranging from 4% to 5%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both December 31, 2019 and 2018, and 38% of gross traditional life insurance premiums for each of the years ended December 31, 2019, 2018 and 2017.

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

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

Guarantees

The Company issues variable annuity contracts with guaranteed minimum benefits. GMABs, the non-life contingent portion of GMWBs and the portion of certain GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 7.

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

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

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

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



	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
	(In millions)
Direct
Balance at January 1, 2017	$	1,124		$	2,335		$	3,540		$	6,999
Incurred guaranteed benefits	373			374			692			1,439
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2017	1,439			2,709			4,232			8,380
Incurred guaranteed benefits	186			365			484			1,035
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2018	1,567			3,074			4,716			9,357
Incurred guaranteed benefits	143			163			874			1,180
Paid guaranteed benefits	(90		)	—			—			(90		)
Balance at December 31, 2019	$	1,620		$	3,237		$	5,590		$	10,447
Net Ceded/(Assumed)
Balance at January 1, 2017	$	(27	)	$	20		$	1,105		$	1,098
Incurred guaranteed benefits	101			(20		)	(160		)	(79		)
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2017	18			—			945			963
Incurred guaranteed benefits	49			—			18			67
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2018	11			—			963			974
Incurred guaranteed benefits	86			—			120			206
Paid guaranteed benefits	(88		)	—			—			(88		)
Balance at December 31, 2019	$	9		$	—		$	1,083		$	1,092
Net
Balance at January 1, 2017	$	1,151		$	2,315		$	2,435		$	5,901
Incurred guaranteed benefits	272			394			852			1,518
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2017	1,421			2,709			3,287			7,417
Incurred guaranteed benefits	137			365			466			968
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2018	1,556			3,074			3,753			8,383
Incurred guaranteed benefits	57			163			754			974
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2019	$	1,611		$	3,237		$	4,507		$	9,355

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



	December 31,
	2019						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)	$	104,271		$	59,859		$	96,865		$	55,967
Separate account value	$	99,385		$	58,694		$	91,837		$	54,731
Net amount at risk	$	6,671	(4)	$	4,750	(5)	$	11,073	(4)	$	4,128	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	December 31,
	2019		2018
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,957	$	6,099
Net amount at risk (6)	$	71,124	$	73,131
Average attained age of policyholders	66 years		65 years

Variable Life Contracts
Total account value (3)	$	3,526	$	3,230
Net amount at risk (6)	$	21,325	$	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 for a discussion of guaranteed minimum benefits which have been reinsured.


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


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

(5)

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

(6)

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

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



	December 31,
	2019		2018
	(In millions)
Fund Groupings:
Balanced	$	64,134	$	60,040
Equity	29,036		25,344
Bond	8,467		8,339
Money Market	16		18
Total	$	101,653	$	93,741

Obligations Under Funding Agreements

The Company has issued fixed and floating rate funding agreements, which are denominated in either U.S. dollars or foreign currencies, to certain special purpose entities that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. During each of the years ended December 31, 2019, 2018 and 2017, the Company issued no funding agreements and repaid $6 million. At December 31, 2019 and 2018, liabilities for funding agreements outstanding, which are included in policyholder account balances, were $134 million and $136 million, respectively.

Brighthouse Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Atlanta and holds common stock in certain regional banks in the FHLB system. Holdings of FHLB common stock carried at cost at December 31, 2019 and 2018 were $39 million and $64 million, respectively.

Brighthouse Life Insurance Company has also entered into funding agreements with FHLBs. The liabilities for these funding agreements are included in policyholder account balances. Liabilities for FHLB funding agreements at both December 31, 2019 and 2018 were $595 million.

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

In February 2019, Brighthouse Life Insurance Company entered into a funding agreement program with the Federal Agricultural Mortgage Corporation and its affiliate Farmer Mac Mortgage Securities Corporation (“Farmer Mac”), pursuant to which the parties may agree to enter into funding agreements in an aggregate amount of up to $500 million. The funding agreement program has a term ending on December 1, 2023. Funding agreements are issued to Farmer Mac in exchange for cash. In connection with each funding agreement, Farmer Mac will be granted liens on certain assets, including agricultural loans, to collateralize Brighthouse Life Insurance Company’s obligations under the funding agreements. Upon any event of default by Brighthouse Life Insurance Company, Farmer Mac’s recovery on the collateral is limited to the amount of Brighthouse Life Insurance Company’s liabilities to Farmer Mac. At December 31, 2019, there were no borrowings under this funding agreement program.

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

12 Months Ended

Dec. 31, 2019

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

Intangible Assets Disclosure [Text Block]

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

See Note 1 for a description of capitalized acquisition costs.

Information regarding DAC and VOBA was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
DAC:
Balance at January 1,	$	5,149		$	5,678		$	5,652
Capitalizations	369			322			260
Amortization related to net investment gains (losses) and net derivative gains (losses)	204			(384		)	258
All other amortization	(577		)	(560		)	(445		)
Total amortization	(373		)	(944		)	(187		)
Unrealized investment gains (losses)	(199		)	93			(47		)
Balance at December 31,	4,946			5,149			5,678
VOBA:
Balance at January 1,	568			608			641
Amortization related to net investment gains (losses) and net derivative gains (losses)	(1		)	(1		)	(9		)
All other amortization	(8		)	(105		)	(31		)
Total amortization	(9		)	(106		)	(40		)
Unrealized investment gains (losses)	(57		)	66			7
Balance at December 31,	502			568			608
Total DAC and VOBA:
Balance at December 31,	$	5,448		$	5,717		$	6,286

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



	December 31,
	2019		2018
	(In millions)
Annuities	$	4,327	$	4,550
Life	1,019		1,051
Run-off	5		5
Corporate & Other	97		111
Total	$	5,448	$	5,717

Information regarding other intangibles was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
DSI:
Balance at January 1,	$	410		$	431		$	445
Capitalization	2			2			2
Amortization	(38		)	(41		)	(5		)
Unrealized investment gains (losses)	5			18			(11		)
Balance at December 31,	$	379		$	410		$	431
VODA:
Balance at January 1,	$	91		$	105		$	120
Amortization	(13		)	(14		)	(15		)
Balance at December 31,	$	78		$	91		$	105
Accumulated amortization	$	182		$	169		$	155

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



	VOBA		VODA
	(In millions)
2020	$	69	$	12
2021	$	61	$	10
2022	$	53	$	9
2023	$	46	$	8
2024	$	41	$	7

Reinsurance

12 Months Ended

Dec. 31, 2019

Reinsurance Disclosures [Abstract]

Reinsurance

5. Reinsurance

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

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

Annuities and Life

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

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

Corporate & Other

The Company reinsures, through 100% quota share reinsurance agreements certain run-off long-term care and workers’ compensation business written by the Company. At December 31, 2019, the Company had $6.7 billion of reinsurance recoverables associated with its reinsured long-term care business. The reinsurer has established trust accounts for the Company’s benefit to secure their obligations under the reinsurance agreements. Additionally, the Company is indemnified for losses and certain other payment obligations it might incur with respect to such reinsured long-term care insurance business.

Catastrophe Coverage

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

Reinsurance Recoverables

The Company reinsures its business through a diversified group of reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at both December 31, 2019 and 2018, were not significant.

The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $5.7 billion and $5.3 billion of unsecured reinsurance recoverable balances with third-party reinsurers at December 31, 2019 and 2018, respectively.

At December 31, 2019, the Company had $13.8 billion of net ceded reinsurance recoverables with third-parties. Of this total, $11.9 billion, or 86%, were with the Company’s five largest ceded reinsurers, including $4.2 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2018, the Company had $12.7 billion of net ceded reinsurance recoverables with third-parties. Of this total, $11.1 billion, or 87%, were with the Company’s five largest ceded reinsurers, including $4.0 billion of net ceded reinsurance recoverables which were unsecured.

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Premiums
Direct premiums	$	1,651		$	1,699		$	1,795
Reinsurance assumed	10			11			11
Reinsurance ceded	(779		)	(810		)	(943		)
Net premiums	$	882		$	900		$	863
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	4,048		$	4,296		$	4,430
Reinsurance assumed	72			95			96
Reinsurance ceded	(540		)	(556		)	(628		)
Net universal life and investment-type product policy fees	$	3,580		$	3,835		$	3,898
Other revenues
Direct other revenues	$	366		$	373		$	576
Reinsurance assumed	1			—			28
Reinsurance ceded	22			24			47
Net other revenues	$	389		$	397		$	651
Policyholder benefits and claims
Direct policyholder benefits and claims	$	5,441		$	4,891		$	5,228
Reinsurance assumed	36			32			31
Reinsurance ceded	(1,807		)	(1,651		)	(1,623		)
Net policyholder benefits and claims	$	3,670		$	3,272		$	3,636

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



	December 31,
	2019								2018
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	631	$	14	$	14,115	$	14,760	$	649	$	39	$	13,009	$	13,697
Liabilities
Policyholder account balances	$	43,154	$	2,617	$	—	$	45,771	$	38,696	$	1,358	$	—	$	40,054
Other policy-related balances	$	1,447	$	1,664	$	—	$	3,111	$	1,337	$	1,663	$	—	$	3,000
Other liabilities	$	4,106	$	32	$	1,098	$	5,236	$	3,545	$	33	$	707	$	4,285

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $2.2 billion and $1.6 billion at December 31, 2019 and 2018, respectively. The deposit liabilities on reinsurance were $2.3 billion and $1.3 billion at December 31, 2019 and 2018, respectively.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain MetLife, Inc. subsidiaries, including Metropolitan Life Insurance Company (“MLIC”), Metropolitan Tower Life Insurance Company, MetLife Reinsurance Company of Vermont and American Life Insurance Company, all of which were related parties until the completion of the MetLife Divestiture.

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



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

The Company cedes risks to MLIC related to guaranteed minimum benefits written directly by the Company. The ceded reinsurance agreement contains embedded derivatives and changes in the estimated fair value are also included within net derivative gains (losses). Net derivative gains (losses) associated with the embedded derivatives were less than ($1) million and ($263) million for the years ended December 31, 2018 and 2017, respectively.

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

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

The Company previously assumed risks from MLIC related to guaranteed minimum benefits written directly by MLIC. The assumed reinsurance agreement contained embedded derivatives and changes in their estimated fair value are included within net derivative gains (losses). Net derivative gains (losses) associated with the embedded derivatives were $110 million for the year ended December 31, 2017. In January 2017, MLIC recaptured these risks which resulted in a decrease in investments and cash and cash equivalents of $568 million, a decrease in future policy benefits of $106 million, and a decrease in policyholder account balances of $460 million. In June 2017, there was an adjustment to the recapture amounts of this transaction, which resulted in an increase in premiums, reinsurance and other receivables of $140 million at June 30, 2017. The Company recognized a gain of $89 million, net of income tax, as a result of this transaction.

Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

See Note 8 for information about the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

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



	December 31, 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:
U.S. corporate	$	28,375	$	2,852	$	67	$	—		$	31,160	$	24,312	$	830	$	669	$	—		$	24,473
Foreign corporate	9,177		741		74		—			9,844		8,183		159		316		—			8,026
RMBS	8,692		438		16		(4		)	9,118		8,428		246		129		(2		)	8,547
U.S. government and agency	5,529		1,869		2		—			7,396		7,944		1,263		112		—			9,095
CMBS	5,500		264		9		—			5,755		5,292		43		88		(1		)	5,248
State and political subdivision	3,358		701		2		—			4,057		3,200		412		15		—			3,597
ABS	1,945		21		11		—			1,955		2,135		13		22		—			2,126
Foreign government	1,503		250		2		—			1,751		1,426		102		32		—			1,496
Total fixed maturity securities	$	64,079	$	7,136	$	183	$	(4	)	$	71,036	$	60,920	$	3,068	$	1,383	$	(3	)	$	62,608

_______________


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

The Company held no non-income producing fixed maturity securities at December 31, 2019. The Company held non-income producing fixed maturity securities with an estimated fair value of less than $1 million at December 31, 2018.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at December 31, 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	$	1,747	$	6,943	$	12,694	$	26,558	$	16,137	$	64,079
Estimated fair value	$	1,757	$	7,169	$	13,564	$	31,718	$	16,828	$	71,036

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

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

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



	December 31, 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	$	2,017	$	44	$	326	$	23	$	10,584	$	470	$	2,328	$	199
Foreign corporate	576		12		561		62		3,982		203		774		113
RMBS	857		8		386		4		1,627		26		2,611		101
U.S. government and agency	40		2		—		—		412		8		1,543		104
CMBS	559		7		171		2		2,317		53		803		34
State and political subdivision	143		2		8		—		346		7		158		8
ABS	362		2		676		9		1,422		21		70		1
Foreign government	65		2		—		—		521		26		132		6
Total fixed maturity securities	$	4,619	$	79	$	2,128	$	100	$	21,211	$	814	$	8,419	$	566
Total number of securities in an unrealized loss position	720				302				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 OCI.

Current Period Evaluation

Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at December 31, 2019.

Gross unrealized losses on fixed maturity securities decreased $1.2 billion during the year ended December 31, 2019 to $179 million. The decrease in gross unrealized losses for the year ended December 31, 2019, was primarily attributable to decreasing longer-term interest rates and narrowing credit spreads.

At December 31, 2019, $10 million of the total $179 million of gross unrealized losses were from 12 fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	December 31,
	2019					2018
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	9,721		61.7	%	$	8,529		62.3	%
Agricultural	3,388			21.5		2,946			21.5
Residential	2,708			17.2		2,276			16.6
Subtotal (1)	15,817			100.4		13,751			100.4
Valuation allowances (2)	(64		)	(0.4	)	(57		)	(0.4	)
Total mortgage loans, net	$	15,753		100.0	%	$	13,694		100.0	%

_______________


(1)	Purchases of mortgage loans from third parties were $962 million and $1.9 billion for the years ended December 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										Estimated Fair Value		% of Total
	Debt-Service Coverage Ratios						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(Dollars in millions)
December 31, 2019
Loan-to-value ratios:
Less than 65%	$	8,326	$	272	$	158	$	8,756	90.1	%	$	9,170	90.3	%
65% to 75%	746		26		8		780		8.0		805		7.9
76% to 80%	185		—		—		185		1.9		184		1.8
Total	$	9,257	$	298	$	166	$	9,721	100.0	%	$	10,159	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:



	December 31,
	2019				2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	3,192	94.2	%	$	2,623	89.0	%
65% to 75%	195		5.7		322		10.9
76% to 80%	1		0.1		1		0.1
Total	$	3,388	100.0	%	$	2,946	100.0	%

The estimated fair value of agricultural mortgage loans was $3.5 billion and $2.9 billion at December 31, 2019 and 2018, respectively.

Credit Quality of Residential Mortgage Loans

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



	December 31,
	2019				2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,671	98.6	%	$	2,240	98.4	%
Nonperforming	37		1.4		36		1.6
Total	$	2,708	100.0	%	$	2,276	100.0	%

The estimated fair value of residential mortgage loans was $2.8 billion and $2.3 billion at December 31, 2019 and 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 December 31, 2019 and 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 or in nonaccrual status at either December 31, 2019 or 2018. Agricultural mortgage loans past due and in nonaccrual status totaled $21 million at December 31, 2019. The Company had less than $1 million past due and no agricultural mortgage loans in nonaccrual status at December 31, 2018. Residential mortgage loans past due and in nonaccrual status totaled $37 million and $36 million at December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring.

Other Invested Assets

Freestanding derivatives with positive estimated fair values comprise over 90% of other invested assets. See Note 7 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes tax credit and renewable energy partnerships, leveraged leases and FHLB stock.

Net Unrealized Investment Gains (Losses)

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

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Fixed maturity securities	$	6,957		$	1,691		$	4,808
Equity securities	—			—			39
Derivatives	245			264			239
Other	(13		)	(13		)	(8		)
Subtotal	7,189			1,942			5,078
Amounts allocated from:
Future policy benefits	(2,692		)	(886		)	(2,626		)
DAC, VOBA and DSI	(341		)	(90		)	(267		)
Subtotal	(3,033		)	(976		)	(2,893		)
Deferred income tax benefit (expense)	(873		)	(203		)	(459		)
Net unrealized investment gains (losses)	$	3,283		$	763		$	1,726

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Balance, December 31,	$	763		$	1,726		$	1,312
Unrealized investment gains (losses) change due to cumulative effect, net of income tax	—			(79		)	—
Balance at January 1,	763			1,647			1,312
Unrealized investment gains (losses) during the year	5,247			(3,057		)	2,036
Unrealized investment gains (losses) relating to:
Future policy benefits	(1,806		)	1,740			(1,824		)
DAC, VOBA and DSI	(251		)	177			(51		)
Deferred income tax benefit (expense)	(670		)	256			253
Balance at December 31,	$	3,283		$	763		$	1,726
Change in net unrealized investment gains (losses)	$	2,520		$	(884	)	$	414

Concentrations of Credit Risk

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

Securities Lending

Elements of the securities lending program are presented below at:



	December 31,
	2019		2018
	(In millions)
Securities on loan: (1)
Amortized cost	$	2,031	$	3,056
Estimated fair value	$	2,996	$	3,628
Cash collateral received from counterparties (2)	$	3,074	$	3,646
Security collateral received from counterparties (3)	$	—	$	55
Reinvestment portfolio — estimated fair value	$	3,174	$	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:



	December 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	$	1,279	$	1,094	$	701	$	3,074	$	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 December 31, 2019 was $1.2 billion, all of which were U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, U.S. and foreign corporate securities, ABS, non-agency RMBS and U.S. government and agency securities) with 54% invested in agency RMBS, cash and cash equivalents and U.S. government and agency securities at December 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:



	December 31,
	2019		2018
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	9,349	$	8,176
Invested assets held in trust (reinsurance agreements) (2)	4,561		3,455
Invested assets pledged as collateral (3)	3,641		3,341
Total invested assets on deposit, held in trust and pledged as collateral	$	17,551	$	14,972

_______________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $69 million and $55 million of the assets on deposit balance represents restricted cash at December 31, 2019 and 2018, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $124 million and $87 million of the assets held in trust balance represents restricted cash at December 31, 2019 and 2018, respectively.


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

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

Purchased Credit Impaired Investments

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

The Company’s PCI investments had an outstanding principal and interest balance of $952 million and $1.1 billion at December 31, 2019 and 2018, respectively, which represents the contractually required principal and accrued interest, whether or not currently due; and a carrying value (estimated fair value of the investments plus accrued interest) of $779 million and $881 million at December 31, 2019 and 2018, respectively. Accretion of accretable yield on PCI investments recognized in earnings were $46 million and $65 million for the years ended December 31, 2019 and 2018, respectively. Purchases of PCI investments were insignificant in both of the years ended December 31, 2019 and 2018.

Collectively Significant Equity Method Investments

The Company holds investments in limited partnerships and LLCs consisting of leveraged buy-out funds, hedge funds, private equity funds, joint ventures and other funds. The portion of these investments accounted for under the equity method had a carrying value of $2.4 billion at December 31, 2019. The Company’s maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $1.5 billion at December 31, 2019. The Company’s investments in limited partnerships and LLCs are generally of a passive nature in that the Company does not participate in the management of the entities.

As described in Note 1, the Company generally records its share of earnings in its equity method investments using a three-month lag methodology and within net investment income. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) for each of the years ended 2019, 2018, and 2017. This aggregated summarized financial data does not represent the Company’s proportionate share of the assets, liabilities, or earnings of such entities.

The aggregated summarized financial data presented below reflects the latest available financial information and is as of and for the years ended December 31, 2019, 2018 and 2017. Aggregate total assets of these entities totaled $404.0 billion and $344.9 billion at December 31, 2019 and 2018, respectively. Aggregate total liabilities of these entities totaled $52.8 billion and $30.2 billion at December 31, 2019 and 2018, respectively. Aggregate net income (loss) of these entities totaled $33.3 billion, $33.3 billion and $36.4 billion for the years ended December 31, 2019, 2018 and 2017, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income and realized and unrealized investment gains (losses).

Variable Interest Entities

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

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at December 31, 2019 or 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 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 15.

The carrying amount and maximum exposure to loss related to the VIEs in which the Company concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:



	December 31,
	2019				2018
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,094	$	12,454	$	13,099	$	13,099
Limited partnerships and LLCs	1,907		3,080		1,756		3,145
Total	$	15,001	$	15,534	$	14,855	$	16,244

Net Investment Income

The components of net investment income were as follows:



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	2,673	$	2,565	$	2,420
Equity securities	8		7		9
Mortgage loans	680		543		454
Policy loans	67		85		73
Limited partnerships and LLCs (1)	220		258		237
Cash, cash equivalents and short-term investments	93		35		35
Other	41		41		28
Subtotal	3,782		3,534		3,256
Less: Investment expenses	203		196		178
Net investment income	$	3,579	$	3,338	$	3,078

_______________


(1)	Includes net investment income pertaining to other limited partnership interests of $181 million, $211 million and $184 million for the years ended December 31, 2019, 2018 and 2017, respectively.

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

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Fixed maturity securities	$	106		$	(180	)	$	(26	)
Equity securities	17			(16		)	22
Mortgage loans	(10		)	(13		)	(9		)
Limited partnerships and LLCs	7			40			(7		)
Other	(8		)	(38		)	(8		)
Total net investment gains (losses)	$	112		$	(207	)	$	(28	)

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

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.



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Proceeds	$	9,259		$	11,251		$	12,665
Gross investment gains	$	257		$	102		$	59
Gross investment losses	(151		)	(282		)	(85		)
Net investment gains (losses)	$	106		$	(180	)	$	(26	)

Related Party Investment Transactions

All of the transactions reported as related party activity occurred prior to the MetLife Divestiture. See Note 1 regarding the MetLife Divestiture.

The Company previously transferred invested assets, primarily consisting of fixed maturity securities, to former affiliates. The estimated fair value and amortized cost of invested assets transferred to former affiliates was $292 million and $294 million, respectively, for the year ended December 31, 2017. The net investment gains (losses) recognized on transfers of invested assets to former affiliates was ($2) million for the year ended December 31, 2017.

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

The Company receives investment administrative services from MetLife Investment Management, LLC (formerly known as MetLife Investment Advisors, LLC), which was considered a related party investment manager until the completion of the MetLife Divestiture. The related investment administrative service charges were $50 million and $95 million for the years ended December 31, 2018 and 2017, respectively.

Derivatives

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7. Derivatives

Accounting for Derivatives

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

Derivative Strategies

The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to minimize its exposure to various market risks, including interest rate, foreign currency exchange rate, credit and equity market.

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”).

Interest Rate Derivatives

Interest rate swaps: The Company uses interest rate swaps to manage the collective interest rate risks primarily in variable annuity products and universal life with secondary guarantees. Interest rate swaps are used in non-qualifying hedging relationships.

Interest rate caps: The Company uses interest rate caps 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. Interest rate caps are used in non-qualifying hedging relationships.

Swaptions: The Company uses swaptions to manage the collective interest rate risks primarily in variable annuity products and universal life with secondary guarantees. Swaptions are used in non-qualifying hedging relationships. Swaptions are included in interest rate options.

Interest rate forwards: The Company uses interest rate forwards to manage the collective interest rate risks primarily in variable annuity products and universal life with secondary guarantees. Interest rate forwards are used in cash flow and non-qualifying hedging relationships.

Foreign Currency Exchange Rate Derivatives

Foreign currency swaps: The Company uses foreign currency swaps to convert foreign currency denominated cash flows to U.S. dollars to reduce cash flow fluctuations due to changes in currency exchange rates. Foreign currency swaps are used in cash flow and non-qualifying hedging relationships.

Foreign currency forwards: The Company uses foreign currency forwards to hedge currency exposure on its invested assets. Foreign currency forwards are used in non-qualifying hedging relationships.

Credit Derivatives

Credit default swaps: The Company uses credit default swaps to create synthetic credit investments to replicate credit exposure that is more economically attractive than what is available in the market or otherwise unavailable (written credit protection), or to reduce credit loss exposure on certain assets that the Company owns (purchased credit protection). Credit default swaps are used in non-qualifying hedging relationships.

Equity Derivatives

Equity index options: The Company uses equity index options primarily to hedge minimum guarantees embedded in certain variable annuity products against adverse changes in equity markets. Additionally, the Company uses equity index options to hedge index-linked annuity products against adverse changes in equity markets. Equity index options are used in non-qualifying hedging relationships.

Equity total return swaps: The Company uses equity total return swaps to hedge minimum guarantees embedded in certain variable annuity products against adverse changes equity markets. Equity total return swaps are used in non-qualifying hedging relationships.

Equity variance swaps: The Company uses equity variance swaps to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. Equity variance swaps are used in non-qualifying 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 held at:



		December 31,
		2019						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:
Interest rate forwards	Interest rate	$	420	$	22	$	—	$	—	$	—	$	—
Foreign currency swaps	Foreign currency exchange rate	2,765		190		27		2,524		211		30
Total qualifying hedges		3,185		212		27		2,524		211		30
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	7,559		878		29		10,747		528		558
Interest rate caps	Interest rate	3,350		2		—		3,350		21		—
Interest rate futures	Interest rate	—		—		—		54		—		—
Interest rate options	Interest rate	29,750		782		187		17,168		168		61
Interest rate forwards	Interest rate	5,418		94		114		—		—		—
Foreign currency swaps	Foreign currency exchange rate	1,051		96		15		1,409		101		18
Foreign currency forwards	Foreign currency exchange rate	138		—		1		125		—		—
Credit default swaps — purchased	Credit	18		—		—		98		3		—
Credit default swaps — written	Credit	1,635		36		—		1,820		14		3
Equity futures	Equity market	—		—		—		169		—		—
Equity index options	Equity market	51,509		850		1,728		45,815		1,372		1,207
Equity variance swaps	Equity market	2,136		69		69		5,574		80		232
Equity total return swaps	Equity market	7,723		2		367		3,920		280		3
Total non-designated or non-qualifying derivatives		110,287		2,809		2,510		90,249		2,567		2,082
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		217		—		N/A		228		—
Direct index-linked annuities	Other	N/A		—		2,253		N/A		—		488
Direct guaranteed minimum benefits	Other	N/A		—		1,656		N/A		—		1,642
Assumed index-linked annuities	Other	N/A		—		339		N/A		—		96
Total embedded derivatives		N/A		217		4,248		N/A		228		2,226
Total		$	113,472	$	3,238	$	6,785	$	92,773	$	3,006	$	4,338

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both December 31, 2019 and 2018. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and generally do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities and generally do not qualify for hedge accounting because they do not meet the criteria of being “highly effective” as outlined in ASC 815; (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.

