0001685040-21-000018 | 10-Q | XBRL Viewer | Brighthouse Financial INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 06, 2021
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity File Number	001-37905
Entity Central Index Key	0001685040
Entity Registrant Name	Brighthouse Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3846992
Entity Address, Address Line One	11225 North Community House Road
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	365-7100
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,793,967
Common Stock, par value $0.01 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BHF
Security Exchange Name	NASDAQ
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series A
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series A
Trading Symbol	BHFAP
Security Exchange Name	NASDAQ
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series B
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series B
Trading Symbol	BHFAO
Security Exchange Name	NASDAQ
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series C
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series C
Trading Symbol	BHFAN
Security Exchange Name	NASDAQ
6.250% Junior Subordinated Debentures due 2058
Entity Listings [Line Items]
Title of 12(b) Security	6.250% Junior Subordinated Debentures due 2058
Trading Symbol	BHFAL
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $72,078 and $70,529, respectively; allowance for credit losses of $8 and $2, respectively)	$ 78,971	$ 82,495
Equity securities, at estimated fair value	106	138
Mortgage loans (net of allowance for credit losses of $91 and $94, respectively)	15,690	15,808
Policy loans	1,245	1,291
Limited partnerships and limited liability companies	3,219	2,810
Short-term investments, principally at estimated fair value	1,673	3,242
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)	2,267	3,747
Total investments	103,171	109,531
Cash and cash equivalents	4,025	4,108
Accrued investment income	734	676
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)	16,129	16,158
Deferred policy acquisition costs and value of business acquired	5,148	4,911
Other assets	506	516
Separate account assets	112,224	111,969
Total assets	241,937	247,869
Liabilities
Future policy benefits	42,426	44,448
Policyholder account balances	55,152	54,508
Other policy-related balances	3,355	3,411
Payables for collateral under securities loaned and other transactions	4,281	5,252
Long-term debt	3,435	3,436
Current income tax payable	152	126
Deferred income tax liability	812	1,620
Other liabilities	5,018	5,011
Separate account liabilities	112,224	111,969
Total liabilities	226,855	229,781
Contingencies, Commitments and Guarantees (Note 10)
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $1,403 aggregate liquidation preference	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 121,439,906 and 121,002,523 shares issued, respectively; 86,841,260 and 88,211,618 shares outstanding, respectively	1	1
Additional paid-in capital	13,858	13,878
Retained earnings (deficit)	(1,119)	(534)
Treasury stock, at cost; 34,598,646 and 32,790,905 shares, respectively	(1,112)	(1,038)
Accumulated other comprehensive income (loss)	3,389	5,716
Total Brighthouse Financial, Inc.’s stockholders’ equity	15,017	18,023
Noncontrolling interests	65	65
Total equity	15,082	18,088
Total liabilities and equity	$ 241,937	$ 247,869

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 72,078	$ 70,529
Fixed maturity securities, allowance for credit losses	8	2
Mortgage loans valuation allowances	91	94
Leveraged leases, allowance for credit losses	13	13
Premiums, reinsurance and other, allowance for credit losses	$ 10	$ 10
Equity
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 1,403	$ 1,403
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	121,439,906	121,002,523
Common stock, shares outstanding	86,841,260	88,211,618
Treasury stock, shares	34,598,646	32,790,905

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Premiums	$ 184	$ 198
Universal life and investment-type product policy fees	930	886
Net investment income	1,187	916
Other revenues	127	102
Net investment gains (losses)	14	(19)
Net derivative gains (losses)	(1,504)	6,902
Total revenues	938	8,985
Expenses
Policyholder benefits and claims	756	1,187
Interest credited to policyholder account balances	297	259
Amortization of deferred policy acquisition costs and value of business acquired	91	770
Other expenses	562	517
Total expenses	1,706	2,733
Income (loss) before provision for income tax	(768)	6,252
Provision for income tax expense (benefit)	(185)	1,293
Net income (loss)	(583)	4,959
Less: Net income (loss) attributable to noncontrolling interests	2	2
Net income (loss) attributable to Brighthouse Financial, Inc.	(585)	4,957
Less: Preferred stock dividends	25	7
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(610)	4,950
Comprehensive income (loss)	(2,910)	4,366
Less: Comprehensive income (loss) attributable to noncontrolling interests	2	2
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ (2,912)	$ 4,364
Earnings per common share
Basic	$ (6.96)	$ 47.26
Diluted	$ (6.96)	$ 47.11

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative effect of change in accounting principle, net of income tax	Cumulative Effect, Adjusted Balance	Preferred Stock	Preferred Stock Cumulative Effect, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Adjusted Balance	Retained Earnings (Deficit)	Retained Earnings (Deficit) Cumulative effect of change in accounting principle, net of income tax	Retained Earnings (Deficit) Cumulative Effect, Adjusted Balance	Treasury Stock at Cost	Treasury Stock at Cost Cumulative Effect, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative effect of change in accounting principle, net of income tax	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Adjusted Balance	Brighthouse Financial, Inc.’s Stockholders’ Equity	Brighthouse Financial, Inc.’s Stockholders’ Equity Cumulative effect of change in accounting principle, net of income tax	Brighthouse Financial, Inc.’s Stockholders’ Equity Cumulative Effect, Adjusted Balance	Noncontrolling Interests	Noncontrolling Interests Cumulative Effect, Adjusted Balance
Beginning Balance at Dec. 31, 2019	$ 16,237	$ (11)		$ 0		$ 1		$ 12,908		$ 585	$ (14)		$ (562)		$ 3,240	$ 3		$ 16,172	$ (11)		$ 65
Treasury stock acquired in connection with share repurchases	(142)												(142)					(142)
Share-based compensation	1							3					(2)					1
Dividends on preferred stock	(7)									(7)								(7)
Change in noncontrolling interests	(2)																	0			(2)
Net income (loss)	4,959									4,957								4,957			2
Other comprehensive income (loss), net of income tax	(596)														(596)			(596)
Ending Balance at Mar. 31, 2020	20,439		$ 16,226	0	$ 0	1	$ 1	12,911	$ 12,908	5,521		$ 571	(706)	$ (562)	2,647		$ 3,243	20,374		$ 16,161	65	$ 65
Beginning Balance at Dec. 31, 2020	18,088			0		1		13,878		(534)			(1,038)		5,716			18,023			65
Treasury stock acquired in connection with share repurchases	(68)												(68)					(68)
Share-based compensation	(1)					0		5					(6)					(1)
Dividends on preferred stock	(25)							(25)										(25)
Change in noncontrolling interests	(2)																	0			(2)
Net income (loss)	(583)									(585)								(585)			2
Other comprehensive income (loss), net of income tax	(2,327)														(2,327)			(2,327)
Ending Balance at Mar. 31, 2021	$ 15,082			$ 0		$ 1		$ 13,858		$ (1,119)			$ (1,112)		$ 3,389			$ 15,017			$ 65

- Definition

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

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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ (104)	$ 96
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	2,662	1,674
Sales, maturities and repayments of equity securities	54	14
Sales, maturities and repayments of mortgage loans	726	481
Sales, maturities and repayments of limited partnerships and limited liability companies	49	69
Purchases of fixed maturity securities	(3,959)	(2,541)
Purchases of equity securities	(6)	0
Purchases of mortgage loans	(568)	(279)
Purchases of limited partnerships and limited liability companies	(204)	(178)
Cash received in connection with freestanding derivatives	1,012	3,412
Cash paid in connection with freestanding derivatives	(1,581)	(1,807)
Net change in policy loans	46	41
Net change in short-term investments	1,569	(2,387)
Net change in other invested assets	0	17
Net cash provided by (used in) investing activities	(200)	(1,484)
Cash flows from financing activities
Policyholder account balances: Deposits	2,058	1,974
Policyholder account balances: Withdrawals	(698)	(478)
Net change in payables for collateral under securities loaned and other transactions	(971)	6,597
Dividends on preferred stock	(25)	(7)
Treasury stock acquired in connection with share repurchases	(68)	(142)
Financing element on certain derivative instruments and other derivative related transactions, net	(67)	(486)
Other, net	(8)	(17)
Net cash provided by (used in) financing activities	221	7,441
Change in cash, cash equivalents and restricted cash	(83)	6,053
Cash, cash equivalents and restricted cash, beginning of period	4,108	2,877
Cash, cash equivalents and restricted cash, end of period	4,025	8,930
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	6	15
Net cash paid (received) for income tax	$ (21)	$ 0

Business, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business “Brighthouse Financial” and the “Company” refer to Brighthouse Financial, Inc. and its subsidiaries. Brighthouse Financial, Inc. (“BHF”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the United States through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLCs”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. Reclassifications Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Consolidated Financial Statements. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2020 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2020 Annual Report. Adoption of New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. There were no ASUs adopted during the first quarter of 2021. 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 deferred policy acquisition costs (“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 currently a significant amount of variable annuity guarantees are classified as insurance liabilities.

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

2. Segment Information

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

Annuities

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

Life

The Life segment consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.

Run-off

The Run-off segment consists of products that are no longer actively sold and are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, certain funding agreements and universal life with secondary guarantees.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care and workers’ compensation business reinsured through 100% quota share reinsurance agreements and term life insurance sold direct to consumers, which is no longer being offered for new sales.

Financial Measures and Segment Accounting Policies

Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by the investor community 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) available to BHF’s common shareholders and excludes net income (loss) attributable to noncontrolling interests and preferred stock dividends.

Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends.

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

•Net investment gains (losses);

•Net derivative gains (losses) except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and

•Certain variable annuity guaranteed minimum income benefits (“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 and value of business acquired (“VOBA”) related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.

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

The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.

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


	Three Months Ended March 31, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	414	$	52	$	85	$	(61)	$	490
Provision for income tax expense (benefit)	78		10		9		(19)		78
Post-tax adjusted earnings	336		42		76		(42)		412
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		25		25
Adjusted earnings	$	336	$	42	$	76	$	(69)	385
Adjustments for:
Net investment gains (losses)									14
Net derivative gains (losses)									(1,504)
Other adjustments to net income (loss)									232
Provision for income tax (expense) benefit									263
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(610)

Interest revenue	$	550	$	166	$	462	$	14
Interest expense	$	—	$	—	$	—	$	41


	Three Months Ended March 31, 2020
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	389	$	13	$	(90)	$	(59)	$	253
Provision for income tax expense (benefit)	73		2		(20)		(22)		33
Post-tax adjusted earnings	316		11		(70)		(37)		220
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		7		7
Adjusted earnings	$	316	$	11	$	(70)	$	(46)	211
Adjustments for:
Net investment gains (losses)									(19)
Net derivative gains (losses)									6,902
Other adjustments to net income (loss)									(884)
Provision for income tax (expense) benefit									(1,260)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	4,950

Interest revenue	$	460	$	116	$	324	$	20
Interest expense	$	—	$	—	$	—	$	47

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


	Three Months Ended March 31,
		2021		2020
		(In millions)
Annuities		$	1,298	$	1,151
Life		410		354
Run-off		628		493
Corporate & Other		35		42
Adjustments		(1,433)		6,945
Total		$	938	$	8,985

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


	March 31, 2021		December 31, 2020
	(In millions)
Annuities	$	170,955	$	172,233
Life	23,293		23,809
Run-off	35,270		38,366
Corporate & Other	12,419		13,461
Total	$	241,937	$	247,869

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insurance

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report, the Company issues variable annuity contracts with guaranteed minimum benefits. Guaranteed minimum death benefits, the life contingent portion of guaranteed minimum withdrawal benefits (“GMWB”) 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 5.

