0001167609-21-000003 | 10-K | XBRL Viewer | Brighthouse Life Insurance Co OF NY

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 04, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity File Number	000-55705
Entity Central Index Key	0001167609
Entity Registrant Name	BRIGHTHOUSE LIFE INSURANCE Co OF NY
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-3690700
Entity Address, Address Line One	285 Madison Avenue, 14th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	980
Local Phone Number	365-7100
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		200,000

Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,460 and $2,897, respectively; allowance for credit losses of $0 and $0, respectively)	$ 3,843	$ 3,067
Mortgage loans (net of allowance for credit losses of $2 and $3, respectively)	643	625
Short-term investments, principally at estimated fair value	71	52
Other invested assets, principally at estimated fair value	266	108
Total investments	4,823	3,852
Cash and cash equivalents	275	148
Accrued investment income	29	25
Premiums, reinsurance and other receivables	1,223	1,048
Deferred policy acquisition costs	160	175
Other assets	27	33
Separate account assets	4,965	4,676
Total assets	11,502	9,957
Liabilities
Future policy benefits	825	743
Policyholder account balances	3,151	2,339
Other policy-related balances	12	9
Payables for collateral under derivative transactions	137	85
Current income tax payable	2	30
Deferred income tax liability	178	114
Other liabilities	940	912
Separate account liabilities	4,965	4,676
Total liabilities	10,210	8,908
Contingencies, Commitments and Guarantees (Note 13)
Stockholder’s Equity
Common stock, par value $10 per share; 200,000 shares authorized, issued and outstanding	2	2
Additional paid-in capital	491	491
Retained earnings (deficit)	541	434
Accumulated other comprehensive income (loss)	258	122
Total stockholder’s equity	1,292	1,049
Total liabilities and stockholder’s equity	$ 11,502	$ 9,957

Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 3,460	$ 2,897
Fixed maturity securities, allowance for credit losses	0	0
Mortgage loans valuation allowances	$ 2	$ 3
Equity [Abstract]
Common stock, par value	$ 10	$ 10
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	200,000	200,000
Common stock, shares outstanding	200,000	200,000

Statements of Operations - USD ($) $ in Millions	12 Months Ended
Statements of Operations - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Premiums	$ 22	$ 23	$ 37
Universal life and investment-type product policy fees	93	97	102
Net investment income	134	122	100
Other revenues	(83)	(85)	(59)
Net investment gains (losses)	13	4	(7)
Net derivative gains (losses)	129	42	(18)
Total revenues	308	203	155
Expenses
Policyholder benefits and claims	23	33	7
Interest credited to policyholder account balances	38	36	38
Amortization of deferred policy acquisition costs	38	22	1
Other expenses	77	81	66
Total expenses	176	172	112
Income (loss) before provision for income tax	132	31	43
Provision for income tax expense (benefit)	25	3	5
Net income (loss)	$ 107	$ 28	$ 38

Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 107	$ 28	$ 38
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets	177	173	(62)
Unrealized gains (losses) on derivatives	(5)	0	5
Other comprehensive income (loss), before income tax	172	173	(57)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(36)	(36)	12
Other comprehensive income (loss), net of income tax	136	137	(45)
Comprehensive income (loss)	$ 243	$ 165	$ (7)

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Statements of Stockholder's Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2017	$ 844	$ 2	$ 416	$ 396	$ 30
Net income (loss)	38			38
Other comprehensive income (loss), net of income tax	(45)				(45)
Ending Balance at Dec. 31, 2018	837	2	416	434	(15)
Capital contribution	75		75
Dividends paid to Brighthouse Life Insurance Company	(28)			(28)
Net income (loss)	28			28
Other comprehensive income (loss), net of income tax	137				137
Ending Balance at Dec. 31, 2019	1,049	2	491	434	122
Net income (loss)	107			107
Other comprehensive income (loss), net of income tax	136				136
Ending Balance at Dec. 31, 2020	$ 1,292	$ 2	$ 491	$ 541	$ 258

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
Statements of Cash Flows - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income (loss)	$ 107	$ 28	$ 38
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	1	3	2
(Gains) losses on investments, net	(13)	(4)	7
(Gains) losses on derivatives, net	(124)	(27)	41
Interest credited to policyholder account balances	38	36	38
Universal life and investment-type product policy fees	(93)	(97)	(102)
Change in accrued investment income	(3)	(4)	(2)
Change in premiums, reinsurance and other receivables	(35)	0	(15)
Change in deferred policy acquisition costs	(4)	(17)	(29)
Change in income tax	0	(2)	7
Change in other assets	90	92	97
Change in future policy benefits and other policy-related balances	68	21	41
Change in other liabilities	(37)	(11)	(15)
Net cash provided by (used in) operating activities	(5)	18	108
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	480	626	408
Sales, maturities and repayments of mortgage loans	60	97	8
Purchases of fixed maturity securities	(1,023)	(1,067)	(702)
Purchases of mortgage loans	(80)	(275)	(63)
Cash received in connection with freestanding derivatives	313	107	6
Cash paid in connection with freestanding derivatives	(231)	(41)	(59)
Net change in short-term investments	(20)	(52)	0
Net change in other invested assets	1	6	(11)
Net cash provided by (used in) investing activities	(500)	(599)	(413)
Cash flows from financing activities
Policyholder account balances: Deposits	672	645	470
Policyholder account balances: Withdrawals	(100)	(144)	(149)
Net change in payables for collateral under derivative transactions	52	61	18
Short-term debt issued	100	0	0
Short-term debt repaid	(100)	0	0
Dividends paid	0	(28)	0
Capital contribution	0	75	0
Financing element on certain derivative instruments and other derivative related transactions, net	8	0	0
Net cash provided by (used in) financing activities	632	609	339
Change in cash, cash equivalents and restricted cash	127	28	34
Cash, cash equivalents and restricted cash, beginning of year	148	120	86
Cash, cash equivalents and restricted cash, end of year	275	148	120
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	1	0	0
Net cash paid (received) for income tax	$ 25	$ 5	$ (2)

Business, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business “BHNY” and the “Company” refer to Brighthouse Life Insurance Company of NY, a New York domiciled life insurance company. Brighthouse Life Insurance Company of NY is a wholly-owned subsidiary of Brighthouse Life Insurance Company, which is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” together with its subsidiaries and affiliates, “Brighthouse Financial”). The Company is licensed to transact business in the state of New York. The Company markets or administers a range of annuity and life insurance products to individuals. The Company is organized into two segments: Annuities and Life. In addition, the Company reports certain of its results of operations in Corporate & Other. In 2016, MetLife, Inc. (together with its subsidiaries and affiliates, “MetLife”) announced its plan to pursue the separation of a substantial portion of its former U.S. retail business (the “Separation”). In connection with the Separation, 80.8% of MetLife, Inc.’s interest in BHF was distributed to holders of MetLife, Inc.’s common stock. On June 14, 2018, MetLife, Inc. divested its remaining shares of BHF common stock (the “MetLife Divestiture”). As a result, MetLife, Inc. and its subsidiaries and affiliates are no longer considered related parties subsequent to the MetLife Divestiture. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the 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. Reclassifications Certain amounts in the prior years’ 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 Financial Statements. Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a standalone entity. 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 most significant assumptions used in the establishment of liabilities for future policy benefits are mortality, benefit election and utilization, withdrawals, policy lapse, and investment returns as appropriate to the respective product type. For traditional long-duration insurance contracts (term 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. The Company is also required to reflect the effect of investment gains and losses in its premium deficiency testing. When a premium deficiency exists related to unrealized gains and losses, any reductions in deferred acquisition costs or increases in insurance liabilities are recorded to other comprehensive income (loss) (“OCI”). Policyholder account balances relate to customer deposits on deferred annuity contracts and are equal to the sum of deposits, plus interest credited, less charges and withdrawals. The Company may also hold additional liabilities for certain guaranteed benefits related to these contracts. The Company issues directly, certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (i.e., the benefit base) less withdrawals. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. 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. Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDB”), the portion of guaranteed minimum income benefits (“GMIB”) that require annuitization, and the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWB”). Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMAB”) and the portion of GMIBs that do not require annuitization. At 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 represent “excess” fees and are reported in universal life and investment-type product policy fees. 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 deferred annuities are credited to policyholder account balances. Revenues from such contracts consist of asset-based investment management fees, 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. Premiums, policy fees, policyholder benefits and expenses are presented net of reinsurance. Deferred Policy Acquisition Costs and Deferred Sales Inducements 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 deferred policy acquisition costs (“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. The Company amortizes DAC related to term life insurance 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, 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 balance is deemed to be unrecoverable from future expected profits. The Company amortizes DAC on deferred annuities 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, in-force or persistency, benefit elections and utilization, and withdrawals. 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 are reviewed at least annually, and if they change significantly, the cumulative DAC 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 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 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 balances on deferred annuities 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 balances related to unrealized gains and losses are recorded to OCI. DAC balances and amortization for variable annuities 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 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 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”) 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. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews DSI to determine whether the assets are impaired. Reinsurance The Company enters into reinsurance arrangements pursuant to which it cedes certain insurance risks to unaffiliated and related party 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 cedes the risk associated with the variable annuities with guaranteed minimum benefits to Brighthouse Life Insurance Company. Certain features of the ceded guarantees are accounted for as an embedded derivative and measured at fair value. Index-linked Annuities The Company issues 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 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 regularly evaluates fixed maturity securities for declines in fair value to determine if a credit loss exists. This evaluation is based on management’s case by case evaluation of the underlying reasons for the decline in fair value including, but not limited to an analysis of the gross unrealized losses by severity and financial condition of the issuer. For fixed maturity securities in an unrealized loss position, when the Company has the intent to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery, the amortized cost basis of the security is written down to fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. If the Company determines the decline in estimated fair value is due to credit losses, 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 allowance through net investment gains (losses). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the allowance related to other-than-credit factors is recorded in OCI. Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses). Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Mortgage Loans Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and any deferred fees or expenses, and net of an allowance for credit losses. 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. The allowance for credit losses for mortgage loans represents the Company’s best estimate of expected credit losses over the remaining life of the loans and is determined using relevant available information from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. 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. 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; index-linked annuities that are directly written; and ceded reinsurance of variable annuity with guaranteed minimum benefits. Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the 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 annuity contract holders as investment options in its separate accounts. These fees are recognized in the period in which the related services are performed and are included in other revenues in the statement of operations. Income Tax Income taxes as presented herein attribute current and deferred income taxes of MetLife, Inc., for periods up until the Separation, to Brighthouse Financial in a manner that is systematic, rational and consistent with the asset and liability method prescribed by the Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Codification 740 — Income Taxes (“ASC 740”). The Company’s income tax provision was prepared following the modified separate return method. The modified separate return method applies ASC 740 to the standalone financial statements of each member of the consolidated group as if the group member were a separate taxpayer and a standalone enterprise, after providing benefits for losses. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including the jurisdiction in which the deferred tax asset was generated, the length of time that carryforward can be utilized in the various taxing jurisdictions, future taxable income exclusive of reversing temporary differences and carryforwards, future reversals of existing taxable temporary differences, taxable income in prior carryback years, tax planning strategies and the nature, frequency, and amount of cumulative financial reporting income and losses in recent years. The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change. The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense. 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”), an affiliate, sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company, an affiliate, sponsors certain frozen defined benefit pension and postretirement plans. Within its statement of operations, the Company has included expenses associated with its participants in these plans. Adoption of New Accounting Pronouncements Changes to GAAP are established by the FASB in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements. Effective January 1, 2020, using the modified retrospective method, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment 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. The Company recorded an after tax net increase to retained earnings of less than $1 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. Future Adoption of New Accounting Pronouncements In August 2018, the FASB issued new guidance on long-duration contracts (ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts). This new guidance is effective for fiscal years beginning after January 1, 2023. The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (i) require all guarantees that qualify as market risk benefits to be measured at fair value, (ii) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (iii) modify the methods of amortization for DAC, and (iv) 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. The Company continues to evaluate the new guidance and therefore is unable to estimate the impact on its financial statements. The most significant impact from the ASU is the requirement that all variable annuity guarantees will be considered market risk benefits and measured at fair value, whereas today a significant amount of variable annuity guarantees are classified as insurance liabilities.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The Company is organized into two segments: Annuities and Life. 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, mainly term life insurance, designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes 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 highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings should not be viewed as a substitute for net income (loss).

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 GMIB fees (“GMIB Fees”).

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

• Amounts associated with benefits 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 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 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.

Operating results by segment, as well as Corporate & Other, were as follows:


	Year Ended December 31, 2020
	Annuities		Life		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	(11)	$	33	$	(6)	$	16
Provision for income tax expense (benefit)	(4)		7		(2)		1
Adjusted earnings	$	(7)	$	26	$	(4)	15
Adjustments for:
Net investment gains (losses)							13
Net derivative gains (losses)							129
Other adjustments to net income (loss)							(26)
Provision for income tax (expense) benefit							(24)
Net income (loss)							$	107

Interest revenue	$	97	$	36	$	1


	Year Ended December 31, 2019
	Annuities		Life		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	(32)	$	(10)	$	—	$	(42)
Provision for income tax expense (benefit)	(8)		(2)		(2)		(12)
Adjusted earnings	$	(24)	$	(8)	$	2	(30)
Adjustments for:
Net investment gains (losses)							4
Net derivative gains (losses)							42
Other adjustments to net income (loss)							27
Provision for income tax (expense) benefit							(15)
Net income (loss)							$	28

Interest revenue	$	83	$	37	$	2


	Year Ended December 31, 2018
	Annuities		Life		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	27	$	25	$	(2)	$	50
Provision for income tax expense (benefit)	4		5		(2)		7
Adjusted earnings	$	23	$	20	$	—	43
Adjustments for:
Net investment gains (losses)							(7)
Net derivative gains (losses)							(18)
Other adjustments to net income (loss)							18
Provision for income tax (expense) benefit							2
Net income (loss)							$	38

Interest revenue	$	64	$	35	$	1

Total revenues by segment, as well as Corporate & Other, were as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Annuities	$	104	$	90	$	103
Life	48		51		60
Corporate & Other	2		3		4
Adjustments	154		59		(12)
Total	$	308	$	203	$	155

Total assets by segment, as well as Corporate & Other, were as follows at:


	December 31,
	2020		2019
	(In millions)
Annuities	$	9,467	$	7,888
Life	1,859		1,933
Corporate & Other	176		136
Total	$	11,502	$	9,957

Total premiums, universal life and investment-type product policy fees and other revenues by major product group were as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Annuity products	$	20	$	19	$	53
Life insurance products	12		16		27
Total	$	32	$	35	$	80

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, 2020, 2019 and 2018.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Insurance

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Insurance

3. Insurance

Insurance Liabilities

Insurance liabilities, including affiliated insurance liabilities on reinsurance ceded, 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,
	2020		2019
	(In millions)
Annuities	$	3,612	$	2,714
Life	365		367
Corporate & Other	11		10
Total	$	3,988	$	3,091

See Note 5 for discussion of affiliated reinsurance liabilities included in the table above.

Assumptions for Future Policyholder Benefits and Policyholder Account Balances

For term 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 5%. 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 1% to 8%.

Policyholder account balances liabilities for deferred annuities have interest credited rates ranging from 1% to 6%.

Guarantees

The Company issues variable annuity contracts with guaranteed minimum benefits. GMDBs, the life contingent portion of GMWBs and certain portions of GMIBs are accounted for as insurance liabilities in future policyholder benefits, while other guarantees are accounted for in whole or in part as embedded derivatives in policyholder account balances and are further discussed in Note 7. The most significant assumptions for variable annuity guarantees included in future policyholder benefits are projected general account and separate account investment returns, and policyholder behavior including mortality, benefit election and utilization, and withdrawals.

See Note 1 for more information on guarantees accounted for as insurance liabilities.