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):



	Year Ended December 31, 2019
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate derivatives	$	32		$	—		$	2	$	—	$	25
Foreign currency exchange rate derivatives	25			(29		)	34		—		15
Total cash flow hedges	57			(29		)	36		—		40
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	1,589			—			—		—		—
Foreign currency exchange rate derivatives	22			(3		)	—		—		—
Credit derivatives	44			—			—		—		—
Equity derivatives	(2,476		)	—			—		—		—
Embedded derivatives	(1,192		)	—			—		—		—
Total non-qualifying hedges	(2,013		)	(3		)	—		—		—
Total	$	(1,956	)	$	(32	)	$	36	$	—	$	40



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Policyholder Benefits and Claims			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate derivatives	$	(12	)	$	12		$	1	$	—		$	—
Total fair value hedges	(12		)	12			1		—			—
Cash flow hedges:
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	27		—			164
Total cash flow hedges	129			(2		)	32		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(658		)	—			—		—			—
Foreign currency exchange rate derivatives	82			(8		)	—		—			—
Credit derivatives	(7		)	—			—		—			—
Equity derivatives	632			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	583			(8		)	—		(8		)	—
Total	$	700		$	2		$	33	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income			Policyholder Benefits and Claims			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate derivatives	$	2		$	(2	)	$	2		$	—		$	—
Total fair value hedges	2			(2		)	2			—			—
Cash flow hedges:
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	21			—			(160		)
Total cash flow hedges	12			(9		)	27			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(57		)	—			—			10			—
Foreign currency exchange rate derivatives	(84		)	(33		)	—			—			—
Credit derivatives	34			—			—			—			—
Equity derivatives	(2,565		)	—			(1		)	(335		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,590		)	(33		)	(1		)	(341		)	—
Total	$	(1,576	)	$	(44	)	$	28		$	(341	)	$	(157	)

At December 31, 2019 and 2018, the balance in AOCI associated with cash flow hedges was $245 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. 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 following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:



	December 31,
	2019					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	$	11	$	615	2.5	$	8	$	689	2.0
Baa	25		1,020		5.1	3		1,131		5.0
Total	$	36	$	1,635	4.1	$	11	$	1,820	3.9

_______________


(1)	The Company has written credit protection on both single name and index references. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s, S&P and Fitch. 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 counterparty nonperformance on derivative instruments. Generally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.

The Company manages its credit risk by: (i) entering into derivative transactions with creditworthy counterparties governed by master netting agreements; (ii) trading through regulated exchanges and central clearing counterparties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

See Note 8 for a description of the impact of credit risk on the valuation of derivatives.

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



			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)			Collateral Received/Pledged (2)			Net Amount		Securities Collateral Received/Pledged (3)			Net Amount After Securities Collateral
	(In millions)
December 31, 2019
Derivative assets	$	3,062	$	(1,458	)	$	(1,115	)	$	489	$	(488	)	$	1
Derivative liabilities	$	2,522	$	(1,458	)	$	—		$	1,064	$	(1,061	)	$	3
December 31, 2018
Derivative assets	$	2,833	$	(1,671	)	$	(1,062	)	$	100	$	(86	)	$	14
Derivative liabilities	$	2,104	$	(1,671	)	$	—		$	433	$	(433	)	$	—

_______________


(1)	Represents amounts subject to an enforceable master netting agreement or similar agreement.


(2)	The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.


(3)	Securities collateral received by the Company is not recorded on the balance sheet. Amounts do not include excess of collateral pledged or received.

The Company’s collateral arrangements 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. Certain of these arrangements also include credit-contingent provisions which permit the party with positive fair value to terminate the derivative at the current fair value or demand immediate full collateralization from the party in a net liability position, in the event that the financial strength or credit rating of the party in a net liability position falls below a certain level.

The following table presents the aggregate estimated fair value of derivatives in a net liability position containing such credit-contingent provisions and the aggregate estimated fair value of assets posted as collateral for such instruments.



	December 31,
	2019		2018
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,064	$	433
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	1,473	$	797

_______________


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

(2)

Substantially all of the Company’s collateral arrangements provide for daily posting of collateral for the full value of the derivative contract. As a result, if the credit-contingent provisions of derivative contracts in a net liability position were triggered minimal additional assets would be required to be posted as collateral or needed to settle the instruments immediately.

Fair Value

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

8. Fair Value

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



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



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



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

Recurring Fair Value Measurements

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



	December 31, 2019
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	30,831	$	329	$	31,160
Foreign corporate	—		9,712		132		9,844
RMBS	—		9,074		44		9,118
U.S. government and agency	1,636		5,760		—		7,396
CMBS	—		5,755		—		5,755
State and political subdivision	—		3,984		73		4,057
ABS	—		1,882		73		1,955
Foreign government	—		1,751		—		1,751
Total fixed maturity securities	1,636		68,749		651		71,036
Equity securities	14		125		8		147
Short-term investments	1,271		682		5		1,958
Derivative assets: (1)
Interest rate	—		1,778		—		1,778
Foreign currency exchange rate	—		281		5		286
Credit	—		25		11		36
Equity market	—		850		71		921
Total derivative assets	—		2,934		87		3,021
Embedded derivatives within asset host contracts (2)	—		—		217		217
Separate account assets	180		106,924		3		107,107
Total assets	$	3,101	$	179,414	$	971	$	183,486
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	330	$	—	$	330
Foreign currency exchange rate	—		43		—		43
Equity market	—		2,093		71		2,164
Total derivative liabilities	—		2,466		71		2,537
Embedded derivatives within liability host contracts (2)	—		—		4,248		4,248
Total liabilities	$	—	$	2,466	$	4,319	$	6,785



	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
Foreign corporate	—		7,617		409		8,026
RMBS	—		8,541		6		8,547
U.S. government and agency	2,722		6,373		—		9,095
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.

(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 a non-significant portion of the portfolio. Prices received from independent brokers are assessed to determine if they represent a reasonable estimate of fair value by considering such pricing relative to the current market dynamics and current pricing for similar financial instruments.

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

The Company reviews outputs of the valuation service providers’ controls and performs additional controls, including certain monthly controls, which include but are not limited to, performing balance sheet analytics to assess reasonableness of period to period pricing changes, including any price adjustments. Price adjustments are applied if prices or quotes received from independent pricing services or brokers are not considered reflective of market activity or representative of estimated fair value. The Company did not have significant price adjustments during the year ended December 31, 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 and equity crediting rates within index-linked annuity contracts. 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 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:



					December 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%	-	11.31%	Decrease (1)
			•	Lapse rates	0.25%	-	16.00%	0.25%	-	16.00%	Decrease (2)
			•	Utilization rates	0.00%	-	25.00%	0.00%	-	25.00%	Increase (3)
			•	Withdrawal rates	0.25%	-	10.00%	0.25%	-	10.00%	(4)
			•	Long-term equity volatilities	16.24%	-	21.65%	16.50%	-	22.00%	Increase (5)
			•	Nonperformance risk spread	0.54%	-	1.99%	1.91%	-	2.66%	Decrease (6)

_______________


(1)	Mortality rates vary by age and by demographic characteristics such as gender. The 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)

The range shown 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)
Balance, January 1, 2018	$	1,997		$	1,230		$	—		$	5		$	124		$	14		$	(279	)	$	(1,660	)	$	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			2			1			—			—			—			152			526			—
Total realized/unrealized gains (losses) included in AOCI	(33		)	(6		)	(1		)	—			—			—			9			—			—
Purchases (7)	71			42			—			—			1			—			3			—			1
Sales (7)	(197		)	(91		)	(1		)	(5		)	(3		)	(14		)	(7		)	—			(1		)
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			—			(864		)	(1		)
Transfers into Level 3 (8)	418			8			75			—			—			—			—			—			—
Transfers out of Level 3 (8)	(1,525		)	(1,012		)	—			—			(119		)	—			—			—			(3		)
Balance, December 31, 2018	732			173			74			—			3			—			(122		)	(1,998		)	1
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			1			1			—			—			—			(12		)	(1,192		)	—
Total realized/unrealized gains (losses) included in AOCI	15			2			(1		)	—			—			—			(1		)	—			—
Purchases (7)	342			69			—			—			5			5			—			—			3
Sales (7)	(150		)	(25		)	(1		)	—			—			—			—			—			—
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			155			(841		)	—
Transfers into Level 3 (8)	24			42			—			—			—			—			—			—			—
Transfers out of Level 3 (8)	(502		)	(145		)	—			—			—			—			(4		)	—			(1		)
Balance, December 31, 2019	$	461		$	117		$	73		$	—		$	8		$	5		$	16		$	(4,031	)	$	3
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2017: (9)	$	1		$	23		$	—		$	—		$	—		$	—		$	(52	)	$	966		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018: (9)	$	(2	)	$	—		$	1		$	—		$	1		$	—		$	148		$	395		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019: (9)	$	—		$	—		$	1		$	—		$	—		$	—		$	(10	)	$	(1,450	)	$	—
Gains (Losses) Data for the year ended December 31, 2017:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(3	)	$	28		$	—		$	—		$	(3	)	$	—		$	92		$	1,078		$	—
Total realized/unrealized gains (losses) included in AOCI	$	131		$	52		$	—		$	—		$	—		$	—		$	—		$	—		$	—

_______________


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


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


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


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

(5)

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


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


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


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

(9)

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

Fair Value of Financial Instruments Carried at Other Than Fair Value

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

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



	December 31, 2019
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	15,753	$	—	$	—	$	16,383	$	16,383
Policy loans	$	1,292	$	—	$	516	$	1,062	$	1,578
Other invested assets	$	51	$	—	$	39	$	12	$	51
Premiums, reinsurance and other receivables	$	2,224	$	—	$	41	$	2,593	$	2,634
Liabilities
Policyholder account balances	$	15,614	$	—	$	—	$	15,710	$	15,710
Long-term debt	$	4,365	$	—	$	3,334	$	1,000	$	4,334
Other liabilities	$	846	$	—	$	191	$	655	$	846
Separate account liabilities	$	1,189	$	—	$	1,189	$	—	$	1,189



	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

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

9. Long-term Debt

Long-term debt outstanding was as follows:



			December 31,
	Interest Rate	Maturity	2019		2018
			(In millions)
Senior notes (1)	3.700%	2027	$	1,492	$	1,490
Senior notes (1)	4.700%	2047	1,478		1,478
Term loans	LIBOR plus 1.5%	2024	1,000		600
Junior subordinated debentures (1)	6.250%	2058	363		361
Other long-term debt (2)	7.028%	2030	32		34
Total long-term debt			$	4,365	$	3,963

_______________


(1)	Includes unamortized debt issuance costs and debt discount totaling $42 million and $46 million for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis at December 31, 2019 and 2018, respectively.


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

The aggregate maturities of long-term debt at December 31, 2019 were $2 million in each of 2020, 2021, 2022 and 2023, $1.0 billion in 2024 and $3.4 billion thereafter.

Unsecured senior notes and borrowings outstanding under term loan facilities rank highest in priority, followed by subordinated debt consisting of junior subordinated debentures.

Interest expense related to long-term debt of $191 million, $158 million and $135 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in other expenses.

Certain of the Company’s debt instruments and credit and committed facilities contain certain administrative, reporting and legal covenants. Additionally, the Company’s credit facilities contain financial covenants, including requirements to maintain a specified minimum adjusted consolidated net worth, to maintain a ratio of total indebtedness to total capitalization not in excess of a specified percentage and that place limitations on the dollar amount of indebtedness that may be incurred by the Company. At December 31, 2019, the Company was in compliance with these financial covenants.

Senior Notes

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

Junior Subordinated Debentures

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

Surplus Notes

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

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

Credit Facilities

On December 2, 2016, BHF entered into a $2.0 billion senior unsecured revolving credit facility maturing December 2, 2021 (the “2016 Revolving Credit Facility”) and a $3.0 billion term loan facility maturing December 2, 2019 (the “2016 Term Loan Facility”) with a syndicate of banks. In connection with entering into these credit facilities, MetLife, Inc. paid $16 million of debt issuance costs on the Company’s behalf. The Company capitalized these costs, which were included in other assets, and reimbursed MetLife, Inc. in 2017. Such debt issuance costs are amortized over the terms of the facilities, which is included in other expenses.

On July 21, 2017, BHF entered into a term loan agreement (the “2017 Term Loan Agreement”) with respect to a new $600 million unsecured delayed draw term loan facility maturing December 2, 2019 (the “2017 Term Loan Facility”) and borrowed $600 million under the 2017 Term Loan Facility in August 2017. Debt issuance costs incurred related to the 2017 Term Loan Facility were not significant. Concurrently with entering into the 2017 Term Loan Agreement, the 2016 Term Loan Facility was terminated without penalty. As a result of this termination, unamortized debt issuance costs of $7 million were written off and included in other expenses.

On February 1, 2019, BHF entered into a term loan agreement with respect to a new $1.0 billion unsecured term loan facility maturing February 1, 2024 (the “2019 Term Loan Facility”). On February 1, 2019, BHF borrowed $1.0 billion under the 2019 Term Loan Facility, terminated the 2017 Term Loan Facility without penalty and repaid $600 million of borrowings outstanding under the 2017 Term Loan Facility. Debt issuance costs incurred related to the 2019 Term Loan Facility were not significant.

On May 7, 2019, BHF entered into an amended and restated revolving credit agreement with respect to a new $1.0 billion senior unsecured revolving credit facility maturing May 7, 2024 (the “2019 Revolving Credit Facility), all of which may be used for revolving loans and/or letters of credit. The 2019 Revolving Credit Facility replaced the 2016 Revolving Credit Facility.

For the years ended December 31, 2019, 2018 and 2017, fees associated with these credit facilities were not significant.

At December 31, 2019, there were no borrowings or letters of credit outstanding under the Revolving Credit Facility and there was $1.0 billion outstanding under the 2019 Term Loan Facility, resulting in unused commitments totaling $1.0 billion in comparison to the maximum capacity of $2.0 billion under these credit facilities.

Committed Facilities

Collateral Financing Arrangement

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

Reinsurance Financing Arrangement

On April 28, 2017, Brighthouse Reinsurance Company of Delaware (“BRCD”) entered into a $10.0 billion financing arrangement with a pool of highly rated third-party reinsurers. This financing arrangement consists of credit-linked notes that each mature in 2037. At December 31, 2019, there were no borrowings under this facility and there was $10.0 billion of funding available under this arrangement. For the years ended December 31, 2019, 2018 and 2017, the Company recognized commitment fees of $41 million, $44 million and $27 million, respectively, in other expenses associated with this committed facility.

Repurchase Facility

On April 16, 2018, Brighthouse Life Insurance Company entered into a secured committed repurchase facility (the “Repurchase Facility”) with a financial institution, pursuant to which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $2.0 billion. The Repurchase Facility has a term beginning on July 31, 2018 and maturing on July 31, 2021. Under the Repurchase Facility, Brighthouse Life Insurance Company may sell certain eligible securities at a purchase price based on the market value of the securities less an applicable margin based on the types of securities sold, with a concurrent agreement to repurchase such securities at a predetermined future date (ranging from two weeks to three months) and at a price which represents the original purchase price plus interest. At December 31, 2019, there were no borrowings under the Repurchase Facility. For the years ended December 31, 2019 and 2018, fees associated with this committed facility were not significant.

Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Equity

10. Equity

Preferred Stock

At December 31, 2019 and 2018, BHF was authorized to issue up to 100,000,000 shares of preferred stock, par value $0.01 per share and had 17,000 shares and no shares issued and outstanding at December 31, 2019 and 2018, respectively.

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. See Note 18.

The declaration, record and payment dates, as well as per share and aggregate dividend amounts for the Series A Preferred Stock for the year ended December 31, 2019 were as follows:



Declaration Date	Record Date	Payment Date	Per Share		Aggregate
			(In millions, except per share data)
November 15, 2019	December 10, 2019	December 26, 2019	$	412.50	$	7
August 15, 2019	September 10, 2019	September 25, 2019	412.50		7
May 15, 2019	June 10, 2019	June 25, 2019	412.50		7
			$	1,237.50	$	21

Common Stock

The following table presents the rollforward of common shares outstanding:



	2019		2018		2017
Shares outstanding at beginning of year	117,532,336		119,773,106		100,000
Shares issued (1)	199,853		674,912		119,673,106
Shares repurchased (2)	(11,704,888	)	(2,915,682	)	—
Shares outstanding at end of year	106,027,301		117,532,336		119,773,106

_______________


(1)	On August 4, 2017, BHF issued 119,673,106 shares of common stock to MetLife, Inc.


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

On August 5, 2018, BHF authorized the repurchase of up to $200 million of common stock. On May 3, 2019, BHF authorized the repurchase of up to an additional $400 million of common stock. Future repurchases may be made through open market purchases, including pursuant to 10b5-1 plans or pursuant to accelerated stock repurchase plans, or through privately negotiated transactions, from time to time at management’s discretion in accordance with applicable legal requirements. See Note 18.

During the years ended December 31, 2019 and 2018, BHF repurchased 11,658,208 shares and 2,628,167 shares, respectively, of its common stock through open market purchases, pursuant to 10b5-1 plans, for $442 million and $105 million, respectively. At December 31, 2019, BHF had $53 million remaining under its common stock repurchase program.

Shareholder’s Net Investment

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

Capital Contributions

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

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

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

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

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

Cash Distributions

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

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

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

Noncontrolling Interests

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

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

Share-Based Compensation Plans

The Company’s share-based compensation plans provide awards to employees and non-employee directors and may be in the form of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, or other share-based awards. Additionally, employees may purchase shares at a discount under an employee stock purchase plan (the “ESPP”). The Company also granted restricted stock units to certain employees and non-employee directors on September 8, 2017, shortly following the Separation (the “Founders’ Grant”). The employee stock incentive plan and the non-employee director stock compensation plan were each approved at the BHF annual meeting of stockholders held on May 23, 2018. The aggregate number of authorized shares available for issuance at December 31, 2019 under the Company’s various share-based compensation plans was 7,107,419.

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

Compensation Expense Related to Share-Based Compensation

The following table presents total share-based compensation expense:



	Years Ended December 31,
	2019		2018
	(In millions)
Restricted stock units, Founders’ Grant	$	—	$	31
Restricted stock units	$	15	$	7
Stock options	$	1	$	1
Performance share units	$	4	$	—
Employee stock purchase plan	$	1	$	1

The share-based compensation cost for the Founders’ Grant was fully recognized by September 30, 2018. Unrecognized share-based compensation for other grants related to restricted stock units, stock options and performance share units was $24 million and $13 million at December 31, 2019 and 2018, respectively, with a weighted average remaining recognition period of five quarters.

Equity Awards

Restricted Stock Units (“RSUs”)

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

Performance Share Units (“PSUs”)

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

For awards granted for performance periods in progress through December 31, 2019, the vested PSUs will be multiplied by a performance factor up to a maximum payout of 150%. Assuming the Company has met certain threshold performance goals, the Compensation Committee of BHF’s Board of Directors will determine the performance factor in its discretion. The Company estimates the fair value of performance shares semi-annually until they become payable.

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



	RSUs				PSUs
	Units		Weighted Average Grant-Date Fair Value		Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2019	313,685		$	47.90	66,369		$	48.10
Granted	453,152		$	38.81	190,993		$	38.97
Forfeited	(47,667	)	$	44.09	(4,182	)	$	48.10
Paid	(130,441	)	$	47.63	—		$	—
Outstanding at December 31, 2019	588,729		$	41.27	253,180		$	41.21
Vested at December 31, 2019	—		$	—	—		$	—

Stock Options

Stock options represent the contingent right of award holders to purchase shares of BHF common stock at a stated price for a limited time. All stock options have an exercise price equal to the closing price of a share on the date of grant and have a maximum term of ten years. Stock options granted are exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances. In May 2018, the Company granted 242,560 options at a weighted average exercise price of $53.47 for aggregate intrinsic value of $0. During the year ended December 31, 2019, no stock options were granted, exercised or expired, and 21,498 options were forfeited.

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

The following table presents the weighted average assumptions used to determine the grant-date fair value of stock options that BHF has granted:



	Year Ended December 31, 2018 (1)
Risk-free rate of return	2.93%
Expected volatility	25.00%
Expected option life, years	5.8
Weighted average exercise price of stock options granted	$53.47
Weighted average fair value of stock options granted	$12.54

_______________


(1)	There were no stock options granted during the year ended December 31, 2019.

Employee Stock Purchase Plan Shares

Under the ESPP, eligible employees of the Company purchase common stock at a discount rate of 15% of the market price per share on the lesser of the first or last trading day of the offering period. Employees purchase a variable number of shares of stock through payroll deductions elected just prior to the beginning of the offering period. During the years ended December 31, 2019 and 2018, 68,897 shares and 38,898 shares, respectively, were purchased. The weighted average per share fair value of the discount under the ESPP was $6.99 and $6.40 during the years ended December 31, 2019 and 2018, respectively, which was recorded in other expenses.

Statutory Equity and Income

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

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

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

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

Statutory net income (loss) was as follows:



		Years Ended December 31,
Company	State of Domicile	2019		2018			2017
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	1,074	$	(1,104	)	$	(425	)
New England Life Insurance Company	Massachusetts	$	61	$	130		$	68

Statutory capital and surplus was as follows at:



	December 31,
Company	2019		2018
	(In millions)
Brighthouse Life Insurance Company	$	8,746	$	6,731
New England Life Insurance Company	$	116	$	213

The Company has a reinsurance subsidiary, BRCD which reinsures risks including level premium term life and ULSG assumed from other Brighthouse Financial life insurance subsidiaries. BRCD, with the explicit permission of the Delaware Commissioner, has included, as admitted assets, the value of credit-linked notes, serving as collateral, which resulted in higher statutory capital and surplus of $9.0 billion and $8.7 billion for the years ended December 31, 2019 and 2018, respectively.

The statutory net income (loss) of BRCD was ($316) million, ($1.1) billion and ($1.6) billion for the years ended December 31, 2019, 2018 and 2017, respectively, and the combined statutory capital and surplus, including the aforementioned prescribed practices, were $572 million and $557 million at December 31, 2019 and 2018, respectively.

Dividend Restrictions

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



	2020		2019		2018		2017
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	2,066	$	—	$	—	$	—
New England Life Insurance Company (3)	$	61	$	131	$	400	$	106

______________


(1)	Reflects dividend amounts that may be paid during 2020 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2020, some or all of such dividends may require regulatory approval. See Note 18.


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


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

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

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

Under BRCD’s plan of operations, no dividend or distribution may be made by BRCD without the prior approval of the Delaware Commissioner. On December 30, 2019, the Delaware Commissioner approved an extraordinary dividend of $600 million payable to Brighthouse Life Insurance Company (see Note 18). During the years ended December 31, 2018 and 2017, BRCD paid extraordinary cash dividends of $0 and $535 million, respectively. During the years ended December 31, 2019, 2018, and 2017, BRCD paid cash dividends of $1 million, $2 million and $0, respectively, to its preferred shareholders.

Accumulated Other Comprehensive Income (Loss)

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



	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance at December 31, 2016	$	1,044		$	268		$	(31	)	$	(16	)	$	1,265
OCI before reclassifications	276			(157		)	10			(19		)	110
Deferred income tax benefit (expense)	(94		)	55			(3		)	14			(28		)
AOCI before reclassifications, net of income tax	1,226			166			(24		)	(21		)	1,347
Amounts reclassified from AOCI	60			(18		)	—			—			42
Deferred income tax benefit (expense) (2)	286			6			—			(5		)	287
Amounts reclassified from AOCI, net of income tax	346			(12		)	—			(5		)	329
Balance at December 31, 2017	1,572			154			(24		)	(26		)	1,676
Cumulative effect of change in accounting principle and other, net of income tax	(79		)	—			—			—			(79		)
Balance, January 1, 2018	1,493			154			(24		)	(26		)	1,597
OCI before reclassifications	(1,346		)	159			(4		)	6			(1,185		)
Deferred income tax benefit (expense)	287			48			1			(1		)	335
AOCI before reclassifications, net of income tax	434			361			(27		)	(21		)	747
Amounts reclassified from AOCI	181			(134		)	—			1			48
Deferred income tax benefit (expense)	(39		)	(40		)	—			—			(79		)
Amounts reclassified from AOCI, net of income tax	142			(174		)	—			1			(31		)
Balance at December 31, 2018	576			187			(27		)	(20		)	716
OCI before reclassifications	3,285			40			12			(10		)	3,327
Deferred income tax benefit (expense)	(690		)	(8		)	—			2			(696		)
AOCI before reclassifications, net of income tax	3,171			219			(15		)	(28		)	3,347
Amounts reclassified from AOCI	(76		)	(59		)	—			—			(135		)
Deferred income tax benefit (expense)	16			12			—			—			28
Amounts reclassified from AOCI, net of income tax	(60		)	(47		)	—			—			(107		)
Balance at December 31, 2019	$	3,111		$	172		$	(15	)	$	(28	)	$	3,240

_______________


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


(2)	Includes the $306 million and ($5) million impacts of the Tax Cuts and Job Act (the “Tax Act”) related to unrealized investments gains (losses), net of related offsets and defined benefit plans adjustment, respectively.