The Company also has secondary guarantees on universal and variable life insurance contracts accounted for as insurance liabilities.

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


	March 31, 2021						December 31, 2020
	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)	$	108,533		$	60,162		$	108,424		$	60,674
Separate account value	$	103,398		$	58,912		$	103,315		$	59,419
Net amount at risk	$	6,708	(4)	$	5,647	(5)	$	6,438	(4)	$	6,692	(5)
Average attained age of contract holders	71 years			70 years			70 years			70 years


	March 31, 2021		December 31, 2020
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,691	$	5,772
Net amount at risk (6)	$	68,529	$	69,083
Average attained age of policyholders	67 years		67 years

Variable Life Contracts
Total account value (3)	$	4,523	$	3,926
Net amount at risk (6)	$	19,743	$	19,909
Average attained age of policyholders	51 years		51 years

_______________

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

(2)Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report for a discussion of guaranteed minimum benefits which have been reinsured.

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

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

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

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

Investments

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report for a description of the Company’s accounting policies for investments and Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	March 31, 2021										December 31, 2020
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value		Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value
					Gains		Losses								Gains		Losses
	(In millions)
U.S. corporate	$	33,299	$	2	$	3,158	$	436	$	36,019	$	32,608	$	2	$	5,370	$	70	$	37,906
Foreign corporate	10,415		6		953		129		11,233		10,060		—		1,501		50		11,511
U.S. government and agency	6,283		—		1,662		134		7,811		6,007		—		2,637		6		8,638
RMBS	7,324		—		520		18		7,826		7,653		—		644		3		8,294
CMBS	6,327		—		373		34		6,666		6,207		—		592		9		6,790
State and political subdivision	3,890		—		739		28		4,601		3,673		—		967		—		4,640
ABS	3,005		—		51		5		3,051		2,834		—		60		10		2,884
Foreign government	1,535		—		239		10		1,764		1,487		—		346		1		1,832
Total fixed maturity securities	$	72,078	$	8	$	7,695	$	794	$	78,971	$	70,529	$	2	$	12,117	$	149	$	82,495

The Company held non-income producing fixed maturity securities with an estimated fair value of $2 million and $5 million at March 31, 2021 and December 31, 2020, respectively.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2021:


	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 (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,457	$	7,437	$	15,408	$	31,120	$	16,656	$	72,078
Estimated fair value	$	1,478	$	7,902	$	16,453	$	35,595	$	17,543	$	78,971

_______________

(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

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:


	March 31, 2021								December 31, 2020
	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	$	6,548	$	425	$	314	$	11	$	1,737	$	57	$	185	$	13
Foreign corporate	1,638		88		330		41		254		8		387		42
U.S. government and agency	1,005		134		—		—		236		6		—		—
RMBS	849		16		56		2		180		2		22		1
CMBS	871		31		87		3		332		7		44		2
State and political subdivision	620		28		—		—		48		—		—		—
ABS	543		3		345		2		506		3		629		7
Foreign government	171		10		—		—		54		1		—		—
Total fixed maturity securities	$	12,245	$	735	$	1,132	$	59	$	3,347	$	84	$	1,267	$	65
Total number of securities in an unrealized loss position	1,729				295				667				244

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 other comprehensive income (loss) (“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 $566 million and $514 million at March 31, 2021 and December 31, 2020, respectively, 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 an allowance for credit losses of $8 million, relating to five securities at March 31, 2021. 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.

Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector

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


	U.S. Corporate		Foreign Corporate		Foreign Government		Total
	(In millions)
Three Months Ended March 31, 2021
Balance, beginning of period	$	2	$	—	$	—	$	2
Allowance on securities where credit losses were not previously recorded	—		6		—		6

Change in allowance on securities with an allowance recorded in a previous period	—		—		—		—
Write-offs charged against allowance (1)	—		—		—		—
Balance, end of period	$	2	$	6	$	—	$	8
Three Months Ended March 31, 2020
Balance, beginning of period	$	3	$	1	$	—	$	4
Allowance on securities where credit losses were not previously recorded	8		—		1		9

Change in allowance on securities with an allowance recorded in a previous period	—		1		—		1
Write-offs charged against allowance (1)	(3)		(1)		—		(4)
Balance, end of period	$	8	$	1	$	1	$	10

_______________

(1)The Company did not record any write-offs during the three months ended March 31, 2021. The Company recorded total write-offs of $12 million during the three months ended March 31, 2020.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	9,642	61.5	%	$	9,714	61.4	%
Agricultural	3,607		23.0		3,538		22.4
Residential	2,532		16.1		2,650		16.8
Total mortgage loans (1)	15,781		100.6		15,902		100.6
Allowance for credit losses	(91)		(0.6)		(94)		(0.6)
Total mortgage loans, net	$	15,690	100.0	%	$	15,808	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $178 million and $157 million for the three months ended March 31, 2021 and 2020, respectively, and were primarily comprised of residential mortgage loans.

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 impact of the ongoing 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 both March 31, 2021 and December 31, 2020. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $83 million and $89 million at March 31, 2021 and December 31, 2020, respectively.

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 each of the three 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.

Mortgage loans are also evaluated to determine if they qualify as PCD assets. To determine if the credit deterioration experienced since origination is more than insignificant, the extent of credit deterioration is evaluated. All re-performing/modified loan (“RPL”) pools purchased after December 31, 2019 are determined to have been acquired with evidence of more than insignificant credit deterioration since origination and are classified as PCD assets. RPLs are pools of residential mortgage loans acquired at a discount or premium which have both credit and non-credit components. For PCD mortgage loans, the allowance for credit losses is determined using a similar methodology described above, except the loss-rate is determined at the pool level instead of the individual loan level. The initial allowance for credit losses, determined on a collective basis, is then allocated to the individual loans. The initial amortized cost of the loan is grossed-up to reflect the sum of the loan’s purchase price and allowance for credit losses. The difference between the grossed-up amortized cost basis and the par value of the loan is a noncredit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments.

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		Residential		Total
	(In millions)
Three Months Ended March 31, 2021
Balance, beginning of period	$	44	$	15	$	35	$	94
Current period provision	1		(2)		(2)		(3)


Balance, end of period	$	45	$	13	$	33	$	91
Three Months Ended March 31, 2020
Balance, beginning of period	$	27	$	17	$	22	$	66
Current period provision	—		1		2		3


Balance, end of period	$	27	$	18	$	24	$	69

PCD Mortgage Loans

The Company did not purchase any PCD mortgage loans during both the three months ended March 31, 2021 and 2020.

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:


	2021		2020		2019		2018		2017		Prior		Total
	(In millions)
March 31, 2021
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	63	$	316	$	1,476	$	953	$	514	$	3,716	$	7,038
65% to 75%	83		200		500		532		312		578		2,205
76% to 80%	—		—		—		—		45		85		130
Greater than 80%	—		—		—		30		—		239		269
Total commercial mortgage loans	146		516		1,976		1,515		871		4,618		9,642
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	200		565		523		730		363		969		3,350
65% to 75%	42		79		80		5		33		18		257


Total agricultural mortgage loans	242		644		603		735		396		987		3,607
Residential mortgage loans
Performing	1		249		397		339		101		1,371		2,458
Nonperforming	—		1		2		4		—		67		74
Total residential mortgage loans	1		250		399		343		101		1,438		2,532
Total	$	389	$	1,410	$	2,978	$	2,593	$	1,368	$	7,043	$	15,781


	2020		2019		2018		2017		2016		Prior		Total
	(In millions)
December 31, 2020
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	317	$	1,527	$	1,004	$	515	$	1,109	$	2,808	$	7,280
65% to 75%	200		450		482		322		59		521		2,034
76% to 80%	—		—		—		44		79		8		131
Greater than 80%	—		—		29		—		6		234		269
Total commercial mortgage loans	517		1,977		1,515		881		1,253		3,571		9,714
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	569		526		749		391		417		663		3,315
65% to 75%	81		81		10		33		—		18		223


Total agricultural mortgage loans	650		607		759		424		417		681		3,538
Residential mortgage loans
Performing	214		381		413		131		70		1,375		2,584
Nonperforming	2		6		4		—		1		53		66
Total residential mortgage loans	216		387		417		131		71		1,428		2,650
Total	$	1,383	$	2,971	$	2,691	$	1,436	$	1,741	$	5,680	$	15,902

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:


	March 31, 2021				December 31, 2020
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	9,050	93.9	%	$	9,450	97.3	%
1.00x - 1.20x	340		3.5		204		2.1
Less than 1.00x	252		2.6		60		0.6
Total	$	9,642	100.0	%	$	9,714	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 over 99% of all mortgage loans classified as performing at both March 31, 2021 and December 31, 2020. Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days. 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 March 31, 2021 and December 31, 2020, $41 million and $38 million, respectively, of the COVID-19 pandemic modified loans were classified as delinquent.

The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:


	March 31, 2021								December 31, 2020
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	9,642	$	3,588	$	2,451	$	15,681	$	9,714	$	3,538	$	2,575	$	15,827
30-59 days past due	—		14		7		21		—		—		9		9
60-89 days past due	—		3		26		29		—		—		24		24
90-179 days past due	—		2		32		34		—		—		27		27
180+ days past due	—		—		16		16		—		—		15		15
Total	$	9,642	$	3,607	$	2,532	$	15,781	$	9,714	$	3,538	$	2,650	$	15,902

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. 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 March 31, 2021 and December 31, 2020, $41 million and $38 million, respectively, of the COVID-19 pandemic modified loans were in nonaccrual status.

The amortized cost of mortgage loans in a nonaccrual status by portfolio segment were as follows at:


	Commercial		Agricultural		Residential (1)		Total
	(In millions)
March 31, 2021	$	—	$	14	$	74	$	88
December 31, 2020	$	—	$	—	$	66	$	66

_______________

(1)The Company had $10 million and $7 million of residential mortgage loans in nonaccrual status for which there was no related allowance for credit losses at March 31, 2021 and December 31, 2020, respectively.

Current period investment income on mortgage loans in nonaccrual status was less than $1 million for both the three months ended March 31, 2021 and 2020.

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 a significant amount of mortgage loans modified in a troubled debt restructuring during both the three months ended March 31, 2021 and 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.

Other Invested Assets

Over 90% of other invested assets is comprised of freestanding derivatives with positive estimated fair values. See Note 5 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes tax credit and renewable energy partnerships, leveraged leases and Federal Home Loan Bank stock.

Leveraged Leases

The carrying value of leveraged leases and the allowance for credit losses were $50 million and $13 million, respectively, at both March 31, 2021 and December 31, 2020. Rental receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 12 years. For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or nonperforming, which is assessed monthly. Nonperforming rental receivables are generally defined as those that are 90 days or more past due. At both March 31, 2021 and December 31, 2020, all leveraged leases were performing.