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


	Variable Annuity Contracts
	GMDBs		GMIBs		Total
	(In millions)
Direct
Balance at January 1, 2018	$	12	$	172	$	184
Incurred guaranteed benefits	1		26		27
Paid guaranteed benefits	—		—		—
Balance at December 31, 2018	13		198		211
Incurred guaranteed benefits	1		4		5
Paid guaranteed benefits	—		—		—
Balance at December 31, 2019	14		202		216
Incurred guaranteed benefits	(1)		64		63
Paid guaranteed benefits	(1)		—		(1)
Balance at December 31, 2020	$	12	$	266	$	278
Ceded
Balance at January 1, 2018	$	13	$	61	$	74
Incurred guaranteed benefits	(1)		11		10
Paid guaranteed benefits	—		—		—
Balance at December 31, 2018	12		72		84
Incurred guaranteed benefits	—		2		2
Paid guaranteed benefits	—		—		—
Balance at December 31, 2019	12		74		86
Incurred guaranteed benefits	—		34		34
Paid guaranteed benefits	(1)		—		(1)
Balance at December 31, 2020	$	11	$	108	$	119
Net
Balance at January 1, 2018	$	(1)	$	111	$	110
Incurred guaranteed benefits	2		15		17
Paid guaranteed benefits	—		—		—
Balance at December 31, 2018	1		126		127
Incurred guaranteed benefits	1		2		3
Paid guaranteed benefits	—		—		—
Balance at December 31, 2019	2		128		130
Incurred guaranteed benefits	(1)		30		29
Paid guaranteed benefits	—		—		—
Balance at December 31, 2020	$	1	$	158	$	159

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


	December 31,
	2020						2019
	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)	$	4,971		$	3,816		$	4,683		$	3,742
Separate account value	$	4,962		$	3,816		$	4,675		$	3,741
Net amount at risk	$	3	(4)	$	429	(5)	$	4	(4)	$	310	(5)
Average attained age of contract holders	69 years			69 years			68 years			68 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.

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


	December 31,
	2020		2019
	(In millions)
Fund Groupings:
Balanced	$	3,069	$	3,001
Equity	1,350		1,180
Bond	546		495

Total	$	4,965	$	4,676

Deferred Policy Acquisition Costs, and Other Policy-Related Intangibles

12 Months Ended

Dec. 31, 2020

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

Deferred Policy Acquisition Costs and Deferred Sales Inducements

4. Deferred Policy Acquisition Costs and Deferred Sales Inducements

See Note 1 for a description of capitalized acquisition costs.

Information regarding DAC was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
DAC:
Balance at January 1,	$	175	$	186	$	131
Capitalizations	42		39		30
Amortization related to net investment gains (losses) and net derivative gains (losses)	18		17		25
All other amortization	(56)		(39)		(26)
Total amortization	(38)		(22)		(1)
Unrealized investment gains (losses)	(19)		(28)		26
Balance at December 31,	$	160	$	175	$	186

Information regarding total DAC by segment, was as follows at:


	December 31,
	2020		2019
	(In millions)
Annuities	$	141	$	156
Life	19		19
Total	$	160	$	175

Information regarding DSI was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
DSI:
Balance at January 1,	$	25	$	29	$	27

Amortization	(7)		(2)		(2)
Unrealized investment gains (losses)	—		(2)		4
Balance at December 31,	$	18	$	25	$	29

Reinsurance

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

Reinsurance

5. Reinsurance

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products. 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

For annuities, the Company currently reinsures to its parent, Brighthouse Life Insurance Company, 100% of certain variable annuity risks or 100% of the living and death benefit guarantees issued in connection with variable annuities. Under the benefit guarantee 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.

Life

For its individual life insurance 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 retains up to $100,000 per life and reinsures 100% of amounts in excess of the amount the Company retains. 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. The Company evaluates its reinsurance programs routinely and may increase or decrease its retention at any time.

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 highly rated reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers and monitors ratings and the financial strength of its reinsurers. In addition, the reinsurance recoverable balances due from each reinsurer and the recoverability of such balance is evaluated as part of this overall monitoring process.

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, 2020 and 2019, were not significant. The Company had $20 million and $23 million of unsecured reinsurance recoverable balances with third-parties at December 31, 2020 and 2019, respectively.

At December 31, 2020, the Company had $443 million of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $439 million, or 99%, were with the Company’s five largest ceded reinsurers, including $17 million of net ceded reinsurance recoverables which were unsecured. At December 31, 2019, the Company had $454 million of net ceded reinsurance recoverables with third-parties. Of this total, $451 million, or 99%, were with the Company’s five largest ceded reinsurers, including $20 million of net ceded reinsurance recoverables which were unsecured.

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Premiums
Direct premiums	$	82	$	86	$	91
Reinsurance ceded	(60)		(63)		(54)
Net premiums	$	22	$	23	$	37
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	97	$	101	$	106
Reinsurance ceded	(4)		(4)		(4)
Net universal life and investment-type product policy fees	$	93	$	97	$	102
Other revenues
Direct other revenues	$	13	$	13	$	13
Reinsurance ceded	(96)		(98)		(72)
Net other revenues	$	(83)	$	(85)	$	(59)
Policyholder benefits and claims
Direct policyholder benefits and claims	$	149	$	92	$	98
Reinsurance ceded	(126)		(59)		(91)
Net policyholder benefits and claims	$	23	$	33	$	7




Other expenses
Direct other expenses	$	80	$	87	$	74
Reinsurance ceded	(3)		(6)		(8)
Net other expenses	$	77	$	81	$	66

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


	December 31,
	2020						2019
	Direct		Ceded		Total Balance Sheet		Direct		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	24	$	1,199	$	1,223	$	18	$	1,030	$	1,048
Liabilities
Other liabilities	$	148	$	792	$	940	$	86	$	826	$	912

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 $435 million and $444 million at December 31, 2020 and 2019, respectively. There were no deposit liabilities on reinsurance at both December 31, 2020 and 2019.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with its parent, Brighthouse Life Insurance Company, and Metropolitan Life Insurance Company, all of which were related parties until the completion of the MetLife Divestiture.

Information regarding the significant effects of related party reinsurance included on the statements of operations was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Premiums
Reinsurance ceded	$	(43)	$	(45)	$	(37)
Universal life and investment-type product policy fees
Reinsurance ceded	$	(4)	$	(3)	$	(4)
Other revenues
Reinsurance ceded	$	(96)	$	(98)	$	(72)


Policyholder benefits and claims
Reinsurance ceded	$	(120)	$	(51)	$	(89)




Other expenses
Reinsurance ceded	$	(7)	$	(7)	$	(8)

Information regarding the significant effects of ceded related party reinsurance included on the balance sheets was as follows at:


	December 31,
	2020		2019
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	749	$	567
Liabilities

Other liabilities	$	362	$	387

The Company cedes risks to Brighthouse Life Insurance Company related to guaranteed minimum benefit guarantees written directly by the Company. These ceded reinsurance agreements contain embedded derivatives and changes in their estimated fair value are included within net derivative gains (losses). The embedded derivatives associated with the cessions are included within premiums, reinsurance and other receivables and were $477 million and $338 million at December 31, 2020 and 2019, respectively. Net derivative gains (losses) associated with the embedded derivatives were $138 million, $38 million and ($12) million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts. The Company had no unsecured related party reinsurance recoverable balances at both December 31, 2020 and 2019.

Related party reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on related party reinsurance were $5 million and $4 million at December 31, 2020 and 2019, respectively. There were no deposit liabilities on related party reinsurance at both December 31, 2020 and 2019.

Investments

12 Months Ended

Dec. 31, 2020

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. In connection with the adoption of new guidance related to the credit losses (see Note 1), effective January 1, 2020, the Company updated its accounting policies on certain investments. Any accounting policy updates required by the new guidance are described in this footnote.

Fixed Maturity Securities Available-for-sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	December 31, 2020										December 31, 2019
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value		Amortized Cost		Allowance for Credit Losses (1)		Gross Unrealized				Estimated Fair Value
					Gains		Losses								Gains		Losses
	(In millions)
U.S. corporate	$	1,697	$	—	$	201	$	1	$	1,897	$	1,361	$	—	$	87	$	2	$	1,446
Foreign corporate	503		—		58		2		559		396		—		23		3		416
ABS	350		—		6		1		355		142		—		1		1		142
CMBS	299		—		31		1		329		319		—		16		1		334
U.S. government and agency	254		—		58		—		312		290		—		27		—		317
RMBS	219		—		17		—		236		277		—		12		1		288
State and political subdivision	122		—		15		—		137		92		—		10		—		102
Foreign government	16		—		2		—		18		20		—		2		—		22
Total fixed maturity securities	$	3,460	$	—	$	388	$	5	$	3,843	$	2,897	$	—	$	178	$	8	$	3,067

The Company held non-income producing fixed maturity securities with an estimated fair value of $2 million at December 31, 2020. The Company did not hold any non-income producing fixed maturity securities at December 31, 2019.

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, 2020:


	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	$	27	$	529	$	1,104	$	932	$	868	$	3,460
Estimated fair value	$	28	$	570	$	1,217	$	1,108	$	920	$	3,843

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 by Sector

The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:


	December 31, 2020								December 31, 2019
	Less than 12 Months				12 Months or Greater				Less than 12 Months				12 Months or Greater
	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)
U.S. corporate	$	54	$	1	$	2	$	—	$	94	$	2	$	17	$	—
Foreign corporate	4		—		10		2		28		1		26		2
ABS	98		1		17		—		57		—		22		1
CMBS	19		1		—		—		38		1		3		—

RMBS	4		—		—		—		8		—		6		1
State and political subdivision	9		—		—		—		19		—		—		—
Foreign government	2		—		—		—		2		—		—		—
Total fixed maturity securities	$	190	$	3	$	29	$	2	$	246	$	4	$	74	$	4
Total number of securities in an unrealized loss position	82				15				69				36

Allowance for Credit Losses for Fixed Maturity Securities

Evaluation and Measurement Methodologies

For fixed maturity securities in an unrealized loss position, management first assesses whether the Company intends to sell, or whether it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to estimated fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. 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 allowance for credit loss evaluation process include, but are not limited to: (i) the extent to which estimated fair value is less than amortized cost; (ii) any changes to the rating of the security by a rating agency; (iii) adverse conditions specifically related to the security, industry or geographic area; and (iv) payment structure of the fixed maturity security and the likelihood of the issuer being able to make payments in the future or the issuer’s failure to make scheduled interest and principal payments. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss is deemed to exist and an allowance for credit losses is recorded, limited by the amount that the estimated fair value is less than the amortized cost basis, with a corresponding charge to net investment gains (losses). Any unrealized losses that have not been recorded through an allowance for credit losses are recognized in OCI.

Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses).

Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses.

Accrued interest receivables are presented separate from the amortized cost basis of fixed maturity securities. An allowance for credit losses is not estimated on an accrued interest receivable, rather receivable balances 90-days past due are deemed uncollectible and are written off with a corresponding reduction to net investment income. The accrued interest receivable on fixed maturity securities totaled $24 million at December 31, 2020 and is included in accrued investment income.

Fixed maturity securities are also evaluated to determine if they qualify as purchased financial assets with credit deterioration (“PCD”). To determine if the credit deterioration experienced since origination is more than insignificant, both (i) the extent of the credit deterioration and (ii) any rating agency downgrades are evaluated. For securities categorized as PCD assets, the present value of cash flows expected to be collected from the security are compared to the par value of the security. If the present value of cash flows expected to be collected is less than the par value, credit losses are embedded in the purchase price of the PCD asset. In this situation, both an allowance for credit losses and amortized cost gross-up is recorded, limited by the amount that the estimated fair value is less than the grossed-up amortized cost basis. Any difference between the purchase price and the present value of cash flows is amortized or accreted into net investment income over the life of the PCD asset. Any subsequent PCD asset allowance for credit losses is evaluated in a manner similar to the process described above for fixed maturity securities.

Current Period Evaluation

Based on the Company’s current evaluation of its fixed maturity securities in an unrealized loss position and the current intent or requirement to sell, the Company recorded no allowance for credit losses on fixed maturity securities at December 31, 2020. Management concluded that for all other fixed maturity securities in an unrealized loss position, the unrealized loss was not due to issuer specific credit-related factors and as a result was recognized in OCI. Where unrealized losses have not been recognized into income, it is primarily because the securities’ bond issuer(s) are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in estimated fair value is largely due to changes in interest rates and non-issuer-specific credit spreads. These issuers continued to make timely principal and interest payments and the estimated fair value is expected to recover as the securities approach maturity.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	458	71.2	%	$	457	73.1	%
Agricultural	187		29.1		171		27.3
Total mortgage loans	645		100.3		628		100.4
Allowance for credit losses	(2)		(0.3)		(3)		(0.4)
Total mortgage loans, net	$	643	100.0	%	$	625	100.0	%

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

The allowance for credit losses is a valuation account that is deducted from the mortgage loan’s amortized cost basis to present the net amount expected to be collected on the mortgage loan. The loan balance, or a portion of the loan balance, is written-off against the allowance when management believes this amount is uncollectible.

Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. For mortgage loans that are granted payment deferrals due to the worldwide pandemic sparked by the novel coronavirus (“COVID-19 pandemic”), interest continues to be accrued during the deferral period if the loan was less than 30 days past due at December 31, 2019 and performing at the onset of the pandemic. Accrued interest on COVID-19 pandemic impacted loans was not significant at December 31, 2020. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $4 million at December 31, 2020.

The allowance for credit losses is estimated using relevant available information, from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience provides the basis for estimating expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics and environmental conditions. A reasonable and supportable forecast period of two-years is used with an input reversion period of one-year.

Mortgage loans are evaluated in both portfolio segments to determine the allowance for credit losses. The loan-level loss rates are determined using individual loan terms and characteristics, risk pools/internal ratings, national economic forecasts, prepayment speeds, and estimated default and loss severity. The resulting loss rates are applied to the mortgage loan’s amortized cost to generate an allowance for credit losses. In certain situations, the allowance for credit losses is measured as the difference between the loan’s amortized cost and liquidation value of the collateral. These situations include collateral dependent loans, expected troubled debt restructurings (“TDR”), foreclosure probable loans, and loans with dissimilar risk characteristics.

Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment

The changes in the allowance for credit losses by portfolio segment were as follows:


	Commercial		Agricultural		Total
	(In millions)
Balance at December 31, 2019	$	2	$	1	$	3
Cumulative effect of change in accounting principle	(1)		—		(1)
Balance at January 1, 2020	1		1		2



Balance at December 31, 2020	$	1	$	1	$	2

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:


	2020		2019		2018		2017		2016		Prior		Total
	(In millions)
December 31, 2020
Commercial mortgage loans
Loan-to-value ratios
Less than 65%	$	32	$	102	$	23	$	13	$	16	$	187	$	373
65% to 75%	—		50		6		7		—		3		66
76% to 80%	—		—		—		—		1		3		4
Greater than 80%	—		—		5		—		—		10		15
Total commercial mortgage loans	32		152		34		20		17		203		458
Agricultural mortgage loans
Loan-to-value ratios
Less than 65%	46		43		21		6		15		52		183
65% to 75%	—		3		1		—		—		—		4

Total agricultural mortgage loans	46		46		22		6		15		52		187
Total	$	78	$	198	$	56	$	26	$	32	$	255	$	645

The loan-to-value ratio is a measure commonly used to assess the quality of commercial and agricultural mortgage loans. The loan-to-value ratio compares the amount of the loan to the estimated fair value of the underlying property collateralizing the loan and is commonly expressed as a percentage. A loan-to-value ratio less than 100% indicates an excess of collateral value over the loan amount. Loan-to-value ratios greater than 100% indicate that the loan amount exceeds the collateral value. Performing status is a measure commonly used to assess the quality of residential mortgage loans. A loan is considered performing when the borrower makes consistent and timely payments.

The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:


	December 31,
	2020				2019
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt service coverage ratios:
Greater than 1.20x	$	450	98.3	%	$	448	98.0	%
1.00x - 1.20x	8		1.7		9		2.0

Total	$	458	100.0	%	$	457	100.0	%

The debt-service coverage ratio compares a property’s net operating income to its debt-service payments. Debt-service coverage ratios less than 1.00 times indicate that property operations do not generate enough income to cover the loan’s current debt payments. A debt-service coverage ratio greater than 1.00 times indicates an excess of net operating income over the debt-service payments.