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



AOCI Components	Amounts Reclassified from AOCI									Consolidated Statements of Operations Locations
	Years Ended December 31,
	2019			2018			2017
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	113		$	(180	)	$	(15	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			1			3			Net investment income
Net unrealized investment gains (losses)	(37		)	(2		)	(48		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	76			(181		)	(60		)
Income tax (expense) benefit	(16		)	39			(286		)
Net unrealized investment gains (losses), net of income tax	60			(142		)	(346		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	32			98			—			Net derivative gains (losses)
Interest rate swaps	2			3			3			Net investment income
Interest rate forwards	—			31			2			Net derivative gains (losses)
Interest rate forwards	—			2			3			Net investment income
Foreign currency swaps	25			—			10			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	59			134			18
Income tax (expense) benefit	(12		)	40			(6		)
Gains (losses) on cash flow hedges, net of income tax	47			174			12

Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	—			(1		)	—
Amortization of defined benefit plan items, before income tax	—			(1		)	—
Income tax (expense) benefit	—			—			5
Amortization of defined benefit plan items, net of income tax	—			(1		)	5
Total reclassifications, net of income tax	$	107		$	31		$	(329	)

Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

Other Expenses

11. Other Revenues and Other Expenses

Other Revenues

The Company has entered into contracts with mutual funds, fund managers, and their affiliates (collectively, the “Funds”) whereby the Company is paid monthly or quarterly fees (“12b-1 fees”) for providing certain services to customers and distributors of the Funds. The 12b-1 fees are generally equal to a fixed percentage of the average daily balance of the customer’s investment in a fund. 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 $336 million, $360 million and $359 million for the years ended December 31, 2019, 2018 and 2017, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Compensation	$	333	$	289	$	287
Contracted services and other labor costs	287		245		176
Transition services agreements	245		279		306
Establishment costs	118		239		162
Premium and other taxes, licenses and fees	48		68		64
Separate account fees	488		524		466
Volume related costs, excluding compensation, net of DAC capitalization	636		628		711
Interest expense on debt	191		158		153
Other	145		145		158
Total other expenses	$	2,491	$	2,575	$	2,483

Capitalization of DAC

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

Interest Expense on Debt

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

Related Party Expenses

See Note 16 for a discussion of related party expenses included in the table above.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2019
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	12. Employee Benefit Plans BHF Active Defined Contribution Plans Brighthouse Services sponsors qualified and non-qualified defined contribution plans. For the years ended December 31, 2019, 2018 and 2017, the total employer contributions for the qualified defined contribution plan were $15 million, $14 million and $8 million, respectively, and the total expense recognition for the non-qualified defined contribution plans were $6 million, $3 million and $2 million, respectively, all of which are reported in other expenses. NELICO Legacy Pension and Other Unfunded Benefit Plans NELICO sponsors both a qualified and a non-qualified defined benefit pension plan, a postretirement plan and other unfunded benefit plans. These pension and other unfunded benefit plans were amended to cease benefit accruals and are closed to new entrants. The qualified defined benefit pension plan had an accumulated benefit obligation of $164 million and $147 million at December 31, 2019 and 2018, respectively. This plan was fully funded at December 31, 2019 and 2018 with assets in excess of the accumulated benefit obligation of $7 million and $4 million, respectively. The Company did not make any employer contributions to this qualified plan during 2019 or 2018. The non-qualified defined benefit pension plan and the postretirement plan had a combined accumulated benefit obligation totaling $106 million and $99 million at December 31, 2019 and 2018, respectively. These amounts are unfunded. The other unfunded benefit plans consist primarily of deferred compensation due to former agents which represent general unsecured liabilities of NELICO. The amounts due under these other unfunded benefit plans were $72 million and $70 million at December 31, 2019 and 2018, respectively. Although NELICO remains the legal obligor for these plans, an employee matters agreement (“EMA”) exists between BHF and MetLife whereby MetLife has agreed to reimburse BHF for the obligations under the non-qualified and other unfunded plans as payments are made. At the time of Separation, BHF established a receivable from MetLife in the amount of the unfunded obligations due under these plans. MetLife is required to annually reimburse BHF for each prior year’s benefit payments, claims and premiums under the NELICO plans that are listed in the EMA. The Company’s receivable from MetLife under the EMA for future total estimated benefit payments, claims and premiums was $193 million and $186 million at December 31, 2019 and 2018, respectively. The receivable is reported in premiums, reinsurance and other receivables. Increases and decreases to the EMA receivable are reported in other revenues.

Income Tax

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax

13. Income Tax

The provision for income tax was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Current:
Federal	$	(36	)	$	(166	)	$	406
State and local	4			—			6
Foreign	—			—			18
Subtotal	(32		)	(166		)	430
Deferred:
Federal	(285		)	285			(667		)
State and local	—			—			—
Foreign	—			—			—
Subtotal	(285		)	285			(667		)
Provision for income tax expense (benefit)	$	(317	)	$	119		$	(237	)

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Tax provision at statutory rate	$	(221	)	$	207		$	(215	)
Tax effect of:
Excess loss account - Separation from MetLife (1)	—			(2		)	1,088
Rate revaluation due to tax reform (2)	—			—			(803		)
Sale of subsidiaries	—			—			(138		)
Dividend received deduction (3)	(42		)	(44		)	(130		)
Other tax credits	(31		)	(25		)	(30		)
Release of valuation allowance	—			(11		)	—
Other, net	(23		)	(6		)	(9		)
Provision for income tax expense (benefit)	$	(317	)	$	119		$	(237	)
Effective tax rate	30		%	12		%	39		%

_______________


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

(2)

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

(3)

For the year ended December 31, 2018, the Tax Act changed the dividend received deduction amount applicable to insurance companies to a 70% company share and a 50% dividend received deduction for eligible dividends. The dividend received deduction reduces the amount of dividend income subject to tax and is a significant component of the difference between the actual tax expense and expected amount determined using the statutory tax rate.

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



	December 31,
	2019			2018
	(In millions)
Deferred income tax assets:
Tax credit carryforwards	$	106		$	58
Net operating loss carryforwards	1,087			1,052
Employee benefits	17			7
Intangibles	93			159
Investments, including derivatives (1)	260			120
Other	15			—
Total net deferred income tax assets	1,578			1,396
Deferred income tax liabilities:
Policyholder liabilities and receivables (1)	1,277			1,379
Net unrealized investment gains	871			202
DAC	785			761
Other	—			26
Total deferred income tax liabilities	2,933			2,368
Net deferred income tax asset (liability)	$	(1,355	)	$	(972	)

_______________

(1)

The Company reclassified certain components of the 2018 net deferred income tax asset (liability) upon completion of a Separation related deferred tax basis study in 2019. Total deferred income tax assets and total deferred income tax liabilities increased by $120 million at December 31, 2018 as compared to the amounts previously presented. There was no change in total net deferred income tax asset (liability) resulting from these reclassifications at December 31, 2018.

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2019.



	Net Operating Loss Carryforwards
	(In millions)
Expiration
2034-2038	$	3,059
Indefinite	2,119
	$	5,178

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2019.



	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2020-2024	$	—	$	18
2025-2029	—		71
2030-2034	—		—
2035-2039	17		—
Indefinite	—		—
	$	17	$	89

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

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



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Balance at January 1,	$	35	$	23	$	58
Additions for tax positions of prior years	—		12		—
Reductions for tax positions of prior years	—		—		(4		)
Additions for tax positions of current year	—		—		3
Reductions for tax positions of current year	—		—		(2		)
Settlements with tax authorities	—		—		(32		)
Balance at December 31,	$	35	$	35	$	23
Unrecognized tax benefits that, if recognized would impact the effective rate	$	35	$	35	$	23

The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses, while penalties are included in income tax expense. Interest related to unrecognized tax benefits was not significant. The Company had no penalties for each of the years ended December 31, 2019, 2018 and 2017.

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

Tax Sharing Agreements

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

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

Income Tax Transactions with Former Parent

In connection with the Separation, the Company entered into a tax receivables agreement (the “Tax Receivables Agreement”) with MetLife that provides MetLife with the right to receive as partial consideration for its contribution of assets to BHF future payments from BHF, equal to 86% of the amount of cash savings, if any, in federal income tax that Brighthouse Financial actually, or are deemed to, realize as a result of the utilization of Brighthouse Financial, Inc. and its subsidiaries’ net operating losses, capital losses, tax basis and amortization or depreciation deductions in respect of certain tax benefits it may realize as a result of certain transactions involved in the Separation. In connection with the Tax Receivables Agreement, the Company has a payable to MetLife of $328 million at both December 31, 2019 and 2018, included in other liabilities.

The Company also entered into the Tax Separation Agreement. Among other things, the Tax Separation Agreement governs the allocation between MetLife and the Company of the responsibility for the taxes of the MetLife group. The Tax Separation Agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. In October 2017, MetLife paid $729 million to Brighthouse Financial under the Tax Separation Agreement. At December 31, 2017, the current income tax recoverable included $873 million related to this agreement. In November 2018, MetLife paid $909 million to Brighthouse Financial under the Tax Separation Agreement. In November 2019, Brighthouse Financial paid MetLife $3 million under the Tax Separation Agreement. At December 31, 2019, the current income tax recoverable included $130 million payable to MetLife related to this agreement.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

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



	Years Ended December 31,
	2019			2018		2017
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(761	)	$	865	$	(378	)

Weighted average common shares outstanding — basic	112,508,650			119,386,280		119,773,106
Dilutive effect of share-based awards	—			441,198		—
Weighted average common shares outstanding — diluted	112,508,650			119,827,478		119,773,106

Earnings per common share:
Basic	$	(6.76	)	$	7.24	$	(3.16	)
Diluted	$	(6.76	)	$	7.21	$	(3.16	)

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

Contingencies, Commitments and Guarantees	12 Months Ended
Contingencies, Commitments and Guarantees	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	15. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at December 31, 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 December 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. Group Annuity Class Action Leroy and Geraldine Atkins v. Brighthouse Life Insurance Company, Brighthouse Financial, Inc., et al. (U.S. District Court, District of Nevada, filed November 18, 2019). Plaintiffs have filed a purported class action lawsuit against Brighthouse Life Insurance Company, Brighthouse Financial, Inc., MetLife, Inc. and Metropolitan Life Insurance Company relating to the pension closeout business. Plaintiffs allege that annuity benefits were due but have not been paid. Plaintiffs also allege they were not able to obtain information as to the group annuity contract and the benefit other than what was on a benefit election form. Plaintiffs seek to represent a class of all annuitants and their designated beneficiaries who were due annuity payments pursuant to group annuity contracts purchased from defendants by sponsors of employer provided defined benefit plans. Plaintiffs allege the defendants failed to timely contact, notify and pay overdue annuity benefits and interest to retirees. The complaint alleges breach of contract, breach of the implied covenant of good faith and fair dealing (contract and tort), unjust enrichment, conversion and breach of fiduciary duty. The Company intends to vigorously defend the matter. 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 $206 million and $492 million at December 31, 2019 and 2018, respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities 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 December 31, 2019 and 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 $122 million, with a cumulative maximum of $128 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 December 31, 2019 and 2018, respectively, for indemnities, guarantees and commitments.

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

16. Related Party Transactions

The Company had not historically operated as a stand-alone business prior to the Separation, and as a result had various existing arrangements with MetLife for services necessary to conduct its activities. Certain of such services continued, as provided for under a master service agreement and various transition services agreements entered into in connection with the Separation. MetLife was no longer considered a related party upon the completion of the MetLife Divestiture on June 14, 2018. All of the MetLife transactions reported as related party activity occurred prior to the MetLife Divestiture. See Note 1 for information regarding the MetLife Divestiture and Note 11 for amounts related to transition services from MetLife.

Non-Broker-Dealer Transactions

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



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

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

Reinsurance Agreements

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

Financing Arrangements

Prior to the Separation, the Company had collateral financing arrangements with MetLife that were used to support reinsurance obligations arising under previously affiliated reinsurance agreements. See Note 9 for more information.

Investment Transactions

In the ordinary course of business, the Company had previously transferred invested assets, primarily consisting of fixed maturity securities, to and from former affiliates. See Note 6 for further discussion of the related party investment transactions.

Shared Services and Overhead Allocations

MetLife provides the Company certain services, which include, but are not limited to, treasury, financial planning and analysis, legal, human resources, tax planning, internal audit, financial reporting and information technology. The Company is charged for these services through a transition services agreement and the costs are allocated to the legal entities and products within the Company. When specific identification to a particular legal entity and/or product is not practicable, an allocation methodology based on various performance measures or activity-based costing, such as sales, new policies/contracts issued, reserves, and in-force policy counts is used. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the Company and/or affiliate. Management believes that the methods used to allocate expenses under these arrangements are reasonable. Costs incurred with MetLife prior to the MetLife Divestiture under these arrangements, that were considered related party expenses, were $186 million and $390 million for the years ended December 31, 2018 and 2017, respectively, and were recorded in other expenses.

Broker-Dealer Transactions

Beginning in March 2017, Brighthouse Securities, LLC, a registered broker-dealer affiliate, began distributing the Company’s existing and future registered annuity and life products, and the MetLife broker-dealers discontinued such distributions. Prior to March 2017, the Company recognized related party revenues and expenses arising from transactions with MetLife broker-dealers that previously sold the Company’s registered annuity and life products. The related party expense for the Company was commissions collected on the sale of variable products by the Company and passed through to the broker-dealer. The related party revenue for the Company was fee income from trusts and mutual funds whose shares serve as investment options of policyholders of the Company. Fee income received related to these transactions and recorded in other revenues was $43 million for the year ended December 31, 2017. Commission expenses incurred related to these transactions and recorded in other expenses was $129 million for the year ended December 31, 2017.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

17. Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for 2019 and 2018 are summarized in the table below:



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(In millions, except per share data)
2019
Total revenues	$	691		$	2,370		$	3,187		$	306
Total expenses	$	1,644		$	1,901		$	2,383		$	1,678
Net income (loss)	$	(735	)	$	384		$	685		$	(1,069	)
Less: Net Income (loss) attributable to noncontrolling interests	$	2		$	—		$	2		$	1
Net income (loss) attributable to Brighthouse Financial, Inc.	$	(737	)	$	384		$	683		$	(1,070	)
Less: Preferred stock dividends	$	—		$	7		$	7		$	7
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(737	)	$	377		$	676		$	(1,077	)
Basic earnings per common share (1)	$	(6.31	)	$	3.28		$	6.09		$	(10.02	)
Diluted earnings per common share (1)	$	(6.31	)	$	3.27		$	6.06		$	(10.02	)
2018
Total revenues	$	1,815		$	1,702		$	1,422		$	4,026
Total expenses	$	1,928		$	2,019		$	1,790		$	2,239
Net income (loss)	$	(65	)	$	(238	)	$	(269	)	$	1,442
Less: Net Income (loss) attributable to noncontrolling interests	$	2		$	1		$	2		$	—
Net income (loss) attributable to Brighthouse Financial, Inc.	$	(67	)	$	(239	)	$	(271	)	$	1,442
Less: Preferred stock dividends	$	—		$	—		$	—		$	—
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(67	)	$	(239	)	$	(271	)	$	1,442
Basic earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.18
Diluted earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.14

_______________

(1)

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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Dividend Transactions On February 20, 2020, BRCD, with the explicit permission of the Delaware Commissioner received on December 30, 2019, paid a $600 million extraordinary dividend to Brighthouse Life Insurance Company. On February 19, 2020, Brighthouse Life Insurance Company declared a $300 million ordinary cash dividend payable to BH Holdings. Such dividend has not been paid as of February 26, 2020. On February 14, 2020, BHF declared a dividend of $412.50 per share, for a total of $7 million, on the Series A Preferred Stock, which will be paid on March 25, 2020 to stockholders of record as of March 10, 2020. Common Stock Repurchase Authorization On February 6, 2020, BHF authorized the repurchase of up to an additional $500 million of common stock. No common stock repurchases have been made under the February 6, 2020 authorization as of February 26, 2020. Future repurchases may be made through open market purchases, including pursuant to 10b5-1 plans or pursuant to accelerated stock repurchase plans, or through privately negotiated transactions, from time to time at management’s discretion in accordance with applicable legal requirements.

Consolidated Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2019

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

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

Schedule I

Consolidated Summary of Investments —

Other Than Investments in Related Parties

December 31, 2019

(In millions)



Types of Investments	Cost or Amortized Cost (1)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities:
Bonds:
U.S. government and agency	$	5,529	$	7,396	$	7,396
State and political subdivision	3,358		4,057		4,057
Public utilities	3,328		3,766		3,766
Foreign government	1,503		1,751		1,751
All other corporate bonds	33,879		36,879		36,879
Total bonds	47,597		53,849		53,849
Mortgage-backed and asset-backed securities	16,137		16,828		16,828
Redeemable preferred stock	345		359		359
Total fixed maturity securities	64,079		71,036		71,036
Equity securities:
Non-redeemable preferred stock	127		129		129
Common stock:
Industrial, miscellaneous and all other	10		15		15
Public utilities	—		3		3
Total equity securities	137		147		147
Mortgage loans	15,753				15,753
Policy loans	1,292				1,292
Limited partnerships and LLCs	2,380				2,380
Short-term investments	1,958				1,958
Other invested assets	3,216				3,216
Total investments	$	88,815			$	95,782

_______________

(1)

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

Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2019 and 2018

(In millions, except share and per share data)



	2019			2018
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $44 and $235, respectively)	$	44		$	232
Short-term investments, principally at estimated fair value	459			—
Investment in subsidiary	20,222			18,086
Total investments	20,725			18,318
Cash and cash equivalents	212			461
Premiums and other receivables	199			190
Current income tax recoverable	36			7
Deferred income tax receivable	8			5
Other assets	7			7
Total assets	$	21,187		$	18,988
Liabilities and Stockholders’ Equity
Liabilities
Long-term and short-term debt	$	4,676		$	4,232
Other liabilities	339			338
Total liabilities	5,015			4,570
Stockholders’ Equity
Preferred stock, par value $0.01 per share; $425 aggregate liquidation preference at December 31, 2019	—			—
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,647,871 and 120,448,018 shares issued, respectively; 106,027,301 and 117,532,336 shares outstanding, respectively	1			1
Additional paid-in capital	12,908			12,473
Retained earnings (deficit)	585			1,346
Treasury stock, at cost; 14,620,570 and 2,915,682 shares, respectively	(562		)	(118		)
Accumulated other comprehensive income (loss)	3,240			716
Total stockholders’ equity	16,172			14,418
Total liabilities and stockholders’ equity	$	21,187		$	18,988

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2019, 2018 and 2017

(In millions)



	2019			2018			2017
Condensed Statements of Operations
Revenues
Equity in earnings (losses) of subsidiaries	$	(602	)	$	1,003		$	(566	)
Net investment income	20			10			6
Other revenues	24			5			221
Net derivative gains (losses)	—			—			2
Total revenues	(558		)	1,018			(337		)
Expenses
Credit facility fees	10			7			16
Other expenses	209			176			76
Total expenses	219			183			92
Income (loss) before provision for income tax	(777		)	835			(429		)
Provision for income tax expense (benefit)	(37		)	(30		)	(51		)
Net income (loss)	(740		)	865			(378		)
Less: Preferred stock dividends	21			—			—
Net income (loss) available to common shareholders	$	(761	)	$	865		$	(378	)
Comprehensive income (loss)	$	1,784		$	(16	)	$	33

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2019, 2018 and 2017

(In millions)



	2019			2018			2017
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)	$	(740	)	$	865		$	(378	)
Equity in (earnings) losses of subsidiaries	602			(1,003		)	566
Distribution from subsidiary	195			52			50
Other, net	(16		)	7			(252		)
Net cash provided by (used in) operating activities	41			(79		)	(14		)
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	194			3			510
Purchases of fixed maturity securities	(4		)	—			(749		)
Capital contributions to subsidiary	(412		)	(208		)	(1,300		)
Net change in short-term investments	(455		)	—			—
Net cash provided by (used in) investing activities	(677		)	(205		)	(1,539		)
Cash flows from financing activities
Long-term and short-term debt issued	2,156			893			3,724
Long-term and short-term debt repaid	(1,716		)	(351		)	—
Debt issuance costs	—			(12		)	(39		)
Treasury stock acquired in connection with share repurchases	(442		)	(105		)	—
Preferred stock issued, net of issuance costs	412			—			—
Dividends on preferred stock	(21		)	—			—
Distribution to MetLife, Inc.	—			—			(1,798		)
Credit facility fees	(2		)	(6		)	(8		)
Net cash provided by (used in) financing activities	387			419			1,879
Change in cash and cash equivalents	(249		)	135			326
Cash and cash equivalents, beginning of year	461			326			—
Cash and cash equivalents, end of year	$	212		$	461		$	326

Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	187		$	158		$	67
Income tax:
Cash received from MetLife, Inc. for income tax	$	—		$	(7	)	$	—
Income tax paid (received) by Brighthouse Financial, Inc.	(4		)	1			1
Net cash paid (received) for income tax	$	(4	)	$	(6	)	$	1

Schedule II

Notes to the Condensed Financial Information

(Parent Company Only)

1. Basis of Presentation

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

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

2. Investment in Subsidiary

Contribution of Brighthouse Holdings, LLC

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

During the years ended December 31, 2019, 2018 and 2017, BHF made cash capital contributions of $412 million, $208 million and $1.3 billion, respectively, to BH Holdings and received cash distributions of $195 million, $52 million and $50 million, respectively, from BH Holdings.

3. Long-term and Short-term Debt

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



			December 31,
	Interest Rate	Maturity	2019		2018
			(In millions)
Senior notes — unaffiliated (1)	3.70%	2027	$	1,492	$	1,490
Senior notes — unaffiliated (1)	4.70%	2047	1,478		1,478
Term loans — unaffiliated	LIBOR plus 1.5%	2024	1,000		600
Junior subordinated debentures — unaffiliated (1)	6.25%	2058	363		361
Total long-term debt			4,333		3,929
Short-term intercompany loans			343		303
Total long-term and short-term debt			$	4,676	$	4,232

_______________


(1)	Includes unamortized debt issuance costs and debt discount totaling $42 million and $46 million at December 31, 2019 and 2018, respectively, for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis.

The aggregate maturities of long-term and short-term debt at December 31, 2019 were $343 million in 2020, $0 in each of 2021, 2022 and 2023, $1.0 billion in 2024 and $3.4 billion thereafter.

Interest expense related to long-term and short-term debt of $191 million, $157 million and $75 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in other expenses.

Senior Notes and Junior Subordinated Debentures

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

Credit Facilities

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

Short-term Intercompany Loans

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

During the years ended December 31, 2019, 2018 and 2017, BHF borrowed $1.2 billion, $478 million and $136 million, respectively, from certain of its non-insurance subsidiaries and repaid $1.1 billion, $311 million and $0 of such borrowings during the years ended December 31, 2019, 2018 and 2017. The weighted average interest rate on short-term intercompany loans outstanding at December 31, 2019, 2018 and 2017 was 0.95%, 1.80% and 0.73%, respectively.

Intercompany Liquidity Facilities

BHF has established an intercompany liquidity facility with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under the facility, which is comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term not more than 364 days. For each insurance subsidiary, the borrowing and lending limit is 3% of the respective insurance subsidiary’s statutory admitted assets as of the previous year end. For BHF and each non-insurance subsidiary, the borrowing and lending limit is based on a formula tied to the statutory admitted assets of the respective insurance subsidiaries. During the years ended December 31, 2019 and 2017, there were no borrowings or repayments under this facility. In the second quarter of 2018, BHF borrowed $40 million from NELICO under this liquidity facility and repaid such borrowing in the third quarter of 2018.

Consolidated Supplementary Insurance Information

12 Months Ended

Dec. 31, 2019

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

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Disclosure [Text Block]

Brighthouse Financial, Inc.

Schedule III

Consolidated Supplementary Insurance Information

December 31, 2019 and 2018

(In millions)



Segment	DAC and VOBA		Future Policy Benefits and Other Policy-Related Balances		Policyholder Account Balances		Unearned Premiums (1)(2)		Unearned Revenue (1)
2019
Annuities	$	4,327	$	9,073	$	34,770	$	—	$	88
Life	1,019		5,832		3,128		13		335
Run-off	5		20,192		7,872		—		151
Corporate & Other	97		7,700		1		6		—
Total	$	5,448	$	42,797	$	45,771	$	19	$	574
2018
Annuities	$	4,550	$	8,814	$	28,619	$	—	$	91
Life	1,051		5,546		3,239		14		277
Run-off	5		17,253		8,195		—		107
Corporate & Other	111		7,596		1		6		—
Total	$	5,717	$	39,209	$	40,054	$	20	$	475

_______________


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


(2)	Includes premiums received in advance.

Brighthouse Financial, Inc.

Schedule III

Consolidated Supplementary Insurance Information (continued)

December 31, 2019, 2018 and 2017

(In millions)



Segment	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income (1)		Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances		Amortization of DAC and VOBA			Other Expenses
2019
Annuities	$	2,788	$	1,797	$	1,414	$	363		$	1,676
Life	871		434		824		5			211
Run-off	718		1,273		2,436		—			200
Corporate & Other	85		75		59		14			404
Total	$	4,462	$	3,579	$	4,733	$	382		$	2,491
2018
Annuities	$	2,947	$	1,522	$	1,597	$	944		$	1,629
Life	927		447		768		90			241
Run-off	776		1,312		1,922		—			202
Corporate & Other	85		57		64		16			503
Total	$	4,735	$	3,338	$	4,351	$	1,050		$	2,575
2017
Annuities	$	3,000	$	1,252	$	2,130	$	(23	)	$	1,565
Life	951		327		820		223			265
Run-off	714		1,358		1,735		7			279
Corporate & Other	96		141		62		20			374
Total	$	4,761	$	3,078	$	4,747	$	227		$	2,483

_______________

(1)

See Note 2 of the Notes to the Consolidated Financial Statements for the basis of allocation of net investment income.

