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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
  
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___                    
Commission File Number: 001-37905
 
https://cdn.kscope.io/c38f3d9bcfbfa897f626ab3e45a93285-bhflogorgb970pxa43.jpg
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
81-3846992
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
11225 North Community House Road,
Charlotte,
North Carolina
 
28277
(Address of principal executive offices)
 
(Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
BHF
The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share
BHFAP
The Nasdaq Stock Market LLC
of 6.600% Non-Cumulative Preferred Stock, Series A
6.250% Junior Subordinated Debentures due 2058
BHFAL
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ  No ¨   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
 
Accelerated filer
¨
 
Non-accelerated filer
¨
 
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No þ
As of May 7, 2020, 93,844,031 shares of the registrant’s common stock were outstanding.
 
 



Table of Contents
 
Page
 
   Item 1.
Consolidated Financial Statements (at March 31, 2020 (Unaudited) and December 31, 2019 and for the Three Months Ended March 31, 2020 and 2019 (Unaudited)):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Item 2.
  Item 3.
  Item 4.
 
 
 
  Item 1.
  Item 1A.
  Item 2.
  Item 6.
 
 




Part I — Financial Information
Item 1. Financial Statements
Brighthouse Financial, Inc.
Interim Condensed Consolidated Balance Sheets
March 31, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)
 
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
 
Investments:
 
 
 
 
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $65,237 and $64,079, respectively; allowance for credit losses of $10 and $0, respectively)
 
$
71,302

 
$
71,036

Equity securities, at estimated fair value
 
122

 
147

Mortgage loans (net of allowance for credit losses of $69 and $64, respectively)
 
15,547

 
15,753

Policy loans
 
1,250

 
1,292

Limited partnerships and limited liability companies
 
2,505

 
2,380

Short-term investments, principally at estimated fair value
 
4,348

 
1,958

Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $0, respectively)
 
9,658

 
3,216

Total investments
 
104,732

 
95,782

Cash and cash equivalents
 
8,930

 
2,877

Accrued investment income
 
868

 
684

Premiums, reinsurance and other receivables
 
14,994

 
14,760

Deferred policy acquisition costs and value of business acquired
 
4,862

 
5,448

Current income tax recoverable
 
9

 
17

Other assets
 
550

 
584

Separate account assets
 
89,008

 
107,107

Total assets
 
$
223,953

 
$
227,259

Liabilities and Equity
 
 
 
 
Liabilities
 
 
 
 
Future policy benefits
 
$
40,653

 
$
39,686

Policyholder account balances
 
47,288

 
45,771

Other policy-related balances
 
3,169

 
3,111

Payables for collateral under securities loaned and other transactions
 
10,988

 
4,391

Long-term debt
 
4,365

 
4,365

Deferred income tax liability
 
2,482

 
1,355

Other liabilities
 
5,561

 
5,236

Separate account liabilities
 
89,008

 
107,107

Total liabilities
 
203,514

 
211,022

Contingencies, Commitments and Guarantees (Note 10)
 

 

Equity
 
 
 
 
Brighthouse Financial, Inc.’s stockholders’ equity:
 
 
 
 
Preferred stock, par value $0.01 per share; $425 aggregate liquidation preference
 

 

Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,867,313 and 120,647,871 shares issued, respectively; 100,502,488 and 106,027,301 shares outstanding, respectively
 
1

 
1

Additional paid-in capital
 
12,911

 
12,908

Retained earnings (deficit)
 
5,521

 
585

Treasury stock, at cost; 20,364,825 and 14,620,570 shares, respectively
 
(706
)
 
(562
)
Accumulated other comprehensive income (loss)
 
2,647

 
3,240

Total Brighthouse Financial, Inc.’s stockholders’ equity
 
20,374

 
16,172

Noncontrolling interests
 
65

 
65

Total equity
 
20,439

 
16,237

Total liabilities and equity
 
$
223,953

 
$
227,259

See accompanying notes to the interim condensed consolidated financial statements.

2



Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions, except per share data)
 
Three Months Ended
 March 31,
 
2020
 
2019
Revenues
 
 
 
Premiums
$
198

 
$
227

Universal life and investment-type product policy fees
886

 
875

Net investment income
916

 
811

Other revenues
102

 
92

Net investment gains (losses)
(19
)
 
(11
)
Net derivative gains (losses)
6,902

 
(1,303
)
Total revenues
8,985

 
691

Expenses
 
 
 
Policyholder benefits and claims
1,187

 
772

Interest credited to policyholder account balances
259

 
258

Amortization of deferred policy acquisition costs and value of business acquired
770

 
22

Other expenses
517

 
592

Total expenses
2,733

 
1,644

Income (loss) before provision for income tax
6,252

 
(953
)
Provision for income tax expense (benefit)
1,293

 
(218
)
Net income (loss)
4,959

 
(735
)
Less: Net income (loss) attributable to noncontrolling interests
2

 
2

Net income (loss) attributable to Brighthouse Financial, Inc.
4,957

 
(737
)
Less: Preferred stock dividends
7

 

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
$
4,950

 
$
(737
)
Comprehensive income (loss)
$
4,366

 
$
219

Less: Comprehensive income (loss) attributable to noncontrolling interests
2

 
2

Comprehensive income (loss) attributable to Brighthouse Financial, Inc.
$
4,364

 
$
217

Earnings per common share
 
 
 
Basic
$
47.26

 
$
(6.31
)
Diluted
$
47.11

 
$
(6.31
)
See accompanying notes to the interim condensed consolidated financial statements.