Past Due Mortgage Loans by Portfolio Segment

The Company has a high-quality, well performing mortgage loan portfolio, with all mortgage loans classified as performing at both December 31, 2020 and 2019 . Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial mortgage loans — 60 days and agricultural mortgage loans — 90 days. To the extent a payment deferral is agreed to with a borrower, in response to the COVID-19 pandemic, the past due status of the impacted loans during the forbearance period is locked-in as of March 1, 2020, which reflects the date on which the COVID-19 pandemic began to affect the borrower’s ability to make payments. At December 31, 2020, the Company did not have any COVID-19 pandemic modified loans in delinquent status.

The Company did not have any mortgage loans past due at December 31, 2020.

Mortgage Loans in Nonaccrual Status by Portfolio Segment

Mortgage loans are placed in a nonaccrual status if there are concerns regarding collectability of future payments or the loan is past due, unless the past due loan is well collateralized and in the process of foreclosure. To the extent a payment deferral is agreed to with a borrower, in response to the COVID-19 pandemic, the impacted loans generally will not be reported as in a nonaccrual status during the period of deferral. A COVID-19 pandemic modified loan is only reported as a nonaccrual asset in the event a borrower declares bankruptcy, the borrower experiences significant credit deterioration such that the Company does not expect to collect all principal and interest due, or the loan was 90 days past due at the onset of the pandemic. At December 31, 2020, the Company did not have any COVID-19 pandemic modified loans in nonaccrual status.

The Company did not have any mortgage loans in a nonaccrual status at either December 31, 2020 or 2019.

Modified Mortgage Loans by Portfolio Segment

Under certain circumstances, modifications are granted to nonperforming mortgage loans. Each modification is evaluated to determine if a TDR has occurred. A modification is a TDR when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the amount of debt owed, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company did not have any mortgage loans modified in a troubled debt restructuring during the year ended December 31, 2020.

Short-term modifications made on a good faith basis to borrowers who were not more than 30 days past due at December 31, 2019 and in response to the COVID-19 pandemic are not considered TDRs.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities and the effect on DAC, 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 accumulated other comprehensive income (loss) (“AOCI”).

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Fixed maturity securities	$	383	$	170	$	(36)
Derivatives	1		6		6

Subtotal	384		176		(30)
Amounts allocated from:
Future policy benefits	(20)		(3)		—
DAC and DSI	(38)		(19)		11
Subtotal	(58)		(22)		11
Deferred income tax benefit (expense)	(68)		(32)		4
Net unrealized investment gains (losses)	$	258	$	122	$	(15)

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Balance at January 1,	$	122	$	(15)	$	30
Unrealized investment gains (losses) during the year	208		206		(87)
Unrealized investment gains (losses) relating to:
Future policy benefits	(17)		(3)		—
DAC and DSI	(19)		(30)		30
Deferred income tax benefit (expense)	(36)		(36)		12
Balance at December 31,	$	258	$	122	$	(15)
Change in net unrealized investment gains (losses)	$	136	$	137	$	(45)

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, 2020 and 2019.

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral at estimated fair value were as follows at:


	December 31,
	2020		2019
	(In millions)
Invested assets on deposit (regulatory deposits)	$	2	$	2
Invested assets pledged as collateral (1)	5		19
Total invested assets on deposit and pledged as collateral (2)	$	7	$	21

_______________

(1)The Company has pledged invested assets in connection with derivative transactions (see Note 7).

(2)The Company did not hold any restricted cash and cash equivalents at either December 31, 2020 or 2019.

Variable Interest Entities

The Company has invested in legal entities that are variable interest entities (“VIE”). 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 (i) direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) 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 either December 31, 2020 or 2019.

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


	December 31,
	2020				2019
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	301	$	274	$	394	$	376

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 Available-for-sale” for information on these securities.

Net Investment Income

The components of net investment income were as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Investment income:
Fixed maturity securities	$	112	$	101	$	86
Mortgage loans	26		21		17
Cash, cash equivalents and short-term investments	1		3		1
Other	1		1		1
Total investment income	140		126		105
Less: Investment expenses	6		4		5
Net investment income	$	134	$	122	$	100

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

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Fixed maturity securities	$	13	$	5	$	(5)
Mortgage loans	—		(1)		—
Other	—		—		(2)
Total net investment gains (losses)	$	13	$	4	$	(7)

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 follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Proceeds	$	321	$	460	$	274
Gross investment gains	$	14	$	8	$	1
Gross investment losses	(1)		(3)		(6)
Net investment gains (losses)	$	13	$	5	$	(5)

Related Party Investment Transactions

All of the transactions reported as related party activity occurred prior to the MetLife Divestiture (see Note 1).

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 $2 million for the year ended December 31, 2018.

Derivatives

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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 and equity market.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates and/or financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. The Company’s OTC derivatives are settled bilateral contracts between two counterparties (“OTC-bilateral”).

Interest Rate Derivatives

Interest rate caps: The Company uses interest rate caps to protect against interest rate exposure arising from mismatches between assets and liabilities. Interest rate caps are used in 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.

Equity Derivatives

Equity index options: 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 index-linked annuity products against adverse changes in equity markets. Equity total return swaps are used in non-qualifying hedging relationships.

Primary Risks Managed by Derivatives

The primary underlying risk exposure, gross notional amount, and estimated fair value of derivatives held were as follows at:


	Primary Underlying Risk Exposure	December 31,
		2020						2019
		Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	115	$	4	$	3	$	98	$	6	$	—
Total qualifying hedges		115		4		3		98		6		—
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate caps	Interest rate	800		1		—		800		2		—
Foreign currency swaps	Foreign currency exchange rate	16		4		—		18		4		—
Equity index options	Equity market	5,908		250		94		4,699		96		39
Equity total return swaps	Equity market	249		7		—		—		—		—
Total non-designated or non-qualifying derivatives		6,973		262		94		5,517		102		39
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		477		—		N/A		338		—
Direct guaranteed minimum benefits	Other	N/A		—		14		N/A		—		(28)
Direct index-linked annuities	Other	N/A		—		393		N/A		—		180
Total embedded derivatives	Other	N/A		477		407		N/A		338		152
Total		$	7,088	$	743	$	504	$	5,615	$	446	$	191

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) were as follows:


	Year Ended December 31, 2020
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	(5)
Total cash flow hedges	—		—		1		(5)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	195		—		—		—
Embedded derivatives	(66)		—		—		—
Total non-qualifying hedges	129		—		—		—
Total	$	129	$	—	$	1	$	(5)


	Year Ended December 31, 2019
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	—
Total cash flow hedges	—		—		1		—

Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(8)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	113		—		—		—
Embedded derivatives	(64)		—		—		—
Total non-qualifying hedges	42		—		—		—
Total	$	42	$	—	$	1	$	—


	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	5
Total cash flow hedges	—		—		1		5
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	(31)		—		—		—
Embedded derivatives	13		—		—		—
Total non-qualifying hedges	(19)		—		—		—
Total	$	(19)	$	—	$	1	$	5

At December 31, 2020 and 2019, the balance in AOCI associated with cash flow hedges was $1 million and $6 million, respectively.

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 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 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, 2020
Derivative assets	$	266	$	(91)	$	(136)	$	39	$	(34)	$	5
Derivative liabilities	$	97	$	(91)	$	—	$	6	$	(6)	$	—
December 31, 2019
Derivative assets	$	108	$	(21)	$	(82)	$	5	$	(4)	$	1
Derivative liabilities	$	39	$	(21)	$	—	$	18	$	(18)	$	—

_______________

(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 from counterparties is not reported on the balance sheets and may not be sold or re-pledged unless the counterparty is in default. 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 aggregate estimated fair values 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 were as follows at:


	December 31,
	2020		2019
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	6	$	18
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	6	$	19

_______________

(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, 2020

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 in the tables 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, 2020
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	1,873	$	24	$	1,897
Foreign corporate	—		557		2		559
ABS	—		349		6		355
CMBS	—		329		—		329
U.S. government and agency	158		154		—		312
RMBS	—		236		—		236
State and political subdivision	—		137		—		137
Foreign government	—		18		—		18
Total fixed maturity securities	158		3,653		32		3,843
Short-term investments	63		8		—		71
Derivative assets: (1)
Interest rate	—		1		—		1
Foreign currency exchange rate	—		8		—		8
Equity market	—		257		—		257
Total derivative assets	—		266		—		266
Embedded derivatives within asset host contracts (2)	—		—		477		477
Separate account assets	—		4,965		—		4,965
Total assets	$	221	$	8,892	$	509	$	9,622
Liabilities
Derivative liabilities: (1)
Foreign currency exchange rate	$	—	$	3	$	—	$	3
Equity market	—		94		—		94

Embedded derivatives within liability host contracts (2)	—		—		407		407
Total liabilities	$	—	$	97	$	407	$	504


	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	$	—	$	1,419	$	27	$	1,446
Foreign corporate	—		408		8		416
ABS	—		133		9		142
CMBS	—		334		—		334
U.S. government and agency	184		133		—		317
RMBS	—		288		—		288
State and political subdivision	—		102		—		102
Foreign government	—		22		—		22
Total fixed maturity securities	184		2,839		44		3,067
Short-term investments	35		17		—		52
Derivative assets: (1)
Interest rate	—		2		—		2
Foreign currency exchange rate	—		10		—		10
Equity market	—		96		—		96
Total derivative assets	—		108		—		108
Embedded derivatives within asset host contracts (2)	—		—		338		338
Separate account assets	—		4,676		—		4,676
Total assets	$	219	$	7,640	$	382	$	8,241
Liabilities
Derivative liabilities: (1)
Equity market	$	—	$	39	$	—	$	39

Embedded derivatives within liability host contracts (2)	—		—		152		152
Total liabilities	$	—	$	39	$	152	$	191

_______________

(1)Derivative assets are presented within other invested assets on the balance sheets and derivative liabilities are presented within other liabilities on the balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the balance sheets.

(2)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the 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. Prices received are assessed to determine if they represent a reasonable estimate of fair value. Several controls are performed, 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.

A formal process is also applied 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, the last available price will be used.

Additional controls are performed, such as, 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, 2020.

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.

Short-term Investments

The fair value for actively traded short-term investments are determined using quoted market prices and are classified as Level 1 assets. For financial instruments classified as Level 2 assets, fair values are determined using a market approach and are valued based on a variety of observable inputs as described below

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 OTC-bilateral derivatives classified as Level 2 assets or liabilities 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 derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral 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 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 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 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 variable annuity guarantees and certain affiliated ceded reinsurance agreements related to such 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 variable annuity products with guaranteed minimum benefits. GMABs, the non-life contingent portion of GMWBs and certain portions of GMIBs are accounted for as embedded derivatives and measured at estimated fair value separately from the host variable annuity contract. These embedded derivatives are classified within policyholder account balances on the balance sheets with changes in estimated fair value reported in net derivative gains (losses).

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.

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)

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) were as follows at:


					December 31, 2020			December 31, 2019			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates	0.03%	-	12.13%	0.02%	-	11.31%	Decrease (1)
			•	Lapse rates	0.25%	-	15.00%	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	16.66%	-	22.21%	16.24%	-	21.65%	Increase (5)
			•	Nonperformance risk spread	0.47%	-	1.97%	0.54%	-	1.99%	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 changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) were summarized as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities				Net Embedded Derivatives (2)
	Corporate (1)		Structured Securities
	(In millions)
Balance, January 1, 2019	$	13	$	5	$	311
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	—		—		(64)
Total realized/unrealized gains (losses) included in AOCI	1		—		—
Purchases (5)	30		9		—
Sales (5)	—		—		—
Issuances (5)	—		—		—
Settlements (5)	—		—		(61)
Transfers into Level 3 (6)	—		—		—
Transfers out of Level 3 (6)	(9)		(5)		—
Balance, December 31, 2019	35		9		186
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	—		—		(66)
Total realized/unrealized gains (losses) included in AOCI	—		—		—
Purchases (5)	16		6		—
Sales (5)	(6)		—		—
Issuances (5)	—		—		—
Settlements (5)	—		—		(50)
Transfers into Level 3 (6)	3		—		—
Transfers out of Level 3 (6)	(22)		(9)		—
Balance, December 31, 2020	$	26	$	6	$	70
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (7)	$	—	$	—	$	(20)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (7)	$	—	$	—	$	(122)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (7)	$	—	$	—	$	(111)
Changes in unrealized gains (losses) included in OCI for the instruments still held at December 31, 2020 (7)	$	—	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2018:
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	$	—	$	—	$	13
Total realized/unrealized gains (losses) included in AOCI	$	(1)	$	—	$	—

_______________

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

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

(3)Amortization of premium/accretion of discount is included within net investment income. Changes in the allowance for credit losses and direct write offs are 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 embedded derivatives are reported in net derivative gains (losses).

(4)Interest accruals, as well as cash interest coupons received, are excluded from the rollforward.

(5)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.

(6)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.

(7)Changes in unrealized gains (losses) included in net income (loss) for fixed maturities are reported in either net investment income or net investment gains (losses). Substantially all changes in unrealized gains (losses) included in net income (loss) for 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 and payables for collateral under derivative transactions. 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, 2020
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	643	$	—	$	—	$	681	$	681
Premiums, reinsurance and other receivables	$	436	$	—	$	1	$	435	$	436
Liabilities
Policyholder account balances	$	915	$	—	$	—	$	979	$	979
Other liabilities	$	430	$	—	$	7	$	423	$	430


	December 31, 2019
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	625	$	—	$	—	$	647	$	647
Premiums, reinsurance and other receivables	$	444	$	—	$	—	$	444	$	444
Liabilities
Policyholder account balances	$	963	$	—	$	—	$	955	$	955
Other liabilities	$	432	$	—	$	1	$	431	$	432

- 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

Short-term Debt	12 Months Ended
Short-term Debt	Dec. 31, 2020
Short-term Debt [Abstract]
Short-term Debt	9. Short-term Debt 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. On March 30, 2020, BHNY issued a $100 million promissory note to Brighthouse Holdings, LLC, which bore interest at a fixed rate of 2.4996%, and was repaid upon maturity on June 30, 2020.

Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity

10. Equity

Capital Contributions

During the years ended December 31, 2020, 2019 and 2018, the Company received cash capital contributions of $0, $75 million, and $0, respectively, from Brighthouse Life Insurance Company.

Statutory Equity and Income

The state of domicile of the Company imposes 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 ratio for the Company was in excess of 400% for all periods presented.

The Company prepares statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services (“NYDFS”). The NAIC has adopted the Codification of Statutory Accounting Principles (“Statutory Codification”). Statutory Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting principles continue to be established by individual state laws and permitted practices. Modifications by the state insurance department may impact the effect of Statutory Codification on the statutory capital and surplus of the Company.

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 with different presentation and valuing investments and deferred tax assets on a different basis.

New York has adopted certain prescribed accounting practices, primarily consisting of the continuous Commissioners’ Annuity Reserve Valuation Method, which impacts deferred annuities, NYDFS Circular Letter No 11, which impacts deferred premiums, and NYDFS Seventh Amendment to Regulation 172, which impacts admitted unearned reinsurance premiums. The collective impact of these prescribed accounting practices decreased the statutory capital and surplus of the Company for the years ended December 31, 2020 and 2019 by an amount of $33 million and $40 million, respectively, in excess of the amount of the decrease had capital and surplus been measured under NAIC guidance.

The tables below present amounts from the Company, which are derived from the statutory-basis financial statements as filed with the NYDFS.

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2020		2019		2018
		(In millions)
Brighthouse Life Insurance Company of NY	New York	$	(390)	$	(139)	$	19

Statutory capital and surplus was as follows at:


	December 31,
Company	2020		2019
	(In millions)
Brighthouse Life Insurance Company of NY	$	373	$	579

Dividend Restrictions

The Company is not permitted to pay dividends in 2021 to its parent without insurance regulatory approval from the NYDFS. The Company did not pay any dividends in 2020, paid $28 million in 2019 and did not pay any dividends in 2018.