Net Unrealized Investment Gains (Losses)

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

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


	March 31, 2021		December 31, 2020
	(In millions)
Fixed maturity securities	$	6,901	$	11,968

Derivatives	98		173

Other	(18)		(16)
Subtotal	6,981		12,125
Amounts allocated from:
Future policy benefits	(2,320)		(4,313)
DAC, VOBA and DSI	(305)		(520)
Subtotal	(2,625)		(4,833)
Deferred income tax benefit (expense)	(914)		(1,531)
Net unrealized investment gains (losses)	$	3,442	$	5,761

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


	Three Months Ended March 31, 2021
	(In millions)
Balance at December 31, 2020	$	5,761
Unrealized investment gains (losses) during the period	(5,144)
Unrealized investment gains (losses) relating to:
Future policy benefits	1,993
DAC, VOBA and DSI	215
Deferred income tax benefit (expense)	617
Balance at March 31, 2021	$	3,442
Change in net unrealized investment gains (losses)	$	(2,319)

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2021 and December 31, 2020.

Securities Lending

Elements of the securities lending program are presented below at:


	March 31, 2021		December 31, 2020
	(In millions)
Securities on loan: (1)
Amortized cost	$	2,532	$	2,373
Estimated fair value	$	3,243	$	3,603
Cash collateral received from counterparties (2)	$	3,330	$	3,674

Reinvestment portfolio — estimated fair value	$	3,501	$	3,830

_______________

(1)Included within fixed maturity securities.

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

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


	March 31, 2021						December 31, 2020
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)

U.S. government and agency	$	906	$	1,709	$	714	$	3,329	$	937	$	2,300	$	437	$	3,674
U.S. corporate	1		—		—		1		—		—		—		—



Total	$	907	$	1,709	$	714	$	3,330	$	937	$	2,300	$	437	$	3,674

_______________

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

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized in normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at March 31, 2021 was $879 million, primarily comprised of U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, ABS, U.S. government and agency securities, U.S. and foreign corporate securities and non-agency RMBS) with 56% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at March 31, 2021. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

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

Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:


	March 31, 2021		December 31, 2020
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	9,412	$	10,135
Invested assets held in trust (reinsurance agreements) (2)	5,456		5,717
Invested assets pledged as collateral (3)	5,558		5,595
Total invested assets on deposit, held in trust and pledged as collateral	$	20,426	$	21,447

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $61 million and $60 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2021 and December 31, 2020, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $74 million and $101 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2021 and December 31, 2020, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report) and derivative transactions (see Note 5).

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

Variable Interest Entities

The Company has invested in legal entities that are variable interest entities (“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 March 31, 2021 or December 31, 2020.

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:


	March 31, 2021				December 31, 2020
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,257	$	12,469	$	13,665	$	12,581
Limited partnerships and LLCs	2,714		3,996		2,319		3,578
Total	$	15,971	$	16,465	$	15,984	$	16,159

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.

Limited Partnerships and LLCs

The Company holds investments in certain limited partnerships and LLCs which are VIEs. These ventures include limited partnerships, LLCs, private equity funds, hedge funds, and to a lesser extent tax credit and renewable energy partnerships. The Company is not considered the primary beneficiary, or consolidator, when its involvement takes the form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner’s interest does not provide the Company with any substantive kick-out or participating rights, nor does it provide the Company with the power to direct the activities of the fund. The Company’s maximum exposure to loss on these investments is limited to: (i) the amount invested in debt or equity of the VIE and (ii) commitments to the VIE, as described in Note 10.

Net Investment Income

The components of net investment income were as follows:


	Three Months Ended March 31,
		2021		2020
		(In millions)
Investment income:
Fixed maturity securities		$	690	$	669
Equity securities		1		2
Mortgage loans		164		166
Policy loans		17		12
Limited partnerships and LLCs (1)		338		82
Cash, cash equivalents and short-term investments		2		23
Other		10		14
Total investment income		1,222		968
Less: Investment expenses		35		52
Net investment income		$	1,187	$	916

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $331 million and $73 million for the three months ended March 31, 2021 and 2020, respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Three Months Ended March 31,
		2021		2020
		(In millions)
Fixed maturity securities		$	10	$	(6)
Equity securities		—		(14)
Mortgage loans		4		(4)
Limited partnerships and LLCs		—		(1)
Other		—		6
Total net investment gains (losses)		$	14	$	(19)

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:


	Three Months Ended March 31,
		2021		2020
		(In millions)
Proceeds		$	1,262	$	649
Gross investment gains		$	33	$	17
Gross investment losses		(17)		(6)
Net investment gains (losses)		$	16	$	11

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report 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

Types of Derivative Instruments and 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. Commonly used derivative instruments include, but are not necessarily limited to:

•Interest rate derivatives: swaps, caps, swaptions and forwards;

•Foreign currency exchange rate derivatives: forwards and swaps;

•Equity derivatives: options, total return swaps and variance swaps; and

•Credit derivatives: single and index reference credit default swaps and swaptions.

For detailed information on these contracts and the related strategies, see Note 7 of the Notes to the Consolidated Financial Statements included in the 2020 Annual Report.

Primary Risks Managed by Derivatives

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


		March 31, 2021						December 31, 2020
	Primary Underlying Risk Exposure	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:
Interest rate forwards	Interest rate	$	270	$	10	$	—	$	290	$	66	$	—
Foreign currency swaps	Foreign currency exchange rate	2,829		110		107		2,812		134		112
Total qualifying hedges		3,099		120		107		3,102		200		112
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	2,545		333		—		2,295		463		—
Interest rate caps	Interest rate	2,350		9		—		2,350		2		—

Interest rate options	Interest rate	32,340		192		142		25,980		712		122
Interest rate forwards	Interest rate	8,965		78		609		8,086		851		78
Foreign currency swaps	Foreign currency exchange rate	992		68		29		1,000		86		32
Foreign currency forwards	Foreign currency exchange rate	220		1		—		201		—		—
Credit default swaps — purchased	Credit	18		—		—		18		—		—
Credit default swaps — written	Credit	1,774		38		2		1,755		41		—
Credit default options	Credit	150		—		—		100		—		—

Equity index options	Equity market	30,438		1,092		872		31,576		1,071		838
Equity variance swaps	Equity market	1,098		16		13		1,098		13		20
Equity total return swaps	Equity market	24,428		156		293		15,056		143		822
Total non-designated or non-qualifying derivatives		105,318		1,983		1,960		89,515		3,382		1,912
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		197		—		N/A		283		—
Direct index-linked annuities	Other	N/A		—		4,560		N/A		—		3,855
Direct guaranteed minimum benefits	Other	N/A		—		1,720		N/A		—		2,920
Assumed index-linked annuities	Other	N/A		—		385		N/A		—		382
Total embedded derivatives		N/A		197		6,665		N/A		283		7,157
Total		$	108,417	$	2,300	$	8,732	$	92,617	$	3,865	$	9,181

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both March 31, 2021 and December 31, 2020. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and generally do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities and generally do not qualify for hedge accounting because they do not meet the criteria of being “highly effective” as outlined in ASC 815; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to create synthetic credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation.

The estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps were as follows at:


	March 31, 2021					December 31, 2020
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	12	$	693	2.7	$	15	$	683	2.9
Baa	24		1,081		5.5	26		1,072		5.2

Total	$	36	$	1,774	4.4	$	41	$	1,755	4.3

_______________

(1)The Company has written credit protection on both single name and index references. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

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

Counterparty Credit Risk

The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative instruments. Generally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.

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

See Note 6 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 Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
March 31, 2021
Derivative assets	$	2,124	$	(1,309)	$	(766)	$	49	$	(44)	$	5
Derivative liabilities	$	2,052	$	(1,309)	$	—	$	743	$	(703)	$	40
December 31, 2020
Derivative assets	$	3,588	$	(1,342)	$	(1,340)	$	906	$	(840)	$	66
Derivative liabilities	$	2,010	$	(1,342)	$	—	$	668	$	(630)	$	38

_______________

(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 consolidated 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:


	March 31, 2021		December 31, 2020
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	743	$	668
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	1,144	$	1,205

_______________

(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

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

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

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented 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.


	March 31, 2021
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	35,543	$	476	$	36,019
Foreign corporate	—		11,039		194		11,233
U.S. government and agency	2,264		5,547		—		7,811
RMBS	—		7,786		40		7,826
CMBS	—		6,666		—		6,666
State and political subdivision	—		4,601		—		4,601
ABS	—		2,965		86		3,051
Foreign government	—		1,764		—		1,764
Total fixed maturity securities	2,264		75,911		796		78,971
Equity securities	40		63		3		106
Short-term investments	1,250		423		—		1,673
Derivative assets: (1)
Interest rate	—		622		—		622
Foreign currency exchange rate	—		178		1		179
Credit	—		24		14		38
Equity market	—		1,249		15		1,264
Total derivative assets	—		2,073		30		2,103
Embedded derivatives within asset host contracts (2)	—		—		197		197
Separate account assets	81		112,141		2		112,224
Total assets	$	3,635	$	190,611	$	1,028	$	195,274
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	751	$	—	$	751
Foreign currency exchange rate	—		129		7		136
Credit	—		—		2		2
Equity market	—		1,165		13		1,178
Total derivative liabilities	—		2,045		22		2,067
Embedded derivatives within liability host contracts (2)	—		—		6,665		6,665
Total liabilities	$	—	$	2,045	$	6,687	$	8,732


	December 31, 2020
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	37,415	$	491	$	37,906
Foreign corporate	—		11,314		197		11,511
U.S. government and agency	2,217		6,421		—		8,638
RMBS	—		8,272		22		8,294
CMBS	—		6,785		5		6,790
State and political subdivision	—		4,640		—		4,640
ABS	—		2,844		40		2,884
Foreign government	—		1,832		—		1,832
Total fixed maturity securities	2,217		79,523		755		82,495
Equity securities	36		99		3		138
Short-term investments	2,782		460		—		3,242
Derivative assets: (1)
Interest rate	—		2,094		—		2,094
Foreign currency exchange rate	—		219		1		220
Credit	—		27		14		41
Equity market	—		1,213		14		1,227
Total derivative assets	—		3,553		29		3,582
Embedded derivatives within asset host contracts (2)	—		—		283		283
Separate account assets	86		111,880		3		111,969
Total assets	$	5,121	$	195,515	$	1,073	$	201,709
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	200	$	—	$	200
Foreign currency exchange rate	—		137		7		144
Equity market	—		1,660		20		1,680
Total derivative liabilities	—		1,997		27		2,024
Embedded derivatives within liability host contracts (2)	—		—		7,157		7,157
Total liabilities	$	—	$	1,997	$	7,184	$	9,181

_______________

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

(2)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the consolidated balance sheets.

Valuation Controls and Procedures

The Company monitors and provides oversight of valuation controls and policies for securities, mortgage loans and derivatives, which are primarily executed by its valuation service providers. The valuation methodologies used to determine fair values prioritize the use of observable market prices and market-based parameters and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. The valuation methodologies for securities, mortgage loans and derivatives are reviewed on an ongoing basis and revised when necessary. In addition, the Chief Accounting Officer periodically reports to the Audit Committee of Brighthouse Financial’s Board of Directors regarding compliance with fair value accounting standards.

The fair value of financial assets and financial liabilities is based on quoted market prices, where available. 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 three months ended March 31, 2021.

Determination of Fair Value

Fixed Maturity Securities

The fair values for actively traded marketable bonds, primarily U.S. government and agency securities, are determined using the quoted market prices and are classified as Level 1 assets. For fixed maturity securities classified as Level 2 assets, fair values are determined using either a market or income approach and are valued based on a variety of observable inputs as described below.

U.S. corporate and foreign corporate securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark yields, spreads off benchmark yields, new issuances, issuer rating, trades of identical or comparable securities, or duration. Privately-placed securities are valued using the additional key inputs: market yield curve, call provisions, observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer, and delta spread adjustments to reflect specific credit-related issues.