Consolidated Reinsurance

12 Months Ended

Dec. 31, 2019

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

Consolidated Reinsurance

Brighthouse Financial, Inc.

Schedule IV

Consolidated Reinsurance

December 31, 2019, 2018 and 2017

(Dollars in millions)



	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2019
Life insurance in-force	$	568,120	$	175,728	$	7,153	$	399,545	1.8%
Insurance premium
Life insurance (1)	$	1,424	$	556	$	10	$	878	1.1%
Accident & health insurance	227		223		—		4		—%
Total insurance premium	$	1,651	$	779	$	10	$	882	1.1%
2018
Life insurance in-force	$	597,694	$	191,083	$	7,458	$	414,069	1.8%
Insurance premium
Life insurance (1)	$	1,468	$	580	$	11	$	899	1.2%
Accident & health insurance	231		230		—		1		—%
Total insurance premium	$	1,699	$	810	$	11	$	900	1.2%
2017
Life insurance in-force	$	629,367	$	206,304	$	6,879	$	429,942	1.6%
Insurance premium
Life insurance (1)	$	1,557	$	711	$	11	$	857	1.3%
Accident & health insurance	238		232		—		6		—%
Total insurance premium	$	1,795	$	943	$	11	$	863	1.3%

_______________


(1)	Includes annuities with life contingencies.

All of the transactions reported as related party activity occurred prior to the MetLife Divestiture. See Note 1 regarding the MetLife Divestiture. For the year ended December 31, 2018, reinsurance ceded and assumed included related party transactions for life insurance premiums of $201 million and $6 million, respectively. For the year ended December 31, 2017, reinsurance ceded and assumed included related party transactions for life insurance in-force of $17.1 billion and $6.9 billion, respectively, and life insurance premiums of $537 million and $11 million, respectively.

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

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates, Policy [Policy Text Block]

Basis of Presentation

Consolidation, Policy [Policy Text Block]

Consolidation

Reclassifications

Future Policy Benefit Liability [Policy Text Block]

Future Policy Benefit Liabilities and Policyholder Account Balances

Minimum Guarantees, Policy [Policy Text Block]

Variable Annuity Guarantees

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

Index-linked Annuities

Embedded Derivatives

Insurance Premiums Revenue Recognition, Policy [Policy Text Block]

Recognition of Insurance Revenues and Deposits

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

Deferred Policy Acquisition Costs, Policy [Policy Text Block]

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

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

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

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

Reinsurance Accounting Policy [Policy Text Block]

Reinsurance

Investments, Policy [Policy Text Block]

Investments

Net Investment Income and Net Investment Gains (Losses)

Fixed Maturity Securities Available-For-Sale

Mortgage Loans

Policy Loans

Limited Partnerships and LLCs

Short-term Investments

Other Invested Assets

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

Securities Lending Program

Maturities of Fixed Maturity Securities

Valuation Allowance Methodology

Past Due, Nonaccrual and Modified Mortgage Loans

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

Purchased Credit Impaired Investments

Variable Interest Entities

Derivatives, Policy [Policy Text Block]

Derivatives

Freestanding Derivatives

If a derivative is not designated or did not qualify as an accounting hedge, changes in the estimated fair value of the derivative are reported in net derivative gains (losses).

Hedge Accounting

Embedded Derivatives

Accounting for Derivatives

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

Derivative Strategies

Counterparty Credit Risk

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

Fair Value



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



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



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

Policyholder Accounts, Policy [Policy Text Block]

Separate Accounts

Income Tax, Policy [Policy Text Block]

Income Tax

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

Commitments and Contingencies, Policy [Policy Text Block]

Litigation Contingencies

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

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

Employee Benefit Plans

Share-based Payment Arrangement [Policy Text Block]

Restricted Stock Units (“RSUs”)

Performance Share Units (“PSUs”)

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

ASUs issued but not yet adopted as of December 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 adoption of this new guidance will not have a material impact on the Company’s 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 DAC, 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. The market risk benefit guidance is required to be applied on a retrospective basis, while the changes to guidance for insurance liabilities and DAC may be applied to existing carrying amounts on the effective date or on a retrospective basis.	January 1, 2022	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 is expected to 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 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 adoption of this new guidance will not have a material impact on the Company’s financial statements.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Year Ended December 31, 2019	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,263	$	288	$	(580	)	$	(301	)	$	670
Provision for income tax expense (benefit)	235		57		(126		)	(121		)	45
Post-tax adjusted earnings	1,028		231		(454		)	(180		)	625
Less: Net income (loss) attributable to noncontrolling interests	—		—		—			5			5
Less: Preferred stock dividends	—		—		—			21			21
Adjusted earnings	$	1,028	$	231	$	(454	)	$	(206	)	599
Adjustments for:
Net investment gains (losses)											112
Net derivative gains (losses)											(1,988		)
Other adjustments to net income (loss)											154
Provision for income tax (expense) benefit											362
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders											$	(761	)

Interest revenue	$	1,809	$	436	$	1,265		$	75
Interest expense	$	—	$	—	$	—		$	191



Balance at December 31, 2019	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total assets	$	156,965	$	21,876	$	35,112	$	13,306	$	227,259
Separate account assets	$	99,498	$	5,493	$	2,116	$	—	$	107,107
Separate account liabilities	$	99,498	$	5,493	$	2,116	$	—	$	107,107



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

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



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



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

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

Reconciliation of Revenue from Segments to Consolidated

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



	Years Ended December 31,
	2019			2018		2017
	(In millions)
Annuities	$	4,648		$	4,567	$	4,370
Life	1,328			1,389		1,315
Run-off	2,009			2,112		2,147
Corporate & Other	176			152		510
Adjustments	(1,607		)	745		(1,500		)
Total	$	6,554		$	8,965	$	6,842

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

The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product group:



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Annuity products	$	3,106	$	3,304	$	3,363
Life insurance products	1,709		1,827		1,822
Other products	36		1		227
Total	$	4,851	$	5,132	$	5,412

Insurance (Tables)

12 Months Ended

Dec. 31, 2019

Insurance [Abstract]

Insurance Liabilities

Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2019		2018
	(In millions)
Annuities	$	43,843	$	37,433
Life	8,960		8,785
Run-off	28,064		25,448
Corporate & Other	7,701		7,597
Total	$	88,568	$	79,263

Liabilities for Guarantees



	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
	(In millions)
Direct
Balance at January 1, 2017	$	1,124		$	2,335		$	3,540		$	6,999
Incurred guaranteed benefits	373			374			692			1,439
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2017	1,439			2,709			4,232			8,380
Incurred guaranteed benefits	186			365			484			1,035
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2018	1,567			3,074			4,716			9,357
Incurred guaranteed benefits	143			163			874			1,180
Paid guaranteed benefits	(90		)	—			—			(90		)
Balance at December 31, 2019	$	1,620		$	3,237		$	5,590		$	10,447
Net Ceded/(Assumed)
Balance at January 1, 2017	$	(27	)	$	20		$	1,105		$	1,098
Incurred guaranteed benefits	101			(20		)	(160		)	(79		)
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2017	18			—			945			963
Incurred guaranteed benefits	49			—			18			67
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2018	11			—			963			974
Incurred guaranteed benefits	86			—			120			206
Paid guaranteed benefits	(88		)	—			—			(88		)
Balance at December 31, 2019	$	9		$	—		$	1,083		$	1,092
Net
Balance at January 1, 2017	$	1,151		$	2,315		$	2,435		$	5,901
Incurred guaranteed benefits	272			394			852			1,518
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2017	1,421			2,709			3,287			7,417
Incurred guaranteed benefits	137			365			466			968
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2018	1,556			3,074			3,753			8,383
Incurred guaranteed benefits	57			163			754			974
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2019	$	1,611		$	3,237		$	4,507		$	9,355

Fund Groupings

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



	December 31,
	2019		2018
	(In millions)
Fund Groupings:
Balanced	$	64,134	$	60,040
Equity	29,036		25,344
Bond	8,467		8,339
Money Market	16		18
Total	$	101,653	$	93,741

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



	December 31,
	2019						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)	$	104,271		$	59,859		$	96,865		$	55,967
Separate account value	$	99,385		$	58,694		$	91,837		$	54,731
Net amount at risk	$	6,671	(4)	$	4,750	(5)	$	11,073	(4)	$	4,128	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	December 31,
	2019		2018
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,957	$	6,099
Net amount at risk (6)	$	71,124	$	73,131
Average attained age of policyholders	66 years		65 years

Variable Life Contracts
Total account value (3)	$	3,526	$	3,230
Net amount at risk (6)	$	21,325	$	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 for a discussion of guaranteed minimum benefits which have been reinsured.


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


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

(5)

(6)

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

12 Months Ended

Dec. 31, 2019

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

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
DAC:
Balance at January 1,	$	5,149		$	5,678		$	5,652
Capitalizations	369			322			260
Amortization related to net investment gains (losses) and net derivative gains (losses)	204			(384		)	258
All other amortization	(577		)	(560		)	(445		)
Total amortization	(373		)	(944		)	(187		)
Unrealized investment gains (losses)	(199		)	93			(47		)
Balance at December 31,	4,946			5,149			5,678
VOBA:
Balance at January 1,	568			608			641
Amortization related to net investment gains (losses) and net derivative gains (losses)	(1		)	(1		)	(9		)
All other amortization	(8		)	(105		)	(31		)
Total amortization	(9		)	(106		)	(40		)
Unrealized investment gains (losses)	(57		)	66			7
Balance at December 31,	502			568			608
Total DAC and VOBA:
Balance at December 31,	$	5,448		$	5,717		$	6,286

Deferred Policy Acquisition Costs

Information regarding DAC and VOBA was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
DAC:
Balance at January 1,	$	5,149		$	5,678		$	5,652
Capitalizations	369			322			260
Amortization related to net investment gains (losses) and net derivative gains (losses)	204			(384		)	258
All other amortization	(577		)	(560		)	(445		)
Total amortization	(373		)	(944		)	(187		)
Unrealized investment gains (losses)	(199		)	93			(47		)
Balance at December 31,	4,946			5,149			5,678
VOBA:
Balance at January 1,	568			608			641
Amortization related to net investment gains (losses) and net derivative gains (losses)	(1		)	(1		)	(9		)
All other amortization	(8		)	(105		)	(31		)
Total amortization	(9		)	(106		)	(40		)
Unrealized investment gains (losses)	(57		)	66			7
Balance at December 31,	502			568			608
Total DAC and VOBA:
Balance at December 31,	$	5,448		$	5,717		$	6,286

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

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



	December 31,
	2019		2018
	(In millions)
Annuities	$	4,327	$	4,550
Life	1,019		1,051
Run-off	5		5
Corporate & Other	97		111
Total	$	5,448	$	5,717

Deferred Sales Inducements

Information regarding other intangibles was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
DSI:
Balance at January 1,	$	410		$	431		$	445
Capitalization	2			2			2
Amortization	(38		)	(41		)	(5		)
Unrealized investment gains (losses)	5			18			(11		)
Balance at December 31,	$	379		$	410		$	431
VODA:
Balance at January 1,	$	91		$	105		$	120
Amortization	(13		)	(14		)	(15		)
Balance at December 31,	$	78		$	91		$	105
Accumulated amortization	$	182		$	169		$	155

Value of Distribution Agreements

Information regarding other intangibles was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
DSI:
Balance at January 1,	$	410		$	431		$	445
Capitalization	2			2			2
Amortization	(38		)	(41		)	(5		)
Unrealized investment gains (losses)	5			18			(11		)
Balance at December 31,	$	379		$	410		$	431
VODA:
Balance at January 1,	$	91		$	105		$	120
Amortization	(13		)	(14		)	(15		)
Balance at December 31,	$	78		$	91		$	105
Accumulated amortization	$	182		$	169		$	155

Estimated Future Amortization Expense

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



	VOBA		VODA
	(In millions)
2020	$	69	$	12
2021	$	61	$	10
2022	$	53	$	9
2023	$	46	$	8
2024	$	41	$	7

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2019

Effects of Reinsurance [Line Items]

Effect of reinsurance

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Premiums
Direct premiums	$	1,651		$	1,699		$	1,795
Reinsurance assumed	10			11			11
Reinsurance ceded	(779		)	(810		)	(943		)
Net premiums	$	882		$	900		$	863
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	4,048		$	4,296		$	4,430
Reinsurance assumed	72			95			96
Reinsurance ceded	(540		)	(556		)	(628		)
Net universal life and investment-type product policy fees	$	3,580		$	3,835		$	3,898
Other revenues
Direct other revenues	$	366		$	373		$	576
Reinsurance assumed	1			—			28
Reinsurance ceded	22			24			47
Net other revenues	$	389		$	397		$	651
Policyholder benefits and claims
Direct policyholder benefits and claims	$	5,441		$	4,891		$	5,228
Reinsurance assumed	36			32			31
Reinsurance ceded	(1,807		)	(1,651		)	(1,623		)
Net policyholder benefits and claims	$	3,670		$	3,272		$	3,636

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



	December 31,
	2019								2018
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	631	$	14	$	14,115	$	14,760	$	649	$	39	$	13,009	$	13,697
Liabilities
Policyholder account balances	$	43,154	$	2,617	$	—	$	45,771	$	38,696	$	1,358	$	—	$	40,054
Other policy-related balances	$	1,447	$	1,664	$	—	$	3,111	$	1,337	$	1,663	$	—	$	3,000
Other liabilities	$	4,106	$	32	$	1,098	$	5,236	$	3,545	$	33	$	707	$	4,285

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



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

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities AFS by Sector

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



	December 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:
U.S. corporate	$	28,375	$	2,852	$	67	$	—		$	31,160	$	24,312	$	830	$	669	$	—		$	24,473
Foreign corporate	9,177		741		74		—			9,844		8,183		159		316		—			8,026
RMBS	8,692		438		16		(4		)	9,118		8,428		246		129		(2		)	8,547
U.S. government and agency	5,529		1,869		2		—			7,396		7,944		1,263		112		—			9,095
CMBS	5,500		264		9		—			5,755		5,292		43		88		(1		)	5,248
State and political subdivision	3,358		701		2		—			4,057		3,200		412		15		—			3,597
ABS	1,945		21		11		—			1,955		2,135		13		22		—			2,126
Foreign government	1,503		250		2		—			1,751		1,426		102		32		—			1,496
Total fixed maturity securities	$	64,079	$	7,136	$	183	$	(4	)	$	71,036	$	60,920	$	3,068	$	1,383	$	(3	)	$	62,608

_______________

(1)

Noncredit OTTI losses included AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at December 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	$	1,747	$	6,943	$	12,694	$	26,558	$	16,137	$	64,079
Estimated fair value	$	1,757	$	7,169	$	13,564	$	31,718	$	16,828	$	71,036

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector



	December 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	$	2,017	$	44	$	326	$	23	$	10,584	$	470	$	2,328	$	199
Foreign corporate	576		12		561		62		3,982		203		774		113
RMBS	857		8		386		4		1,627		26		2,611		101
U.S. government and agency	40		2		—		—		412		8		1,543		104
CMBS	559		7		171		2		2,317		53		803		34
State and political subdivision	143		2		8		—		346		7		158		8
ABS	362		2		676		9		1,422		21		70		1
Foreign government	65		2		—		—		521		26		132		6
Total fixed maturity securities	$	4,619	$	79	$	2,128	$	100	$	21,211	$	814	$	8,419	$	566
Total number of securities in an unrealized loss position	720				302				3,027				1,028

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	December 31,
	2019					2018
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	9,721		61.7	%	$	8,529		62.3	%
Agricultural	3,388			21.5		2,946			21.5
Residential	2,708			17.2		2,276			16.6
Subtotal (1)	15,817			100.4		13,751			100.4
Valuation allowances (2)	(64		)	(0.4	)	(57		)	(0.4	)
Total mortgage loans, net	$	15,753		100.0	%	$	13,694		100.0	%

_______________


(1)	Purchases of mortgage loans from third parties were $962 million and $1.9 billion for the years ended December 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 residential mortgage loans was as follows at:



	December 31,
	2019				2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	2,671	98.6	%	$	2,240	98.4	%
Nonperforming	37		1.4		36		1.6
Total	$	2,708	100.0	%	$	2,276	100.0	%

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



	December 31,
	2019				2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	3,192	94.2	%	$	2,623	89.0	%
65% to 75%	195		5.7		322		10.9
76% to 80%	1		0.1		1		0.1
Total	$	3,388	100.0	%	$	2,946	100.0	%

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



	Recorded Investment										Estimated Fair Value		% of Total
	Debt-Service Coverage Ratios						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(Dollars in millions)
December 31, 2019
Loan-to-value ratios:
Less than 65%	$	8,326	$	272	$	158	$	8,756	90.1	%	$	9,170	90.3	%
65% to 75%	746		26		8		780		8.0		805		7.9
76% to 80%	185		—		—		185		1.9		184		1.8
Total	$	9,257	$	298	$	166	$	9,721	100.0	%	$	10,159	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	%

Net Unrealized Investment Gains (Losses)

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Fixed maturity securities	$	6,957		$	1,691		$	4,808
Equity securities	—			—			39
Derivatives	245			264			239
Other	(13		)	(13		)	(8		)
Subtotal	7,189			1,942			5,078
Amounts allocated from:
Future policy benefits	(2,692		)	(886		)	(2,626		)
DAC, VOBA and DSI	(341		)	(90		)	(267		)
Subtotal	(3,033		)	(976		)	(2,893		)
Deferred income tax benefit (expense)	(873		)	(203		)	(459		)
Net unrealized investment gains (losses)	$	3,283		$	763		$	1,726

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Balance, December 31,	$	763		$	1,726		$	1,312
Unrealized investment gains (losses) change due to cumulative effect, net of income tax	—			(79		)	—
Balance at January 1,	763			1,647			1,312
Unrealized investment gains (losses) during the year	5,247			(3,057		)	2,036
Unrealized investment gains (losses) relating to:
Future policy benefits	(1,806		)	1,740			(1,824		)
DAC, VOBA and DSI	(251		)	177			(51		)
Deferred income tax benefit (expense)	(670		)	256			253
Balance at December 31,	$	3,283		$	763		$	1,726
Change in net unrealized investment gains (losses)	$	2,520		$	(884	)	$	414

Securities Lending

Elements of the securities lending program are presented below at:



	December 31,
	2019		2018
	(In millions)
Securities on loan: (1)
Amortized cost	$	2,031	$	3,056
Estimated fair value	$	2,996	$	3,628
Cash collateral received from counterparties (2)	$	3,074	$	3,646
Security collateral received from counterparties (3)	$	—	$	55
Reinvestment portfolio — estimated fair value	$	3,174	$	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:



	December 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	$	1,279	$	1,094	$	701	$	3,074	$	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:



	December 31,
	2019		2018
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	9,349	$	8,176
Invested assets held in trust (reinsurance agreements) (2)	4,561		3,455
Invested assets pledged as collateral (3)	3,641		3,341
Total invested assets on deposit, held in trust and pledged as collateral	$	17,551	$	14,972

_______________


(1)	The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $69 million and $55 million of the assets on deposit balance represents restricted cash at December 31, 2019 and 2018, respectively.


(2)	The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $124 million and $87 million of the assets held in trust balance represents restricted cash at December 31, 2019 and 2018, respectively.

(3)

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

Variable Interest Entities

The carrying amount and maximum exposure to loss related to the VIEs in which the Company concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:



	December 31,
	2019				2018
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,094	$	12,454	$	13,099	$	13,099
Limited partnerships and LLCs	1,907		3,080		1,756		3,145
Total	$	15,001	$	15,534	$	14,855	$	16,244

Components of Net Investment Income

The components of net investment income were as follows:



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Investment income:
Fixed maturity securities	$	2,673	$	2,565	$	2,420
Equity securities	8		7		9
Mortgage loans	680		543		454
Policy loans	67		85		73
Limited partnerships and LLCs (1)	220		258		237
Cash, cash equivalents and short-term investments	93		35		35
Other	41		41		28
Subtotal	3,782		3,534		3,256
Less: Investment expenses	203		196		178
Net investment income	$	3,579	$	3,338	$	3,078

_______________

(1)

Includes net investment income pertaining to other limited partnership interests of $181 million, $211 million and $184 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Components of Net Investment Gains (Losses)

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Fixed maturity securities	$	106		$	(180	)	$	(26	)
Equity securities	17			(16		)	22
Mortgage loans	(10		)	(13		)	(9		)
Limited partnerships and LLCs	7			40			(7		)
Other	(8		)	(38		)	(8		)
Total net investment gains (losses)	$	112		$	(207	)	$	(28	)

Sales or Disposals of Fixed Maturity Securities

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Proceeds	$	9,259		$	11,251		$	12,665
Gross investment gains	$	257		$	102		$	59
Gross investment losses	(151		)	(282		)	(85		)
Net investment gains (losses)	$	106		$	(180	)	$	(26	)

Derivatives (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments in Statement of Financial Position, Fair Value [Table Text Block]

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



		December 31,
		2019						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:
Interest rate forwards	Interest rate	$	420	$	22	$	—	$	—	$	—	$	—
Foreign currency swaps	Foreign currency exchange rate	2,765		190		27		2,524		211		30
Total qualifying hedges		3,185		212		27		2,524		211		30
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	7,559		878		29		10,747		528		558
Interest rate caps	Interest rate	3,350		2		—		3,350		21		—
Interest rate futures	Interest rate	—		—		—		54		—		—
Interest rate options	Interest rate	29,750		782		187		17,168		168		61
Interest rate forwards	Interest rate	5,418		94		114		—		—		—
Foreign currency swaps	Foreign currency exchange rate	1,051		96		15		1,409		101		18
Foreign currency forwards	Foreign currency exchange rate	138		—		1		125		—		—
Credit default swaps — purchased	Credit	18		—		—		98		3		—
Credit default swaps — written	Credit	1,635		36		—		1,820		14		3
Equity futures	Equity market	—		—		—		169		—		—
Equity index options	Equity market	51,509		850		1,728		45,815		1,372		1,207
Equity variance swaps	Equity market	2,136		69		69		5,574		80		232
Equity total return swaps	Equity market	7,723		2		367		3,920		280		3
Total non-designated or non-qualifying derivatives		110,287		2,809		2,510		90,249		2,567		2,082
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		217		—		N/A		228		—
Direct index-linked annuities	Other	N/A		—		2,253		N/A		—		488
Direct guaranteed minimum benefits	Other	N/A		—		1,656		N/A		—		1,642
Assumed index-linked annuities	Other	N/A		—		339		N/A		—		96
Total embedded derivatives		N/A		217		4,248		N/A		228		2,226
Total		$	113,472	$	3,238	$	6,785	$	92,773	$	3,006	$	4,338

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



	Year Ended December 31, 2019
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate derivatives	$	32		$	—		$	2	$	—	$	25
Foreign currency exchange rate derivatives	25			(29		)	34		—		15
Total cash flow hedges	57			(29		)	36		—		40
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	1,589			—			—		—		—
Foreign currency exchange rate derivatives	22			(3		)	—		—		—
Credit derivatives	44			—			—		—		—
Equity derivatives	(2,476		)	—			—		—		—
Embedded derivatives	(1,192		)	—			—		—		—
Total non-qualifying hedges	(2,013		)	(3		)	—		—		—
Total	$	(1,956	)	$	(32	)	$	36	$	—	$	40



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Policyholder Benefits and Claims			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate derivatives	$	(12	)	$	12		$	1	$	—		$	—
Total fair value hedges	(12		)	12			1		—			—
Cash flow hedges:
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	27		—			164
Total cash flow hedges	129			(2		)	32		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(658		)	—			—		—			—
Foreign currency exchange rate derivatives	82			(8		)	—		—			—
Credit derivatives	(7		)	—			—		—			—
Equity derivatives	632			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	583			(8		)	—		(8		)	—
Total	$	700		$	2		$	33	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income			Policyholder Benefits and Claims			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate derivatives	$	2		$	(2	)	$	2		$	—		$	—
Total fair value hedges	2			(2		)	2			—			—
Cash flow hedges:
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	21			—			(160		)
Total cash flow hedges	12			(9		)	27			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(57		)	—			—			10			—
Foreign currency exchange rate derivatives	(84		)	(33		)	—			—			—
Credit derivatives	34			—			—			—			—
Equity derivatives	(2,565		)	—			(1		)	(335		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,590		)	(33		)	(1		)	(341		)	—
Total	$	(1,576	)	$	(44	)	$	28		$	(341	)	$	(157	)

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



	Year Ended December 31, 2019
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate derivatives	$	32		$	—		$	2	$	—	$	25
Foreign currency exchange rate derivatives	25			(29		)	34		—		15
Total cash flow hedges	57			(29		)	36		—		40
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	1,589			—			—		—		—
Foreign currency exchange rate derivatives	22			(3		)	—		—		—
Credit derivatives	44			—			—		—		—
Equity derivatives	(2,476		)	—			—		—		—
Embedded derivatives	(1,192		)	—			—		—		—
Total non-qualifying hedges	(2,013		)	(3		)	—		—		—
Total	$	(1,956	)	$	(32	)	$	36	$	—	$	40



	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Policyholder Benefits and Claims			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate derivatives	$	(12	)	$	12		$	1	$	—		$	—
Total fair value hedges	(12		)	12			1		—			—
Cash flow hedges:
Interest rate derivatives	129			(1		)	5		—			(5		)
Foreign currency exchange rate derivatives	—			(1		)	27		—			164
Total cash flow hedges	129			(2		)	32		—			159
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(658		)	—			—		—			—
Foreign currency exchange rate derivatives	82			(8		)	—		—			—
Credit derivatives	(7		)	—			—		—			—
Equity derivatives	632			—			—		—			—
Embedded derivatives	534			—			—		(8		)	—
Total non-qualifying hedges	583			(8		)	—		(8		)	—
Total	$	700		$	2		$	33	$	(8	)	$	159



	Year Ended December 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income			Policyholder Benefits and Claims			Amount of Gains (Losses) deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate derivatives	$	2		$	(2	)	$	2		$	—		$	—
Total fair value hedges	2			(2		)	2			—			—
Cash flow hedges:
Interest rate derivatives	2			—			6			—			3
Foreign currency exchange rate derivatives	10			(9		)	21			—			(160		)
Total cash flow hedges	12			(9		)	27			—			(157		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(57		)	—			—			10			—
Foreign currency exchange rate derivatives	(84		)	(33		)	—			—			—
Credit derivatives	34			—			—			—			—
Equity derivatives	(2,565		)	—			(1		)	(335		)	—
Embedded derivatives	1,082			—			—			(16		)	—
Total non-qualifying hedges	(1,590		)	(33		)	(1		)	(341		)	—
Total	$	(1,576	)	$	(44	)	$	28		$	(341	)	$	(157	)

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

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



	December 31,
	2019					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	$	11	$	615	2.5	$	8	$	689	2.0
Baa	25		1,020		5.1	3		1,131		5.0
Total	$	36	$	1,635	4.1	$	11	$	1,820	3.9

_______________


(1)	The Company has written credit protection on both single name and index references. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s, S&P and Fitch. 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.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral [Table Text block]

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



			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)			Collateral Received/Pledged (2)			Net Amount		Securities Collateral Received/Pledged (3)			Net Amount After Securities Collateral
	(In millions)
December 31, 2019
Derivative assets	$	3,062	$	(1,458	)	$	(1,115	)	$	489	$	(488	)	$	1
Derivative liabilities	$	2,522	$	(1,458	)	$	—		$	1,064	$	(1,061	)	$	3
December 31, 2018
Derivative assets	$	2,833	$	(1,671	)	$	(1,062	)	$	100	$	(86	)	$	14
Derivative liabilities	$	2,104	$	(1,671	)	$	—		$	433	$	(433	)	$	—

_______________


(1)	Represents amounts subject to an enforceable master netting agreement or similar agreement.