Under New York Insurance Laws, the Company is permitted, without prior insurance regulatory clearance, to pay stockholder dividends to its parent in any calendar year based on one of two standards. Under one standard, the Company is permitted, without prior insurance regulatory clearance, to pay dividends out of earned surplus (defined as positive “unassigned funds (surplus)”), excluding 85% of the change in net unrealized capital gains or losses (less capital gains tax), for the immediately preceding calendar year), in an amount up to the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not to exceed 30% of surplus to policyholders as of the end of the immediately preceding calendar year. In addition, under this standard, the Company may not, without prior insurance regulatory clearance, pay any dividends in any calendar year immediately following a calendar year for which its net gain from operations, excluding realized capital gains, was negative. Under the second standard, if dividends are paid out of other than earned surplus, the Company may, without prior insurance regulatory clearance, pay an amount up to the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains). In addition, the Company will be permitted to pay a dividend to its parent in excess of the amounts allowed under both standards only if it files notice of its intention to declare such a dividend and the amount thereof with the New York Superintendent of Financial Services (the “NY Superintendent”) and the NY Superintendent either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing.

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		Total
	(In millions)
Balance at December 31, 2017	$	29	$	1	$	30
OCI before reclassifications	(67)		5		(62)
Deferred income tax benefit (expense)	13		—		13
AOCI before reclassifications, net of income tax	(25)		6		(19)
Amounts reclassified from AOCI	5		—		5
Deferred income tax benefit (expense)	(1)		—		(1)
Amounts reclassified from AOCI, net of income tax	4		—		4
Balance at December 31, 2018	(21)		6		(15)
OCI before reclassifications	178		—		178
Deferred income tax benefit (expense)	(37)		—		(37)
AOCI before reclassifications, net of income tax	120		6		126
Amounts reclassified from AOCI	(5)		—		(5)
Deferred income tax benefit (expense)	1		—		1
Amounts reclassified from AOCI, net of income tax	(4)		—		(4)
Balance at December 31, 2019	116		6		122
OCI before reclassifications	190		(5)		185
Deferred income tax benefit (expense)	(40)		1		(39)
AOCI before reclassifications, net of income tax	266		2		268
Amounts reclassified from AOCI	(13)		—		(13)
Deferred income tax benefit (expense)	3		—		3
Amounts reclassified from AOCI, net of income tax	(10)		—		(10)
Balance at December 31, 2020	$	256	$	2	$	258

_______________

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

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


AOCI Components	Amounts Reclassified from AOCI						Statements of Operations Locations
	Years Ended December 31,
	2020		2019		2018
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	13	$	5	$	(5)	Net investment gains (losses)


Net unrealized investment gains (losses), before income tax	13		5		(5)
Income tax (expense) benefit	(3)		(1)		1
Net unrealized investment gains (losses), net of income tax	10		4		(4)













Total reclassifications, net of income tax	$	10	$	4	$	(4)

Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Revenues and 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.

Direct other revenues consisted primarily of 12b-1 fees of $13 million, $13 million and $14 million for the years ended December 31, 2020, 2019 and 2018, respectively, of which all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Compensation	$	20	$	20	$	13
Contracted services and other labor costs	16		15		9
Transition services agreements	6		14		11
Establishment costs	8		3		5
Premium and other taxes, licenses and fees	—		2		3

Volume related costs, excluding compensation, net of DAC capitalization	22		19		19
Other	5		8		6
Total other expenses	$	77	$	81	$	66

Capitalization of DAC

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

Related Party Expenses

See Note 14 for a discussion of related party expenses included in the table above.

Income Tax

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax

12. Income Tax

The provision for income tax was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Current:
Federal	$	(3)	$	33	$	(2)


Deferred:
Federal	28		(30)		7
Provision for income tax expense (benefit)	$	25	$	3	$	5

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,
	2020			2019			2018
	(Dollars in millions)
Tax provision at statutory rate	$	28		$	6		$	9
Tax effect of:

Dividends received deduction	(2)			(2)			(2)
Prior year tax	—			—			(1)
Tax credits	(1)			(1)			(1)
Provision for income tax expense (benefit)	$	25		$	3		$	5
Effective tax rate	19		%	9		%	12		%

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,
	2020		2019
	(In millions)
Deferred income tax assets:
Tax credit carryforwards	$	6	$	4
Net operating loss carryforwards	62		3



Total deferred income tax assets	68		7
Deferred income tax liabilities:
Investments, including derivatives	34		12
Policyholder liabilities and receivables	112		45
Intangibles	1		1
Net unrealized investment gains	68		33
DAC	31		30

Total deferred income tax liabilities	246		121
Net deferred income tax asset (liability)	$	(178)	$	(114)

At December 31, 2020, the Company had net operating loss carryforwards of approximately $297 million, of which approximately $5 million expires in year 2032 and approximately $292 million is carried forward indefinitely.

The following table sets forth the foreign tax credits available for carryforward for tax purposes at December 31, 2020.


	Foreign Tax Credits Carryforwards
	(In millions)
Expiration
2020-2024	$	1
2025-2029	4
2030-2034	1
2035-2039	—
Indefinite	—
	$	6

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 financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate in the future.

The ending balance for unrecognized tax benefits that, if recognized, would impact the effective rate is $1 million for each of the years ended December 31, 2020, 2019 and 2018. 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, 2020, 2019 and 2018.

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 financial statements.

Tax Sharing Agreements

For the periods prior to the Separation, the Company was included in 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 the Company 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 Life Insurance Company and any directly owned life insurance and reinsurance subsidiaries (including the Company and BRCD) entered in a tax sharing agreement to join a life consolidated federal income tax return. 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

The Company entered into a tax separation agreement with MetLife. 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 November 2018, MetLife paid $2 million to the Company under the tax separation agreement. At both December 31, 2020 and 2019, the current income tax payable included a $3 million payable to MetLife related to this agreement.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Contingencies, Commitments and Guarantees	12 Months Ended
Contingencies, Commitments and Guarantees	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	13. Contingencies, Commitments and Guarantees Contingencies, Commitments and Guarantees Litigation 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 financial statements for all probable and reasonably estimable losses for sales practices matters. Summary Various litigations, claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s 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 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 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 net income or cash flows in particular quarterly or annual periods. Other Contingencies As with litigation and regulatory loss contingencies, the Company considers establishing liabilities for certain non-litigation loss contingencies when assertions are made involving disputes or other matters with counterparties to contractual arrangements entered into by the Company, including with third-party vendors. The Company establishes liabilities for such non-litigation loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In matters where it is not probable, but is reasonably possible that a loss will be incurred and the amount of loss can be reasonably estimated, such losses or range of losses are disclosed, and no accrual is made. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed. On a quarterly and annual basis, the Company reviews relevant information with respect to non-litigation contingencies and, when applicable, updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $7 million and $11 million at December 31, 2020 and 2019, respectively. Commitments to Fund Private Corporate Bond Investments The Company commits to lend funds under private corporate bond investments. The amounts of these unfunded commitments were $15 million and $10 million at December 31, 2020 and 2019, 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, 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 bylaws. 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 did not have a liability for indemnities, guarantees and commitments at either December 31, 2020 and 2019.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions The Company has various existing arrangements with its Brighthouse affiliates and had previous arrangements with MetLife for services necessary to conduct its activities. Certain of the MetLife services have continued, however, MetLife ceased to be a related party in June 2018 (see Note 1). See Note 11 for amounts related to continuing transition services. The Company has related party reinsurance, investment, debt and equity transactions (see Notes 5, 6, 9 and 10). Other material arrangements between the Company and its related parties not disclosed elsewhere are as follows: Shared Services and Overhead Allocations Brighthouse Services currently provides, and previously MetLife provided, certain services to the Company, each using an allocation methodology under certain agreements for such services. These services include, but are not limited to, treasury, financial planning and analysis, legal, human resources, tax planning, internal audit, financial reporting and information technology. 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. Revenues received from an affiliate related to these agreements, recorded in universal life and investment-type product policy fees, were $11 million, $12 million and $12 million for the years ended December 31, 2020, 2019 and 2018, respectively. Costs incurred under these arrangements with Brighthouse Services, as well as with MetLife prior to the MetLife Divestiture, were $53 million, $61 million and $44 million for the years ended December 31, 2020, 2019 and 2018, respectively, and were recorded in other expenses. Included in these costs are those incurred related to the establishment of services and infrastructure to replace those previously provided by MetLife. The Company incurred costs of $3 million, $1 million and $3 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company is charged a fee to reflect the value of the available infrastructure and services provided by these costs. While management believes the method used to allocate expenses under this arrangement is reasonable, the allocated expenses may not be indicative of those of a standalone entity. The Company had net receivables from/(payables to) affiliates, related to the items discussed above, of ($6) million and ($18) million at December 31, 2020 and 2019, respectively. Broker-Dealer Transactions The related party expense for the Company was commissions paid on the sale of variable products and passed through to the broker-dealer affiliate. The related party revenue for the Company was fee income passed through the broker-dealer affiliate 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 $12 million for all the years ended December 31, 2020, 2019 and 2018. Commission expenses incurred related to these transactions and recorded in other expenses was $71 million, $66 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company also had related party fee income receivables of $1 million at both December 31, 2020 and 2019.

Summary of Investments - Other Than Investments in Related Parties Summary of Investments - Other Than Investments in Related Parties (Notes)

12 Months Ended

Dec. 31, 2020

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]

Brighthouse Life Insurance Company of NY

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule I

Summary of Investments

Other Than Investments in Related Parties

December 31, 2020

(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	$	254	$	312	$	312
State and political subdivision	122		137		137
Public utilities	92		105		105
Foreign government	16		18		18
All other corporate bonds	2,104		2,347		2,347
Total bonds	2,588		2,919		2,919
Mortgage-backed and asset-backed securities	868		920		920
Redeemable preferred stock	4		4		4
Total fixed maturity securities	3,460		3,843		3,843








Mortgage loans	643				643



Short-term investments	71				71
Other invested assets	266				266
Total investments	$	4,440			$	4,823

_______________

(1)Cost or amortized cost for fixed maturity securities represents original cost reduced by impairments 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.

Supplementary Insurance Information

12 Months Ended

Dec. 31, 2020

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

Supplementary Insurance Information

Brighthouse Life Insurance Company of NY

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule III

Supplementary Insurance Information

December 31, 2020 and 2019

(In millions)


Segment	DAC		Future Policy Benefits and Other Policy-Related Balances		Policyholder Account Balances		Unearned Premiums (1), (2)		Unearned Revenue (1)
2020
Annuities	$	141	$	474	$	3,138	$	—	$	2
Life	19		352		13		1		—
Corporate & Other	—		11		—		—		—
Total	$	160	$	837	$	3,151	$	1	$	2
2019
Annuities	$	156	$	390	$	2,324	$	—	$	2
Life	19		352		15		1		—
Corporate & Other	—		10		—		—		—
Total	$	175	$	752	$	2,339	$	1	$	2

_______________

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

(2)Includes premiums received in advance.

Brighthouse Life Insurance Company of NY

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule III

Supplementary Insurance Information (continued)

December 31, 2020, 2019 and 2018

(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		Other Expenses
2020
Annuities	$	102	$	97	$	59	$	37	$	57
Life	12		36		2		1		12
Corporate & Other	1		1		—		—		8
Total	$	115	$	134	$	61	$	38	$	77
2019
Annuities	$	105	$	83	$	21	$	19	$	68
Life	14		37		48		3		10
Corporate & Other	1		2		—		—		3
Total	$	120	$	122	$	69	$	22	$	81
2018
Annuities	$	111	$	63	$	27	$	(2)	$	46
Life	25		35		17		3		15
Corporate & Other	3		2		1		—		5
Total	$	139	$	100	$	45	$	1	$	66

_______________

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

Reinsurance

12 Months Ended

Dec. 31, 2020

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

Reinsurance

Brighthouse Life Insurance Company of NY

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule IV

Reinsurance

December 31, 2020, 2019 and 2018

(Dollars in millions)


	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2020
Life insurance in-force	$	41,707	$	35,792	$	—	$	5,915	—	%
Life insurance premium (1)	$	82	$	60	$	—	$	22	—	%
2019
Life insurance in-force	$	44,324	$	38,220	$	—	$	6,104	—	%
Life insurance premium (1)	$	86	$	63	$	—	$	23	—	%
2018
Life insurance in-force	$	46,722	$	39,987	$	—	$	6,735	—	%
Life insurance premium (1)	$	91	$	54	$	—	$	37	—	%

_______________

(1) Includes annuities with life contingencies.

For the year ended December 31, 2020, reinsurance ceded included related party transactions for life insurance in-force of $27.0 billion, and life insurance premiums of $43 million. For the year ended December 31, 2019, reinsurance ceded included related party transactions for life insurance in-force of $28.7 billion, and life insurance premiums of $45 million. For the year ended December 31, 2018, reinsurance ceded included related party transactions for life insurance in-force of $29.8 billion, and life insurance premiums of $37 million.

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

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

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 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 of Subsidiaries

Reclassifications

Certain amounts in the prior years’ 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 Financial Statements.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a standalone entity.

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 most significant assumptions used in the establishment of liabilities for future policy benefits are mortality, benefit election and utilization, withdrawals, policy lapse, and investment returns as appropriate to the respective product type.

For traditional long-duration insurance contracts (term 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.

The Company is also required to reflect the effect of investment gains and losses in its premium deficiency testing. When a premium deficiency exists related to unrealized gains and losses, any reductions in deferred acquisition costs or increases in insurance liabilities are recorded to other comprehensive income (loss) (“OCI”).

Policyholder account balances relate to customer deposits on deferred annuity contracts and are equal to the sum of deposits, plus interest credited, less charges and withdrawals. The Company may also hold additional liabilities for certain guaranteed benefits related to these contracts.

Variable Annuity Guaranteed Minimum Benefits

The Company issues directly, certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (i.e., the benefit base) less withdrawals. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. 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.

Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDB”), the portion of guaranteed minimum income benefits (“GMIB”) that require annuitization, and the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWB”).

Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMAB”) and the portion of GMIBs that do not require annuitization. At 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 represent “excess” fees and are reported in universal life and investment-type product policy fees.

Index-linked Annuities

The Company issues 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.

Embedded Derivatives

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 deferred annuities are credited to policyholder account balances. Revenues from such contracts consist of asset-based investment management fees, 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.

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

Deferred Policy Acquisition Costs and Value of Business Acquired

Deferred Policy Acquisition Costs and Deferred Sales Inducements

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 deferred policy acquisition costs (“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.

The Company amortizes DAC related to term life insurance 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, 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 balance is deemed to be unrecoverable from future expected profits.

The Company amortizes DAC on deferred annuities 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, in-force or persistency, benefit elections and utilization, and withdrawals. 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 are reviewed at least annually, and if they change significantly, the cumulative DAC 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 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 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 balances on deferred annuities 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 balances related to unrealized gains and losses are recorded to OCI.

DAC balances and amortization for variable annuities 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 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 amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed.

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

Deferred Policy Acquisition Costs and Deferred Sales Inducements

Deferred Sales Inducements

The Company also has intangible assets representing deferred sales inducements (“DSI”) 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. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews DSI to determine whether the assets are impaired.

Reinsurance

The Company enters into reinsurance arrangements pursuant to which it cedes certain insurance risks to unaffiliated and related party 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 cedes the risk associated with the variable annuities with guaranteed minimum benefits to Brighthouse Life Insurance Company. Certain features of the ceded guarantees are accounted for as an embedded derivative and measured at fair value.

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 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 regularly evaluates fixed maturity securities for declines in fair value to determine if a credit loss exists. This evaluation is based on management’s case by case evaluation of the underlying reasons for the decline in fair value including, but not limited to an analysis of the gross unrealized losses by severity and financial condition of the issuer.

For fixed maturity securities in an unrealized loss position, when the Company has the intent to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery, the amortized cost basis of the security is written down to fair value through net investment gains (losses).