U.S. government and agency, state and political subdivision and foreign government securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark U.S. Treasury yield or other yields, spread off the U.S. Treasury yield curve for the identical security, issuer ratings and issuer spreads, broker-dealer quotes, and comparable securities that are actively traded.

Structured Securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, ratings, geographic region, weighted average coupon and weighted average maturity, average delinquency rates and debt-service coverage ratios. Other issuance-specific information is also used, including, but not limited to; collateral type, structure of the security, vintage of the loans, payment terms of the underlying asset, payment priority within tranche, and deal performance.

Equity Securities and Short-term Investments

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

Equity securities and short-term investments: Fair value is determined using third-party commercial pricing services, with the primary input being quoted prices in markets that are not active.

Derivatives

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”).

The fair values for exchange-traded derivatives are determined using the quoted market prices and are classified as Level 1 assets. For OTC-bilateral derivatives and OTC-cleared derivatives classified as Level 2 assets or liabilities, fair values are determined using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models which are based on market standard valuation methodologies and a variety of observable inputs.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Embedded Derivatives

Embedded derivatives principally include certain direct and ceded variable annuity guarantees and equity crediting rates within index-linked annuity contracts. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMAB”), 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 consolidated 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.

The Company issues and assumes through reinsurance index-linked annuities which allow the policyholder to participate in returns from equity indices. The crediting rates associated with these features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets.

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

Transfers Into or Out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

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:


					March 31, 2021			December 31, 2020			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%	0.03%	-	12.13%	Decrease (1)
			•	Lapse rates	0.25%	-	15.00%	0.25%	-	15.00%	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%	16.66%	-	22.21%	Increase (5)
			•	Nonperformance risk spread	0.25%	-	1.45%	0.47%	-	1.97%	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
	Corporate (1)		Structured Securities		State and Political Subdivision		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Net Embedded Derivatives (3)		Separate Account Assets (4)
	(In millions)
Three Months Ended March 31, 2021
Balance, beginning of period	$	688	$	67	$	—	$	—	$	3	$	—	$	2	$	(6,874)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(1)		—		—		—		—		—		8		548		—
Total realized/unrealized gains (losses) included in AOCI	(22)		—		—		—		—		—		(1)		—		—
Purchases (7)	118		80		—		—		—		—		(2)		—		—
Sales (7)	(5)		(3)		—		—		—		—		—		—		(1)
Issuances (7)	—		—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		—		(142)		—
Transfers into Level 3 (8)	4		3		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(112)		(21)		—		—		—		—		1		—		—
Balance, end of period	$	670	$	126	$	—	$	—	$	3	$	—	$	8	$	(6,468)	$	2
Three Months Ended March 31, 2020
Balance, beginning of period	$	461	$	117	$	73	$	—	$	8	$	5	$	16	$	(4,031)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(2)		—		—		—		—		—		1		(79)		—
Total realized/unrealized gains (losses) included in AOCI	(47)		(8)		—		—		—		—		31		—		(1)
Purchases (7)	249		65		—		7		—		—		—		—		1
Sales (7)	(11)		(6)		—		—		—		(3)		2		—		—
Issuances (7)	—		—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		—		(153)		—
Transfers into Level 3 (8)	232		68		—		—		—		—		—		—		1
Transfers out of Level 3 (8)	(31)		(18)		—		—		(4)		—		—		—		—
Balance, end of period	$	851	$	218	$	73	$	7	$	4	$	2	$	50	$	(4,263)	$	4
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2021 (9)	$	(1)	$	—	$	—	$	—	$	—	$	—	$	8	$	544	$	—
Changes in unrealized gains (losses) included in other comprehensive income for the instruments still held at March 31, 2021 (9)	$	(22)	$	—	$	—	$	—	$	—	$	—	$	(1)	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2020 (9)	$	(1)	$	—	$	—	$	—	$	—	$	—	$	1	$	(91)	$	—
Changes in unrealized gains (losses) included in other comprehensive income for the instruments still held at March 31, 2020 (9)	$	(46)	$	(8)	$	—	$	—	$	—	$	—	$	30	$	—	$	—

_______________

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

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

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

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

(5)Amortization of premium/accretion of discount is included within net investment income. 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 derivatives and net embedded derivatives are reported in net derivative gains (losses).

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

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

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

(9)Changes in unrealized gains (losses) included in net income (loss) 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 derivatives and net embedded derivatives are reported in net derivative gains (losses).

Fair Value of Financial Instruments Carried at Other Than Fair Value

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

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


	March 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	15,690	$	—	$	—	$	16,539	$	16,539
Policy loans	$	1,245	$	—	$	491	$	1,115	$	1,606
Other invested assets	$	52	$	—	$	40	$	12	$	52
Premiums, reinsurance and other receivables	$	3,319	$	—	$	60	$	3,945	$	4,005
Liabilities
Policyholder account balances	$	17,837	$	—	$	—	$	18,871	$	18,871
Long-term debt	$	3,435	$	—	$	3,710	$	—	$	3,710
Other liabilities	$	1,098	$	—	$	380	$	718	$	1,098
Separate account liabilities	$	1,361	$	—	$	1,361	$	—	$	1,361


	December 31, 2020
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	15,808	$	—	$	—	$	16,926	$	16,926
Policy loans	$	1,291	$	—	$	512	$	1,530	$	2,042
Other invested assets	$	51	$	—	$	39	$	12	$	51
Premiums, reinsurance and other receivables	$	3,277	$	—	$	90	$	3,975	$	4,065
Liabilities
Policyholder account balances	$	17,497	$	—	$	—	$	19,100	$	19,100
Long-term debt	$	3,436	$	—	$	3,858	$	—	$	3,858
Other liabilities	$	807	$	—	$	163	$	644	$	807
Separate account liabilities	$	1,334	$	—	$	1,334	$	—	$	1,334

- 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

Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity

7. Equity

Preferred Stock

Preferred stock shares authorized, issued and outstanding were as follows at both March 31, 2021 and December 31, 2020:


	Shares Authorized	Shares Issued	Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A	17,000	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B	16,100	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C	23,000	23,000	23,000
Not designated	99,943,900	—	—
Total	100,000,000	56,100	56,100

The declaration, record and payment dates, as well as per share and aggregate dividend amounts for BHF’s preferred stock by series for the three months ended March 31, 2021 and 2020 were as follows:


			Series A				Series B				Series C
Declaration Date	Record Date	Payment Date	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
			(In millions, except per share data)
February 16, 2021	March 10, 2021	March 25, 2021	$	412.50	$	7	$	421.88	$	7	$	466.58	$	11




February 14, 2020	March 10, 2020	March 25, 2020	$	412.50	$	7	$	—	$	—	$	—	$	—

Common Stock Repurchase Program

On February 10, 2021, BHF authorized the repurchase of up to $200 million of its common stock, which is in addition to the $1.1 billion aggregate stock repurchase authorizations announced in February 2020, May 2019 and August 2018. Repurchases under this authorization may be made through open market purchases, including pursuant to 10b5-1 plans or pursuant to accelerated stock repurchase plans, or through privately negotiated transactions, from time to time at management’s discretion in accordance with applicable legal requirements.

During the three months ended March 31, 2021 and 2020, BHF repurchased 1,659,872 and 5,674,387 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $68 million and $142 million, respectively. At March 31, 2021, BHF had $212 million remaining under its common stock repurchase program.

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended March 31, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2020	$	5,646	$	115	$	(8)	$	(37)	$	5,716
OCI before reclassifications	(2,848)		(68)		(7)		(2)		(2,925)
Deferred income tax benefit (expense)	599		14		1		—		614
AOCI before reclassifications, net of income tax	3,397		61		(14)		(39)		3,405
Amounts reclassified from AOCI	(13)		(7)		—		—		(20)
Deferred income tax benefit (expense)	3		1		—		—		4
Amounts reclassified from AOCI, net of income tax	(10)		(6)		—		—		(16)



Balance at March 31, 2021	$	3,387	$	55	$	(14)	$	(39)	$	3,389


	Three Months Ended March 31, 2020
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2019	$	3,111	$	172	$	(15)	$	(28)	$	3,240
OCI before reclassifications (2)	(1,291)		560		(5)		(1)		(737)
Deferred income tax benefit (expense)	272		(118)		1		—		155
AOCI before reclassifications, net of income tax	2,092		614		(19)		(29)		2,658
Amounts reclassified from AOCI	(11)		(2)		—		—		(13)
Deferred income tax benefit (expense)	2		—		—		—		2
Amounts reclassified from AOCI, net of income tax	(9)		(2)		—		—		(11)



Balance at March 31, 2020	$	2,083	$	612	$	(19)	$	(29)	$	2,647

__________________

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

(2)Includes $3 million related to the adoption of the allowance for credit losses guidance.

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


AOCI Components			Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended March 31,
			2021		2020
		(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)			$	16	$	13	Net investment gains (losses)

Net unrealized investment gains (losses)			(3)		(2)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax			13		11
Income tax (expense) benefit			(3)		(2)
Net unrealized investment gains (losses), net of income tax			10		9
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps			1		1		Net derivative gains (losses)
Interest rate swaps			1		1		Net investment income


Foreign currency swaps			5		—		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax			7		2
Income tax (expense) benefit			(1)		—
Gains (losses) on cash flow hedges, net of income tax			6		2






Total reclassifications, net of income tax			$	16	$	11

Other Revenues and Other Expenses

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

8. Other Revenues and Other Expenses

Other Revenues

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

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

Other revenues consisted primarily of 12b-1 fees of $88 million and $81 million for the three months ended March 31, 2021 and 2020, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Three Months Ended March 31,
		2021		2020
		(In millions)
Compensation		$	92	$	69
Contracted services and other labor costs		60		68
Transition services agreements		32		38
Establishment costs		17		18
Premium and other taxes, licenses and fees		15		12
Separate account fees		125		117
Volume related costs, excluding compensation, net of DAC capitalization		163		128
Interest expense on debt		41		47
Other		17		20
Total other expenses		$	562	$	517

Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share

9. Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended March 31,
		2021		2020
		(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders		$	(610)	$	4,950

Weighted average common shares outstanding — basic		87,573,444		104,759,339
Dilutive effect of share-based awards		—		334,176
Weighted average common shares outstanding — diluted		87,573,444		105,093,515

Earnings per common share:
Basic		$	(6.96)	$	47.26
Diluted		$	(6.96)	$	47.11

For the three months ended March 31, 2021, basic loss per common share equaled diluted loss per common share. The diluted shares were not utilized in the per share calculation for this period as the inclusion of such shares would have an antidilutive effect.

For the three months ended March 31, 2020, weighted average shares used for calculating diluted earnings per common share excludes 196,492 of out-of-the-money stock options, as the inclusion of these shares would be antidilutive to the earnings per common share calculation due to the average share price for the three months ended March 31, 2020.