(2)	The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.


(3)	Securities collateral received by the Company is not recorded on the balance sheet. Amounts do not include excess of collateral pledged or received.

Schedule of Derivative Instruments [Table Text Block]



	December 31,
	2019		2018
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,064	$	433
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	1,473	$	797

_______________


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

(2)

- 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.

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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	December 31, 2019
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	30,831	$	329	$	31,160
Foreign corporate	—		9,712		132		9,844
RMBS	—		9,074		44		9,118
U.S. government and agency	1,636		5,760		—		7,396
CMBS	—		5,755		—		5,755
State and political subdivision	—		3,984		73		4,057
ABS	—		1,882		73		1,955
Foreign government	—		1,751		—		1,751
Total fixed maturity securities	1,636		68,749		651		71,036
Equity securities	14		125		8		147
Short-term investments	1,271		682		5		1,958
Derivative assets: (1)
Interest rate	—		1,778		—		1,778
Foreign currency exchange rate	—		281		5		286
Credit	—		25		11		36
Equity market	—		850		71		921
Total derivative assets	—		2,934		87		3,021
Embedded derivatives within asset host contracts (2)	—		—		217		217
Separate account assets	180		106,924		3		107,107
Total assets	$	3,101	$	179,414	$	971	$	183,486
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	330	$	—	$	330
Foreign currency exchange rate	—		43		—		43
Equity market	—		2,093		71		2,164
Total derivative liabilities	—		2,466		71		2,537
Embedded derivatives within liability host contracts (2)	—		—		4,248		4,248
Total liabilities	$	—	$	2,466	$	4,319	$	6,785



	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
Foreign corporate	—		7,617		409		8,026
RMBS	—		8,541		6		8,547
U.S. government and agency	2,722		6,373		—		9,095
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.

(2)

Fair Value Inputs, Quantitative Information



					December 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%	-	11.31%	Decrease (1)
			•	Lapse rates	0.25%	-	16.00%	0.25%	-	16.00%	Decrease (2)
			•	Utilization rates	0.00%	-	25.00%	0.00%	-	25.00%	Increase (3)
			•	Withdrawal rates	0.25%	-	10.00%	0.25%	-	10.00%	(4)
			•	Long-term equity volatilities	16.24%	-	21.65%	16.50%	-	22.00%	Increase (5)
			•	Nonperformance risk spread	0.54%	-	1.99%	1.91%	-	2.66%	Decrease (6)

_______________


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

(2)

(3)

(4)


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

(6)

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

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			State and Political Subdivision			Foreign Government			Equity Securities			Short-term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Balance, January 1, 2018	$	1,997		$	1,230		$	—		$	5		$	124		$	14		$	(279	)	$	(1,660	)	$	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			2			1			—			—			—			152			526			—
Total realized/unrealized gains (losses) included in AOCI	(33		)	(6		)	(1		)	—			—			—			9			—			—
Purchases (7)	71			42			—			—			1			—			3			—			1
Sales (7)	(197		)	(91		)	(1		)	(5		)	(3		)	(14		)	(7		)	—			(1		)
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			—			(864		)	(1		)
Transfers into Level 3 (8)	418			8			75			—			—			—			—			—			—
Transfers out of Level 3 (8)	(1,525		)	(1,012		)	—			—			(119		)	—			—			—			(3		)
Balance, December 31, 2018	732			173			74			—			3			—			(122		)	(1,998		)	1
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			1			1			—			—			—			(12		)	(1,192		)	—
Total realized/unrealized gains (losses) included in AOCI	15			2			(1		)	—			—			—			(1		)	—			—
Purchases (7)	342			69			—			—			5			5			—			—			3
Sales (7)	(150		)	(25		)	(1		)	—			—			—			—			—			—
Issuances (7)	—			—			—			—			—			—			—			—			—
Settlements (7)	—			—			—			—			—			—			155			(841		)	—
Transfers into Level 3 (8)	24			42			—			—			—			—			—			—			—
Transfers out of Level 3 (8)	(502		)	(145		)	—			—			—			—			(4		)	—			(1		)
Balance, December 31, 2019	$	461		$	117		$	73		$	—		$	8		$	5		$	16		$	(4,031	)	$	3
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2017: (9)	$	1		$	23		$	—		$	—		$	—		$	—		$	(52	)	$	966		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018: (9)	$	(2	)	$	—		$	1		$	—		$	1		$	—		$	148		$	395		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019: (9)	$	—		$	—		$	1		$	—		$	—		$	—		$	(10	)	$	(1,450	)	$	—
Gains (Losses) Data for the year ended December 31, 2017:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(3	)	$	28		$	—		$	—		$	(3	)	$	—		$	92		$	1,078		$	—
Total realized/unrealized gains (losses) included in AOCI	$	131		$	52		$	—		$	—		$	—		$	—		$	—		$	—		$	—

_______________


(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)

Fair Value of Financial Instruments Carried at Other Than Fair Value

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



	December 31, 2019
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	15,753	$	—	$	—	$	16,383	$	16,383
Policy loans	$	1,292	$	—	$	516	$	1,062	$	1,578
Other invested assets	$	51	$	—	$	39	$	12	$	51
Premiums, reinsurance and other receivables	$	2,224	$	—	$	41	$	2,593	$	2,634
Liabilities
Policyholder account balances	$	15,614	$	—	$	—	$	15,710	$	15,710
Long-term debt	$	4,365	$	—	$	3,334	$	1,000	$	4,334
Other liabilities	$	846	$	—	$	191	$	655	$	846
Separate account liabilities	$	1,189	$	—	$	1,189	$	—	$	1,189



	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

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt outstanding was as follows:



			December 31,
	Interest Rate	Maturity	2019		2018
			(In millions)
Senior notes (1)	3.700%	2027	$	1,492	$	1,490
Senior notes (1)	4.700%	2047	1,478		1,478
Term loans	LIBOR plus 1.5%	2024	1,000		600
Junior subordinated debentures (1)	6.250%	2058	363		361
Other long-term debt (2)	7.028%	2030	32		34
Total long-term debt			$	4,365	$	3,963

_______________


(1)	Includes unamortized debt issuance costs and debt discount totaling $42 million and $46 million for the senior notes due 2027 and 2047 and junior subordinated debentures due 2058 on a combined basis at December 31, 2019 and 2018, respectively.

(2)

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

- Definition

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

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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

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+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Preferred Stock Dividends Declared

The declaration, record and payment dates, as well as per share and aggregate dividend amounts for the Series A Preferred Stock for the year ended December 31, 2019 were as follows:



Declaration Date	Record Date	Payment Date	Per Share		Aggregate
			(In millions, except per share data)
November 15, 2019	December 10, 2019	December 26, 2019	$	412.50	$	7
August 15, 2019	September 10, 2019	September 25, 2019	412.50		7
May 15, 2019	June 10, 2019	June 25, 2019	412.50		7
			$	1,237.50	$	21

Schedule of Common Stock

The following table presents the rollforward of common shares outstanding:



	2019		2018		2017
Shares outstanding at beginning of year	117,532,336		119,773,106		100,000
Shares issued (1)	199,853		674,912		119,673,106
Shares repurchased (2)	(11,704,888	)	(2,915,682	)	—
Shares outstanding at end of year	106,027,301		117,532,336		119,773,106

_______________


(1)	On August 4, 2017, BHF issued 119,673,106 shares of common stock to MetLife, Inc.

(2)

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

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

The following table presents the weighted average assumptions used to determine the grant-date fair value of stock options that BHF has granted:



	Year Ended December 31, 2018 (1)
Risk-free rate of return	2.93%
Expected volatility	25.00%
Expected option life, years	5.8
Weighted average exercise price of stock options granted	$53.47
Weighted average fair value of stock options granted	$12.54

_______________

(1)

There were no stock options granted during the year ended December 31, 2019.

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]

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



	RSUs				PSUs
	Units		Weighted Average Grant-Date Fair Value		Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2019	313,685		$	47.90	66,369		$	48.10
Granted	453,152		$	38.81	190,993		$	38.97
Forfeited	(47,667	)	$	44.09	(4,182	)	$	48.10
Paid	(130,441	)	$	47.63	—		$	—
Outstanding at December 31, 2019	588,729		$	41.27	253,180		$	41.21
Vested at December 31, 2019	—		$	—	—		$	—

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

The following table presents total share-based compensation expense:



	Years Ended December 31,
	2019		2018
	(In millions)
Restricted stock units, Founders’ Grant	$	—	$	31
Restricted stock units	$	15	$	7
Stock options	$	1	$	1
Performance share units	$	4	$	—
Employee stock purchase plan	$	1	$	1

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

Statutory capital and surplus was as follows at:



	December 31,
Company	2019		2018
	(In millions)
Brighthouse Life Insurance Company	$	8,746	$	6,731
New England Life Insurance Company	$	116	$	213

Statutory net income (loss) was as follows:



		Years Ended December 31,
Company	State of Domicile	2019		2018			2017
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	1,074	$	(1,104	)	$	(425	)
New England Life Insurance Company	Massachusetts	$	61	$	130		$	68

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



	2020		2019		2018		2017
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	2,066	$	—	$	—	$	—
New England Life Insurance Company (3)	$	61	$	131	$	400	$	106

______________


(1)	Reflects dividend amounts that may be paid during 2020 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2020, some or all of such dividends may require regulatory approval. See Note 18.


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

(3)

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

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

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



	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance at December 31, 2016	$	1,044		$	268		$	(31	)	$	(16	)	$	1,265
OCI before reclassifications	276			(157		)	10			(19		)	110
Deferred income tax benefit (expense)	(94		)	55			(3		)	14			(28		)
AOCI before reclassifications, net of income tax	1,226			166			(24		)	(21		)	1,347
Amounts reclassified from AOCI	60			(18		)	—			—			42
Deferred income tax benefit (expense) (2)	286			6			—			(5		)	287
Amounts reclassified from AOCI, net of income tax	346			(12		)	—			(5		)	329
Balance at December 31, 2017	1,572			154			(24		)	(26		)	1,676
Cumulative effect of change in accounting principle and other, net of income tax	(79		)	—			—			—			(79		)
Balance, January 1, 2018	1,493			154			(24		)	(26		)	1,597
OCI before reclassifications	(1,346		)	159			(4		)	6			(1,185		)
Deferred income tax benefit (expense)	287			48			1			(1		)	335
AOCI before reclassifications, net of income tax	434			361			(27		)	(21		)	747
Amounts reclassified from AOCI	181			(134		)	—			1			48
Deferred income tax benefit (expense)	(39		)	(40		)	—			—			(79		)
Amounts reclassified from AOCI, net of income tax	142			(174		)	—			1			(31		)
Balance at December 31, 2018	576			187			(27		)	(20		)	716
OCI before reclassifications	3,285			40			12			(10		)	3,327
Deferred income tax benefit (expense)	(690		)	(8		)	—			2			(696		)
AOCI before reclassifications, net of income tax	3,171			219			(15		)	(28		)	3,347
Amounts reclassified from AOCI	(76		)	(59		)	—			—			(135		)
Deferred income tax benefit (expense)	16			12			—			—			28
Amounts reclassified from AOCI, net of income tax	(60		)	(47		)	—			—			(107		)
Balance at December 31, 2019	$	3,111		$	172		$	(15	)	$	(28	)	$	3,240

_______________


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


(2)	Includes the $306 million and ($5) million impacts of the Tax Cuts and Job Act (the “Tax Act”) related to unrealized investments gains (losses), net of related offsets and defined benefit plans adjustment, respectively.

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

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



AOCI Components	Amounts Reclassified from AOCI									Consolidated Statements of Operations Locations
	Years Ended December 31,
	2019			2018			2017
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	113		$	(180	)	$	(15	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			1			3			Net investment income
Net unrealized investment gains (losses)	(37		)	(2		)	(48		)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	76			(181		)	(60		)
Income tax (expense) benefit	(16		)	39			(286		)
Net unrealized investment gains (losses), net of income tax	60			(142		)	(346		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	32			98			—			Net derivative gains (losses)
Interest rate swaps	2			3			3			Net investment income
Interest rate forwards	—			31			2			Net derivative gains (losses)
Interest rate forwards	—			2			3			Net investment income
Foreign currency swaps	25			—			10			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	59			134			18
Income tax (expense) benefit	(12		)	40			(6		)
Gains (losses) on cash flow hedges, net of income tax	47			174			12

Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	—			(1		)	—
Amortization of defined benefit plan items, before income tax	—			(1		)	—
Income tax (expense) benefit	—			—			5
Amortization of defined benefit plan items, net of income tax	—			(1		)	5
Total reclassifications, net of income tax	$	107		$	31		$	(329	)

- Definition

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

+ References

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+ Details

- Definition

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

+ References + Details

Other Revenues and Other Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Compensation	$	333	$	289	$	287
Contracted services and other labor costs	287		245		176
Transition services agreements	245		279		306
Establishment costs	118		239		162
Premium and other taxes, licenses and fees	48		68		64
Separate account fees	488		524		466
Volume related costs, excluding compensation, net of DAC capitalization	636		628		711
Interest expense on debt	191		158		153
Other	145		145		158
Total other expenses	$	2,491	$	2,575	$	2,483

Income Tax (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision for income tax from continuing operations

The provision for income tax was as follows:



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Current:
Federal	$	(36	)	$	(166	)	$	406
State and local	4			—			6
Foreign	—			—			18
Subtotal	(32		)	(166		)	430
Deferred:
Federal	(285		)	285			(667		)
State and local	—			—			—
Foreign	—			—			—
Subtotal	(285		)	285			(667		)
Provision for income tax expense (benefit)	$	(317	)	$	119		$	(237	)

Income tax for continuing operations effective rate reconciliation

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



	Years Ended December 31,
	2019			2018			2017
	(In millions)
Tax provision at statutory rate	$	(221	)	$	207		$	(215	)
Tax effect of:
Excess loss account - Separation from MetLife (1)	—			(2		)	1,088
Rate revaluation due to tax reform (2)	—			—			(803		)
Sale of subsidiaries	—			—			(138		)
Dividend received deduction (3)	(42		)	(44		)	(130		)
Other tax credits	(31		)	(25		)	(30		)
Release of valuation allowance	—			(11		)	—
Other, net	(23		)	(6		)	(9		)
Provision for income tax expense (benefit)	$	(317	)	$	119		$	(237	)
Effective tax rate	30		%	12		%	39		%

_______________


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

(2)

(3)

Components of deferred tax assets and liabilities



	December 31,
	2019			2018
	(In millions)
Deferred income tax assets:
Tax credit carryforwards	$	106		$	58
Net operating loss carryforwards	1,087			1,052
Employee benefits	17			7
Intangibles	93			159
Investments, including derivatives (1)	260			120
Other	15			—
Total net deferred income tax assets	1,578			1,396
Deferred income tax liabilities:
Policyholder liabilities and receivables (1)	1,277			1,379
Net unrealized investment gains	871			202
DAC	785			761
Other	—			26
Total deferred income tax liabilities	2,933			2,368
Net deferred income tax asset (liability)	$	(1,355	)	$	(972	)

_______________

(1)

Summary of Operating Loss Carryforwards [Table Text Block]

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2019.



	Net Operating Loss Carryforwards
	(In millions)
Expiration
2034-2038	$	3,059
Indefinite	2,119
	$	5,178

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2019.



	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2020-2024	$	—	$	18
2025-2029	—		71
2030-2034	—		—
2035-2039	17		—
Indefinite	—		—
	$	17	$	89

Reconciliation of unrecognized tax benefits

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



	Years Ended December 31,
	2019		2018		2017
	(In millions)
Balance at January 1,	$	35	$	23	$	58
Additions for tax positions of prior years	—		12		—
Reductions for tax positions of prior years	—		—		(4		)
Additions for tax positions of current year	—		—		3
Reductions for tax positions of current year	—		—		(2		)
Settlements with tax authorities	—		—		(32		)
Balance at December 31,	$	35	$	35	$	23
Unrecognized tax benefits that, if recognized would impact the effective rate	$	35	$	35	$	23

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

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



	Years Ended December 31,
	2019			2018		2017
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(761	)	$	865	$	(378	)

Weighted average common shares outstanding — basic	112,508,650			119,386,280		119,773,106
Dilutive effect of share-based awards	—			441,198		—
Weighted average common shares outstanding — diluted	112,508,650			119,827,478		119,773,106

Earnings per common share:
Basic	$	(6.76	)	$	7.24	$	(3.16	)
Diluted	$	(6.76	)	$	7.21	$	(3.16	)

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

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



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

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for 2019 and 2018 are summarized in the table below:



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(In millions, except per share data)
2019
Total revenues	$	691		$	2,370		$	3,187		$	306
Total expenses	$	1,644		$	1,901		$	2,383		$	1,678
Net income (loss)	$	(735	)	$	384		$	685		$	(1,069	)
Less: Net Income (loss) attributable to noncontrolling interests	$	2		$	—		$	2		$	1
Net income (loss) attributable to Brighthouse Financial, Inc.	$	(737	)	$	384		$	683		$	(1,070	)
Less: Preferred stock dividends	$	—		$	7		$	7		$	7
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(737	)	$	377		$	676		$	(1,077	)
Basic earnings per common share (1)	$	(6.31	)	$	3.28		$	6.09		$	(10.02	)
Diluted earnings per common share (1)	$	(6.31	)	$	3.27		$	6.06		$	(10.02	)
2018
Total revenues	$	1,815		$	1,702		$	1,422		$	4,026
Total expenses	$	1,928		$	2,019		$	1,790		$	2,239
Net income (loss)	$	(65	)	$	(238	)	$	(269	)	$	1,442
Less: Net Income (loss) attributable to noncontrolling interests	$	2		$	1		$	2		$	—
Net income (loss) attributable to Brighthouse Financial, Inc.	$	(67	)	$	(239	)	$	(271	)	$	1,442
Less: Preferred stock dividends	$	—		$	—		$	—		$	—
Net Income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(67	)	$	(239	)	$	(271	)	$	1,442
Basic earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.18
Diluted earnings per common share (1)	$	(0.56	)	$	(2.01	)	$	(2.26	)	$	12.14

_______________

(1)

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

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - Segment		12 Months Ended
	Aug. 04, 2017	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments		3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, shares distributed, percentage	80.80%
Common stock, shares retained by parent, percentage	19.20%
Distribution Rights [Member] \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life		10 years
Distribution Rights [Member] \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life		40 years

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									$ (1,052)	$ 989	$ (615)
Provision for income tax expense (benefit)									(317)	119	(237)
Post-tax adjusted earnings	$ (1,069)	$ 685	$ 384	$ (735)	$ 1,442	$ (269)	$ (238)	$ (65)	(735)	870	(378)
Less: Net income (loss) attributable to noncontrolling interests	1	2	0	2	0	2	1	2	5	5	0
Less: Preferred stock dividends	7	7	7	0	0	0	0	0	21	0	0
Net investment gains (losses)									112	(207)	(28)
Net derivative gains (losses)									(1,988)	702	(1,620)
Other adjustments to net income (loss)									389	397	651
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders	$ (1,077)	$ 676	$ 377	$ (737)	$ 1,442	$ (271)	$ (239)	$ (67)	(761)	865	(378)
Annuities
Segment Reporting Information [Line Items]
Interest revenue									1,809	1,536	1,277
Interest expense									0	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue									436	449	342
Interest expense									0	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue									1,265	1,310	1,399
Interest expense									0	0	23
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue									75	57	192
Interest expense									191	158	132
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									670	1,030	1,597
Provision for income tax expense (benefit)									45	133	677
Post-tax adjusted earnings									625	897	920
Less: Net income (loss) attributable to noncontrolling interests									5	5	0
Less: Preferred stock dividends									21	0	0
Adjusted earnings									599	892	920
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									1,263	1,233	1,386
Provision for income tax expense (benefit)									235	210	369
Post-tax adjusted earnings									1,028	1,023	1,017
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Less: Preferred stock dividends									0	0	0
Adjusted earnings									1,028	1,023	1,017
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									288	285	7
Provision for income tax expense (benefit)									57	57	(9)
Post-tax adjusted earnings									231	228	16
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Less: Preferred stock dividends									0	0	0
Adjusted earnings									231	228	16
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									(580)	(57)	147
Provision for income tax expense (benefit)									(126)	(14)	43
Post-tax adjusted earnings									(454)	(43)	104
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Less: Preferred stock dividends									0	0	0
Adjusted earnings									(454)	(43)	104
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									(301)	(431)	57
Provision for income tax expense (benefit)									(121)	(120)	274
Post-tax adjusted earnings									(180)	(311)	(217)
Less: Net income (loss) attributable to noncontrolling interests									5	5	0
Less: Preferred stock dividends									21	0	0
Adjusted earnings									(206)	(316)	(217)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)									362	14	914
Net investment gains (losses)									112	(207)	(28)
Net derivative gains (losses)									(1,988)	702	(1,620)
Other adjustments to net income (loss)									$ 154	$ (536)	$ (564)

Segment Information (Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 227,259	$ 206,294
Separate account assets	107,107	98,256
Separate account liabilities	107,107	98,256
Annuities
Segment Reporting Information [Line Items]
Total assets	156,965	141,489
Separate account assets	99,498	91,922
Separate account liabilities	99,498	91,922
Life
Segment Reporting Information [Line Items]
Total assets	21,876	20,449
Separate account assets	5,493	4,679
Separate account liabilities	5,493	4,679
Run-off
Segment Reporting Information [Line Items]
Total assets	35,112	32,393
Separate account assets	2,116	1,655
Separate account liabilities	2,116	1,655
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	13,306	11,963
Separate account assets	0	0
Separate account liabilities	$ 0	$ 0

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 306	$ 3,187	$ 2,370	$ 691	$ 4,026	$ 1,422	$ 1,702	$ 1,815	$ 6,554	$ 8,965	$ 6,842
Annuities
Segment Reporting Information [Line Items]
Total revenues									4,648	4,567	4,370
Life
Segment Reporting Information [Line Items]
Total revenues									1,328	1,389	1,315
Run-off
Segment Reporting Information [Line Items]
Total revenues									2,009	2,112	2,147
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues									176	152	510
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues									$ (1,607)	$ 745	$ (1,500)

Segment Information (Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Major Product Group) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 4,851	$ 5,132	$ 5,412
Annuity products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	3,106	3,304	3,363
Life insurance products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	1,709	1,827	1,822
Other products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 36	$ 1	$ 227

Segment Information (Narrative) (Details)	12 Months Ended
Segment Information (Narrative) (Details)	Dec. 31, 2019 Segment
Segment Reporting [Abstract]
Number of segments	3

Insurance (Insurance Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	$ 88,568	$ 79,263
Annuities
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	43,843	37,433
Life
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	8,960	8,785
Run-off
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	28,064	25,448
Corporate & Other
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	$ 7,701	$ 7,597

Insurance (Guarantees) (Details) - USD ($) $ in Millions	12 Months Ended
Insurance (Guarantees) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	$ 9,357	$ 8,380	$ 6,999
Incurred guaranteed benefits	1,180	1,035	1,439
Paid guaranteed benefits	(90)	(58)	(58)
Balance at December 31,	10,447	9,357	8,380
Variable Annuity Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	1,567	1,439	1,124
Incurred guaranteed benefits	143	186	373
Paid guaranteed benefits	(90)	(58)	(58)
Balance at December 31,	1,620	1,567	1,439
Variable Annuity Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	3,074	2,709	2,335
Incurred guaranteed benefits	163	365	374
Paid guaranteed benefits	0	0	0
Balance at December 31,	3,237	3,074	2,709
Universal and Variable Life Contracts \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	4,716	4,232	3,540
Incurred guaranteed benefits	874	484	692
Paid guaranteed benefits	0	0	0
Balance at December 31,	5,590	4,716	4,232
Net Ceded and Assumed Liabilities For Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(88)	(56)	(56)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1,092	974	963	$ 1,098
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	206	67	(79)
Net Ceded and Assumed Liabilities For Guarantees \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1,083	963	945	1,105
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	120	18	(160)
Net Ceded and Assumed Liabilities For Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(88)	(56)	(56)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	9	11	18	(27)
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	86	49	101
Net Ceded and Assumed Liabilities For Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	0	0	0	20
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	0	0	(20)
Net Liabilities For Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	974	968	1,518
Paid guaranteed benefits	(2)	(2)	(2)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	9,355	8,383	7,417	5,901
Net Liabilities For Guarantees \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	754	466	852
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	4,507	3,753	3,287	2,435
Net Liabilities For Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	57	137	272
Paid guaranteed benefits	(2)	(2)	(2)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1,611	1,556	1,421	1,151
Net Liabilities For Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	163	365	394
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	$ 3,237	$ 3,074	$ 2,709	$ 2,315