For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. If the Company determines the decline in estimated fair value is due to credit losses, 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 allowance through net investment gains (losses). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the allowance related to other-than-credit factors 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 net of an allowance for credit losses. 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. The allowance for credit losses for mortgage loans represents the Company’s best estimate of expected credit losses over the remaining life of the loans and is determined using relevant available information from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast.

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.

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; index-linked annuities that are directly written; and ceded reinsurance of variable annuity with guaranteed minimum benefits. Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the balance sheets. Changes in the estimated fair value of the embedded derivative are reported in net derivative gains (losses).

Derivative Strategies

Interest Rate Derivatives

Foreign Currency Exchange Rate Derivatives

Equity Derivatives

Counterparty Credit Risk

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.


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

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 annuity contract holders as investment options in its separate accounts. These fees are recognized in the period in which the related services are performed and are included in other revenues in the statement of operations.

Income Tax

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

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

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

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

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

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

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.

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”), an affiliate, sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company, an affiliate, sponsors certain frozen defined benefit pension and postretirement plans. Within its statement of operations, the Company has included expenses associated with its participants in these plans.

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the FASB in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements.

Effective January 1, 2020, using the modified retrospective method, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment 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. The Company recorded an after tax net increase to retained earnings of less than $1 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.

Future Adoption of New Accounting Pronouncements

In August 2018, the FASB issued new guidance on long-duration contracts (ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts). This new guidance is effective for fiscal years beginning after January 1, 2023. The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (i) require all guarantees that qualify as market risk benefits to be measured at fair value, (ii) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (iii) modify the methods of amortization for DAC, and (iv) 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.

The Company continues to evaluate the new guidance and therefore is unable to estimate the impact on its financial statements. The most significant impact from the ASU is the requirement that all variable annuity guarantees will be considered market risk benefits and measured at fair value, whereas today a significant amount of variable annuity guarantees are classified as insurance liabilities.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

Operating results by segment, as well as Corporate & Other, were as follows:


	Year Ended December 31, 2020
	Annuities		Life		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	(11)	$	33	$	(6)	$	16
Provision for income tax expense (benefit)	(4)		7		(2)		1
Adjusted earnings	$	(7)	$	26	$	(4)	15
Adjustments for:
Net investment gains (losses)							13
Net derivative gains (losses)							129
Other adjustments to net income (loss)							(26)
Provision for income tax (expense) benefit							(24)
Net income (loss)							$	107

Interest revenue	$	97	$	36	$	1


	Year Ended December 31, 2019
	Annuities		Life		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	(32)	$	(10)	$	—	$	(42)
Provision for income tax expense (benefit)	(8)		(2)		(2)		(12)
Adjusted earnings	$	(24)	$	(8)	$	2	(30)
Adjustments for:
Net investment gains (losses)							4
Net derivative gains (losses)							42
Other adjustments to net income (loss)							27
Provision for income tax (expense) benefit							(15)
Net income (loss)							$	28

Interest revenue	$	83	$	37	$	2


	Year Ended December 31, 2018
	Annuities		Life		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	27	$	25	$	(2)	$	50
Provision for income tax expense (benefit)	4		5		(2)		7
Adjusted earnings	$	23	$	20	$	—	43
Adjustments for:
Net investment gains (losses)							(7)
Net derivative gains (losses)							(18)
Other adjustments to net income (loss)							18
Provision for income tax (expense) benefit							2
Net income (loss)							$	38

Interest revenue	$	64	$	35	$	1

Total assets by segment, as well as Corporate & Other, were as follows at:


	December 31,
	2020		2019
	(In millions)
Annuities	$	9,467	$	7,888
Life	1,859		1,933
Corporate & Other	176		136
Total	$	11,502	$	9,957

Reconciliation of Revenue from Segments to Consolidated

Total revenues by segment, as well as Corporate & Other, were as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Annuities	$	104	$	90	$	103
Life	48		51		60
Corporate & Other	2		3		4
Adjustments	154		59		(12)
Total	$	308	$	203	$	155

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

Total premiums, universal life and investment-type product policy fees and other revenues by major product group were as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Annuity products	$	20	$	19	$	53
Life insurance products	12		16		27
Total	$	32	$	35	$	80

Insurance (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Insurance Liabilities

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


	December 31,
	2020		2019
	(In millions)
Annuities	$	3,612	$	2,714
Life	365		367
Corporate & Other	11		10
Total	$	3,988	$	3,091

Liabilities for Guarantees

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


	Variable Annuity Contracts
	GMDBs		GMIBs		Total
	(In millions)
Direct
Balance at January 1, 2018	$	12	$	172	$	184
Incurred guaranteed benefits	1		26		27
Paid guaranteed benefits	—		—		—
Balance at December 31, 2018	13		198		211
Incurred guaranteed benefits	1		4		5
Paid guaranteed benefits	—		—		—
Balance at December 31, 2019	14		202		216
Incurred guaranteed benefits	(1)		64		63
Paid guaranteed benefits	(1)		—		(1)
Balance at December 31, 2020	$	12	$	266	$	278
Ceded
Balance at January 1, 2018	$	13	$	61	$	74
Incurred guaranteed benefits	(1)		11		10
Paid guaranteed benefits	—		—		—
Balance at December 31, 2018	12		72		84
Incurred guaranteed benefits	—		2		2
Paid guaranteed benefits	—		—		—
Balance at December 31, 2019	12		74		86
Incurred guaranteed benefits	—		34		34
Paid guaranteed benefits	(1)		—		(1)
Balance at December 31, 2020	$	11	$	108	$	119
Net
Balance at January 1, 2018	$	(1)	$	111	$	110
Incurred guaranteed benefits	2		15		17
Paid guaranteed benefits	—		—		—
Balance at December 31, 2018	1		126		127
Incurred guaranteed benefits	1		2		3
Paid guaranteed benefits	—		—		—
Balance at December 31, 2019	2		128		130
Incurred guaranteed benefits	(1)		30		29
Paid guaranteed benefits	—		—		—
Balance at December 31, 2020	$	1	$	158	$	159

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


	December 31,
	2020						2019
	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)	$	4,971		$	3,816		$	4,683		$	3,742
Separate account value	$	4,962		$	3,816		$	4,675		$	3,741
Net amount at risk	$	3	(4)	$	429	(5)	$	4	(4)	$	310	(5)
Average attained age of contract holders	69 years			69 years			68 years			68 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.

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

Fund Groupings

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


	December 31,
	2020		2019
	(In millions)
Fund Groupings:
Balanced	$	3,069	$	3,001
Equity	1,350		1,180
Bond	546		495

Total	$	4,965	$	4,676

Deferred Policy Acquisition Costs, and Other Policy-Related Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

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

Deferred Policy Acquisition Costs

Information regarding DAC was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
DAC:
Balance at January 1,	$	175	$	186	$	131
Capitalizations	42		39		30
Amortization related to net investment gains (losses) and net derivative gains (losses)	18		17		25
All other amortization	(56)		(39)		(26)
Total amortization	(38)		(22)		(1)
Unrealized investment gains (losses)	(19)		(28)		26
Balance at December 31,	$	160	$	175	$	186

Information Regarding Deferred Policy Acquisition Costs

Information regarding total DAC by segment, was as follows at:


	December 31,
	2020		2019
	(In millions)
Annuities	$	141	$	156
Life	19		19
Total	$	160	$	175

Deferred Sales Inducements

Information regarding DSI was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
DSI:
Balance at January 1,	$	25	$	29	$	27

Amortization	(7)		(2)		(2)
Unrealized investment gains (losses)	—		(2)		4
Balance at December 31,	$	18	$	25	$	29

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

Effects of Reinsurance [Table Text Block]

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Premiums
Direct premiums	$	82	$	86	$	91
Reinsurance ceded	(60)		(63)		(54)
Net premiums	$	22	$	23	$	37
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	97	$	101	$	106
Reinsurance ceded	(4)		(4)		(4)
Net universal life and investment-type product policy fees	$	93	$	97	$	102
Other revenues
Direct other revenues	$	13	$	13	$	13
Reinsurance ceded	(96)		(98)		(72)
Net other revenues	$	(83)	$	(85)	$	(59)
Policyholder benefits and claims
Direct policyholder benefits and claims	$	149	$	92	$	98
Reinsurance ceded	(126)		(59)		(91)
Net policyholder benefits and claims	$	23	$	33	$	7




Other expenses
Direct other expenses	$	80	$	87	$	74
Reinsurance ceded	(3)		(6)		(8)
Net other expenses	$	77	$	81	$	66

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


	December 31,
	2020						2019
	Direct		Ceded		Total Balance Sheet		Direct		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	24	$	1,199	$	1,223	$	18	$	1,030	$	1,048
Liabilities
Other liabilities	$	148	$	792	$	940	$	86	$	826	$	912

Information regarding the significant effects of related party reinsurance included on the statements of operations was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Premiums
Reinsurance ceded	$	(43)	$	(45)	$	(37)
Universal life and investment-type product policy fees
Reinsurance ceded	$	(4)	$	(3)	$	(4)
Other revenues
Reinsurance ceded	$	(96)	$	(98)	$	(72)


Policyholder benefits and claims
Reinsurance ceded	$	(120)	$	(51)	$	(89)




Other expenses
Reinsurance ceded	$	(7)	$	(7)	$	(8)

Information regarding the significant effects of ceded related party reinsurance included on the balance sheets was as follows at:


	December 31,
	2020		2019
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	749	$	567
Liabilities

Other liabilities	$	362	$	387

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	December 31, 2020										December 31, 2019
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value		Amortized Cost		Allowance for Credit Losses (1)		Gross Unrealized				Estimated Fair Value
					Gains		Losses								Gains		Losses
	(In millions)
U.S. corporate	$	1,697	$	—	$	201	$	1	$	1,897	$	1,361	$	—	$	87	$	2	$	1,446
Foreign corporate	503		—		58		2		559		396		—		23		3		416
ABS	350		—		6		1		355		142		—		1		1		142
CMBS	299		—		31		1		329		319		—		16		1		334
U.S. government and agency	254		—		58		—		312		290		—		27		—		317
RMBS	219		—		17		—		236		277		—		12		1		288
State and political subdivision	122		—		15		—		137		92		—		10		—		102
Foreign government	16		—		2		—		18		20		—		2		—		22
Total fixed maturity securities	$	3,460	$	—	$	388	$	5	$	3,843	$	2,897	$	—	$	178	$	8	$	3,067

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, 2020:


	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	$	27	$	529	$	1,104	$	932	$	868	$	3,460
Estimated fair value	$	28	$	570	$	1,217	$	1,108	$	920	$	3,843

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	December 31, 2020								December 31, 2019
	Less than 12 Months				12 Months or Greater				Less than 12 Months				12 Months or Greater
	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)
U.S. corporate	$	54	$	1	$	2	$	—	$	94	$	2	$	17	$	—
Foreign corporate	4		—		10		2		28		1		26		2
ABS	98		1		17		—		57		—		22		1
CMBS	19		1		—		—		38		1		3		—

RMBS	4		—		—		—		8		—		6		1
State and political subdivision	9		—		—		—		19		—		—		—
Foreign government	2		—		—		—		2		—		—		—
Total fixed maturity securities	$	190	$	3	$	29	$	2	$	246	$	4	$	74	$	4
Total number of securities in an unrealized loss position	82				15				69				36

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	458	71.2	%	$	457	73.1	%
Agricultural	187		29.1		171		27.3
Total mortgage loans	645		100.3		628		100.4
Allowance for credit losses	(2)		(0.3)		(3)		(0.4)
Total mortgage loans, net	$	643	100.0	%	$	625	100.0	%

Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment

The changes in the allowance for credit losses by portfolio segment were as follows:


	Commercial		Agricultural		Total
	(In millions)
Balance at December 31, 2019	$	2	$	1	$	3
Cumulative effect of change in accounting principle	(1)		—		(1)
Balance at January 1, 2020	1		1		2



Balance at December 31, 2020	$	1	$	1	$	2

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:


	2020		2019		2018		2017		2016		Prior		Total
	(In millions)
December 31, 2020
Commercial mortgage loans
Loan-to-value ratios
Less than 65%	$	32	$	102	$	23	$	13	$	16	$	187	$	373
65% to 75%	—		50		6		7		—		3		66
76% to 80%	—		—		—		—		1		3		4
Greater than 80%	—		—		5		—		—		10		15
Total commercial mortgage loans	32		152		34		20		17		203		458
Agricultural mortgage loans
Loan-to-value ratios
Less than 65%	46		43		21		6		15		52		183
65% to 75%	—		3		1		—		—		—		4

Total agricultural mortgage loans	46		46		22		6		15		52		187
Total	$	78	$	198	$	56	$	26	$	32	$	255	$	645

The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:


	December 31,
	2020				2019
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt service coverage ratios:
Greater than 1.20x	$	450	98.3	%	$	448	98.0	%
1.00x - 1.20x	8		1.7		9		2.0

Total	$	458	100.0	%	$	457	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,
	2020		2019		2018
	(In millions)
Fixed maturity securities	$	383	$	170	$	(36)
Derivatives	1		6		6

Subtotal	384		176		(30)
Amounts allocated from:
Future policy benefits	(20)		(3)		—
DAC and DSI	(38)		(19)		11
Subtotal	(58)		(22)		11
Deferred income tax benefit (expense)	(68)		(32)		4
Net unrealized investment gains (losses)	$	258	$	122	$	(15)

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Balance at January 1,	$	122	$	(15)	$	30
Unrealized investment gains (losses) during the year	208		206		(87)
Unrealized investment gains (losses) relating to:
Future policy benefits	(17)		(3)		—
DAC and DSI	(19)		(30)		30
Deferred income tax benefit (expense)	(36)		(36)		12
Balance at December 31,	$	258	$	122	$	(15)
Change in net unrealized investment gains (losses)	$	136	$	137	$	(45)

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral at estimated fair value were as follows at:


	December 31,
	2020		2019
	(In millions)
Invested assets on deposit (regulatory deposits)	$	2	$	2
Invested assets pledged as collateral (1)	5		19
Total invested assets on deposit and pledged as collateral (2)	$	7	$	21

_______________

(1)The Company has pledged invested assets in connection with derivative transactions (see Note 7).

(2)The Company did not hold any restricted cash and cash equivalents at either December 31, 2020 or 2019.