Contingencies, Commitments and Guarantees	3 Months Ended
Contingencies, Commitments and Guarantees	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	10. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at March 31, 2021. Matters as to Which an Estimate Can Be Made For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. In addition to amounts accrued for probable and reasonably estimable losses, as of March 31, 2021, the Company estimates the aggregate range of reasonably possible losses to be up to approximately $10 million. Matters as to Which an Estimate Cannot Be Made For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Sales Practices Claims Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters. Cost of Insurance Class Actions Richard A. Newton v. Brighthouse Life Insurance Company (U.S. District Court, Northern District of Georgia, Atlanta Division, filed May 8, 2020). Plaintiff has filed a purported class action lawsuit against Brighthouse Life Insurance Company. Plaintiff was the owner of a universal life insurance policy issued by Travelers Insurance Company, a predecessor to Brighthouse Life Insurance Company. Plaintiff seeks to certify a class of all persons who own or owned life insurance policies issued where the terms of the life insurance policy provide or provided, among other things, a guarantee that the cost of insurance rates would not be increased by more than a specified percentage in any contract year. Plaintiff alleges, among other things, causes of action for breach of contract, fraud, suppression and concealment, and violation of the Georgia Racketeer Influenced and Corrupt Organizations Act. Plaintiff seeks to recover damages, including punitive damages, interest and treble damages, attorneys’ fees, and injunctive and declaratory relief. Brighthouse Life Insurance Company filed a motion to dismiss in June 2020, which was granted in part and denied in part. Plaintiff was granted leave to amend the complaint. The Company intends to vigorously defend this matter. Lawrence Martin v. Brighthouse Life Insurance Company and Brighthouse Life Insurance Company of NY (U.S. District Court, Southern District of New York, filed April 6, 2021). Plaintiff has filed a purported class action lawsuit against Brighthouse Life Insurance Company and Brighthouse Life Insurance Company of NY. Plaintiff is the owner of a universal life insurance policy issued by Travelers Insurance Company, a predecessor to Brighthouse Life Insurance Company. Plaintiff seeks to certify a class of similarly situated owners of universal life insurance policies issued or administered by defendants and alleges that cost of insurance charges should have decreased over time due to improving mortality but did not. Plaintiff alleges, among other things, causes of action for breach of contract, breach of the covenant of good faith and fair dealing, and unjust enrichment. Plaintiff seeks to recover compensatory damages, attorney’s fees, interest, and equitable relief including a constructive trust. The Company intends to vigorously defend this matter. Summary Various litigations, claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, investor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, large 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 consolidated 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. Disputes have arisen with counterparties in connection with reinsurance arrangements where the Company’s subsidiaries are acting as either the reinsured or the reinsurer. These disputes involve assertions by third parties primarily related to rates, fees or reinsured benefit calculations, and in certain of such disputes the counterparty has made a request to arbitrate the dispute. As of March 31, 2021, the Company estimates the amount of reasonably possible losses in excess of the amounts accrued for certain non-litigation loss contingencies to be up to approximately $125 million, which are primarily associated with reinsurance-related matters. For certain other reinsurance-related matters, the Company is not currently able to estimate the reasonably possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of such loss. 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 $279 million and $210 million at March 31, 2021 and December 31, 2020, respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $2.0 billion and $1.7 billion at March 31, 2021 and December 31, 2020, respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $112 million, with a cumulative maximum of $118 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and 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’s recorded liabilities were $1 million at both March 31, 2021 and December 31, 2020 for indemnities, guarantees and commitments.

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates, Policy [Policy Text Block]	Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation, Policy [Policy Text Block]	Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLCs”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. Reclassifications Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Consolidated Financial Statements. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2020 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2020 Annual Report.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“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. There were no ASUs adopted during the first quarter of 2021. 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 deferred policy acquisition costs (“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 currently a significant amount of variable annuity guarantees are classified as insurance liabilities.
Investments, Policy [Policy Text Block]	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 other comprehensive income (loss) (“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 $566 million and $514 million at March 31, 2021 and December 31, 2020, respectively, 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. 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 impact of the ongoing 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 both March 31, 2021 and December 31, 2020. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $83 million and $89 million at March 31, 2021 and December 31, 2020, respectively. 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 each of the three 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. Mortgage loans are also evaluated to determine if they qualify as PCD assets. To determine if the credit deterioration experienced since origination is more than insignificant, the extent of credit deterioration is evaluated. All re-performing/modified loan (“RPL”) pools purchased after December 31, 2019 are determined to have been acquired with evidence of more than insignificant credit deterioration since origination and are classified as PCD assets. RPLs are pools of residential mortgage loans acquired at a discount or premium which have both credit and non-credit components. For PCD mortgage loans, the allowance for credit losses is determined using a similar methodology described above, except the loss-rate is determined at the pool level instead of the individual loan level. The initial allowance for credit losses, determined on a collective basis, is then allocated to the individual loans. The initial amortized cost of the loan is grossed-up to reflect the sum of the loan’s purchase price and allowance for credit losses. The difference between the grossed-up amortized cost basis and the par value of the loan is a noncredit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments.Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days. 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.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. 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.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.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.
Derivatives, Policy [Policy Text Block]	Types of Derivative Instruments and 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. Commonly used derivative instruments include, but are not necessarily limited to: •Interest rate derivatives: swaps, caps, swaptions and forwards; •Foreign currency exchange rate derivatives: forwards and swaps; •Equity derivatives: options, total return swaps and variance swaps; and •Credit derivatives: single and index reference credit default swaps and swaptions. Counterparty Credit RiskGenerally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Three Months Ended March 31, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	414	$	52	$	85	$	(61)	$	490
Provision for income tax expense (benefit)	78		10		9		(19)		78
Post-tax adjusted earnings	336		42		76		(42)		412
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		25		25
Adjusted earnings	$	336	$	42	$	76	$	(69)	385
Adjustments for:
Net investment gains (losses)									14
Net derivative gains (losses)									(1,504)
Other adjustments to net income (loss)									232
Provision for income tax (expense) benefit									263
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(610)

Interest revenue	$	550	$	166	$	462	$	14
Interest expense	$	—	$	—	$	—	$	41


	Three Months Ended March 31, 2020
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	389	$	13	$	(90)	$	(59)	$	253
Provision for income tax expense (benefit)	73		2		(20)		(22)		33
Post-tax adjusted earnings	316		11		(70)		(37)		220
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		7		7
Adjusted earnings	$	316	$	11	$	(70)	$	(46)	211
Adjustments for:
Net investment gains (losses)									(19)
Net derivative gains (losses)									6,902
Other adjustments to net income (loss)									(884)
Provision for income tax (expense) benefit									(1,260)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	4,950

Interest revenue	$	460	$	116	$	324	$	20
Interest expense	$	—	$	—	$	—	$	47

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


	March 31, 2021		December 31, 2020
	(In millions)
Annuities	$	170,955	$	172,233
Life	23,293		23,809
Run-off	35,270		38,366
Corporate & Other	12,419		13,461
Total	$	241,937	$	247,869

Reconciliation of Revenue from Segments to Consolidated

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


	Three Months Ended March 31,
		2021		2020
		(In millions)
Annuities		$	1,298	$	1,151
Life		410		354
Run-off		628		493
Corporate & Other		35		42
Adjustments		(1,433)		6,945
Total		$	938	$	8,985

Insurance (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

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


	March 31, 2021						December 31, 2020
	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)	$	108,533		$	60,162		$	108,424		$	60,674
Separate account value	$	103,398		$	58,912		$	103,315		$	59,419
Net amount at risk	$	6,708	(4)	$	5,647	(5)	$	6,438	(4)	$	6,692	(5)
Average attained age of contract holders	71 years			70 years			70 years			70 years


	March 31, 2021		December 31, 2020
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,691	$	5,772
Net amount at risk (6)	$	68,529	$	69,083
Average attained age of policyholders	67 years		67 years

Variable Life Contracts
Total account value (3)	$	4,523	$	3,926
Net amount at risk (6)	$	19,743	$	19,909
Average attained age of policyholders	51 years		51 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.

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	March 31, 2021										December 31, 2020
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value		Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value
					Gains		Losses								Gains		Losses
	(In millions)
U.S. corporate	$	33,299	$	2	$	3,158	$	436	$	36,019	$	32,608	$	2	$	5,370	$	70	$	37,906
Foreign corporate	10,415		6		953		129		11,233		10,060		—		1,501		50		11,511
U.S. government and agency	6,283		—		1,662		134		7,811		6,007		—		2,637		6		8,638
RMBS	7,324		—		520		18		7,826		7,653		—		644		3		8,294
CMBS	6,327		—		373		34		6,666		6,207		—		592		9		6,790
State and political subdivision	3,890		—		739		28		4,601		3,673		—		967		—		4,640
ABS	3,005		—		51		5		3,051		2,834		—		60		10		2,884
Foreign government	1,535		—		239		10		1,764		1,487		—		346		1		1,832
Total fixed maturity securities	$	72,078	$	8	$	7,695	$	794	$	78,971	$	70,529	$	2	$	12,117	$	149	$	82,495

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2021:


	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 (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,457	$	7,437	$	15,408	$	31,120	$	16,656	$	72,078
Estimated fair value	$	1,478	$	7,902	$	16,453	$	35,595	$	17,543	$	78,971

_______________

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	March 31, 2021								December 31, 2020
	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	$	6,548	$	425	$	314	$	11	$	1,737	$	57	$	185	$	13
Foreign corporate	1,638		88		330		41		254		8		387		42
U.S. government and agency	1,005		134		—		—		236		6		—		—
RMBS	849		16		56		2		180		2		22		1
CMBS	871		31		87		3		332		7		44		2
State and political subdivision	620		28		—		—		48		—		—		—
ABS	543		3		345		2		506		3		629		7
Foreign government	171		10		—		—		54		1		—		—
Total fixed maturity securities	$	12,245	$	735	$	1,132	$	59	$	3,347	$	84	$	1,267	$	65
Total number of securities in an unrealized loss position	1,729				295				667				244

Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector

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


	U.S. Corporate		Foreign Corporate		Foreign Government		Total
	(In millions)
Three Months Ended March 31, 2021
Balance, beginning of period	$	2	$	—	$	—	$	2
Allowance on securities where credit losses were not previously recorded	—		6		—		6

Change in allowance on securities with an allowance recorded in a previous period	—		—		—		—
Write-offs charged against allowance (1)	—		—		—		—
Balance, end of period	$	2	$	6	$	—	$	8
Three Months Ended March 31, 2020
Balance, beginning of period	$	3	$	1	$	—	$	4
Allowance on securities where credit losses were not previously recorded	8		—		1		9

Change in allowance on securities with an allowance recorded in a previous period	—		1		—		1
Write-offs charged against allowance (1)	(3)		(1)		—		(4)
Balance, end of period	$	8	$	1	$	1	$	10

_______________

(1)The Company did not record any write-offs during the three months ended March 31, 2021. The Company recorded total write-offs of $12 million during the three months ended March 31, 2020.