3



Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Treasury Stock at Cost
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Brighthouse Financial, Inc.’s Stockholders’ Equity
 
Noncontrolling Interests
 
Total Equity
Balance at December 31, 2019
 
$

 
$
1

 
$
12,908

 
$
585

 
$
(562
)
 
$
3,240

 
$
16,172

 
$
65

 
$
16,237

Cumulative effect of change in accounting principle, net of income tax (Note 1)
 
 
 
 
 
 
 
(14
)
 
 
 
3

 
(11
)
 
 
 
(11
)
Balance at January 1, 2020
 

 
1

 
12,908

 
571

 
(562
)
 
3,243

 
16,161

 
65

 
16,226

Treasury stock acquired in connection with share repurchases
 
 
 
 
 
 
 
 
 
(142
)
 
 
 
(142
)
 
 
 
(142
)
Share-based compensation
 
 
 
 
 
3

 
 
 
(2
)
 
 
 
1

 
 
 
1

Dividends on preferred stock
 
 
 
 
 
 
 
(7
)
 
 
 
 
 
(7
)
 
 
 
(7
)
Change in noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(2
)
 
(2
)
Net income (loss)
 
 
 
 
 
 
 
4,957

 
 
 
 
 
4,957

 
2

 
4,959

Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
 
 
 
 
 
(596
)
 
(596
)
 
 
 
(596
)
Balance at March 31, 2020
 
$

 
$
1

 
$
12,911

 
$
5,521

 
$
(706
)
 
$
2,647

 
$
20,374

 
$
65

 
$
20,439


 
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Treasury Stock at Cost
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Brighthouse Financial, Inc.’s Stockholders’ Equity
 
Noncontrolling Interests
 
Total Equity
Balance at December 31, 2018
 
$

 
$
1

 
$
12,473

 
$
1,346

 
$
(118
)
 
$
716

 
$
14,418

 
$
65

 
$
14,483

Preferred stock issuance
 

 
 
 
412

 


 
 
 
 
 
412

 
 
 
412

Treasury stock acquired in connection with share repurchases
 
 
 
 
 
 
 
 
 
(52
)
 
 
 
(52
)
 
 
 
(52
)
Share-based compensation
 
 
 
 
 
4

 
 
 
 
 
 
 
4

 
 
 
4

Change in noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(2
)
 
(2
)
Net income (loss)
 
 
 
 
 
 
 
(737
)
 
 
 
 
 
(737
)
 
2

 
(735
)
Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
 
 
 
 
 
954

 
954

 
 
 
954

Balance at March 31, 2019
 
$


$
1


$
12,889

 
$
609

 
$
(170
)
 
$
1,670

 
$
14,999

 
$
65

 
$
15,064

See accompanying notes to the interim condensed consolidated financial statements.

4



Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
Three Months Ended
 March 31,
 
2020
 
2019
Net cash provided by (used in) operating activities
$
96

 
$
376

Cash flows from investing activities
 
 
 
Sales, maturities and repayments of:
 
 
 
Fixed maturity securities
1,674

 
4,100

Equity securities
14

 
6

Mortgage loans
481

 
263

Limited partnerships and limited liability companies
69

 
77

Purchases of:
 
 
 
Fixed maturity securities
(2,541
)
 
(3,830
)
Mortgage loans
(279
)
 
(1,076
)
Limited partnerships and limited liability companies
(178
)
 
(110
)
Cash received in connection with freestanding derivatives
3,412

 
316

Cash paid in connection with freestanding derivatives
(1,807
)
 
(310
)
Net change in policy loans
41

 
36

Net change in short-term investments
(2,387
)
 
(799
)
Net change in other invested assets
17

 
55

Net cash provided by (used in) investing activities
(1,484
)
 
(1,272
)
Cash flows from financing activities
 
 
 
Policyholder account balances:
 
 
 
Deposits
1,974

 
1,858

Withdrawals
(478
)
 
(911
)
Net change in payables for collateral under securities loaned and other transactions
6,597

 
(1,067
)
Long-term debt issued

 
1,000

Long-term debt repaid

 
(600
)
Preferred stock issued, net of issuance costs

 
412

Dividends on preferred stock
(7
)
 

Treasury stock acquired in connection with share repurchases
(142
)
 
(52
)
Financing element on certain derivative instruments and other derivative related transactions, net
(486
)
 
(11
)
Other, net
(17
)
 
(14
)
Net cash provided by (used in) financing activities
7,441

 
615

Change in cash, cash equivalents and restricted cash
6,053

 
(281
)
Cash, cash equivalents and restricted cash, beginning of period
2,877

 
4,145

Cash, cash equivalents and restricted cash, end of period
$
8,930

 
$
3,864

Supplemental disclosures of cash flow information
 
 
 
Net cash paid (received) for:
 
 
 
Interest
$
15

 
$
12

Income tax
$

 
$
(1
)

See accompanying notes to the interim condensed consolidated financial statements.