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 104,271	$ 96,865
Separate account value	99,385	91,837
Net amount at risk	$ 6,671	$ 11,073
Average attained age of contractholders	68 years	68 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 59,859	$ 55,967
Separate account value	58,694	54,731
Net amount at risk	$ 4,750	$ 4,128
Average attained age of contractholders	68 years	68 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Universal Life [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount At Risk By Product And Guarantee General And Separate Account Value	$ 5,957	$ 6,099
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	$ 71,124	$ 73,131
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age	66 years	65 years
Variable Life [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Net Amount At Risk By Product And Guarantee General And Separate Account Value	$ 3,526	$ 3,230
Net Amount at Risk by Product and Guarantee, Net Amount at Risk	$ 21,325	$ 23,004
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age	50 years	50 years

Insurance (Fund Groupings) (Details) - Variable Annuity and Variable Life - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	$ 101,653	$ 93,741
Balanced
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	64,134	60,040
Equity
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	29,036	25,344
Bond
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	8,467	8,339
Money Market
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	$ 16	$ 18

Insurance (Future Policy Benefits - Narrative) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Life Premiums as Percentage of Gross Premiums	38.00%	38.00%	38.00%
Participating Insurance, Percentage of Gross Insurance in Force	3.00%	3.00%
Minimum
Liability for Policyholder Contract Deposits, Interest Rate	1.00%
Maximum
Liability for Policyholder Contract Deposits, Interest Rate	7.00%
Nonparticipating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.00%
Nonparticipating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	9.00%
Fixed Annuity [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	2.00%
Fixed Annuity [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	8.00%
Participating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	4.00%
Participating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	5.00%
Insurance, Other [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.00%
Insurance, Other [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	7.00%
Disability Insurance Policy [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	4.00%
Disability Insurance Policy [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	7.00%

Insurance (Obligations Under Funding Agreements - Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Funding Agreements Issued To Certain Special Purpose Entities	$ 0	$ 0	$ 0
Funding agreements repaid to certain SPEs	6,000,000	6,000,000	$ 6,000,000
Outstanding funding agreements to certain SPEs	134,000,000	136,000,000
Federal Home Loan Bank Stock	39,000,000	64,000,000
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	595,000,000	$ 595,000,000
Farmer Mac Funding Agreements [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	500,000,000
Long-term Line of Credit	$ 0

- Definition

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

+ References + Details

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Beginning Balance of DAC	$ 5,149	$ 5,678	$ 5,652
Capitalizations of DAC	369	322	260
Net investment gains (losses) of DAC and net derivative gains (losses)	204	(384)	258
Other expenses of DAC	(577)	(560)	(445)
Total amortization of DAC	(373)	(944)	(187)
Unrealized investment gains (losses) of DAC	(199)	93	(47)
Ending Balance of DAC	4,946	5,149	5,678
Beginning Balance of VOBA	568	608	641
Net investment gains (losses) of VOBA and net derivative gains (losses)	(1)	(1)	(9)
Other expenses of VOBA	(8)	(105)	(31)
Total amortization of VOBA	(9)	(106)	(40)
Unrealized investment gains (losses) of VOBA	(57)	66	7
Ending Balance of VOBA	502	568	608
Ending Balance of DAC and VOBA	$ 5,448	$ 5,717	$ 6,286

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
DAC and VOBA	$ 5,448	$ 5,717	$ 6,286
Annuities
Segment Reporting Information [Line Items]
DAC and VOBA	4,327	4,550
Life
Segment Reporting Information [Line Items]
DAC and VOBA	1,019	1,051
Run-off
Segment Reporting Information [Line Items]
DAC and VOBA	5	5
Corporate & Other
Segment Reporting Information [Line Items]
DAC and VOBA	$ 97	$ 111

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DSI and VODA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Beginning Balance of DSI	$ 410	$ 431	$ 445
Capitalization of DSI	2	2	2
Amortization of DSI	(38)	(41)	(5)
Unrealized investment gains (losses) of DSI	5	18	(11)
Ending Balance of DSI	379	410	431
Beginning Balance of VODA	91	105	120
Amortization of VODA	(13)	(14)	(15)
Ending Balance of VODA	78	91	105
Accumulated amortization of VODA	$ 182	$ 169	$ 155

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Estimated future amortization expense allocated to other expenses for VOBA [Abstract]
VOBA 2020	$ 69
VOBA 2021	61
VOBA 2022	53
VOBA 2023	46
VOBA 2024	41
Distribution Rights [Member]
Value of Distribution Agreements and Customer Relationships Acquired [Abstract]
VODA 2020	12
VODA 2021	10
VODA 2022	9
VODA 2023	8
VODA 2024	$ 7

Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Premiums:
Direct premiums	$ 1,651	$ 1,699	$ 1,795
Reinsurance assumed	10	11	11
Reinsurance ceded	(779)	(810)	(943)
Net premiums	882	900	863
Direct universal life and investment-type product policy fees	4,048	4,296	4,430
Reinsurance assumed	72	95	96
Reinsurance ceded	(540)	(556)	(628)
Net universal life and investment-type product policy fees	3,580	3,835	3,898
Other revenues
Other Income Direct	366	373	576
Commissions Fees And Other Income Assumed	1	0	28
Other Income Ceded	22	24	47
Other Income	389	397	651
Policyholder benefits and claims:
Direct policyholder benefits and claims	5,441	4,891	5,228
Reinsurance assumed	36	32	31
Reinsurance ceded	(1,807)	(1,651)	(1,623)
Net policyholder benefits and claims	$ 3,670	$ 3,272	$ 3,636

Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Premiums and Other Receivables, Net	$ 14,760	$ 13,697
Liabilities
Policyholder account balances	45,771	40,054
Other policy-related balances	3,111	3,000
Other liabilities	5,236	4,285
Assumed Reinsurance
Assets
Premiums and Other Receivables, Net	14	39
Liabilities
Policyholder account balances	2,617	1,358
Other policy-related balances	1,664	1,663
Other liabilities	32	33
Ceded Reinsurance [Member]
Assets
Premiums and Other Receivables, Net	14,115	13,009
Liabilities
Policyholder account balances	0	0
Other policy-related balances	0	0
Other liabilities	1,098	707
Direct Reinsurance [Member]
Assets
Premiums and Other Receivables, Net	631	649
Liabilities
Policyholder account balances	43,154	38,696
Other policy-related balances	1,447	1,337
Other liabilities	$ 4,106	$ 3,545

Reinsurance Reinsurance (Effects of Reinsurance on Earnings - Related Party) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effects of Reinsurance [Line Items]
Reinsurance assumed	$ 10	$ 11	$ 11
Ceded Earned Premiums	(779)	(810)	(943)
Premiums	882	900	863
Assumed Insurance Commissions And Fees	72	95	96
Ceded Insurance Commissions and Fees	(540)	(556)	(628)
Insurance Commissions and Fees	3,580	3,835	3,898
Commissions Fees And Other Income Assumed	1	0	28
Other Income Ceded	22	24	47
Other Income	389	397	651
Policyholder Benefits and Claims Incurred, Assumed	36	32	31
Policyholder Benefits and Claims Incurred, Ceded	$ (1,807)	(1,651)	(1,623)
Affiliated Entity \| Assumed Reinsurance
Effects of Reinsurance [Line Items]
Reinsurance assumed		6	11
Assumed Insurance Commissions And Fees		45	96
Commissions Fees And Other Income Assumed		0	27
Policyholder Benefits and Claims Incurred, Assumed		9	30
Affiliated Entity \| Ceded Reinsurance [Member]
Effects of Reinsurance [Line Items]
Ceded Earned Premiums		(201)	(537)
Ceded Insurance Commissions and Fees		1	(14)
Other Income Ceded		18	44
Policyholder Benefits and Claims Incurred, Ceded		(178)	(420)
Affiliated Entity \| Reinsurance
Effects of Reinsurance [Line Items]
Premiums		(195)	(526)
Insurance Commissions and Fees		46	82
Other Income		18	71
Policyholder Benefits and Claims Incurred, Assumed and Ceded		$ (169)	$ (390)

Reinsurance (Reinsurance Introduction - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Reinsurance Recoverables, Ceded	$ 13,800	$ 12,700
Mortality Risk [Member]
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage	90.00%
Reinsurance Retention Policy, Amount Retained	$ 2
Mortality Risk on Case by Case Basis [Member]
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage	100.00%
Reinsurance Retention Policy, Amount Retained	$ 20
Participating Life Insurance Contract [Member]
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage	90.00%
Quota Share Reinsurance for Certain Disability Business [Member]
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	100.00%
Ceded Credit Risk, Secured [Member] \| Accident and Health Insurance Product Line [Member]
Effects of Reinsurance [Line Items]
Reinsurance Recoverables, Ceded	$ 6,700

Reinsurance Reinsurance (Reinsurance Collateral - Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 13.8	$ 12.7
Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 11.9	$ 11.1
Ceded Credit Risk, Reinsurance Recoverables, Percentage	86.00%	87.00%
Ceded Credit Risk, Unsecured [Member]
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 5.7	$ 5.3
Ceded Credit Risk, Unsecured [Member] \| Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 4.2	$ 4.0

Reinsurance Reinsurance (Reinsurance Deposit Part B - Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2019	Dec. 31, 2018
Reinsurance (Reinsurance Related Party - Narrative) [Abstract]
Deposit Contracts, Assets	$ 2.2	$ 1.6
Deposit Contracts, Liabilities	$ 2.3	$ 1.3

Reinsurance Reinsurance (Reinsurance Related Party Narrative) (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 01, 2017	Jan. 01, 2017
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net				$ 14,760	$ 13,697
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest				(1,052)	989	$ (615)
Other Liabilities				5,236	4,285
Liability for Future Policy Benefit, after Reinsurance				39,686	36,209
Policyholder Contract Deposit				$ 45,771	40,054
Affiliated Entity \| Life and Other [Member]
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net							$ 189
Cash, Cash Equivalents, and Short-term Investments							$ 214
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 17
Affiliated Entity \| Ceded Guaranteed Minimum Benefit [Member]
Effects of Reinsurance [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net					$ (1)	(263)
Affiliated Entity \| Affiliate Recapture Variable Annuities [Member]
Effects of Reinsurance [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ 178
Other Liabilities								$ 274
Affiliated Entity \| Assumed Guaranteed Minimum Benefit [Member]
Effects of Reinsurance [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net						$ 110
Metropolitan Life Insurance Company [Member] \| Affiliated Entity \| BHL Recapture GMIB [Member]
Effects of Reinsurance [Line Items]
Premiums and Other Receivables, Net								140
Cash, Cash Equivalents, and Short-term Investments								568
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest			$ 89
Liability for Future Policy Benefit, after Reinsurance								106
Policyholder Contract Deposit								$ 460

Investments (Fixed Maturity Securities AFS by Sector) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 64,079	$ 60,920
Gross Unrealized Gains	7,136	3,068
Gross Unrealized Temporary Losses	183	1,383
Gross Unrealized OTTI Losses	(4)	(3)
Estimated Fair Value	71,036	62,608
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,375	24,312
Gross Unrealized Gains	2,852	830
Gross Unrealized Temporary Losses	67	669
Gross Unrealized OTTI Losses	0	0
Estimated Fair Value	31,160	24,473
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,177	8,183
Gross Unrealized Gains	741	159
Gross Unrealized Temporary Losses	74	316
Gross Unrealized OTTI Losses	0	0
Estimated Fair Value	9,844	8,026
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,692	8,428
Gross Unrealized Gains	438	246
Gross Unrealized Temporary Losses	16	129
Gross Unrealized OTTI Losses	(4)	(2)
Estimated Fair Value	9,118	8,547
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,529	7,944
Gross Unrealized Gains	1,869	1,263
Gross Unrealized Temporary Losses	2	112
Gross Unrealized OTTI Losses	0	0
Estimated Fair Value	7,396	9,095
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,500	5,292
Gross Unrealized Gains	264	43
Gross Unrealized Temporary Losses	9	88
Gross Unrealized OTTI Losses	0	(1)
Estimated Fair Value	5,755	5,248
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,358	3,200
Gross Unrealized Gains	701	412
Gross Unrealized Temporary Losses	2	15
Gross Unrealized OTTI Losses	0	0
Estimated Fair Value	4,057	3,597
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,945	2,135
Gross Unrealized Gains	21	13
Gross Unrealized Temporary Losses	11	22
Gross Unrealized OTTI Losses	0	0
Estimated Fair Value	1,955	2,126
Foreign government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,503	1,426
Gross Unrealized Gains	250	102
Gross Unrealized Temporary Losses	2	32
Gross Unrealized OTTI Losses	0	0
Estimated Fair Value	$ 1,751	$ 1,496

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 1,747
Amortized Cost, Due after one year through five years	6,943
Amortized Cost, Due after five years through ten years	12,694
Amortized Cost, Due after ten years	26,558
Amortized Cost, Structured Securities	16,137
Amortized Cost	64,079	$ 60,920
Estimated Fair Value, Due in one year or less	1,757
Estimated Fair Value, Due after one year through five years	7,169
Estimated Fair Value, Due after five years through ten years	13,564
Estimated Fair Value, Due after ten years	31,718
Estimated Fair Value, Structured Securities	16,828
Estimated Fair Value	$ 71,036	$ 62,608

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector) (Details) $ in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Securities, Available-for-sale [Line Items]
Total number of securities in an unrealized loss position for less than 12 months	720	3,027
Total number of securities in an unrealized loss position for 12 months or greater	302	1,028
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	$ 2,017	$ 10,584
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	44	470
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	326	2,328
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	23	199
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	576	3,982
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	12	203
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	561	774
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	62	113
RMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	857	1,627
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	8	26
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	386	2,611
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	4	101
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	40	412
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	2	8
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	0	1,543
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	0	104
CMBS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	559	2,317
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	7	53
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	171	803
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	2	34
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	143	346
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	2	7
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	8	158
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	0	8
ABS
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	362	1,422
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	2	21
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	676	70
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	9	1
Foreign government
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	65	521
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	2	26
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	0	132
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	0	6
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value of securities in an unrealized loss position for less than 12 months.	4,619	21,211
Gross Unrealized Losses of securities in an unrealized loss position for less than 12 months	79	814
Estimated Fair Value of securities in an unrealized loss position for 12 months or greater.	2,128	8,419
Gross Unrealized Losses of securities in an unrealized loss position for 12 months or greater	$ 100	$ 566

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Carrying value	$ 15,817	$ 13,751
Mortgage loans, gross as a percentage of total mortgage loans, net	100.40%	100.40%
Mortgage loans valuation allowances	$ (64)	$ (57)
Mortgage loans valuation allowances as a percentage of total mortgage loans, net	(0.40%)	(0.40%)
Mortgage loans, net	$ 15,753	$ 13,694
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	$ 9,721	$ 8,529
Mortgage loans, gross as a percentage of total mortgage loans, net	61.70%	62.30%
Mortgage Loans \| Agricultural
Loans and Leases Receivable Disclosure [Line Items]
Carrying value	$ 3,388	$ 2,946
Mortgage loans, gross as a percentage of total mortgage loans, net	21.50%	21.50%
Mortgage Loans \| Residential
Loans and Leases Receivable Disclosure [Line Items]
Carrying value	$ 2,708	$ 2,276
Mortgage loans, gross as a percentage of total mortgage loans, net	17.20%	16.60%

Investments (Credit Quality of Mortgage Loans) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 15,817	$ 13,751
Mortgage Loans \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment as a % of Total	99.00%	99.00%
Mortgage Loans \| Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 9,721	$ 8,529
Recorded Investment as a % of Total	100.00%	100.00%
Estimated Fair Value of Recorded Investment	$ 10,159	$ 8,611
Estimated Fair Value of Recorded Investment as a % of Total	100.00%	100.00%
Mortgage Loans \| Commercial \| Debt Service Coverage Ratio, Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 9,257	$ 8,373
Mortgage Loans \| Commercial \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	298	89
Mortgage Loans \| Commercial \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	166	67
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 8,756	$ 7,593
Recorded Investment as a % of Total	90.10%	89.00%
Estimated Fair Value of Recorded Investment	$ 9,170	$ 7,668
Estimated Fair Value of Recorded Investment as a % of Total	90.30%	89.00%
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, Less than 65% \| Debt Service Coverage Ratio, Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 8,326	$ 7,470
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, Less than 65% \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	272	89
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, Less than 65% \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	158	34
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 780	$ 786
Recorded Investment as a % of Total	8.00%	9.20%
Estimated Fair Value of Recorded Investment	$ 805	$ 798
Estimated Fair Value of Recorded Investment as a % of Total	7.90%	9.30%
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 65% to 75% \| Debt Service Coverage Ratio, Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 746	$ 762
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 65% to 75% \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	26	0
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 65% to 75% \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	8	24
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 185	$ 150
Recorded Investment as a % of Total	1.90%	1.80%
Estimated Fair Value of Recorded Investment	$ 184	$ 145
Estimated Fair Value of Recorded Investment as a % of Total	1.80%	1.70%
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 76% to 80% \| Debt Service Coverage Ratio, Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 185	$ 141
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 76% to 80% \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	0	0
Mortgage Loans \| Commercial \| Loan-to-Value Ratio, 76% to 80% \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	0	9
Mortgage Loans \| Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 3,388	$ 2,946
Recorded Investment as a % of Total	100.00%	100.00%
Estimated Fair Value of Recorded Investment	$ 3,500	$ 2,900
Mortgage Loans \| Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 3,192	$ 2,623
Recorded Investment as a % of Total	94.20%	89.00%
Mortgage Loans \| Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 195	$ 322
Recorded Investment as a % of Total	5.70%	10.90%
Mortgage Loans \| Agricultural \| Loan-to-Value Ratio, 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 1	$ 1
Recorded Investment as a % of Total	0.10%	0.10%
Mortgage Loans \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 2,708	$ 2,276
Recorded Investment as a % of Total	100.00%	100.00%
Estimated Fair Value of Recorded Investment	$ 2,800	$ 2,300
Mortgage Loans \| Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 2,671	$ 2,240
Recorded Investment as a % of Total	98.60%	98.40%
Mortgage Loans \| Residential \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded Investment	$ 37	$ 36
Recorded Investment as a % of Total	1.40%	1.60%

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 6,957	$ 1,691	$ 4,808
Equity securities	0	0	39
Derivatives	245	264	239
Other	(13)	(13)	(8)
Subtotal	7,189	1,942	5,078
Amounts allocated from: Future policy benefits	(2,692)	(886)	(2,626)
Amounts allocated from: DAC, VOBA and DSI	(341)	(90)	(267)
Subtotal	(3,033)	(976)	(2,893)
Deferred income tax benefit (expense)	(873)	(203)	(459)
Net unrealized investment gains (losses)	$ 3,283	$ 763	$ 1,726

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrealized investment gains (losses), beginning of year	$ 763	$ 1,726	$ 1,312
Unrealized investment gains (losses) during the year	5,247	(3,057)	2,036
Unrealized investment gains (losses) relating to: Future policy benefits	(1,806)	1,740	(1,824)
Unrealized investment gains (losses) relating to: DAC, VOBA and DSI	(251)	177	(51)
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	(670)	256	253
Unrealized investment gains (losses), end of year	3,283	763	1,726
Change in net unrealized investment gains (losses)	2,520	(884)	414
Restatement Adjustment
Unrealized investment gains (losses), beginning of year	763	1,647	1,312
Unrealized investment gains (losses), end of year		763	1,647
Change Due To Cumulative Effect, Net of Income Tax
Change in net unrealized investment gains (losses)	$ 0	$ (79)	$ 0

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,074	$ 3,646
Security collateral received from counterparties	0	55
Reinvestment portfolio — estimated fair value	3,174	3,658
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	2,031	3,056
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 2,996	$ 3,628

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,074	$ 3,646
U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	3,074	3,646
U.S. government and agency \| Remaining Tenor of Securities Lending Agreements: Open
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	1,279	1,474
U.S. government and agency \| Remaining Tenor of Securities Lending Agreements: 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	1,094	1,823
U.S. government and agency \| Remaining Tenor of Securities Lending Agreements: 1 to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 701	$ 349

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 9,349	$ 8,176
Invested assets held in trust (reinsurance agreements)	4,561	3,455
Invested assets pledged as collateral	3,641	3,341
Total invested assets on deposit, held in trust and pledged as collateral	$ 17,551	$ 14,972

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Carrying Amount	$ 15,001	$ 14,855
Maximum Exposure to Loss	15,534	16,244
Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying Amount	13,094	13,099
Maximum Exposure to Loss	12,454	13,099
Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying Amount	1,907	1,756
Maximum Exposure to Loss	$ 3,080	$ 3,145

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
Gross investment income	$ 3,782	$ 3,534	$ 3,256
Less: Investment expenses	203	196	178
Net investment income	3,579	3,338	3,078
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	2,673	2,565	2,420
Equity securities
Net Investment Income [Line Items]
Gross investment income	8	7	9
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	680	543	454
Policy loans
Net Investment Income [Line Items]
Gross investment income	67	85	73
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	220	258	237
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	93	35	35
Other
Net Investment Income [Line Items]
Gross investment income	$ 41	$ 41	$ 28

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses), fixed maturity securities	$ 106	$ (180)	$ (26)
Net investment gains (losses), equity securities	17	(16)	22
Net investment gains (losses), mortgage loans	(10)	(13)	(9)
Net investment gains (losses), limited partnerships and LLCs	7	40	(7)
Net investment gains (losses), other	(8)	(38)	(8)
Net investment gains (losses)	$ 112	$ (207)	$ (28)

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=117337411&loc=d3e23528-158515

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23439-158514

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23415-158514

+ Details

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - Fixed maturity securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 9,259	$ 11,251	$ 12,665
Gross investment gains	257	102	59
Gross investment losses	(151)	(282)	(85)
Net investment gains (losses)	$ 106	$ (180)	$ (26)

Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 71,036	$ 62,608
Non-Income Producing Debt Securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 0	$ 1

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector - Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Securities, Available-for-sale [Line Items]
Change in gross unrealized losses of securities in an unrealized loss position	$ 3,209	$ (1,165)	$ 336
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 losses of securities in an unrealized loss position	$ 1,200
Gross unrealized losses of securities in an unrealized loss position	179
20% or more \| Six months or greater \| Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses of securities in an unrealized loss position	$ 10
Number of Securities	12

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Significant Purchases	$ 962	$ 1,900
Performing
Financing Receivable, Past Due [Line Items]
Recorded Investment as a % of Total	99.00%	99.00%
Commercial
Financing Receivable, Past Due [Line Items]
Estimated Fair Value of Recorded Investment	$ 10,159	$ 8,611
Recorded Investment of Loans Past Due	0	0
Recorded Investment of Loans in Nonaccrual Status	0	0
Agricultural
Financing Receivable, Past Due [Line Items]
Estimated Fair Value of Recorded Investment	3,500	2,900
Recorded Investment of Loans Past Due	21
Recorded Investment of Loans in Nonaccrual Status	21	0
Agricultural \| Maximum
Financing Receivable, Past Due [Line Items]
Recorded Investment of Loans Past Due		1
Residential
Financing Receivable, Past Due [Line Items]
Estimated Fair Value of Recorded Investment	$ 2,800	$ 2,300
Recorded Investment as a % of Total	100.00%	100.00%
Recorded Investment of Loans Past Due	$ 37	$ 36
Recorded Investment of Loans in Nonaccrual Status	$ 37	$ 36
Residential \| Performing
Financing Receivable, Past Due [Line Items]
Recorded Investment as a % of Total	98.60%	98.40%

Investments (Other Invested Assets - Narrative) (Details)	Dec. 31, 2019
Other invested assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage Estimated Fair Value	90.00%

Investments (Securities Lending - Narrative) (Details) $ in Billions	Dec. 31, 2019 USD ($)
Securities Investment
Securities Financing Transaction [Line Items]
Percentage of Reinvestment Portfolio in Fixed Maturity Securities	54.00%
Estimated fair value
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 1.2
Estimated fair value \| U.S. government and agency
Securities Financing Transaction [Line Items]
Percentage of Securities at Estimated Fair Value of Securities on Loan Relating to Cash Collateral on Open	100.00%

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Invested assets on deposit (regulatory deposits)	$ 9,349	$ 8,176
Invested assets held in trust (reinsurance agreements)	4,561	3,455
Fixed maturity securities \| Policyholder account balances
Invested assets on deposit (regulatory deposits)	69	55
Fixed maturity securities \| Reinsurance
Invested assets held in trust (reinsurance agreements)	$ 124	$ 87

Investments (Purchased Credit Impaired Investments - Narrative) (Details) - Fixed maturity securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Purchased credit impaired investments, by invested asset class, held:
Outstanding principal and interest balance	$ 952	$ 1,100
Carrying value	779	881
Accretion recognized in earnings	$ 46	$ 65

Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Carrying value of investments accounted for under the equity method	$ 2,400			$ 89
Unfunded commitments for investments accounted for under the equity method	$ 1,500
Percentage net investment income from investments in limited partnerships and LLCs exceeds consolidated pre-tax income (loss)	10.00%
Total assets for investments accounted for under the equity method	$ 404,000	$ 344,900
Total liabilities for investments accounted for under the equity method	52,800	30,200
Net income (loss) for investments accounted for under the equity method	$ 33,300	$ 33,300	$ 36,400

Investments (Variable Interest Entities - Narrative) (Details)	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Material VIEs	0	0

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
Net investment income	$ 3,579	$ 3,338	$ 3,078
Other Limited Partnership Interests
Net Investment Income [Line Items]
Net investment income	$ 181	$ 211	$ 184

Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Related Party Transaction [Line Items]
Carrying value of equity method investments sold	$ 89			$ 2,400
Proceeds from sale of equity method investments	286
Gain on sale of equity method investment recognized as capital contribution	$ 202
Related party investment administrative service charges		$ 186	$ 390
Affiliated Entity
Related Party Transaction [Line Items]
Invested assets transferred, estimated fair value			292
Invested assets transferred, amortized cost			294
Net investment gains (losses) recognized on invested assets transferred			(2)
MetLife Investment Management, LLC
Related Party Transaction [Line Items]
Related party investment administrative service charges		$ 50	$ 95

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 113,472	$ 92,773
Derivative assets	3,238	3,006
Derivative liabilities	6,785	4,338
Embedded Derivative, Fair Value of Embedded Derivative Asset	217	228
Embedded Derivative, Fair Value of Embedded Derivative Liability	4,248	2,226
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,185	2,524
Derivative assets	212	211
Derivative liabilities	27	30
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	110,287	90,249
Derivative assets	2,809	2,567
Derivative liabilities	2,510	2,082
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	7,559	10,747
Derivative assets	878	528
Derivative liabilities	29	558
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,350	3,350
Derivative assets	2	21
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Interest rate futures
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	54
Derivative assets	0	0
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Interest rate options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	29,750	17,168
Derivative assets	782	168
Derivative liabilities	187	61
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5,418	0
Derivative assets	94	0
Derivative liabilities	114	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,051	1,409
Derivative assets	96	101
Derivative liabilities	15	18
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	138	125
Derivative assets	0	0
Derivative liabilities	1	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	18	98
Derivative assets	0	3
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,635	1,820
Derivative assets	36	14
Derivative liabilities	0	3
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Equity futures
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	169
Derivative assets	0	0
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Equity index options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	51,509	45,815
Derivative assets	850	1,372
Derivative liabilities	1,728	1,207
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,136	5,574
Derivative assets	69	80
Derivative liabilities	69	232
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	7,723	3,920
Derivative assets	2	280
Derivative liabilities	367	3
Ceded guaranteed minimum income benefits
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	217	228
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Assumed index-linked annuities
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	339	96
Direct Guaranteed Minimum Benefit
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	1,656	1,642
Direct index-linked annuities
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	2,253	488
Cash Flow Hedging \| Derivatives Designated as Hedging Instruments \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	420	0
Derivative assets	22	0
Derivative liabilities	0	0
Cash Flow Hedging \| Derivatives Designated as Hedging Instruments \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,765	2,524
Derivative assets	190	211
Derivative liabilities	$ 27	$ 30

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Credit Risk Derivatives, at Fair Value, Net	$ 36	$ 11
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,635	$ 1,820
Weighted Average Years to Maturity (2)	4 years 1 month 6 days	3 years 10 months 24 days
Credit Default Swap \| Aaa/Aa/A
Credit Derivatives [Line Items]
Credit Risk Derivatives, at Fair Value, Net	$ 11	$ 8
Maximum Amount of Future Payments under Credit Default Swaps	$ 615	$ 689
Weighted Average Years to Maturity (2)	2 years 6 months	2 years
Credit Default Swap \| Baa
Credit Derivatives [Line Items]
Credit Risk Derivatives, at Fair Value, Net	$ 25	$ 3
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,020	$ 1,131
Weighted Average Years to Maturity (2)	5 years 1 month 6 days	5 years

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 3,062	$ 2,833
Derivative Asset, Not Offset, Policy Election Deduction	(1,458)	(1,671)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(1,115)	(1,062)
Derivative Asset, Fair Value, Amount Offset Against Collateral	489	100
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(488)	(86)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	1	14
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	2,522	2,104
Derivative Liability, Not Offset, Policy Election Deduction	(1,458)	(1,671)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	1,064	433
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(1,061)	(433)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 3	$ 0

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 1,064	$ 433
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided (2):	$ 1,473	$ 797

Derivatives (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated Other Comprehensive Income (Loss)	$ 245	$ 264

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Debt Securities, Available-for-sale	$ 71,036	$ 62,608
Available-for-sale Securities, Equity Securities	147	140
Short-term investments	1,958	0
Derivative assets	3,238	3,006
Net embedded derivatives within asset host contracts	217	228
Separate account assets	107,107	98,256
Liabilities [Abstract]
Derivative liabilities	6,785	4,338
Embedded Derivative, Fair Value of Embedded Derivative Liability	4,248	2,226
Recurring
Assets [Abstract]
Debt Securities, Available-for-sale	71,036	62,608
Available-for-sale Securities, Equity Securities	147	140
Short-term investments	1,958
Derivative assets	3,021	2,778
Net embedded derivatives within asset host contracts	217	228
Separate account assets	107,107	98,256
Total assets	183,486	164,010
Liabilities [Abstract]
Derivative liabilities	2,537	2,112
Embedded Derivative, Fair Value of Embedded Derivative Liability	4,248	2,226
Total liabilities	6,785	4,338
Recurring \| Interest rate
Assets [Abstract]
Derivative assets	1,778	717
Liabilities [Abstract]
Derivative liabilities	330	619
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	286	312
Liabilities [Abstract]
Derivative liabilities	43	48
Recurring \| Credit
Assets [Abstract]
Derivative assets	36	17
Liabilities [Abstract]
Derivative liabilities		3
Recurring \| Equity market
Assets [Abstract]
Derivative assets	921	1,732
Liabilities [Abstract]
Derivative liabilities	2,164	1,442
Recurring \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	31,160	24,473
Recurring \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	9,844	8,026
Recurring \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	9,118	8,547
Recurring \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	7,396	9,095
Recurring \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	5,755	5,248
Recurring \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	4,057	3,597
Recurring \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	1,955	2,126
Recurring \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,751	1,496
Recurring \| Level 1
Assets [Abstract]
Debt Securities, Available-for-sale	1,636	2,722
Available-for-sale Securities, Equity Securities	14	13
Short-term investments	1,271
Derivative assets	0	0
Net embedded derivatives within asset host contracts	0	0
Separate account assets	180	217
Total assets	3,101	2,952
Liabilities [Abstract]
Derivative liabilities	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Credit
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities		0
Recurring \| Level 1 \| Equity market
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| U.S. corporate
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 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 1 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	1,636	2,722
Recurring \| Level 1 \| CMBS
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 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 2
Assets [Abstract]
Debt Securities, Available-for-sale	68,749	58,907
Available-for-sale Securities, Equity Securities	125	124
Short-term investments	682
Derivative assets	2,934	2,662
Net embedded derivatives within asset host contracts	0	0
Separate account assets	106,924	98,038
Total assets	179,414	159,731
Liabilities [Abstract]
Derivative liabilities	2,466	1,874
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Total liabilities	2,466	1,874
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets	1,778	717
Liabilities [Abstract]
Derivative liabilities	330	619
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	281	301
Liabilities [Abstract]
Derivative liabilities	43	48
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets	25	10
Liabilities [Abstract]
Derivative liabilities		2
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets	850	1,634
Liabilities [Abstract]
Derivative liabilities	2,093	1,205
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	30,831	24,150
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	9,712	7,617
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	9,074	8,541
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	5,760	6,373
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	5,755	5,120
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	3,984	3,523
Recurring \| Level 2 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	1,882	2,087
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	1,751	1,496
Recurring \| Level 3
Assets [Abstract]
Debt Securities, Available-for-sale	651	979
Available-for-sale Securities, Equity Securities	8	3
Short-term investments	5
Derivative assets	87	116
Net embedded derivatives within asset host contracts	217	228
Separate account assets	3	1
Total assets	971	1,327
Liabilities [Abstract]
Derivative liabilities	71	238
Embedded Derivative, Fair Value of Embedded Derivative Liability	4,248	2,226
Total liabilities	4,319	2,464
Recurring \| Level 3 \| Interest rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	5	11
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets	11	7
Liabilities [Abstract]
Derivative liabilities		1
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets	71	98
Liabilities [Abstract]
Derivative liabilities	71	237
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Debt Securities, Available-for-sale	329	323
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Debt Securities, Available-for-sale	132	409
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Debt Securities, Available-for-sale	44	6
Recurring \| Level 3 \| U.S. government and agency
Assets [Abstract]
Debt Securities, Available-for-sale	0	0
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Debt Securities, Available-for-sale	0	128
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Debt Securities, Available-for-sale	73	74
Recurring \| Level 3 \| ABS
Assets [Abstract]
Debt Securities, Available-for-sale	73	39
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Debt Securities, Available-for-sale	$ 0	$ 0

Fair Value (Quantitative Information) (Details) - Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2019	Dec. 31, 2018
Measurement Input, Mortality Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0002	0.0002
Measurement Input, Mortality Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1131	0.1131
Measurement Input, Lapse Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Lapse Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1600	0.1600
Measurement Input, Utilization Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Measurement Input, Utilization Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Measurement Input, Withdrawal Rate [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Withdrawal Rate [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1000	0.1000
Measurement Input, Long Term Equity Volatilities [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.1624	0.1650
Measurement Input, Long Term Equity Volatilities [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.2165	0.2200
Measurement Input, Entity Credit Risk [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0054	0.0191
Measurement Input, Entity Credit Risk [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.0199	0.0266

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at January 1,	$ (122)	$ (279)
Total realized/unrealized gains (losses) included in net income (loss)	(12)	152	$ 92
Total realized/unrealized gains (losses) included in AOCI	(1)	9	0
Purchases	0	3
Sales	0	(7)
Issuances	0	0
Settlements	155	0
Transfers into Level 3	0	0
Transfers out of Level 3	(4)	0
Balance at December 31,	16	(122)	(279)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(10)	148	(52)
Net Embedded Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at January 1,	(1,998)	(1,660)
Total realized/unrealized gains (losses) included in net income (loss)	(1,192)	526	1,078
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(841)	(864)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at December 31,	(4,031)	(1,998)	(1,660)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1,450)	395	966
U.S. corporate and foreign corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	732	1,997
Total realized/unrealized gains (losses) included in net income (loss)	0	1	(3)
Total realized/unrealized gains (losses) included in AOCI	15	(33)	131
Purchases	342	71
Sales	(150)	(197)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	24	418
Transfers out of Level 3	(502)	(1,525)
Balance at December 31,	461	732	1,997
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	(2)	1
Structured securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	173	1,230
Total realized/unrealized gains (losses) included in net income (loss)	1	2	28
Total realized/unrealized gains (losses) included in AOCI	2	(6)	52
Purchases	69	42
Sales	(25)	(91)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	42	8
Transfers out of Level 3	(145)	(1,012)
Balance at December 31,	117	173	1,230
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	23
State and political subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	74	0
Total realized/unrealized gains (losses) included in net income (loss)	1	1	0
Total realized/unrealized gains (losses) included in AOCI	(1)	(1)	0
Purchases	0	0
Sales	(1)	(1)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	75
Transfers out of Level 3	0	0
Balance at December 31,	73	74	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	1	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	0	5
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	0	0
Sales	0	(5)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at December 31,	0	0	5
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	3	124
Total realized/unrealized gains (losses) included in net income (loss)	0	0	(3)
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	5	1
Sales	0	(3)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	(119)
Balance at December 31,	8	3	124
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	1	0
Short-term investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	0	14
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	5	0
Sales	0	(14)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at December 31,	5	0	14
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Separate account assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	1	5
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases	3	1
Sales	0	(1)
Issuances	0	0
Settlements	0	(1)
Transfers into Level 3	0	0
Transfers out of Level 3	(1)	(3)
Balance at December 31,	3	1	5
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 0	$ 0	$ 0

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Policy loans	$ 1,292	$ 1,421
Liabilities
Separate account liabilities	107,107	98,256
Reported Value Measurement [Member]
Assets
Mortgage loans	15,753	13,694
Policy loans	1,292	1,421
Other Investments Fair Value Disclosure	51	77
Premiums, reinsurance and other receivables	2,224	1,609
Liabilities
Policyholder account balances	15,614	15,332
Long-term debt	4,365	3,963
Other liabilities	846	330
Separate account liabilities	1,189	1,029
Estimate of Fair Value Measurement [Member]
Assets
Mortgage loans	16,383	13,860
Policy loans	1,578	1,615
Other Investments Fair Value Disclosure	51	77
Premiums, reinsurance and other receivables	2,634	1,696
Liabilities
Policyholder account balances	15,710	13,861
Long-term debt	4,334	3,358
Other liabilities	846	330
Separate account liabilities	1,189	1,029
Estimate of Fair Value Measurement [Member] \| Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
Other Investments Fair Value Disclosure	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimate of Fair Value Measurement [Member] \| Level 2
Assets
Mortgage loans	0	0
Policy loans	516	656
Other Investments Fair Value Disclosure	39	64
Premiums, reinsurance and other receivables	41	32
Liabilities
Policyholder account balances	0	0
Long-term debt	3,334	2,758
Other liabilities	191	118
Separate account liabilities	1,189	1,029
Estimate of Fair Value Measurement [Member] \| Level 3
Assets
Mortgage loans	16,383	13,860
Policy loans	1,062	959
Other Investments Fair Value Disclosure	12	13
Premiums, reinsurance and other receivables	2,593	1,664
Liabilities
Policyholder account balances	15,710	13,861
Long-term debt	1,000	600
Other liabilities	655	212
Separate account liabilities	$ 0	$ 0

Long-term Debt (Details) - USD ($) $ in Millions	12 Months Ended
Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Sep. 12, 2018	Jun. 22, 2017
Debt Instrument [Line Items]
Long-term debt outstanding	$ 4,365	$ 3,963
Term Loan Due 2024
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate debt	1.50%
Long-term debt outstanding	$ 1,000
Term Loan Due 2019
Debt Instrument [Line Items]
Long-term debt outstanding		600
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.70%			3.70%
Long-term debt outstanding	$ 1,492	1,490
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.70%			4.70%
Long-term debt outstanding	$ 1,478	1,478
Junior Subordinated Debentures Due 2058
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.25%		6.25%
Long-term debt outstanding	$ 363	361
Non-recourse Debt Due 2030
Debt Instrument [Line Items]
Debt instrument, stated interest rate	7.028%
Long-term debt outstanding	$ 32	$ 34

Long-term Debt (Narrative) (Details) - USD ($) $ in Millions					12 Months Ended
	Feb. 01, 2019	Jul. 21, 2017	Jun. 16, 2017	Apr. 28, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 07, 2019	Sep. 12, 2018	Apr. 16, 2018	Jun. 22, 2017	Dec. 02, 2016
Debt Instrument [Line Items]
Debt instrument, unamortized debt issuance costs and debt discount					$ 42	$ 46
Long-term debt maturities, year one					2
Long-term debt maturities, year two					2
Long-term debt maturities, year three					2
Long-term debt maturities, year four					2
Long-term debt maturities, year five					1,000
Long-term debt maturities, after year five					3,400
Interest expense on long-term debt					191	158	$ 135
Long-term debt issued					1,000	375	3,588
Long-term debt repaid					602	9	13
Remaining assets held in trust returned to MetLife, Inc.				$ 590
BHF Revolving Credit Facility Due 2021
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 2,000
BHF Term Loan Due 2019
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600										3,000
Credit facilities, proceeds from drawdown		600
Credit facilities, unamortized debt issuance costs written off		$ 7
Long-term debt repaid	$ 600
BHF Revolving Credit Facility Due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 1,000
Credit facilities, outstanding balance					0
Letters of credit outstanding					0
BHF Credit Facilities
Debt Instrument [Line Items]
Maximum borrowing capacity					2,000
Credit facilities, debt issuance costs capitalized												$ 16
Credit facilities, remaining borrowing capacity					1,000
BHF Term Loan Due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity	1,000
Long-term debt issued	$ 1,000
MRSC Collateral Financing Arrangement
Debt Instrument [Line Items]
Interest expense on long-term debt							19
Maximum borrowing capacity				3,500
Credit facilities, outstanding balance				2,800
Repayment of collateral financing arrangement				2,800
Assets held in trust pledged as collateral				2,800
Remaining assets held in trust returned to MetLife, Inc.				590
BRCD Reinsurance Financing Arrangement
Debt Instrument [Line Items]
Maximum borrowing capacity				10,000
Credit facilities, outstanding balance					0
Credit facilities, remaining borrowing capacity					10,000
Credit facilities, commitment fee amount					41	$ 44	$ 27
BLIC Repurchase Facility
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 2,000
Credit facilities, outstanding balance					$ 0
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount											$ 1,500
Debt instrument, stated interest rate					3.70%						3.70%
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, face amount											$ 1,500
Debt instrument, stated interest rate					4.70%						4.70%
Senior Notes Due 2027 and 2047
Debt Instrument [Line Items]
Debt issuance costs capitalized											$ 23
Debt discount capitalized											$ 12
Junior Subordinated Debentures Due 2058
Debt Instrument [Line Items]
Debt instrument, face amount									$ 375
Debt instrument, stated interest rate					6.25%				6.25%
Debt issuance costs capitalized									$ 14
Surplus Notes Due 2038
Debt Instrument [Line Items]
Debt instrument, stated interest rate			8.595%
Decrease in long-term debt due to debt forgiveness			$ 750
Surplus Notes Due 2032 and 2033
Debt Instrument [Line Items]
Decrease in long-term debt due to exchange of debt for notes receivable due from a related party				1,100
Decrease in notes receivable due from a related party due to exchange of debt for notes receivable due from a related party				$ 1,100
Surplus Note Due 2032
Debt Instrument [Line Items]
Debt instrument, stated interest rate				5.13%
Surplus Note Due 2033
Debt Instrument [Line Items]
Debt instrument, stated interest rate				6.00%

Equity (Preferred Stock & Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Nov. 15, 2019	Aug. 15, 2019	May 15, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Preferred stock, dividends declared per share	$ 412.50	$ 412.50	$ 412.50	$ 1,237.50
Preferred stock, aggregate dividends declared	$ 7	$ 7	$ 7	$ 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding at beginning of period				117,532,336	119,773,106	100,000
Common stock, shares issued				199,853	674,912	119,673,106
Common stock, shares repurchased				(11,704,888)	(2,915,682)	0
Common stock, shares outstanding at end of period				106,027,301	117,532,336	119,773,106

Equity (Share-Based Compensation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSUs), Founders' Grant \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 0	$ 31
Other Share Based \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	15	7
Other Share Based \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	1	1
Other Share Based \| Performance Shares units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	4	0
Other Share Based \| Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1	$ 1

Equity (Performance Share Units) (Details) - $ / shares	12 Months Ended
Equity (Performance Share Units) (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	588,729	313,685
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 41.27	$ 47.90
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	453,152
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 38.81
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	47,667
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 44.09
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	130,441
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 47.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 0
Performance Shares units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	253,180	66,369
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 41.21	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	190,993
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 38.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	4,182
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 48.10
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 0

Equity (Stock Options) (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum		2.93%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		5 years 9 months 18 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 53.47	$ 53.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 12.54

Equity (Statutory Net Income/Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Net Income Amount	$ 1,074	$ (1,104)	$ (425)
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Net Income Amount	$ 61	$ 130	$ 68

Equity (Statutory Capital and Surplus) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 8,746	$ 6,731
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 116	$ 213

Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2020
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 0	$ 0	$ 0
Brighthouse Life Insurance Company \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 2,066
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 131	$ 400	$ 106
New England Life Insurance Company [Member] \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 61

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax			$ (4)
Balance beginning of period	$ 716	$ 1,676	1,265
OCI before reclassifications	3,327	(1,185)	110
Deferred income tax benefit (expense)	(696)	335	(28)
AOCI before reclassifications, net of income tax	3,347	747	1,347
Amounts reclassified from AOCI	(135)	48	42
Deferred income tax benefit (expense)	28	(79)	287
Amounts reclassified from AOCI, net of income tax	(107)	(31)	329
Balance end of period	3,240	716	1,676
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	576	1,572	1,044
OCI before reclassifications	3,285	(1,346)	276
Deferred income tax benefit (expense)	(690)	287	(94)
AOCI before reclassifications, net of income tax	3,171	434	1,226
Amounts reclassified from AOCI	(76)	181	60
Deferred income tax benefit (expense)	16	(39)	286
Amounts reclassified from AOCI, net of income tax	(60)	142	346
Balance end of period	3,111	576	1,572
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax			0
Balance beginning of period	187	154	268
OCI before reclassifications	40	159	(157)
Deferred income tax benefit (expense)	(8)	48	55
AOCI before reclassifications, net of income tax	219	361	166
Amounts reclassified from AOCI	(59)	(134)	(18)
Deferred income tax benefit (expense)	12	(40)	6
Amounts reclassified from AOCI, net of income tax	(47)	(174)	(12)
Balance end of period	172	187	154
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax			0
Balance beginning of period	(27)	(24)	(31)
OCI before reclassifications	12	(4)	10
Deferred income tax benefit (expense)	0	1	(3)
AOCI before reclassifications, net of income tax	(15)	(27)	(24)
Amounts reclassified from AOCI	0	0	0
Deferred income tax benefit (expense)	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0
Balance end of period	(15)	(27)	(24)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax			0
Balance beginning of period	(20)	(26)	(16)
OCI before reclassifications	(10)	6	(19)
Deferred income tax benefit (expense)	2	(1)	14
AOCI before reclassifications, net of income tax	(28)	(21)	(21)
Amounts reclassified from AOCI	0	1	0
Deferred income tax benefit (expense)	0	0	(5)
Amounts reclassified from AOCI, net of income tax	0	1	(5)
Balance end of period	$ (28)	(20)	(26)
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax			(79)
Restatement Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period		1,597
Balance end of period			1,597
Restatement Adjustment \| Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period		1,493
Balance end of period			1,493
Restatement Adjustment \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period		154
Balance end of period			154
Restatement Adjustment \| Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period		(24)
Balance end of period			(24)
Restatement Adjustment \| Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period		$ (26)
Balance end of period			$ (26)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)									$ 112	$ (207)	$ (28)
Net investment income									3,579	3,338	3,078
Net derivative gains (losses)									(1,988)	702	(1,620)
Income (loss) before provision for income tax									(1,052)	989	(615)
Provision for income tax expense (benefit)									317	(119)	237
Net income (loss)	$ (1,077)	$ 676	$ 377	$ (737)	$ 1,442	$ (271)	$ (239)	$ (67)	(761)	865	(378)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									107	31	(329)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Investment Gains (Losses), Net of Related Offsets
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)									113	(180)	(15)
Net investment income									0	1	3
Net derivative gains (losses)									(37)	(2)	(48)
Income (loss) before provision for income tax									76	(181)	(60)
Provision for income tax expense (benefit)									(16)	39	(286)
Net income (loss)									60	(142)	(346)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax									59	134	18
Provision for income tax expense (benefit)									(12)	40	(6)
Net income (loss)									47	174	12
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment income									2	3	3
Net derivative gains (losses)									32	98	0
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate forwards
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment income									0	2	3
Net derivative gains (losses)									0	31	2
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)									25	0	10
Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial gains (losses)									0	(1)	0
Income (loss) before provision for income tax									0	(1)	0
Provision for income tax expense (benefit)									0	0	5
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax									$ 0	$ (1)	$ 5

Equity (Preferred Stock & Common Stock - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 25, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 03, 2019	Aug. 05, 2018
Class of Stock [Line Items]
Preferred Stock, shares authorized		100,000,000	100,000,000
Preferred stock, par value per share		$ 0.01	$ 0.01
Preferred stock, shares issued	17,000	17,000	0
Preferred stock, shares outstanding		17,000	0
Preferred stock, annual dividend rate	6.60%
Preferred stock, stated amount per share	$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs	$ 412	$ 412	$ 0	$ 0
Preferred stock, issuance costs	$ 13
Common stock, shares issued		199,853	674,912	119,673,106
Stock repurchase program, aggregate amount repurchased		$ 442	$ 105
Authorization Under 10b5-1 Plans
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount					$ 400	$ 200
Stock repurchase program, shares repurchased		11,658,208	2,628,167
Stock repurchase program, aggregate amount repurchased		$ 442	$ 105
Stock repurchase program, remaining authorized repurchase amount		$ 53

Equity (Shareholder's Net Investment - Narrative) (Details) - USD ($) $ in Millions			3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 04, 2017	Aug. 03, 2017	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Apr. 28, 2017
Reclassification of shareholder's net investment upon separation from MetLife, Inc.	$ 12,400							$ 0
Capital contributions from MetLife, Inc.			$ 202
Distribution to MetLife, Inc.		$ 1,800				$ 0	$ 0	1,798
Remaining assets held in trust returned to MetLife, Inc.									$ 590
Cash distributions to certain MetLife, Inc. affiliates related to a profit sharing agreement								40
Noncash Capital Contribution
Capital contributions from MetLife, Inc.				$ 750	$ 1,100			$ 60
Cash Capital Contribution
Capital contributions from MetLife, Inc.			$ 202

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

Equity (Share-Based Compensation (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	7,107,419
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	242,560
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 53.47	$ 53.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(21,498)
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	68,897	38,898
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 6.99	$ 6.40
Other Share Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 3 months
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 24,000,000	$ 13,000,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of Regulatory Capital Requirements under Insurance Regulations	in excess of 400%	4
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factor	150.00%