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	9,642	61.5	%	$	9,714	61.4	%
Agricultural	3,607		23.0		3,538		22.4
Residential	2,532		16.1		2,650		16.8
Total mortgage loans (1)	15,781		100.6		15,902		100.6
Allowance for credit losses	(91)		(0.6)		(94)		(0.6)
Total mortgage loans, net	$	15,690	100.0	%	$	15,808	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		Residential		Total
	(In millions)
Three Months Ended March 31, 2021
Balance, beginning of period	$	44	$	15	$	35	$	94
Current period provision	1		(2)		(2)		(3)


Balance, end of period	$	45	$	13	$	33	$	91
Three Months Ended March 31, 2020
Balance, beginning of period	$	27	$	17	$	22	$	66
Current period provision	—		1		2		3


Balance, end of period	$	27	$	18	$	24	$	69

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:


	2021		2020		2019		2018		2017		Prior		Total
	(In millions)
March 31, 2021
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	63	$	316	$	1,476	$	953	$	514	$	3,716	$	7,038
65% to 75%	83		200		500		532		312		578		2,205
76% to 80%	—		—		—		—		45		85		130
Greater than 80%	—		—		—		30		—		239		269
Total commercial mortgage loans	146		516		1,976		1,515		871		4,618		9,642
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	200		565		523		730		363		969		3,350
65% to 75%	42		79		80		5		33		18		257


Total agricultural mortgage loans	242		644		603		735		396		987		3,607
Residential mortgage loans
Performing	1		249		397		339		101		1,371		2,458
Nonperforming	—		1		2		4		—		67		74
Total residential mortgage loans	1		250		399		343		101		1,438		2,532
Total	$	389	$	1,410	$	2,978	$	2,593	$	1,368	$	7,043	$	15,781


	2020		2019		2018		2017		2016		Prior		Total
	(In millions)
December 31, 2020
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	317	$	1,527	$	1,004	$	515	$	1,109	$	2,808	$	7,280
65% to 75%	200		450		482		322		59		521		2,034
76% to 80%	—		—		—		44		79		8		131
Greater than 80%	—		—		29		—		6		234		269
Total commercial mortgage loans	517		1,977		1,515		881		1,253		3,571		9,714
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	569		526		749		391		417		663		3,315
65% to 75%	81		81		10		33		—		18		223


Total agricultural mortgage loans	650		607		759		424		417		681		3,538
Residential mortgage loans
Performing	214		381		413		131		70		1,375		2,584
Nonperforming	2		6		4		—		1		53		66
Total residential mortgage loans	216		387		417		131		71		1,428		2,650
Total	$	1,383	$	2,971	$	2,691	$	1,436	$	1,741	$	5,680	$	15,902

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


	March 31, 2021				December 31, 2020
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	9,050	93.9	%	$	9,450	97.3	%
1.00x - 1.20x	340		3.5		204		2.1
Less than 1.00x	252		2.6		60		0.6
Total	$	9,642	100.0	%	$	9,714	100.0	%

Past Due Mortgage Loans by Portfolio Segment

The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:


	March 31, 2021								December 31, 2020
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	9,642	$	3,588	$	2,451	$	15,681	$	9,714	$	3,538	$	2,575	$	15,827
30-59 days past due	—		14		7		21		—		—		9		9
60-89 days past due	—		3		26		29		—		—		24		24
90-179 days past due	—		2		32		34		—		—		27		27
180+ days past due	—		—		16		16		—		—		15		15
Total	$	9,642	$	3,607	$	2,532	$	15,781	$	9,714	$	3,538	$	2,650	$	15,902

Mortgage Loans in Nonaccrual Status by Portfolio Segment

The amortized cost of mortgage loans in a nonaccrual status by portfolio segment were as follows at:


	Commercial		Agricultural		Residential (1)		Total
	(In millions)
March 31, 2021	$	—	$	14	$	74	$	88
December 31, 2020	$	—	$	—	$	66	$	66

_______________

Net Unrealized Investment Gains (Losses)

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


	March 31, 2021		December 31, 2020
	(In millions)
Fixed maturity securities	$	6,901	$	11,968

Derivatives	98		173

Other	(18)		(16)
Subtotal	6,981		12,125
Amounts allocated from:
Future policy benefits	(2,320)		(4,313)
DAC, VOBA and DSI	(305)		(520)
Subtotal	(2,625)		(4,833)
Deferred income tax benefit (expense)	(914)		(1,531)
Net unrealized investment gains (losses)	$	3,442	$	5,761

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


	Three Months Ended March 31, 2021
	(In millions)
Balance at December 31, 2020	$	5,761
Unrealized investment gains (losses) during the period	(5,144)
Unrealized investment gains (losses) relating to:
Future policy benefits	1,993
DAC, VOBA and DSI	215
Deferred income tax benefit (expense)	617
Balance at March 31, 2021	$	3,442
Change in net unrealized investment gains (losses)	$	(2,319)

Securities Lending

Elements of the securities lending program are presented below at:


	March 31, 2021		December 31, 2020
	(In millions)
Securities on loan: (1)
Amortized cost	$	2,532	$	2,373
Estimated fair value	$	3,243	$	3,603
Cash collateral received from counterparties (2)	$	3,330	$	3,674

Reinvestment portfolio — estimated fair value	$	3,501	$	3,830

_______________

(1)Included within fixed maturity securities.

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

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


	March 31, 2021						December 31, 2020
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)

U.S. government and agency	$	906	$	1,709	$	714	$	3,329	$	937	$	2,300	$	437	$	3,674
U.S. corporate	1		—		—		1		—		—		—		—



Total	$	907	$	1,709	$	714	$	3,330	$	937	$	2,300	$	437	$	3,674

_______________

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

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

Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:


	March 31, 2021		December 31, 2020
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	9,412	$	10,135
Invested assets held in trust (reinsurance agreements) (2)	5,456		5,717
Invested assets pledged as collateral (3)	5,558		5,595
Total invested assets on deposit, held in trust and pledged as collateral	$	20,426	$	21,447

_______________

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:


	March 31, 2021				December 31, 2020
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	13,257	$	12,469	$	13,665	$	12,581
Limited partnerships and LLCs	2,714		3,996		2,319		3,578
Total	$	15,971	$	16,465	$	15,984	$	16,159

Components of Net Investment Income

The components of net investment income were as follows:


	Three Months Ended March 31,
		2021		2020
		(In millions)
Investment income:
Fixed maturity securities		$	690	$	669
Equity securities		1		2
Mortgage loans		164		166
Policy loans		17		12
Limited partnerships and LLCs (1)		338		82
Cash, cash equivalents and short-term investments		2		23
Other		10		14
Total investment income		1,222		968
Less: Investment expenses		35		52
Net investment income		$	1,187	$	916

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $331 million and $73 million for the three months ended March 31, 2021 and 2020, respectively.

Components of Net Investment Gains (Losses)

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


	Three Months Ended March 31,
		2021		2020
		(In millions)
Fixed maturity securities		$	10	$	(6)
Equity securities		—		(14)
Mortgage loans		4		(4)
Limited partnerships and LLCs		—		(1)
Other		—		6
Total net investment gains (losses)		$	14	$	(19)

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:


	Three Months Ended March 31,
		2021		2020
		(In millions)
Proceeds		$	1,262	$	649
Gross investment gains		$	33	$	17
Gross investment losses		(17)		(6)
Net investment gains (losses)		$	16	$	11

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

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


		March 31, 2021						December 31, 2020
	Primary Underlying Risk Exposure	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:
Interest rate forwards	Interest rate	$	270	$	10	$	—	$	290	$	66	$	—
Foreign currency swaps	Foreign currency exchange rate	2,829		110		107		2,812		134		112
Total qualifying hedges		3,099		120		107		3,102		200		112
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	2,545		333		—		2,295		463		—
Interest rate caps	Interest rate	2,350		9		—		2,350		2		—

Interest rate options	Interest rate	32,340		192		142		25,980		712		122
Interest rate forwards	Interest rate	8,965		78		609		8,086		851		78
Foreign currency swaps	Foreign currency exchange rate	992		68		29		1,000		86		32
Foreign currency forwards	Foreign currency exchange rate	220		1		—		201		—		—
Credit default swaps — purchased	Credit	18		—		—		18		—		—
Credit default swaps — written	Credit	1,774		38		2		1,755		41		—
Credit default options	Credit	150		—		—		100		—		—

Equity index options	Equity market	30,438		1,092		872		31,576		1,071		838
Equity variance swaps	Equity market	1,098		16		13		1,098		13		20
Equity total return swaps	Equity market	24,428		156		293		15,056		143		822
Total non-designated or non-qualifying derivatives		105,318		1,983		1,960		89,515		3,382		1,912
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		197		—		N/A		283		—
Direct index-linked annuities	Other	N/A		—		4,560		N/A		—		3,855
Direct guaranteed minimum benefits	Other	N/A		—		1,720		N/A		—		2,920
Assumed index-linked annuities	Other	N/A		—		385		N/A		—		382
Total embedded derivatives		N/A		197		6,665		N/A		283		7,157
Total		$	108,417	$	2,300	$	8,732	$	92,617	$	3,865	$	9,181

Derivative Instruments, Gain (Loss)


	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)
Three Months Ended March 31, 2021
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate derivatives	$	1	$	—	$	1	$	(52)
Foreign currency exchange rate derivatives	5		(3)		8		(16)
Total cash flow hedges	6		(3)		9		(68)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,912)		—		—		—
Foreign currency exchange rate derivatives	(7)		3		—		—
Credit derivatives	3		—		—		—
Equity derivatives	(142)		—		—		—
Embedded derivatives	548		—		—		—
Total non-qualifying hedges	(1,510)		3		—		—
Total	$	(1,504)	$	—	$	9	$	(68)
Three Months Ended March 31, 2020
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate derivatives	$	1	$	—	$	1	$	97
Foreign currency exchange rate derivatives	—		—		11		463
Total cash flow hedges	1		—		12		560
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	4,921		—		—		—
Foreign currency exchange rate derivatives	134		(7)		—		—
Credit derivatives	(32)		—		—		—
Equity derivatives	1,964		—		—		—
Embedded derivatives	(79)		—		—		—
Total non-qualifying hedges	6,908		(7)		—		—
Total	$	6,909	$	(7)	$	12	$	560

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


	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)
Three Months Ended March 31, 2021
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate derivatives	$	1	$	—	$	1	$	(52)
Foreign currency exchange rate derivatives	5		(3)		8		(16)
Total cash flow hedges	6		(3)		9		(68)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(1,912)		—		—		—
Foreign currency exchange rate derivatives	(7)		3		—		—
Credit derivatives	3		—		—		—
Equity derivatives	(142)		—		—		—
Embedded derivatives	548		—		—		—
Total non-qualifying hedges	(1,510)		3		—		—
Total	$	(1,504)	$	—	$	9	$	(68)
Three Months Ended March 31, 2020
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate derivatives	$	1	$	—	$	1	$	97
Foreign currency exchange rate derivatives	—		—		11		463
Total cash flow hedges	1		—		12		560
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	4,921		—		—		—
Foreign currency exchange rate derivatives	134		(7)		—		—
Credit derivatives	(32)		—		—		—
Equity derivatives	1,964		—		—		—
Embedded derivatives	(79)		—		—		—
Total non-qualifying hedges	6,908		(7)		—		—
Total	$	6,909	$	(7)	$	12	$	560

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

The estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps were as follows at:


	March 31, 2021					December 31, 2020
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	12	$	693	2.7	$	15	$	683	2.9
Baa	24		1,081		5.5	26		1,072		5.2

Total	$	36	$	1,774	4.4	$	41	$	1,755	4.3

_______________

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

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

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 Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
March 31, 2021
Derivative assets	$	2,124	$	(1,309)	$	(766)	$	49	$	(44)	$	5
Derivative liabilities	$	2,052	$	(1,309)	$	—	$	743	$	(703)	$	40
December 31, 2020
Derivative assets	$	3,588	$	(1,342)	$	(1,340)	$	906	$	(840)	$	66
Derivative liabilities	$	2,010	$	(1,342)	$	—	$	668	$	(630)	$	38

_______________

(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.