5

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

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. Brighthouse Financial, Inc. (“BHF”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the United States through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLCs”) in which the Company has control. Intercompany accounts and transactions have been eliminated.
The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.
Reclassifications
Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Consolidated Financial Statements.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2019 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2019 Annual Report.

6

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Adoption of New Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements. ASUs adopted as of March 31, 2020 are summarized as follows:
Standard
Description
Effective Date
Impact on Financial Statements
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)
The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment 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
The Company recorded an after tax net decrease to retained earnings of $14 million and a net increase to accumulated other comprehensive income (loss) (“AOCI”) of $3 million for the cumulative effect of adoption. The adjustment included establishing or updating the allowance for credit losses on fixed maturity securities, mortgage loans, and other invested assets.
ASUs issued but not yet adopted as of March 31, 2020 are summarized as follows:
Standard
Description
Effective Date
Impact on Financial Statements
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred policy acquisition costs (“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.

CARES Act
In response to the worldwide pandemic sparked by the novel coronavirus (the “COVID-19 pandemic”), on March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains numerous provisions intended to provide swift aid, including through tax relief, to businesses and individuals affected by the COVID-19 pandemic. The Company does not believe that the CARES Act will have a material impact to its consolidated financial statements at this time. The Company will continue to closely monitor developments related to the COVID-19 pandemic and the CARES Act.

7

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)


2. Segment Information
The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Annuities
The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.
Life
The Life segment consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.
Run-off
The Run-off segment consists of products no longer actively sold and which are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements and universal life with secondary guarantees.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes 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 and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and
Certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”).
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 value of business acquired (“VOBA”) related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.
The tax impact of the adjustments mentioned above is calculated net of the statutory tax rate, which could differ from the Company’s effective tax rate.

8

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
2. Segment Information (continued)

The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.
Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.
Operating results by segment, as well as Corporate & Other, were as follows:
 
 
Three Months Ended March 31, 2020
 
 
Annuities
 
Life
 
Run-off
 
Corporate & Other
 
Total
 
 
(In millions)
Pre-tax adjusted earnings
 
$
389

 
$
13

 
$
(90
)
 
$
(59
)
 
$
253

Provision for income tax expense (benefit)
 
73

 
2

 
(20
)
 
(22
)
 
33

Post-tax adjusted earnings
 
316

 
11

 
(70
)
 
(37
)
 
220

Less: Net income (loss) attributable to noncontrolling interests
 

 

 

 
2

 
2

Less: Preferred stock dividends
 

 

 

 
7

 
7

Adjusted earnings
 
$
316

 
$
11

 
$
(70
)
 
$
(46
)
 
211

Adjustments for:
 
 
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
 
 
(19
)
Net derivative gains (losses)
 
 
 
 
 
 
 
 
 
6,902

Other adjustments to net income (loss)
 
 
 
 
 
 
 
 
 
(884
)
Provision for income tax (expense) benefit
 
 
 
 
 
 
 
 
 
(1,260
)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
 
 
 
 
 
 
 
 
 
$
4,950

 
 
 
 
 
 
 
 
 
 
 
Interest revenue
 
$
460

 
$
116

 
$
324

 
$
20

 
 
Interest expense
 
$

 
$

 
$

 
$
47

 
 


9

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
2. Segment Information (continued)

 
 
Three Months Ended March 31, 2019
 
 
Annuities
 
Life
 
Run-off
 
Corporate & Other
 
Total
 
 
(In millions)
Pre-tax adjusted earnings
 
$
361

 
$
31

 
$
(46
)
 
$
(72
)
 
$
274

Provision for income tax expense (benefit)
 
66

 
6

 
(10
)
 
(22
)
 
40

Post-tax adjusted earnings
 
295

 
25

 
(36
)
 
(50
)
 
234

Less: Net income (loss) attributable to noncontrolling interests
 

 

 

 
2

 
2

Less: Preferred stock dividends
 

 

 

 

 

Adjusted earnings
 
$
295

 
$
25

 
$
(36
)
 
$
(52
)
 
232

Adjustments for:
 
 
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
 
 
(11
)
Net derivative gains (losses)
 
 
 
 
 
 
 
 
 
(1,303
)