Equity (Statutory Equity and Income - Narrative) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Minimum
Statutory Accounting Practices [Line Items]
Description of Regulatory Capital Requirements under Insurance Regulations	in excess of 400%	4

Equity (Captive Equity and Income - Narrative) (Details) - Brighthouse Reinsurance Company of Delaware - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 9,000	$ 8,700
Statutory Accounting Practices, Statutory Net Income Amount	(316)	(1,100)	$ (1,600)
Statutory Accounting Practices, Prescribed Practice, Amount	$ 572	$ 557

Equity (Dividend Restrictions - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory Accounting Practices [Line Items]
Payments of Capital Distribution	$ 0	$ 0	$ 668
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Capital Distribution	335
Cash [Member] \| New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Ordinary Dividends	65
Payments of Capital Distribution	135
Debt [Member] \| New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Capital Distribution	$ 200

Equity (Captive Dividend Restriction - Narrative) (Details) - Brighthouse Reinsurance Company of Delaware - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory Accounting Practices [Line Items]
Dividends	$ 600
Payments of Dividends		$ 0	$ 535
Preferred Stock [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 1	$ 2	$ 0

Equity (Accumulated Other Comprehensive Income - Narrative) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax	$ (4)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax	0
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax	0
Adjustments for New Accounting Pronouncement [Member] \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax	306
Adjustments for New Accounting Pronouncement [Member] \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative effect of change in accounting principle and other, net of income tax	$ (5)

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Income and Expenses [Abstract]
Compensation	$ 333	$ 289	$ 287
Professional services	287	245	176
Transition Services Agreements	245	279	306
Establishment Costs	118	239	162
Premium and other taxes, licenses and fees	48	68	64
Custody Fees	488	524	466
Cost, Overhead	636	628	711
Interest expense on debt	191	158	153
Other General and Administrative Expense	145	145	158
Total other expenses	$ 2,491	$ 2,575	$ 2,483

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Distribution Service [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 336	$ 360	$ 359

Employee Benefit Plans (Employee Benefit Plans - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent	$ 72	$ 70
Assets for Plan Benefits, Defined Benefit Plan	7	4
MetLife, Inc.
Defined Benefit Plan Disclosure [Line Items]
Accounts Payable	193	186
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	164	147
Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 106	$ 99

Employee Benefit Plans Employee Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 15	$ 14	$ 8
Defined Contribution Plan, Cost	$ 6	$ 3	$ 2

Income Tax (Provision for Income Tax from Continuing Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ (36)	$ (166)	$ 406
State and local	4	0	6
Foreign	0	0	18
Subtotal	(32)	(166)	430
Deferred:
Federal	(285)	285	(667)
State and local	0	0	0
Foreign	0	0	0
Subtotal	(285)	285	(667)
Current and Deferred:
Provision for income tax expense (benefit)	$ (317)	$ 119	$ (237)

Income Tax (Reconciliation of Income Tax Provision between US Statutory Rate and As Reported for Continuing Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax expense benefit continuing operations income tax reconciliation
Tax provision at statutory rate	$ (221)	$ 207	$ (215)
Adjustments To Additional Paid In Capital, Capital Contribution	0	(2)	1,088
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount	0	0	(803)
Income (Loss) from Subsidiaries, Tax Expense (Benefit)	0	0	(138)
Dividend received deduction (3)	(42)	(44)	(130)
Other tax credits	(31)	(25)	(30)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	0	(11)	0
Other, net	(23)	(6)	(9)
Provision for income tax expense (benefit)	$ (317)	$ 119	$ (237)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	30.00%	12.00%	39.00%

Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax assets:
Tax credit carryforwards	$ 106	$ 58
Net operating loss carryforwards	1,087	1,052
Employee benefits	17	7
Intangibles	93	159
Investments, including derivatives (1)	260	120
Other	15	0
Total net deferred income tax assets	1,578	1,396
Deferred income tax liabilities:
Policyholder liabilities and receivables (1)	1,277	1,379
Net unrealized investment gains	871	202
DAC	785	761
Other	0	26
Total deferred income tax liabilities	2,933	2,368
Deferred tax assets and liabilities [Abstract]
Net deferred income tax asset (liability)	$ (1,355)	$ (972)

Income Tax Income Tax (Net Operating Loss Carryforwards) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 5,178
Expiration Period Fourth Four Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	3,059
Expiration Period For Indefinite Number Of Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 2,119

Income Tax (Tax Credit Carryforwards) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 89
Foreign Tax Authority \| 2020-2024
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	18
Foreign Tax Authority \| 2025-2029
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	71
Foreign Tax Authority \| 2030-2034
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| 2035-2039
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	17
General business tax credit carryforward \| 2020-2024
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2025-2029
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2030-2034
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2035-2039
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	17
General business tax credit carryforward \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 0

Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits
Balance at January 1,	$ 35	$ 23	$ 58
Additions for tax positions of prior years	0	12	0
Reductions for tax positions of prior years	0	0	(4)
Additions for tax positions of current year	0	0	3
Reductions for tax positions of current year	0	0	(2)
Settlements with tax authorities	0	0	(32)
Balance at December 31,	35	35	23
Unrecognized tax benefits that, if recognized would impact the effective rate	$ 35	$ 35	$ 23

Income Tax (Narrative) (Details) - USD ($)				12 Months Ended
Income Tax (Narrative) (Details) - USD ($)	Nov. 01, 2019	Nov. 30, 2018	Oct. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Prior Period Reclassification Adjustment					$ 120,000,000
Income Tax Examination, Penalties Expense				$ 0	0	$ 0
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount				$ 0	0	(803,000,000)
Percent of cash savings included in tax receivable agreement				86.00%
Due from Related Parties						873,000,000
Accrued Income Taxes				$ 0	15,000,000
MetLife, Inc.
Related Party Transaction, Amounts of Transaction		$ 909,000,000	$ 729,000,000
Accrued Income Taxes				130,000,000
Income tax paid by Brighthouse Financial, Inc.	$ 3,000,000
Spinoff
Due to Affiliate				328,000,000	328,000,000
Parent Company
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount						(222,000,000)
Income tax paid by Brighthouse Financial, Inc.				$ (4,000,000)	$ 1,000,000	1,000,000
Alternative Minimum Tax adjustment [Member]
Effective Income Tax Reconciliation, Tax Cuts and Jobs Act of 2017, Amount						$ (725,000,000)

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders	$ (1,077)	$ 676	$ 377	$ (737)	$ 1,442	$ (271)	$ (239)	$ (67)	$ (761)	$ 865	$ (378)
Weighted average common shares outstanding — basic									112,508,650	119,386,280	119,773,106
Dilutive effect of share-based awards									0	441,198	0
Weighted average common shares outstanding — diluted									112,508,650	119,827,478	119,773,106
Earnings per common share - basic	$ (10.02)	$ 6.09	$ 3.28	$ (6.31)	$ 12.18	$ (2.26)	$ (2.01)	$ (0.56)	$ (6.76)	$ 7.24	$ (3.16)
Earnings per common share - diluted	$ (10.02)	$ 6.06	$ 3.27	$ (6.31)	$ 12.14	$ (2.26)	$ (2.01)	$ (0.56)	$ (6.76)	$ 7.21	$ (3.16)
Antidilutive stock options excluded from the computation of earnings per share										217,990

- Definition

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

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+ Details

- Definition

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

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+ Details

Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details)	Dec. 31, 2019 USD ($)
Minimum
Loss Contingencies
Aggregate reasonably possible losses in excess of amounts accrued for loss contingency matters as to which an estimate can be made	$ 0
Maximum
Loss Contingencies
Aggregate reasonably possible losses in excess of amounts accrued for loss contingency matters as to which an estimate can be made	$ 10,000,000

Contingencies, Commitments and Guarantees (Commitments Off Balance Sheet - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet commitments	$ 1,800	$ 1,900
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet commitments	$ 206	$ 492

Contingencies, Commitments and Guarantees Contingencies, Commitments and Guarantees (Guarantees - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 128
Guarantor Obligations, Current Carrying Value	1	$ 2
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities And Guarantees Contractual Limitation Range	1
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities And Guarantees Contractual Limitation Range	$ 122

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from Related Parties		$ 873
All Services and Transactions Except Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Income	$ (182)	(606)
Expense	$ 133	$ 378

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 186	$ 390
Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties		43
Related Party Transaction, Expenses from Transactions with Related Party		$ 129

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 306	$ 3,187	$ 2,370	$ 691	$ 4,026	$ 1,422	$ 1,702	$ 1,815	$ 6,554	$ 8,965	$ 6,842
Total expenses	1,678	2,383	1,901	1,644	2,239	1,790	2,019	1,928	7,606	7,976	7,457
Net income (loss)	(1,069)	685	384	(735)	1,442	(269)	(238)	(65)	(735)	870	(378)
Less: Net income (loss) attributable to noncontrolling interests	1	2	0	2	0	2	1	2	5	5	0
Net income (loss) attributable to Brighthouse Financial, Inc.	(1,070)	683	384	(737)	1,442	(271)	(239)	(67)	(740)	865	(378)
Less: Preferred stock dividends	7	7	7	0	0	0	0	0	21	0	0
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (1,077)	$ 676	$ 377	$ (737)	$ 1,442	$ (271)	$ (239)	$ (67)	$ (761)	$ 865	$ (378)
Earnings per common share - basic	$ (10.02)	$ 6.09	$ 3.28	$ (6.31)	$ 12.18	$ (2.26)	$ (2.01)	$ (0.56)	$ (6.76)	$ 7.24	$ (3.16)
Earnings per common share - diluted	$ (10.02)	$ 6.06	$ 3.27	$ (6.31)	$ 12.14	$ (2.26)	$ (2.01)	$ (0.56)	$ (6.76)	$ 7.21	$ (3.16)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions							12 Months Ended
	Feb. 20, 2020	Feb. 19, 2020	Feb. 14, 2020	Nov. 15, 2019	Aug. 15, 2019	May 15, 2019	Dec. 31, 2019	Feb. 06, 2020
Subsequent Event [Line Items]
Preferred stock, dividends declared per share				$ 412.50	$ 412.50	$ 412.50	$ 1,237.50
Preferred stock, aggregate dividends declared				$ 7	$ 7	$ 7	$ 21
Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividends declared per share			$ 412.50
Preferred stock, aggregate dividends declared			$ 7
Stock repurchase program, authorized repurchase amount								$ 500
Subsequent Event \| Brighthouse Reinsurance Company of Delaware
Subsequent Event [Line Items]
Payment of paid-in-kind dividends	$ 600
Subsequent Event \| Brighthouse Life Insurance Company
Subsequent Event [Line Items]
Cash dividends declared		$ 300

Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2019 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 88,815
Amount at Which Shown on Balance Sheet	95,782
U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	5,529
Estimated Fair Value	7,396
Amount at Which Shown on Balance Sheet	7,396
State and political subdivision
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,358
Estimated Fair Value	4,057
Amount at Which Shown on Balance Sheet	4,057
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,328
Estimated Fair Value	3,766
Amount at Which Shown on Balance Sheet	3,766
Foreign government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,503
Estimated Fair Value	1,751
Amount at Which Shown on Balance Sheet	1,751
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	33,879
Estimated Fair Value	36,879
Amount at Which Shown on Balance Sheet	36,879
Total bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	47,597
Estimated Fair Value	53,849
Amount at Which Shown on Balance Sheet	53,849
Mortgage-backed and asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	16,137
Estimated Fair Value	16,828
Amount at Which Shown on Balance Sheet	16,828
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	345
Estimated Fair Value	359
Amount at Which Shown on Balance Sheet	359
Total fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	64,079
Estimated Fair Value	71,036
Amount at Which Shown on Balance Sheet	71,036
Non-redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	127
Estimated Fair Value	129
Amount at Which Shown on Balance Sheet	129
Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	10
Estimated Fair Value	15
Amount at Which Shown on Balance Sheet	15
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	0
Estimated Fair Value	3
Amount at Which Shown on Balance Sheet	3
Total equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	137
Estimated Fair Value	147
Amount at Which Shown on Balance Sheet	147
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	15,753
Amount at Which Shown on Balance Sheet	15,753
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,292
Amount at Which Shown on Balance Sheet	1,292
Limited partnerships and LLCs
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,380
Amount at Which Shown on Balance Sheet	2,380
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,958
Amount at Which Shown on Balance Sheet	1,958
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,216
Amount at Which Shown on Balance Sheet	$ 3,216

Condensed Financial Information (Parent Company) (Condensed Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments:
Debt Securities, Available-for-sale	$ 71,036	$ 62,608
Short-term investments	1,958	0
Total investments	95,782	83,181
Cash and Cash Equivalents	2,877	4,145
Accrued Investment Income Receivable	684	724
Premiums and Other Receivables, Net	14,760	13,697
Current income tax recoverable	17	1
Other Assets	584	573
Total assets	227,259	206,294
Liabilities
Other liabilities	5,236	4,285
Total liabilities	211,022	191,811
Stockholders’ Equity
Preferred Stock, Value, Issued	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,647,871 and 120,448,018 shares issued, respectively; 106,027,301 and 117,532,336 shares outstanding, respectively	1	1
Additional paid-in capital	12,908	12,473
Retained earnings (deficit)	585	1,346
Treasury Stock, Value	562	118
Accumulated other comprehensive income (loss)	3,240	716	$ 1,676	$ 1,265
Total Brighthouse Financial, Inc.’s stockholders’ equity	16,172	14,418
Total liabilities and equity	227,259	206,294
Parent Company
Investments:
Debt Securities, Available-for-sale	44	232
Short-term investments	459	0
Investment in subsidiary	20,222	18,086
Total investments	20,725	18,318
Cash and Cash Equivalents	212	461	$ 326	$ 0
Premiums and Other Receivables, Net	199	190
Current income tax recoverable	36	7
Deferred Income Tax Assets, Net	8	5
Other Assets	7	7
Total assets	21,187	18,988
Liabilities
Long-term and short-term debt	4,676	4,232
Other liabilities	339	338
Total liabilities	5,015	4,570
Stockholders’ Equity
Preferred Stock, Value, Issued	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,647,871 and 120,448,018 shares issued, respectively; 106,027,301 and 117,532,336 shares outstanding, respectively	1	1
Additional paid-in capital	12,908	12,473
Retained earnings (deficit)	585	1,346
Treasury Stock, Value	562	118
Accumulated other comprehensive income (loss)	3,240	716
Total Brighthouse Financial, Inc.’s stockholders’ equity	16,172	14,418
Total liabilities and equity	$ 21,187	$ 18,988

Condensed Financial Information (Parent Company) (Condensed Balance Sheets Phantom) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 64,079,000	$ 60,920,000
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, Liquidation Preference, Value	$ 425,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	120,647,871	120,448,018
Common stock, shares outstanding	106,027,301	117,532,336	119,773,106	100,000
Treasury Stock, Shares	14,620,570	2,915,682
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 44,000	$ 235,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	120,647,871	120,448,018
Common stock, shares outstanding	106,027,301	117,532,336

Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements, Captions [Line Items]
Net investment income									$ 3,579	$ 3,338	$ 3,078
Other revenues									389	397	651
Net investment gains (losses)									112	(207)	(28)
Net derivative gains (losses)									(1,988)	702	(1,620)
Total revenues	$ 306	$ 3,187	$ 2,370	$ 691	$ 4,026	$ 1,422	$ 1,702	$ 1,815	6,554	8,965	6,842
Expenses
Other expenses									2,491	2,575	2,483
Total expenses	1,678	2,383	1,901	1,644	2,239	1,790	2,019	1,928	7,606	7,976	7,457
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest									(1,052)	989	(615)
Provision for income tax expense (benefit)									(317)	119	(237)
Net income (loss) attributable to Brighthouse Financial, Inc.	(1,070)	683	384	(737)	1,442	(271)	(239)	(67)	(740)	865	(378)
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders	(1,077)	676	377	(737)	1,442	(271)	(239)	(67)	(761)	865	(378)
Comprehensive income (loss)									1,784	(16)	33
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1	$ 2	$ 0	$ 2	$ 0	$ 2	$ 1	$ 2	5	5	0
Parent Company
Condensed Income Statements, Captions [Line Items]
Equity in earnings (losses) of subsidiaries									(602)	1,003	(566)
Net investment income									20	10	6
Other revenues									24	5	221
Net derivative gains (losses)									0	0	2
Total revenues									(558)	1,018	(337)
Expenses
Credit facility fees									10	7	16
Other expenses									209	176	76
Total expenses									219	183	92
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest									(777)	835	(429)
Provision for income tax expense (benefit)									(37)	(30)	(51)
Net income (loss) attributable to Brighthouse Financial, Inc.									(740)	865	(378)
Dividends, Preferred Stock									21	0	0
Net income (loss) available to Brighthouse Financial, Inc.'s common shareholders									(761)	865	(378)
Comprehensive income (loss)									$ 1,784	$ (16)	$ 33

Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions			3 Months Ended								12 Months Ended
	Mar. 25, 2019	Aug. 03, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)			$ (1,070)	$ 683	$ 384	$ (737)	$ 1,442	$ (271)	$ (239)	$ (67)	$ (740)	$ 865	$ (378)
Other, net											75	114	129
Net cash provided by (used in) operating activities											1,828	3,062	3,396
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities											14,146	15,819	17,214
Purchases of fixed maturity securities											(16,915)	(16,460)	(18,782)
Net change in short-term investments											(1,942)	312	1,030
Net cash provided by (used in) investing activities											(7,341)	(4,538)	(3,915)
Cash flows from financing activities
Treasury stock acquired in connection with share repurchases											(442)	(105)	0
Preferred stock issued, net of issuance costs	$ 412										412	0	0
Dividends on preferred stock											(21)	0	0
Distribution to MetLife, Inc.		$ (1,800)									0	0	(1,798)
Net cash provided by (used in) financing activities											4,245	3,764	(2,852)
Cash and cash equivalents, beginning of year						4,145					4,145
Cash and cash equivalents, end of year			2,877				4,145				2,877	4,145
Supplemental disclosures of cash flow information
Net cash paid (received) for interest											187	159	155
Net cash paid (received) for income tax											16	(895)	(637)
Parent Company
Cash flows from operating activities
Net income (loss)											(740)	865	(378)
Equity in (earnings) losses of subsidiaries											602	(1,003)	566
Distribution from subsidiary											195	52	50
Other, net											(16)	7	(252)
Net cash provided by (used in) operating activities											41	(79)	(14)
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities											194	3	510
Purchases of fixed maturity securities											(4)	0	(749)
Capital contributions to subsidiary											(412)	(208)	(1,300)
Net change in short-term investments											(455)	0	0
Net cash provided by (used in) investing activities											(677)	(205)	(1,539)
Cash flows from financing activities
Long-term and short-term debt issued											2,156	893	3,724
Long-term and short-term debt repaid											(1,716)	(351)	0
Debt issuance costs											0	(12)	(39)
Treasury stock acquired in connection with share repurchases											(442)	(105)	0
Preferred stock issued, net of issuance costs											412	0	0
Dividends on preferred stock											(21)	0	0
Distribution to MetLife, Inc.											0	0	(1,798)
Credit facility fees											(2)	(6)	(8)
Net cash provided by (used in) financing activities											387	419	1,879
Change in cash and cash equivalents											(249)	135	326
Cash and cash equivalents, beginning of year						$ 461				$ 326	461	326	0
Cash and cash equivalents, end of year			$ 212				$ 461				212	461	326
Supplemental disclosures of cash flow information
Net cash paid (received) for interest											187	158	67
Cash received from MetLife, Inc. for income tax											0	(7)	0
Income tax paid (received) by Brighthouse Financial, Inc.											(4)	1	1
Net cash paid (received) for income tax											$ (4)	$ (6)	$ 1

Condensed Financial Information (Parent Company) (Investment in Subsidiary Footnote) (Details) - Parent Company - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Capital contributions to BH Holdings	$ (412)	$ (208)	$ (1,300)
Distributions from BH Holdings	$ 195	$ 52	$ 50

Condensed Financial Information (Parent Company) (Long-term and Short-term Debt Footnote) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 12, 2018	Jun. 22, 2017
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding			$ 4,365	$ 3,963
Debt instrument, unamortized debt issuance costs and debt discount			42	46
Long-term debt maturities, year one			2
Long-term debt maturities, year two			2
Long-term debt maturities, year three			2
Long-term debt maturities, year four			2
Long-term debt maturities, year five			1,000
Long-term debt maturities, after year five			3,400
Interest expense on long-term debt			$ 191	158	$ 135
Term Loan Due 2024
Condensed Financial Statements, Captions [Line Items]
Debt instrument, basis spread on variable rate debt			1.50%
Long-term debt outstanding			$ 1,000
Term Loan Due 2019
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding				600
Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate			3.70%				3.70%
Long-term debt outstanding			$ 1,492	1,490
Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate			4.70%				4.70%
Long-term debt outstanding			$ 1,478	1,478
Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate			6.25%			6.25%
Long-term debt outstanding			$ 363	361
Parent Company
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding			4,333	3,929
Short-term debt outstanding			343	303
Long-term and short-term debt outstanding			4,676	4,232
Debt instrument, unamortized debt issuance costs and debt discount			42	46
Long-term debt maturities, year one			343
Long-term debt maturities, year two			0
Long-term debt maturities, year three			0
Long-term debt maturities, year four			0
Long-term debt maturities, year five			1,000
Long-term debt maturities, after year five			3,400
Interest expense on long-term debt			$ 191	157	75
Parent Company \| Term Loan Due 2024
Condensed Financial Statements, Captions [Line Items]
Debt instrument, basis spread on variable rate debt			1.50%
Long-term debt outstanding			$ 1,000
Parent Company \| Term Loan Due 2019
Condensed Financial Statements, Captions [Line Items]
Long-term debt outstanding				600
Parent Company \| Short-term Intercompany Loans
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt issued			1,200	478	136
Short-term intercompany debt repaid			$ 1,100	$ 311	$ 0
Weighted average interest rate			0.95%	1.80%	0.73%
Parent Company \| Intercompany Liquidity Facilities
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt issued		$ 40	$ 0		$ 0
Short-term intercompany debt repaid	$ 40		$ 0		$ 0
Maximum borrowing and lending limit applied to the respective insurance subsidiary's statutory admitted assets			3.00%
Parent Company \| Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate			3.70%
Long-term debt outstanding			$ 1,492	$ 1,490
Parent Company \| Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate			4.70%
Long-term debt outstanding			$ 1,478	1,478
Parent Company \| Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate			6.25%
Long-term debt outstanding			$ 363	$ 361

Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	$ 5,448	$ 5,717	$ 6,286
Future Policy Benefits and Other Policy-Related Balances	42,797	39,209
Policyholder account balances	45,771	40,054
Unearned Premiums	19	20
Unearned Revenue	574	475
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	4,327	4,550
Future Policy Benefits and Other Policy-Related Balances	9,073	8,814
Policyholder account balances	34,770	28,619
Unearned Premiums	0	0
Unearned Revenue	88	91
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	1,019	1,051
Future Policy Benefits and Other Policy-Related Balances	5,832	5,546
Policyholder account balances	3,128	3,239
Unearned Premiums	13	14
Unearned Revenue	335	277
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	5	5
Future Policy Benefits and Other Policy-Related Balances	20,192	17,253
Policyholder account balances	7,872	8,195
Unearned Premiums	0	0
Unearned Revenue	151	107
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	97	111
Future Policy Benefits and Other Policy-Related Balances	7,700	7,596
Policyholder account balances	1	1
Unearned Premiums	6	6
Unearned Revenue	$ 0	$ 0

Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	$ 4,462	$ 4,735	$ 4,761
Net Investment Income (1)	3,579	3,338	3,078
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	4,733	4,351	4,747
Amortization of DAC and VOBA	382	1,050	227
Other Expenses	2,491	2,575	2,483
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	85	85	96
Net Investment Income (1)	75	57	141
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	59	64	62
Amortization of DAC and VOBA	14	16	20
Other Expenses	404	503	374
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	2,788	2,947	3,000
Net Investment Income (1)	1,797	1,522	1,252
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	1,414	1,597	2,130
Amortization of DAC and VOBA	363	944	(23)
Other Expenses	1,676	1,629	1,565
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	871	927	951
Net Investment Income (1)	434	447	327
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	824	768	820
Amortization of DAC and VOBA	5	90	223
Other Expenses	211	241	265
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	718	776	714
Net Investment Income (1)	1,273	1,312	1,358
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	2,436	1,922	1,735
Amortization of DAC and VOBA	0	0	7
Other Expenses	$ 200	$ 202	$ 279

Consolidated Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Consolidated Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	$ 568,120	$ 597,694	$ 629,367
Ceded	175,728	191,083	206,304
Assumed	7,153	7,458	6,879
Net Amount	$ 399,545	$ 414,069	$ 429,942
% Amount Assumed to Net	1.80%	1.80%	1.60%
Consolidated Reinsurance
Gross Amount	$ 1,651	$ 1,699	$ 1,795
Ceded	779	810	943
Assumed	10	11	11
Net premiums	$ 882	$ 900	$ 863
% Amount Assumed to Net	1.10%	1.20%	1.30%
Life insurance (1)
Consolidated Reinsurance
Gross Amount	$ 1,424	$ 1,468	$ 1,557
Ceded	556	580	711
Assumed	10	11	11
Net premiums	$ 878	$ 899	$ 857
% Amount Assumed to Net	1.10%	1.20%	1.30%
Accident and Health Insurance Product Line [Member]
Consolidated Reinsurance
Gross Amount	$ 227	$ 231	$ 238
Ceded	223	230	232
Assumed	0	0	0
Net premiums	$ 4	$ 1	$ 6
% Amount Assumed to Net	0.00%	0.00%	0.00%
Affiliated Entity
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded			$ 17,100
Assumed			6,900
Affiliated Entity \| Life insurance (1)
Consolidated Reinsurance
Ceded		$ 201	537
Assumed		$ 6	$ 11