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

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 Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
March 31, 2021
Derivative assets	$	2,124	$	(1,309)	$	(766)	$	49	$	(44)	$	5
Derivative liabilities	$	2,052	$	(1,309)	$	—	$	743	$	(703)	$	40
December 31, 2020
Derivative assets	$	3,588	$	(1,342)	$	(1,340)	$	906	$	(840)	$	66
Derivative liabilities	$	2,010	$	(1,342)	$	—	$	668	$	(630)	$	38

_______________

(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


	March 31, 2021		December 31, 2020
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	743	$	668
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	1,144	$	1,205

_______________

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

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-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
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-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
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-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
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-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
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-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
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-Section 50
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-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
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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
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements


	March 31, 2021
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	35,543	$	476	$	36,019
Foreign corporate	—		11,039		194		11,233
U.S. government and agency	2,264		5,547		—		7,811
RMBS	—		7,786		40		7,826
CMBS	—		6,666		—		6,666
State and political subdivision	—		4,601		—		4,601
ABS	—		2,965		86		3,051
Foreign government	—		1,764		—		1,764
Total fixed maturity securities	2,264		75,911		796		78,971
Equity securities	40		63		3		106
Short-term investments	1,250		423		—		1,673
Derivative assets: (1)
Interest rate	—		622		—		622
Foreign currency exchange rate	—		178		1		179
Credit	—		24		14		38
Equity market	—		1,249		15		1,264
Total derivative assets	—		2,073		30		2,103
Embedded derivatives within asset host contracts (2)	—		—		197		197
Separate account assets	81		112,141		2		112,224
Total assets	$	3,635	$	190,611	$	1,028	$	195,274
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	751	$	—	$	751
Foreign currency exchange rate	—		129		7		136
Credit	—		—		2		2
Equity market	—		1,165		13		1,178
Total derivative liabilities	—		2,045		22		2,067
Embedded derivatives within liability host contracts (2)	—		—		6,665		6,665
Total liabilities	$	—	$	2,045	$	6,687	$	8,732


	December 31, 2020
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	37,415	$	491	$	37,906
Foreign corporate	—		11,314		197		11,511
U.S. government and agency	2,217		6,421		—		8,638
RMBS	—		8,272		22		8,294
CMBS	—		6,785		5		6,790
State and political subdivision	—		4,640		—		4,640
ABS	—		2,844		40		2,884
Foreign government	—		1,832		—		1,832
Total fixed maturity securities	2,217		79,523		755		82,495
Equity securities	36		99		3		138
Short-term investments	2,782		460		—		3,242
Derivative assets: (1)
Interest rate	—		2,094		—		2,094
Foreign currency exchange rate	—		219		1		220
Credit	—		27		14		41
Equity market	—		1,213		14		1,227
Total derivative assets	—		3,553		29		3,582
Embedded derivatives within asset host contracts (2)	—		—		283		283
Separate account assets	86		111,880		3		111,969
Total assets	$	5,121	$	195,515	$	1,073	$	201,709
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	200	$	—	$	200
Foreign currency exchange rate	—		137		7		144
Equity market	—		1,660		20		1,680
Total derivative liabilities	—		1,997		27		2,024
Embedded derivatives within liability host contracts (2)	—		—		7,157		7,157
Total liabilities	$	—	$	1,997	$	7,184	$	9,181

_______________

Fair Value Inputs, Quantitative Information


					March 31, 2021			December 31, 2020			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%	0.03%	-	12.13%	Decrease (1)
			•	Lapse rates	0.25%	-	15.00%	0.25%	-	15.00%	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%	16.66%	-	22.21%	Increase (5)
			•	Nonperformance risk spread	0.25%	-	1.45%	0.47%	-	1.97%	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
	Corporate (1)		Structured Securities		State and Political Subdivision		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Net Embedded Derivatives (3)		Separate Account Assets (4)
	(In millions)
Three Months Ended March 31, 2021
Balance, beginning of period	$	688	$	67	$	—	$	—	$	3	$	—	$	2	$	(6,874)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(1)		—		—		—		—		—		8		548		—
Total realized/unrealized gains (losses) included in AOCI	(22)		—		—		—		—		—		(1)		—		—
Purchases (7)	118		80		—		—		—		—		(2)		—		—
Sales (7)	(5)		(3)		—		—		—		—		—		—		(1)
Issuances (7)	—		—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		—		(142)		—
Transfers into Level 3 (8)	4		3		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(112)		(21)		—		—		—		—		1		—		—
Balance, end of period	$	670	$	126	$	—	$	—	$	3	$	—	$	8	$	(6,468)	$	2
Three Months Ended March 31, 2020
Balance, beginning of period	$	461	$	117	$	73	$	—	$	8	$	5	$	16	$	(4,031)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(2)		—		—		—		—		—		1		(79)		—
Total realized/unrealized gains (losses) included in AOCI	(47)		(8)		—		—		—		—		31		—		(1)
Purchases (7)	249		65		—		7		—		—		—		—		1
Sales (7)	(11)		(6)		—		—		—		(3)		2		—		—
Issuances (7)	—		—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		—		(153)		—
Transfers into Level 3 (8)	232		68		—		—		—		—		—		—		1
Transfers out of Level 3 (8)	(31)		(18)		—		—		(4)		—		—		—		—
Balance, end of period	$	851	$	218	$	73	$	7	$	4	$	2	$	50	$	(4,263)	$	4
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2021 (9)	$	(1)	$	—	$	—	$	—	$	—	$	—	$	8	$	544	$	—
Changes in unrealized gains (losses) included in other comprehensive income for the instruments still held at March 31, 2021 (9)	$	(22)	$	—	$	—	$	—	$	—	$	—	$	(1)	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2020 (9)	$	(1)	$	—	$	—	$	—	$	—	$	—	$	1	$	(91)	$	—
Changes in unrealized gains (losses) included in other comprehensive income for the instruments still held at March 31, 2020 (9)	$	(46)	$	(8)	$	—	$	—	$	—	$	—	$	30	$	—	$	—

_______________

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

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

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

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

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

Fair Value of Financial Instruments Carried at Other Than Fair Value

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


	March 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	15,690	$	—	$	—	$	16,539	$	16,539
Policy loans	$	1,245	$	—	$	491	$	1,115	$	1,606
Other invested assets	$	52	$	—	$	40	$	12	$	52
Premiums, reinsurance and other receivables	$	3,319	$	—	$	60	$	3,945	$	4,005
Liabilities
Policyholder account balances	$	17,837	$	—	$	—	$	18,871	$	18,871
Long-term debt	$	3,435	$	—	$	3,710	$	—	$	3,710
Other liabilities	$	1,098	$	—	$	380	$	718	$	1,098
Separate account liabilities	$	1,361	$	—	$	1,361	$	—	$	1,361


	December 31, 2020
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	15,808	$	—	$	—	$	16,926	$	16,926
Policy loans	$	1,291	$	—	$	512	$	1,530	$	2,042
Other invested assets	$	51	$	—	$	39	$	12	$	51
Premiums, reinsurance and other receivables	$	3,277	$	—	$	90	$	3,975	$	4,065
Liabilities
Policyholder account balances	$	17,497	$	—	$	—	$	19,100	$	19,100
Long-term debt	$	3,436	$	—	$	3,858	$	—	$	3,858
Other liabilities	$	807	$	—	$	163	$	644	$	807
Separate account liabilities	$	1,334	$	—	$	1,334	$	—	$	1,334

Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Preferred Stock Authorized, Issued and Outstanding

Preferred stock shares authorized, issued and outstanding were as follows at both March 31, 2021 and December 31, 2020:


	Shares Authorized	Shares Issued	Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A	17,000	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B	16,100	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C	23,000	23,000	23,000
Not designated	99,943,900	—	—
Total	100,000,000	56,100	56,100

Preferred Stock Dividends Declared


			Series A				Series B				Series C
Declaration Date	Record Date	Payment Date	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
			(In millions, except per share data)
February 16, 2021	March 10, 2021	March 25, 2021	$	412.50	$	7	$	421.88	$	7	$	466.58	$	11




February 14, 2020	March 10, 2020	March 25, 2020	$	412.50	$	7	$	—	$	—	$	—	$	—

Components of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended March 31, 2021
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2020	$	5,646	$	115	$	(8)	$	(37)	$	5,716
OCI before reclassifications	(2,848)		(68)		(7)		(2)		(2,925)
Deferred income tax benefit (expense)	599		14		1		—		614
AOCI before reclassifications, net of income tax	3,397		61		(14)		(39)		3,405
Amounts reclassified from AOCI	(13)		(7)		—		—		(20)
Deferred income tax benefit (expense)	3		1		—		—		4
Amounts reclassified from AOCI, net of income tax	(10)		(6)		—		—		(16)



Balance at March 31, 2021	$	3,387	$	55	$	(14)	$	(39)	$	3,389


	Three Months Ended March 31, 2020
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2019	$	3,111	$	172	$	(15)	$	(28)	$	3,240
OCI before reclassifications (2)	(1,291)		560		(5)		(1)		(737)
Deferred income tax benefit (expense)	272		(118)		1		—		155
AOCI before reclassifications, net of income tax	2,092		614		(19)		(29)		2,658
Amounts reclassified from AOCI	(11)		(2)		—		—		(13)
Deferred income tax benefit (expense)	2		—		—		—		2
Amounts reclassified from AOCI, net of income tax	(9)		(2)		—		—		(11)



Balance at March 31, 2020	$	2,083	$	612	$	(19)	$	(29)	$	2,647

__________________

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

(2)Includes $3 million related to the adoption of the allowance for credit losses guidance.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

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


AOCI Components			Amounts Reclassified from AOCI				Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended March 31,
			2021		2020
		(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)			$	16	$	13	Net investment gains (losses)

Net unrealized investment gains (losses)			(3)		(2)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax			13		11
Income tax (expense) benefit			(3)		(2)
Net unrealized investment gains (losses), net of income tax			10		9
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps			1		1		Net derivative gains (losses)
Interest rate swaps			1		1		Net investment income


Foreign currency swaps			5		—		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax			7		2
Income tax (expense) benefit			(1)		—
Gains (losses) on cash flow hedges, net of income tax			6		2






Total reclassifications, net of income tax			$	16	$	11

- Definition

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

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+ Details

Other Revenues and Other Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Three Months Ended March 31,
		2021		2020
		(In millions)
Compensation		$	92	$	69
Contracted services and other labor costs		60		68
Transition services agreements		32		38
Establishment costs		17		18
Premium and other taxes, licenses and fees		15		12
Separate account fees		125		117
Volume related costs, excluding compensation, net of DAC capitalization		163		128
Interest expense on debt		41		47
Other		17		20
Total other expenses		$	562	$	517

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended March 31,
		2021		2020
		(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders		$	(610)	$	4,950

Weighted average common shares outstanding — basic		87,573,444		104,759,339
Dilutive effect of share-based awards		—		334,176
Weighted average common shares outstanding — diluted		87,573,444		105,093,515