Variable Interest Entities

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


	December 31,
	2020				2019
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	301	$	274	$	394	$	376

Components of Net Investment Income

The components of net investment income were as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Investment income:
Fixed maturity securities	$	112	$	101	$	86
Mortgage loans	26		21		17
Cash, cash equivalents and short-term investments	1		3		1
Other	1		1		1
Total investment income	140		126		105
Less: Investment expenses	6		4		5
Net investment income	$	134	$	122	$	100

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Fixed maturity securities	$	13	$	5	$	(5)
Mortgage loans	—		(1)		—
Other	—		—		(2)
Total net investment gains (losses)	$	13	$	4	$	(7)

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 follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Proceeds	$	321	$	460	$	274
Gross investment gains	$	14	$	8	$	1
Gross investment losses	(1)		(3)		(6)
Net investment gains (losses)	$	13	$	5	$	(5)

Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments in Statement of Financial Position, Fair Value

The primary underlying risk exposure, gross notional amount, and estimated fair value of derivatives held were as follows at:


	Primary Underlying Risk Exposure	December 31,
		2020						2019
		Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	115	$	4	$	3	$	98	$	6	$	—
Total qualifying hedges		115		4		3		98		6		—
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate caps	Interest rate	800		1		—		800		2		—
Foreign currency swaps	Foreign currency exchange rate	16		4		—		18		4		—
Equity index options	Equity market	5,908		250		94		4,699		96		39
Equity total return swaps	Equity market	249		7		—		—		—		—
Total non-designated or non-qualifying derivatives		6,973		262		94		5,517		102		39
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		477		—		N/A		338		—
Direct guaranteed minimum benefits	Other	N/A		—		14		N/A		—		(28)
Direct index-linked annuities	Other	N/A		—		393		N/A		—		180
Total embedded derivatives	Other	N/A		477		407		N/A		338		152
Total		$	7,088	$	743	$	504	$	5,615	$	446	$	191

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


	Year Ended December 31, 2020
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	(5)
Total cash flow hedges	—		—		1		(5)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	195		—		—		—
Embedded derivatives	(66)		—		—		—
Total non-qualifying hedges	129		—		—		—
Total	$	129	$	—	$	1	$	(5)


	Year Ended December 31, 2019
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	—
Total cash flow hedges	—		—		1		—

Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(8)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	113		—		—		—
Embedded derivatives	(64)		—		—		—
Total non-qualifying hedges	42		—		—		—
Total	$	42	$	—	$	1	$	—


	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	5
Total cash flow hedges	—		—		1		5
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	(31)		—		—		—
Embedded derivatives	13		—		—		—
Total non-qualifying hedges	(19)		—		—		—
Total	$	(19)	$	—	$	1	$	5

Derivative Instruments, Gain (Loss)


	Year Ended December 31, 2020
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	(5)
Total cash flow hedges	—		—		1		(5)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	195		—		—		—
Embedded derivatives	(66)		—		—		—
Total non-qualifying hedges	129		—		—		—
Total	$	129	$	—	$	1	$	(5)


	Year Ended December 31, 2019
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	—
Total cash flow hedges	—		—		1		—

Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(8)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	113		—		—		—
Embedded derivatives	(64)		—		—		—
Total non-qualifying hedges	42		—		—		—
Total	$	42	$	—	$	1	$	—


	Year Ended December 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:

Foreign currency exchange rate derivatives	$	—	$	—	$	1	$	5
Total cash flow hedges	—		—		1		5
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(2)		—		—		—
Foreign currency exchange rate derivatives	1		—		—		—

Equity derivatives	(31)		—		—		—
Embedded derivatives	13		—		—		—
Total non-qualifying hedges	(19)		—		—		—
Total	$	(19)	$	—	$	1	$	5

Offsetting Assets

The estimated fair values of 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 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, 2020
Derivative assets	$	266	$	(91)	$	(136)	$	39	$	(34)	$	5
Derivative liabilities	$	97	$	(91)	$	—	$	6	$	(6)	$	—
December 31, 2019
Derivative assets	$	108	$	(21)	$	(82)	$	5	$	(4)	$	1
Derivative liabilities	$	39	$	(21)	$	—	$	18	$	(18)	$	—

_______________

(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.

Offsetting Liabilities

The estimated fair values of 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 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, 2020
Derivative assets	$	266	$	(91)	$	(136)	$	39	$	(34)	$	5
Derivative liabilities	$	97	$	(91)	$	—	$	6	$	(6)	$	—
December 31, 2019
Derivative assets	$	108	$	(21)	$	(82)	$	5	$	(4)	$	1
Derivative liabilities	$	39	$	(21)	$	—	$	18	$	(18)	$	—

_______________

(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.

Schedule of Derivative Instruments


	December 31,
	2020		2019
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	6	$	18
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	6	$	19

_______________

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements


	December 31, 2020
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	1,873	$	24	$	1,897
Foreign corporate	—		557		2		559
ABS	—		349		6		355
CMBS	—		329		—		329
U.S. government and agency	158		154		—		312
RMBS	—		236		—		236
State and political subdivision	—		137		—		137
Foreign government	—		18		—		18
Total fixed maturity securities	158		3,653		32		3,843
Short-term investments	63		8		—		71
Derivative assets: (1)
Interest rate	—		1		—		1
Foreign currency exchange rate	—		8		—		8
Equity market	—		257		—		257
Total derivative assets	—		266		—		266
Embedded derivatives within asset host contracts (2)	—		—		477		477
Separate account assets	—		4,965		—		4,965
Total assets	$	221	$	8,892	$	509	$	9,622
Liabilities
Derivative liabilities: (1)
Foreign currency exchange rate	$	—	$	3	$	—	$	3
Equity market	—		94		—		94

Embedded derivatives within liability host contracts (2)	—		—		407		407
Total liabilities	$	—	$	97	$	407	$	504


	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	$	—	$	1,419	$	27	$	1,446
Foreign corporate	—		408		8		416
ABS	—		133		9		142
CMBS	—		334		—		334
U.S. government and agency	184		133		—		317
RMBS	—		288		—		288
State and political subdivision	—		102		—		102
Foreign government	—		22		—		22
Total fixed maturity securities	184		2,839		44		3,067
Short-term investments	35		17		—		52
Derivative assets: (1)
Interest rate	—		2		—		2
Foreign currency exchange rate	—		10		—		10
Equity market	—		96		—		96
Total derivative assets	—		108		—		108
Embedded derivatives within asset host contracts (2)	—		—		338		338
Separate account assets	—		4,676		—		4,676
Total assets	$	219	$	7,640	$	382	$	8,241
Liabilities
Derivative liabilities: (1)
Equity market	$	—	$	39	$	—	$	39

Embedded derivatives within liability host contracts (2)	—		—		152		152
Total liabilities	$	—	$	39	$	152	$	191

_______________

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]


					December 31, 2020			December 31, 2019			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates	0.03%	-	12.13%	0.02%	-	11.31%	Decrease (1)
			•	Lapse rates	0.25%	-	15.00%	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	16.66%	-	22.21%	16.24%	-	21.65%	Increase (5)
			•	Nonperformance risk spread	0.47%	-	1.97%	0.54%	-	1.99%	Decrease (6)

_______________

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) were summarized as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities				Net Embedded Derivatives (2)
	Corporate (1)		Structured Securities
	(In millions)
Balance, January 1, 2019	$	13	$	5	$	311
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	—		—		(64)
Total realized/unrealized gains (losses) included in AOCI	1		—		—
Purchases (5)	30		9		—
Sales (5)	—		—		—
Issuances (5)	—		—		—
Settlements (5)	—		—		(61)
Transfers into Level 3 (6)	—		—		—
Transfers out of Level 3 (6)	(9)		(5)		—
Balance, December 31, 2019	35		9		186
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	—		—		(66)
Total realized/unrealized gains (losses) included in AOCI	—		—		—
Purchases (5)	16		6		—
Sales (5)	(6)		—		—
Issuances (5)	—		—		—
Settlements (5)	—		—		(50)
Transfers into Level 3 (6)	3		—		—
Transfers out of Level 3 (6)	(22)		(9)		—
Balance, December 31, 2020	$	26	$	6	$	70
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (7)	$	—	$	—	$	(20)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (7)	$	—	$	—	$	(122)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (7)	$	—	$	—	$	(111)
Changes in unrealized gains (losses) included in OCI for the instruments still held at December 31, 2020 (7)	$	—	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2018:
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	$	—	$	—	$	13
Total realized/unrealized gains (losses) included in AOCI	$	(1)	$	—	$	—

_______________

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

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

(4)Interest accruals, as well as cash interest coupons received, are excluded from the rollforward.

(5)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.

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, 2020
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	643	$	—	$	—	$	681	$	681
Premiums, reinsurance and other receivables	$	436	$	—	$	1	$	435	$	436
Liabilities
Policyholder account balances	$	915	$	—	$	—	$	979	$	979
Other liabilities	$	430	$	—	$	7	$	423	$	430


	December 31, 2019
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	625	$	—	$	—	$	647	$	647
Premiums, reinsurance and other receivables	$	444	$	—	$	—	$	444	$	444
Liabilities
Policyholder account balances	$	963	$	—	$	—	$	955	$	955
Other liabilities	$	432	$	—	$	1	$	431	$	432

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

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

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2020		2019		2018
		(In millions)
Brighthouse Life Insurance Company of NY	New York	$	(390)	$	(139)	$	19

Statutory capital and surplus was as follows at:


	December 31,
Company	2020		2019
	(In millions)
Brighthouse Life Insurance Company of NY	$	373	$	579

Components of 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		Total
	(In millions)
Balance at December 31, 2017	$	29	$	1	$	30
OCI before reclassifications	(67)		5		(62)
Deferred income tax benefit (expense)	13		—		13
AOCI before reclassifications, net of income tax	(25)		6		(19)
Amounts reclassified from AOCI	5		—		5
Deferred income tax benefit (expense)	(1)		—		(1)
Amounts reclassified from AOCI, net of income tax	4		—		4
Balance at December 31, 2018	(21)		6		(15)
OCI before reclassifications	178		—		178
Deferred income tax benefit (expense)	(37)		—		(37)
AOCI before reclassifications, net of income tax	120		6		126
Amounts reclassified from AOCI	(5)		—		(5)
Deferred income tax benefit (expense)	1		—		1
Amounts reclassified from AOCI, net of income tax	(4)		—		(4)
Balance at December 31, 2019	116		6		122
OCI before reclassifications	190		(5)		185
Deferred income tax benefit (expense)	(40)		1		(39)
AOCI before reclassifications, net of income tax	266		2		268
Amounts reclassified from AOCI	(13)		—		(13)
Deferred income tax benefit (expense)	3		—		3
Amounts reclassified from AOCI, net of income tax	(10)		—		(10)
Balance at December 31, 2020	$	256	$	2	$	258

_______________

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

Reclassification out of Accumulated Other Comprehensive Income (Loss)

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


AOCI Components	Amounts Reclassified from AOCI						Statements of Operations Locations
	Years Ended December 31,
	2020		2019		2018
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	13	$	5	$	(5)	Net investment gains (losses)


Net unrealized investment gains (losses), before income tax	13		5		(5)
Income tax (expense) benefit	(3)		(1)		1
Net unrealized investment gains (losses), net of income tax	10		4		(4)













Total reclassifications, net of income tax	$	10	$	4	$	(4)

- Definition

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

+ References + Details

Other Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Compensation	$	20	$	20	$	13
Contracted services and other labor costs	16		15		9
Transition services agreements	6		14		11
Establishment costs	8		3		5
Premium and other taxes, licenses and fees	—		2		3

Volume related costs, excluding compensation, net of DAC capitalization	22		19		19
Other	5		8		6
Total other expenses	$	77	$	81	$	66

Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Tax Credit Carryforwards [Table Text Block]

The following table sets forth the foreign tax credits available for carryforward for tax purposes at December 31, 2020.


	Foreign Tax Credits Carryforwards
	(In millions)
Expiration
2020-2024	$	1
2025-2029	4
2030-2034	1
2035-2039	—
Indefinite	—
	$	6

Provision for income tax from continuing operations

The provision for income tax was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Current:
Federal	$	(3)	$	33	$	(2)


Deferred:
Federal	28		(30)		7
Provision for income tax expense (benefit)	$	25	$	3	$	5

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,
	2020			2019			2018
	(Dollars in millions)
Tax provision at statutory rate	$	28		$	6		$	9
Tax effect of:

Dividends received deduction	(2)			(2)			(2)
Prior year tax	—			—			(1)
Tax credits	(1)			(1)			(1)
Provision for income tax expense (benefit)	$	25		$	3		$	5
Effective tax rate	19		%	9		%	12		%

Components of deferred tax assets and liabilities

Net deferred income tax assets and liabilities consisted of the following at:


	December 31,
	2020		2019
	(In millions)
Deferred income tax assets:
Tax credit carryforwards	$	6	$	4
Net operating loss carryforwards	62		3



Total deferred income tax assets	68		7
Deferred income tax liabilities:
Investments, including derivatives	34		12
Policyholder liabilities and receivables	112		45
Intangibles	1		1
Net unrealized investment gains	68		33
DAC	31		30

Total deferred income tax liabilities	246		121
Net deferred income tax asset (liability)	$	(178)	$	(114)

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Aug. 04, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments	2
Finite-Lived Intangible Assets [Line Items]
Retained Earnings (Accumulated Deficit)	$ 541	$ 434
Maximum \| Cumulative Effect, Adjustment
Finite-Lived Intangible Assets [Line Items]
Retained Earnings (Accumulated Deficit)	$ 1
Parent shareholders' percentage [Member] \| Spinoff [Member]
Finite-Lived Intangible Assets [Line Items]
Common Stock Distribution by Parent			80.80%

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ 132	$ 31	$ 43
Provision for income tax expense (benefit)	25	3	5
Net investment gains (losses)	13	4	(7)
Net derivative gains (losses)	129	42	(18)
Other adjustments to net income (loss)	(83)	(85)	(59)
Net income (loss)	107	28	38
Annuities
Segment Reporting Information [Line Items]
Interest revenue	97	83	64
Life
Segment Reporting Information [Line Items]
Interest revenue	36	37	35
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	1	2	1
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	16	(42)	50
Provision for income tax expense (benefit)	1	(12)	7
Adjusted earnings	15	(30)	43
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(11)	(32)	27
Provision for income tax expense (benefit)	(4)	(8)	4
Adjusted earnings	(7)	(24)	23
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	33	(10)	25
Provision for income tax expense (benefit)	7	(2)	5
Adjusted earnings	26	(8)	20
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(6)	0	(2)
Provision for income tax expense (benefit)	(2)	(2)	(2)
Adjusted earnings	(4)	2	0
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	(24)	(15)	2
Net investment gains (losses)	13	4	(7)
Net derivative gains (losses)	129	42	(18)
Other adjustments to net income (loss)	$ (26)	$ 27	$ 18

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 308	$ 203	$ 155
Annuities
Segment Reporting Information [Line Items]
Total revenues	104	90	103
Life
Segment Reporting Information [Line Items]
Total revenues	48	51	60
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	2	3	4
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	$ 154	$ 59	$ (12)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 11,502	$ 9,957
Annuities
Segment Reporting Information [Line Items]
Total assets	9,467	7,888
Life
Segment Reporting Information [Line Items]
Total assets	1,859	1,933
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 176	$ 136

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 32	$ 35	$ 80
Annuity products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	20	19	53
Life insurance products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 12	$ 16	$ 27

Segment Information (Narrative) (Details)	12 Months Ended
Segment Information (Narrative) (Details)	Dec. 31, 2020
Segment Reporting [Abstract]
Number of segments	2

Insurance (Insurance Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	$ 3,988	$ 3,091
Annuities
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	3,612	2,714
Life
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	365	367
Corporate & Other
Insurance Liabilities [Line Items]
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances	$ 11	$ 10

Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at January 1,	$ 216	$ 211	$ 184
Incurred guaranteed benefits	63	5	27
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	(1)	0	0
Balance at December 31,	278	216	211
Variable Annuity \| GMDBs
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at January 1,	14	13	12
Incurred guaranteed benefits	(1)	1	1
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	(1)	0	0
Balance at December 31,	12	14	13
Variable Annuity \| GMIBs
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at January 1,	202	198	172
Incurred guaranteed benefits	64	4	26
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	0	0	0
Balance at December 31,	266	202	198
Net Ceded and Assumed Liabilities For Guarantees
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	(1)	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	119	86	84	$ 74
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	34	2	10
Net Ceded and Assumed Liabilities For Guarantees \| GMDBs
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	(1)	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	11	12	12	13
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	0	0	(1)
Net Ceded and Assumed Liabilities For Guarantees \| GMIBs
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	108	74	72	61
liabilities for guarantees on long duration contracts reinsurance recoverable incurred benefits net	34	2	11
Net Liabilities For Guarantees
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Incurred guaranteed benefits	29	3	17
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	159	130	127	110
Net Liabilities For Guarantees \| GMDBs
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Incurred guaranteed benefits	(1)	1	2
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1	2	1	(1)
Net Liabilities For Guarantees \| GMIBs
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Incurred guaranteed benefits	30	2	15
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	$ 158	$ 128	$ 126	$ 111

Insurance (Liabilities for Guarantees) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
In the Event of Death
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 4,971	$ 4,683
Separate account value	4,962	4,675
Net amount at risk	$ 3	$ 4
Average attained age of contract holders	69 years	68 years
At Annuitization
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,816	$ 3,742
Separate account value	3,816	3,741
Net amount at risk	$ 429	$ 310
Average attained age of contract holders	69 years	68 years

Insurance (Fund Groupings) (Details) - Variable Annuity And Variable Life [Member] - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Separate Account Investment [Line Items]
Fund Groupings:	$ 4,965	$ 4,676
Balanced
Fair Value, Separate Account Investment [Line Items]
Fund Groupings:	3,069	3,001
Equity
Fair Value, Separate Account Investment [Line Items]
Fund Groupings:	1,350	1,180
Bond
Fair Value, Separate Account Investment [Line Items]
Fund Groupings:	$ 546	$ 495

Insurance (Future Policy Benefits - Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Interest rate range credited to policyholder account balances	1.00%
Maximum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Interest rate range credited to policyholder account balances	6.00%
Nonparticipating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefits, Interest Rate Assumption	3.00%
Nonparticipating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefits, Interest Rate Assumption	5.00%
Fixed Annuity [Member] \| Minimum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefits, Interest Rate Assumption	1.00%
Fixed Annuity [Member] \| Maximum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefits, Interest Rate Assumption	8.00%

Deferred Policy Acquisition Costs, and Other Policy-Related Intangibles (DAC and VOBA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Balance at January 1,	$ 175	$ 186	$ 131
Capitalizations	42	39	30
Amortization related to net investment gains (losses) and net derivative gains (losses)	18	17	25
All other amortization	(56)	(39)	(26)
Total amortization	(38)	(22)	(1)
Unrealized investment gains (losses)	(19)	(28)	26
Balance at December 31,	$ 160	$ 175	$ 186

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Deferred Policy Acquisition Costs, and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Cost	$ 160	$ 175	$ 186	$ 131
Annuities
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Cost	141	156
Life
Segment Reporting Information [Line Items]
Deferred Policy Acquisition Cost	$ 19	$ 19

Deferred Policy Acquisition Costs, and Other Policy-Related Intangibles (DSI and VODA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Balance at January 1,	$ 25	$ 29	$ 27
Amortization	(7)	(2)	(2)
Unrealized investment gains (losses)	0	(2)	4
Balance at December 31,	$ 18	$ 25	$ 29

Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Premiums:
Direct premiums	$ 82	$ 86	$ 91
Reinsurance ceded	(60)	(63)	(54)
Net premiums	22	23	37
Universal life and investment-type product policy fees [Abstract]
Direct universal life and investment-type product policy fees	97	101	106
Reinsurance ceded	(4)	(4)	(4)
Net universal life and investment-type product policy fees	93	97	102
Component of Operating Income [Abstract]
Other Income Direct	13	13	13
Other Income Ceded	(96)	(98)	(72)
Net other revenues	(83)	(85)	(59)
Policyholder Benefits and Claims Incurred [Abstract]
Direct policyholder benefits and claims	149	92	98
Reinsurance ceded	(126)	(59)	(91)
Net policyholder benefits and claims	23	33	7
Other Expenses [Abstract]
Direct other expenses	80	87	74
Reinsurance ceded	(3)	(6)	(8)
Net other expenses	$ 77	$ 81	$ 66

Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Premiums, reinsurance and other receivables	$ 1,223	$ 1,048
Liabilities:
Other liabilities	940	912
Deposit Contracts, Assets	435	444
Deposit Contracts, Liabilities	0	0
Direct
Assets:
Premiums, reinsurance and other receivables	24	18
Liabilities:
Other liabilities	148	86
Ceded
Assets:
Premiums, reinsurance and other receivables	1,199	1,030
Liabilities:
Other liabilities	$ 792	$ 826

Reinsurance (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Premiums:
Reinsurance ceded	$ (60)	$ (63)	$ (54)
Universal life and investment-type product policy fees [Abstract]
Reinsurance ceded	(4)	(4)	(4)
Other revenues:
Reinsurance ceded	(96)	(98)	(72)
Policyholder benefits and claims:
Reinsurance ceded	(126)	(59)	(91)
Other Expenses [Abstract]
Reinsurance ceded	(3)	(6)	(8)
Affiliated Entity [Member] \| Ceded
Premiums:
Reinsurance ceded	(43)	(45)	(37)
Universal life and investment-type product policy fees [Abstract]
Reinsurance ceded	(4)	(3)	(4)
Other revenues:
Reinsurance ceded	(96)	(98)	(72)
Policyholder benefits and claims:
Reinsurance ceded	(120)	(51)	(89)
Other Expenses [Abstract]
Reinsurance ceded	$ (7)	$ (7)	$ (8)

Reinsurance (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Premiums, reinsurance and other receivables	$ 1,223	$ 1,048
Liabilities:
Other liabilities	940	912
Ceded
Assets:
Premiums, reinsurance and other receivables	1,199	1,030
Liabilities:
Other liabilities	792	826
Ceded \| Affiliated Entity [Member]
Assets:
Premiums, reinsurance and other receivables	749	567
Liabilities:
Other liabilities	$ 362	$ 387

Reinsurance (Reinsurance Retention Policy Narrative) (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Fixed Annuities [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	100.00%
Living And Death Benefit Guarantees [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	100.00%
Mortality Risk [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	100.00%
Reinsurance Retention Policy, Amount Retained	$ 100,000

Reinsurance Reinsurance (Ceded Credit Risk Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 443	$ 454
Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 439	$ 451
Ceded Credit Risk, Reinsurance Recoverables, Percentage	99.00%	99.00%
Ceded Credit Risk, Unsecured
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 20	$ 23
Ceded Credit Risk, Unsecured \| Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 17	$ 20

Reinsurance (Related Party Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Embedded Derivative, Fair Value of Embedded Derivative Asset	$ 477	$ 338
Reinsurance recoverables	443	454
Deposit Contracts, Assets	435	444
Deposit Contracts, Liabilities	0	0
Ceded Credit Risk, Unsecured
Reinsurance recoverables	20	23
Affiliated Entity [Member]
Deposit Contracts, Assets	5	4
Deposit Contracts, Liabilities	0	0
Affiliated Entity [Member] \| Ceded Credit Risk, Unsecured
Reinsurance recoverables	0	0
Affiliated Entity [Member] \| Ceded guaranteed minimum benefits
Embedded Derivative, Fair Value of Embedded Derivative Asset	477	338
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	$ 138	$ 38	$ (12)

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 3,460	$ 2,897
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	388	178
Fixed maturity securities, gross unrealized losses	5	8
Fixed maturity securities, estimated fair value	3,843	3,067
U.S. Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,697	1,361
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	201	87
Fixed maturity securities, gross unrealized losses	1	2
Fixed maturity securities, estimated fair value	1,897	1,446
Foreign Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	503	396
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	58	23
Fixed maturity securities, gross unrealized losses	2	3
Fixed maturity securities, estimated fair value	559	416
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	350	142
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	6	1
Fixed maturity securities, gross unrealized losses	1	1
Fixed maturity securities, estimated fair value	355	142
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	299	319
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	31	16
Fixed maturity securities, gross unrealized losses	1	1
Fixed maturity securities, estimated fair value	329	334
U.S. Government and Agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	254	290
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	58	27
Fixed maturity securities, gross unrealized losses	0	0
Fixed maturity securities, estimated fair value	312	317
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	219	277
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	17	12
Fixed maturity securities, gross unrealized losses	0	1
Fixed maturity securities, estimated fair value	236	288
State and Political Subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	122	92
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	15	10
Fixed maturity securities, gross unrealized losses	0	0
Fixed maturity securities, estimated fair value	137	102
Foreign Government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	16	20
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	2	2
Fixed maturity securities, gross unrealized losses	0	0
Fixed maturity securities, estimated fair value	$ 18	$ 22

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 27
Amortized cost, due after one year through five years	529
Amortized cost, due after five years through ten years	1,104
Amortized cost, due after ten years	932
Amortized cost, Structured Securities	868
Fixed maturity securities, amortized cost	3,460	$ 2,897
Estimated fair value, due in one year or less	28
Estimated fair value, due after one year through five years	570
Estimated fair value, due after five years through ten years	1,217
Estimated fair value, due after ten years	1,108
Estimated fair value, Structured Securities	920
Fixed maturity securities, estimated fair value	$ 3,843	$ 3,067

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	$ 190	$ 246
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 3	$ 4
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	82	69
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 29	$ 74
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 2	$ 4
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	15	36
U.S. Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	$ 54	$ 94
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	1	2
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	2	17
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	0	0
Foreign Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	4	28
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	0	1
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	10	26
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	2	2
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	98	57
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	1	0
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	17	22
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	0	1
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	19	38
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	1	1
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	0	3
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	0	0
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	4	8
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	0	0
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	0	6
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	0	1
State and Political Subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	9	19
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	0	0
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	0	0
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	0	0
Foreign Government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	2	2
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	0	0
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	0	0
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 0	$ 0

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 645	$ 628
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	100.30%	100.40%
Financing receivable, allowance for credit losses	$ (2)	$ (3)
Financing receivable, allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	(0.30%)	(0.40%)
Financing receivable, net of allowance for credit losses	$ 643	$ 625
Financing receivable, after allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	100.00%	100.00%
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 458	$ 457
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	71.20%	73.10%
Financing receivable, allowance for credit losses	$ (1)	$ (2)
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 187	$ 171
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	29.10%	27.30%
Financing receivable, allowance for credit losses	$ (1)	$ (1)

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans $ in Millions	Dec. 31, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	$ 3
Financing receivable, allowance for credit losses, end of year	2
Cumulative Effect, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	(1)
Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	2
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	2
Financing receivable, allowance for credit losses, end of year	1
Commercial \| Cumulative Effect, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	(1)
Commercial \| Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	1
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	1
Financing receivable, allowance for credit losses, end of year	1
Agricultural \| Cumulative Effect, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	0
Agricultural \| Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	$ 1

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 78
Financing receivable, originated in FY before latest FY	198
Financing receivable, originated two years before latest FY	56
Financing receivable, originated three years before latest FY	26
Financing receivable, originated four years before latest FY	32
Financing receivable, originated five or more years before latest FY	255
Financing receivable, before allowance for credit losses	645	$ 628
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	32
Financing receivable, originated in FY before latest FY	152
Financing receivable, originated two years before latest FY	34
Financing receivable, originated three years before latest FY	20
Financing receivable, originated four years before latest FY	17
Financing receivable, originated five or more years before latest FY	203
Financing receivable, before allowance for credit losses	$ 458	$ 457
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	100.00%	100.00%
Commercial \| Debt Service Coverage Ratio, Greater than 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 450	$ 448
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	98.30%	98.00%
Commercial \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 8	$ 9
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	1.70%	2.00%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 32
Financing receivable, originated in FY before latest FY	102
Financing receivable, originated two years before latest FY	23
Financing receivable, originated three years before latest FY	13
Financing receivable, originated four years before latest FY	16
Financing receivable, originated five or more years before latest FY	187
Financing receivable, before allowance for credit losses	373
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	50
Financing receivable, originated two years before latest FY	6
Financing receivable, originated three years before latest FY	7
Financing receivable, originated four years before latest FY	0
Financing receivable, originated five or more years before latest FY	3
Financing receivable, before allowance for credit losses	66
Commercial \| Loan-to-Value Ratio, 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	0
Financing receivable, originated two years before latest FY	0
Financing receivable, originated three years before latest FY	0
Financing receivable, originated four years before latest FY	1
Financing receivable, originated five or more years before latest FY	3
Financing receivable, before allowance for credit losses	4
Commercial \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	0
Financing receivable, originated two years before latest FY	5
Financing receivable, originated three years before latest FY	0
Financing receivable, originated four years before latest FY	0
Financing receivable, originated five or more years before latest FY	10
Financing receivable, before allowance for credit losses	15
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	46
Financing receivable, originated in FY before latest FY	46
Financing receivable, originated two years before latest FY	22
Financing receivable, originated three years before latest FY	6
Financing receivable, originated four years before latest FY	15
Financing receivable, originated five or more years before latest FY	52
Financing receivable, before allowance for credit losses	187	$ 171
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	46
Financing receivable, originated in FY before latest FY	43
Financing receivable, originated two years before latest FY	21
Financing receivable, originated three years before latest FY	6
Financing receivable, originated four years before latest FY	15
Financing receivable, originated five or more years before latest FY	52
Financing receivable, before allowance for credit losses	183
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	3
Financing receivable, originated two years before latest FY	1
Financing receivable, originated three years before latest FY	0
Financing receivable, originated four years before latest FY	0
Financing receivable, originated five or more years before latest FY	0
Financing receivable, before allowance for credit losses	$ 4

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 383	$ 170	$ (36)
Derivatives	1	6	6
Subtotal	384	176	(30)
Amounts allocated from: Future policy benefits	(20)	(3)	0
Amounts allocated from: DAC and DSI	(38)	(19)	11
Subtotal	(58)	(22)	11
Deferred income tax benefit (expense)	(68)	(32)	4
Net unrealized investment gains (losses)	$ 258	$ 122	$ (15)

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Unrealized investment gains (losses), beginning of year	$ 122	$ (15)	$ 30
Unrealized investment gains (losses) during the year	208	206	(87)
Unrealized investment gains (losses) relating to: Future policy benefits	(17)	(3)	0
Unrealized investment gains (losses) relating to: DAC and DSI	(19)	(30)	30
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	36	36	(12)
Unrealized investment gains (losses), end of year	258	122	(15)
Change in net unrealized investment gains (losses)	$ 136	$ 137	$ (45)

Investments (Invested Assets on Deposit and Pledged as Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 2	$ 2
Invested assets pledged as collateral	5	19
Total invested assets on deposit and pledged as collateral	$ 7	$ 21

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Carrying amount	$ 11,502	$ 9,957
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	301	394
Maximum exposure to loss	$ 274	$ 376

- Definition

+ References

+ Details

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Gross investment income	$ 140	$ 126	$ 105
Less: Investment expenses	6	4	5
Net investment income	134	122	100
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	112	101	86
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	26	21	17
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	1	3	1
Other
Net Investment Income [Line Items]
Gross investment income	$ 1	$ 1	$ 1

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses), fixed maturity securities	$ 13	$ 5	$ (5)
Net investment gains (losses), mortgage loans	0	(1)	0
Net investment gains (losses), other	0	0	(2)
Net investment gains (losses)	$ 13	$ 4	$ (7)

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 321	$ 460	$ 274
Fixed maturity securities, gross investment gains	14	8	1
Fixed maturity securities, gross investment losses	(1)	(3)	(6)
Fixed maturity securities, net investment gains (losses)	$ 13	$ 5	$ (5)

Investments (Fixed Maturity Securities - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 3,843	$ 3,067
Fixed maturity securities, allowance for credit losses	0	0
Non Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	2	$ 0
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 24

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 4
Financing receivable, before allowance for credit losses	645	$ 628
COVID-19 Pandemic financing receivable in nonaccrual status	0
Financing receivables in nonaccrual status	0	$ 0
Financing receivables modified in a troubled debt restructuring	0
COVID-19 Pandemic Financial Asset Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	0
Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 0
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses by performance status as a percentage of financing receivables, before allowance for credit losses	100.00%	100.00%

Investments (Invested Assets on Deposit and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Restricted cash and cash equivalents	$ 0	$ 0

Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party investment administrative service charges	$ 53	$ 61	$ 44
MetLife Investment Management, LLC
Related Party Transaction [Line Items]
Related party investment administrative service charges			$ 2

Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 7,088	$ 5,615
Derivative assets	743	446
Derivative liabilities	504	191
Embedded Derivative, Fair Value of Embedded Derivative Asset	477	338
Embedded Derivative, Fair Value of Embedded Derivative Liability	407	152
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	115	98
Derivative assets	4	6
Derivative liabilities	3	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	6,973	5,517
Derivative assets	262	102
Derivative liabilities	94	39
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	800	800
Derivative assets	1	2
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	16	18
Derivative assets	4	4
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Equity index options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5,908	4,699
Derivative assets	250	96
Derivative liabilities	94	39
Derivatives Not Designated or Not Qualifying as Hedging Instruments \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	249	0
Derivative assets	7	0
Derivative liabilities	0	0
Ceded Guaranteed Minimum Benefit
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	477	338
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
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	14	(28)
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	393	180
Cash Flow Hedging \| Derivatives Designated as Hedging Instruments \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	115	98
Derivative assets	4	6
Derivative liabilities	$ 3	$ 0

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 266	$ 108
Derivative Asset, Not Offset, Policy Election Deduction	(91)	(21)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(136)	(82)
Derivative Asset, Fair Value, Amount Offset Against Collateral	39	5
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(34)	(4)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	5	1
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	97	39
Derivative Liability, Not Offset, Policy Election Deduction	(91)	(21)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	6	18
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(6)	(18)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 0	$ 0

Derivatives Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 6	$ 18
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided (2):	$ 6	$ 19

Derivatives (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	$ 1	$ 6

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 3,843	$ 3,067
Short-term investments, principally at estimated fair value	71	52
Derivative assets	743	446
Embedded derivatives within asset host contracts (2)	477	338
Separate account assets	4,965	4,676
Liabilities [Abstract]
Derivative liabilities	504	191
Embedded derivatives within liability host contracts (2)	407	152
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,843	3,067
Short-term investments, principally at estimated fair value	71	52
Derivative assets	266	108
Embedded derivatives within asset host contracts (2)	477	338
Separate account assets	4,965	4,676
Total assets	9,622	8,241
Liabilities [Abstract]
Embedded derivatives within liability host contracts (2)	407	152
Total liabilities	504	191
Recurring \| Interest rate
Assets [Abstract]
Derivative assets	1	2
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	8	10
Liabilities [Abstract]
Derivative liabilities	3
Recurring \| Equity derivatives
Assets [Abstract]
Derivative assets	257	96
Liabilities [Abstract]
Derivative liabilities	94	39
Recurring \| U.S. Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,897	1,446
Recurring \| Foreign Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	559	416
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	355	142
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	329	334
Recurring \| U.S. Government and Agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	312	317
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	236	288
Recurring \| State and Political Subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	137	102
Recurring \| Foreign Government
Assets [Abstract]
Fixed maturity securities, estimated fair value	18	22
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	158	184
Short-term investments, principally at estimated fair value	63	35
Derivative assets	0	0
Embedded derivatives within asset host contracts (2)	0	0
Separate account assets	0	0
Total assets	221	219
Liabilities [Abstract]
Embedded derivatives within liability host contracts (2)	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Interest rate
Assets [Abstract]
Derivative assets	0	0
Recurring \| Level 1 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0
Recurring \| Level 1 \| Equity derivatives
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| U.S. Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 1 \| Foreign Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 1 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 1 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 1 \| U.S. Government and Agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	158	184
Recurring \| Level 1 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 1 \| State and Political Subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 1 \| Foreign Government
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 2
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,653	2,839
Short-term investments, principally at estimated fair value	8	17
Derivative assets	266	108
Embedded derivatives within asset host contracts (2)	0	0
Separate account assets	4,965	4,676
Total assets	8,892	7,640
Liabilities [Abstract]
Embedded derivatives within liability host contracts (2)	0	0
Total liabilities	97	39
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets	1	2
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	8	10
Liabilities [Abstract]
Derivative liabilities	3
Recurring \| Level 2 \| Equity derivatives
Assets [Abstract]
Derivative assets	257	96
Liabilities [Abstract]
Derivative liabilities	94	39
Recurring \| Level 2 \| U.S. Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,873	1,419
Recurring \| Level 2 \| Foreign Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	557	408
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	349	133
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	329	334
Recurring \| Level 2 \| U.S. Government and Agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	154	133
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	236	288
Recurring \| Level 2 \| State and Political Subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	137	102
Recurring \| Level 2 \| Foreign Government
Assets [Abstract]
Fixed maturity securities, estimated fair value	18	22
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	32	44
Short-term investments, principally at estimated fair value	0	0
Derivative assets	0	0
Embedded derivatives within asset host contracts (2)	477	338
Separate account assets	0	0
Total assets	509	382
Liabilities [Abstract]
Embedded derivatives within liability host contracts (2)	407	152
Total liabilities	407	152
Recurring \| Level 3 \| Interest rate
Assets [Abstract]
Derivative assets	0	0
Recurring \| Level 3 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0
Recurring \| Level 3 \| Equity derivatives
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| U.S. Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	24	27
Recurring \| Level 3 \| Foreign Corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	2	8
Recurring \| Level 3 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6	9
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 3 \| U.S. Government and Agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 3 \| State and Political Subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 3 \| Foreign Government
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 0	$ 0

Fair Value (Quantitative Information) (Details) - Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2020	Dec. 31, 2019
Mortality rates \| Minimum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.0003	0.0002
Mortality rates \| Maximum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.1213	0.1131
Lapse rates \| Minimum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Lapse rates \| Maximum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.1500	0.1600
Utilization rates \| Minimum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Utilization rates \| Maximum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Withdrawal rates \| Minimum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Withdrawal rates \| Maximum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.1000	0.1000
Long-term equity volatilities \| Minimum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.1666	0.1624
Long-term equity volatilities \| Maximum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.2221	0.2165
Nonperformance risk spread \| Minimum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.0047	0.0054
Nonperformance risk spread \| Maximum
Fair Value, Option, Quantitative Disclosure [Line Items]
Embedded Derivative Liability, Measurement Input	0.0197	0.0199

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Embedded Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, January 1,	$ 186	$ 311
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(66)	(64)	$ 13
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (5)	0	0
Sales (5)	0	0
Issuances (5)	0	0
Settlements (5)	(50)	(61)
Transfers into Level 3 (6)	0	0
Transfers out of Level 3 (6)	0	0
Balance at December 31,	70	186	311
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(111)	(122)	(20)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, January 1,	35	13
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	1	(1)
Purchases (5)	16	30
Sales (5)	(6)	0
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	3	0
Transfers out of Level 3 (6)	(22)	(9)
Balance, December 31,	26	35	13
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, January 1,	9	5
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (5)	6	9
Sales (5)	0	0
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	0	0
Transfers out of Level 3 (6)	(9)	(5)
Balance, December 31,	6	9	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, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Estimated Fair Value
Assets
Mortgage loans	$ 681	$ 647
Premiums, reinsurance and other receivables	436	444
Liabilities
Policyholder account balances	979	955
Other liabilities	430	432
Estimated Fair Value \| Level 1
Assets
Mortgage loans	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Other liabilities	0	0
Estimated Fair Value \| Level 2
Assets
Mortgage loans	0	0
Premiums, reinsurance and other receivables	1	0
Liabilities
Policyholder account balances	0	0
Other liabilities	7	1
Estimated Fair Value \| Level 3
Assets
Mortgage loans	681	647
Premiums, reinsurance and other receivables	435	444
Liabilities
Policyholder account balances	979	955
Other liabilities	423	431
Carrying Value
Assets
Mortgage loans	643	625
Premiums, reinsurance and other receivables	436	444
Liabilities
Policyholder account balances	915	963
Other liabilities	$ 430	$ 432

Short-term Debt (Details) - Intercompany Liquidity Facilities $ in Millions	Mar. 30, 2020 USD ($)
Short-term Debt [Line Items]
Debt instrument, face amount	$ 100
Debt instrument, stated interest rate	2.4996%

Equity (Statutory Income) (Details) - USD ($) $ in Millions	12 Months Ended
Equity (Statutory Income) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Statutory net income (loss)	$ (390)	$ (139)	$ 19
Statutory capital and surplus	$ 373	$ 579

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	$ 122	$ (15)	$ 30
OCI before reclassifications	185	178	(62)
Deferred income tax benefit (expense)	(39)	(37)	13
AOCI before reclassifications, net of income tax	268	126	(19)
Amounts reclassified from AOCI	(13)	(5)	5
Deferred income tax benefit (expense)	3	1	(1)
Amounts reclassified from AOCI, net of income tax	(10)	(4)	4
Balance end of period	258	122	(15)
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	116	(21)	29
OCI before reclassifications	190	178	(67)
Deferred income tax benefit (expense)	(40)	(37)	13
AOCI before reclassifications, net of income tax	266	120	(25)
Amounts reclassified from AOCI	(13)	(5)	5
Deferred income tax benefit (expense)	3	1	(1)
Amounts reclassified from AOCI, net of income tax	(10)	(4)	4
Balance end of period	256	116	(21)
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	6	6	1
OCI before reclassifications	(5)	0	5
Deferred income tax benefit (expense)	1	0	0
AOCI before reclassifications, net of income tax	2	6	6
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	$ 2	$ 6	$ 6

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ 13	$ 4	$ (7)
Pre-tax adjusted earnings	132	31	43
Income tax (expense) benefit	(25)	(3)	(5)
Net income (loss)	107	28	38
Amounts Reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	10	4	(4)
Amounts Reclassified from AOCI \| Net unrealized investment gains (losses):
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	13	5	(5)
Pre-tax adjusted earnings	13	5	(5)
Income tax (expense) benefit	(3)	(1)	1
Net income (loss)	$ 10	$ 4	$ (4)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Equity (Capital Transactions - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Capital contribution	$ 0	$ 75	$ 0

Equity (Statutory Income - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Prescribed Practice, Amount	$ 33	$ 40
Minimum
Statutory Accounting Practices [Line Items]
Total adjusted capital of Brighthouse New York	in excess of 400%	in excess of 400%

Equity (Dividend Restrictions - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021
Dividends paid	$ 0	$ 28	$ 0
Forecast [Member]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval				$ 0

Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Compensation	$ 20	$ 20	$ 13
Contracted services and other labor costs	16	15	9
Transition services agreements	6	14	11
Establishment costs	8	3	5
Premium and other taxes, licenses and fees	0	2	3
Volume related costs, excluding compensation, net of DAC capitalization	22	19	19
Other	5	8	6
Net other expenses	$ 77	$ 81	$ 66

Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Distribution Service [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 13	$ 13	$ 14

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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-Subparagraph (a)
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+ Details

Income Tax (Provision for Income Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ (3)	$ 33	$ (2)
Deferred:
Federal	28	(30)	7
Current and Deferred:
Income Tax Expense (Benefit)	$ 25	$ 3	$ 5

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax (Rate Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax expense benefit continuing operations income tax reconciliation
Tax provision at statutory rate	$ 28	$ 6	$ 9
Dividends received deduction	(2)	(2)	(2)
Prior year tax	0	0	(1)
Tax credits	(1)	(1)	(1)
Income Tax Expense (Benefit)	$ 25	$ 3	$ 5
Effective tax rate	19.00%	9.00%	12.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
Tax credit carryforwards	$ 6	$ 4
Net operating loss carryforwards	62	3
Deferred Tax Assets, Gross, Total	68	7
Deferred income tax liabilities:
Investments, including derivatives	34	12
Policyholder liabilities and receivables	112	45
Intangibles	1	1
Net unrealized investment gains	68	33
DAC	31	30
Deferred Tax Liabilities, Gross	246	121
Deferred tax assets and liabilities [Abstract]
Deferred Tax Liabilities, Net	$ (178)	$ (114)

Income Tax (Tax Credit Carryforwards) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	$ 6	$ 4
Foreign Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	6
Foreign Tax Authority [Member] \| 2020-2024
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	1
Foreign Tax Authority [Member] \| 2025-2029
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	4
Foreign Tax Authority [Member] \| 2030-2034
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	1
Foreign Tax Authority [Member] \| 2035-2039
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	0
Foreign Tax Authority [Member] \| Indefinite
Tax Credit Carryforward [Line Items]
Foreign Tax Credits Carryforwards	$ 0

Income Tax (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
Income Tax (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		$ 1	$ 1	$ 1
Income Tax Examination, Penalties Expense		0	0	$ 0
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards		297
Deferred Tax Assets, Operating Loss Carryforwards		62	3
Related Party Transactions, By Related Party [Abstract]
Current income tax payable		2	30
Metlife Inc [Member]
Related Party Transactions, By Related Party [Abstract]
Income Taxes Paid	$ 2
Current income tax payable		3	$ 3
2030-2034
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards		5
Indefinite
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards		$ 292

Contingencies, Commitments and Guarantees (Commitments - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet commitments	$ 7	$ 11
Commitments to Fund Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet commitments	$ 15	$ 10

Contingencies, Commitments and Guarantees (Guarantees - Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Guarantees [Abstract]
Liabilities for indemnities, guarantees and commitments	$ 0	$ 0

Related Party Transactions (Related Party Transactions - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Insurance Commissions and Fees	$ 93	$ 97	$ 102
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	53	61	44
Related Party Transaction, Amounts of Transaction	3	1	3
Related Party Transaction, Due from (to) Related Party	(6)	(18)
Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	71	66	58
Revenue from Related Parties	12	12	12
Due from Related Parties	1	1
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Insurance Commissions and Fees	$ 11	$ 12	$ 12

Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2020 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 4,440
Amount at Which Shown on Balance Sheet	4,823
U.S. Government and Agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	254
Estimated Fair Value	312
Amount at Which Shown on Balance Sheet	312
State and Political Subdivision
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	122
Estimated Fair Value	137
Amount at Which Shown on Balance Sheet	137
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	92
Estimated Fair Value	105
Amount at Which Shown on Balance Sheet	105
Foreign Government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	16
Estimated Fair Value	18
Amount at Which Shown on Balance Sheet	18
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,104
Estimated Fair Value	2,347
Amount at Which Shown on Balance Sheet	2,347
Total bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,588
Estimated Fair Value	2,919
Amount at Which Shown on Balance Sheet	2,919
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	868
Estimated Fair Value	920
Amount at Which Shown on Balance Sheet	920
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4
Estimated Fair Value	4
Amount at Which Shown on Balance Sheet	4
Total fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,460
Estimated Fair Value	3,843
Amount at Which Shown on Balance Sheet	3,843
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	643
Amount at Which Shown on Balance Sheet	643
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	71
Amount at Which Shown on Balance Sheet	71
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	266
Amount at Which Shown on Balance Sheet	$ 266

Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC	$ 160	$ 175
Future Policy Benefits and Other Policy-Related Balances	837	752
Policyholder Account Balances	3,151	2,339
Unearned Premiums (1), (2)	1	1
Unearned Revenue (1)	2	2
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC	141	156
Future Policy Benefits and Other Policy-Related Balances	474	390
Policyholder Account Balances	3,138	2,324
Unearned Premiums (1), (2)	0	0
Unearned Revenue (1)	2	2
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC	19	19
Future Policy Benefits and Other Policy-Related Balances	352	352
Policyholder Account Balances	13	15
Unearned Premiums (1), (2)	1	1
Unearned Revenue (1)	0	0
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC	0	0
Future Policy Benefits and Other Policy-Related Balances	11	10
Policyholder Account Balances	0	0
Unearned Premiums (1), (2)	0	0
Unearned Revenue (1)	$ 0	$ 0

Supplementary Insurance Information Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	$ 115	$ 120	$ 139
Net Investment Income (1)	134	122	100
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	61	69	45
Amortization of DAC	38	22	1
Other Expenses	77	81	66
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	102	105	111
Net Investment Income (1)	97	83	63
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	59	21	27
Amortization of DAC	37	19	(2)
Other Expenses	57	68	46
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	12	14	25
Net Investment Income (1)	36	37	35
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	2	48	17
Amortization of DAC	1	3	3
Other Expenses	12	10	15
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	1	1	3
Net Investment Income (1)	1	2	2
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	0	0	1
Amortization of DAC	0	0	0
Other Expenses	$ 8	$ 3	$ 5

Consolidated Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Consolidated Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Life insurance in-force, gross amount	$ 41,707	$ 44,324	$ 46,722
Life insurance in-force, ceded amount	35,792	38,220	39,987
Life insurance in-force, assumed amount	0	0	0
Life insurance in-force, net amount	$ 5,915	$ 6,104	$ 6,735
Life insurance in-force, % amount assumed to net amount	0.00%	0.00%	0.00%
Direct premiums	$ 82	$ 86	$ 91
Ceded Premiums Earned	60	63	54
Premiums, net amount	22	23	37
Affiliated Entity [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Life insurance in-force, ceded amount	27,000	28,700	29,800
Life insurance premium (1)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	82	86	91
Ceded Premiums Earned	60	63	54
Assumed Premiums Earned	0	0	0
Premiums, net amount	$ 22	$ 23	$ 37
Premiums earned, % amount assumed to net amount	0.00%	0.00%	0.00%
Life insurance premium (1) \| Affiliated Entity [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded Premiums Earned	$ 43	$ 45	$ 37