Earnings per common share:
Basic		$	(6.96)	$	47.26
Diluted		$	(6.96)	$	47.11

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	3

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (768)	$ 6,252
Provision for income tax expense (benefit)	(185)	1,293
Post-tax adjusted earnings	(583)	4,959
Less: Net income (loss) attributable to noncontrolling interests	2	2
Less: Preferred stock dividends	25	7
Net investment gains (losses)	14	(19)
Net derivative gains (losses)	(1,504)	6,902
Other adjustments to net income (loss)	127	102
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(610)	4,950
Annuities
Segment Reporting Information [Line Items]
Interest revenue	550	460
Interest expense	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	166	116
Interest expense	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	462	324
Interest expense	0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	14	20
Interest expense	41	47
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	490	253
Provision for income tax expense (benefit)	78	33
Post-tax adjusted earnings	412	220
Less: Net income (loss) attributable to noncontrolling interests	2	2
Less: Preferred stock dividends	25	7
Adjusted earnings	385	211
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	414	389
Provision for income tax expense (benefit)	78	73
Post-tax adjusted earnings	336	316
Less: Net income (loss) attributable to noncontrolling interests	0	0
Less: Preferred stock dividends	0	0
Adjusted earnings	336	316
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	52	13
Provision for income tax expense (benefit)	10	2
Post-tax adjusted earnings	42	11
Less: Net income (loss) attributable to noncontrolling interests	0	0
Less: Preferred stock dividends	0	0
Adjusted earnings	42	11
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	85	(90)
Provision for income tax expense (benefit)	9	(20)
Post-tax adjusted earnings	76	(70)
Less: Net income (loss) attributable to noncontrolling interests	0	0
Less: Preferred stock dividends	0	0
Adjusted earnings	76	(70)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(61)	(59)
Provision for income tax expense (benefit)	(19)	(22)
Post-tax adjusted earnings	(42)	(37)
Less: Net income (loss) attributable to noncontrolling interests	2	2
Less: Preferred stock dividends	25	7
Adjusted earnings	(69)	(46)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	263	(1,260)
Net investment gains (losses)	14	(19)
Net derivative gains (losses)	(1,504)	6,902
Other adjustments to net income (loss)	$ 232	$ (884)

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 938	$ 8,985
Annuities
Segment Reporting Information [Line Items]
Total revenues	1,298	1,151
Life
Segment Reporting Information [Line Items]
Total revenues	410	354
Run-off
Segment Reporting Information [Line Items]
Total revenues	628	493
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	35	42
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	$ (1,433)	$ 6,945

- 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 (Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 241,937	$ 247,869
Annuities
Segment Reporting Information [Line Items]
Total assets	170,955	172,233
Life
Segment Reporting Information [Line Items]
Total assets	23,293	23,809
Run-off
Segment Reporting Information [Line Items]
Total assets	35,270	38,366
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 12,419	$ 13,461

- 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
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-Paragraph 3
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2021 Segment
Segment Reporting [Abstract]
Number of segments	3

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 108,533	$ 108,424
Separate account value	103,398	103,315
Net amount at risk	$ 6,708	$ 6,438
Average attained age of contract holders	71 years	70 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 60,162	$ 60,674
Separate account value	58,912	59,419
Net amount at risk	$ 5,647	$ 6,692
Average attained age of contract holders	70 years	70 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Universal Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 5,691	$ 5,772
Net amount at risk	$ 68,529	$ 69,083
Average attained age of policyholders	67 years	67 years
Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 4,523	$ 3,926
Net amount at risk	$ 19,743	$ 19,909
Average attained age of policyholders	51 years	51 years

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 72,078	$ 70,529
Fixed maturity securities, allowance for credit losses	8	2	$ 10	$ 4
Fixed maturity securities, gross unrealized gains	7,695	12,117
Fixed maturity securities, gross unrealized losses	794	149
Fixed maturity securities, estimated fair value	78,971	82,495
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	33,299	32,608
Fixed maturity securities, allowance for credit losses	2	2	8	3
Fixed maturity securities, gross unrealized gains	3,158	5,370
Fixed maturity securities, gross unrealized losses	436	70
Fixed maturity securities, estimated fair value	36,019	37,906
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	10,415	10,060
Fixed maturity securities, allowance for credit losses	6	0	1	1
Fixed maturity securities, gross unrealized gains	953	1,501
Fixed maturity securities, gross unrealized losses	129	50
Fixed maturity securities, estimated fair value	11,233	11,511
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	6,283	6,007
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	1,662	2,637
Fixed maturity securities, gross unrealized losses	134	6
Fixed maturity securities, estimated fair value	7,811	8,638
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	7,324	7,653
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	520	644
Fixed maturity securities, gross unrealized losses	18	3
Fixed maturity securities, estimated fair value	7,826	8,294
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	6,327	6,207
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	373	592
Fixed maturity securities, gross unrealized losses	34	9
Fixed maturity securities, estimated fair value	6,666	6,790
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	3,890	3,673
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	739	967
Fixed maturity securities, gross unrealized losses	28	0
Fixed maturity securities, estimated fair value	4,601	4,640
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	3,005	2,834
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	51	60
Fixed maturity securities, gross unrealized losses	5	10
Fixed maturity securities, estimated fair value	3,051	2,884
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,535	1,487
Fixed maturity securities, allowance for credit losses	0	0	$ 1	$ 0
Fixed maturity securities, gross unrealized gains	239	346
Fixed maturity securities, gross unrealized losses	10	1
Fixed maturity securities, estimated fair value	$ 1,764	$ 1,832

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 1,457
Amortized cost, due after one year through five years	7,437
Amortized cost, due after five years through ten years	15,408
Amortized cost, due after ten years	31,120
Amortized cost, Structured Securities	16,656
Fixed maturity securities, amortized cost	72,078	$ 70,529
Estimated fair value, due in one year or less	1,478
Estimated fair value, due after one year through five years	7,902
Estimated fair value, due after five years through ten years	16,453
Estimated fair value, due after ten years	35,595
Estimated fair value, Structured Securities	17,543
Fixed maturity securities, estimated fair value	$ 78,971	$ 82,495

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	$ 12,245	$ 3,347
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 735	$ 84
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	1,729	667
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 1,132	$ 1,267
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 59	$ 65
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	295	244
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	$ 6,548	$ 1,737
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	425	57
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	314	185
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	11	13
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	1,638	254
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	88	8
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	330	387
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	41	42
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	1,005	236
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	134	6
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
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	849	180
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	16	2
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	56	22
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	2	1
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	871	332
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	31	7
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	87	44
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	3	2
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	620	48
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	28	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
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	543	506
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	3	3
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	345	629
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	2	7
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	171	54
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	10	1
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 (Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of period	$ 2	$ 4
Allowance on securities where credit losses were not previously recorded	6	9
Change in allowance on securities with an allowance recorded in a previous period	0	1
Write-offs charged against allowance	0	(4)
Fixed maturity securities, allowance for credit losses, end of period	8	10
U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of period	2	3
Allowance on securities where credit losses were not previously recorded	0	8
Change in allowance on securities with an allowance recorded in a previous period	0	0
Write-offs charged against allowance	0	(3)
Fixed maturity securities, allowance for credit losses, end of period	2	8
Foreign corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of period	0	1
Allowance on securities where credit losses were not previously recorded	6	0
Change in allowance on securities with an allowance recorded in a previous period	0	1
Write-offs charged against allowance	0	(1)
Fixed maturity securities, allowance for credit losses, end of period	6	1
Foreign government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of period	0	0
Allowance on securities where credit losses were not previously recorded	0	1
Change in allowance on securities with an allowance recorded in a previous period	0	0
Write-offs charged against allowance	0	0
Fixed maturity securities, allowance for credit losses, end of period	$ 0	$ 1

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 15,781	$ 15,902
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	100.60%	100.60%
Financing receivable, allowance for credit losses	$ (91)	$ (94)	$ (69)	$ (66)
Financing receivable, allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	(0.60%)	(0.60%)
Financing receivable, net of allowance for credit losses	$ 15,690	$ 15,808
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	$ 9,642	$ 9,714
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	61.50%	61.40%
Financing receivable, allowance for credit losses	$ (45)	$ (44)	(27)	(27)
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 3,607	$ 3,538
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	23.00%	22.40%
Financing receivable, allowance for credit losses	$ (13)	$ (15)	(18)	(17)
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 2,532	$ 2,650
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	16.10%	16.80%
Financing receivable, allowance for credit losses	$ (33)	$ (35)	$ (24)	$ (22)

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	$ 94	$ 66
Current period provision	(3)	3
Financing receivable, allowance for credit losses, end of period	91	69
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	44	27
Current period provision	1	0
Financing receivable, allowance for credit losses, end of period	45	27
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	15	17
Current period provision	(2)	1
Financing receivable, allowance for credit losses, end of period	13	18
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	35	22
Current period provision	(2)	2
Financing receivable, allowance for credit losses, end of period	$ 33	$ 24

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 389	$ 1,383
Financing receivable, originated in FY before latest FY	1,410	2,971
Financing receivable, originated two years before latest FY	2,978	2,691
Financing receivable, originated three years before latest FY	2,593	1,436
Financing receivable, originated four years before latest FY	1,368	1,741
Financing receivable, originated five or more years before latest FY	7,043	5,680
Financing receivable, before allowance for credit losses	15,781	15,902
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	146	517
Financing receivable, originated in FY before latest FY	516	1,977
Financing receivable, originated two years before latest FY	1,976	1,515
Financing receivable, originated three years before latest FY	1,515	881
Financing receivable, originated four years before latest FY	871	1,253
Financing receivable, originated five or more years before latest FY	4,618	3,571
Financing receivable, before allowance for credit losses	$ 9,642	$ 9,714
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	$ 9,050	$ 9,450
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	93.90%	97.30%
Commercial \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 340	$ 204
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	3.50%	2.10%
Commercial \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 252	$ 60
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	2.60%	0.60%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 63	$ 317
Financing receivable, originated in FY before latest FY	316	1,527
Financing receivable, originated two years before latest FY	1,476	1,004
Financing receivable, originated three years before latest FY	953	515
Financing receivable, originated four years before latest FY	514	1,109
Financing receivable, originated five or more years before latest FY	3,716	2,808
Financing receivable, before allowance for credit losses	7,038	7,280
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	83	200
Financing receivable, originated in FY before latest FY	200	450
Financing receivable, originated two years before latest FY	500	482
Financing receivable, originated three years before latest FY	532	322
Financing receivable, originated four years before latest FY	312	59
Financing receivable, originated five or more years before latest FY	578	521
Financing receivable, before allowance for credit losses	2,205	2,034
Commercial \| Loan-to-Value Ratio, 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	0
Financing receivable, originated in FY before latest FY	0	0
Financing receivable, originated two years before latest FY	0	0
Financing receivable, originated three years before latest FY	0	44
Financing receivable, originated four years before latest FY	45	79
Financing receivable, originated five or more years before latest FY	85	8
Financing receivable, before allowance for credit losses	130	131
Commercial \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	0
Financing receivable, originated in FY before latest FY	0	0
Financing receivable, originated two years before latest FY	0	29
Financing receivable, originated three years before latest FY	30	0
Financing receivable, originated four years before latest FY	0	6
Financing receivable, originated five or more years before latest FY	239	234
Financing receivable, before allowance for credit losses	269	269
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	242	650
Financing receivable, originated in FY before latest FY	644	607
Financing receivable, originated two years before latest FY	603	759
Financing receivable, originated three years before latest FY	735	424
Financing receivable, originated four years before latest FY	396	417
Financing receivable, originated five or more years before latest FY	987	681
Financing receivable, before allowance for credit losses	3,607	3,538
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	200	569
Financing receivable, originated in FY before latest FY	565	526
Financing receivable, originated two years before latest FY	523	749
Financing receivable, originated three years before latest FY	730	391
Financing receivable, originated four years before latest FY	363	417
Financing receivable, originated five or more years before latest FY	969	663
Financing receivable, before allowance for credit losses	3,350	3,315
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	42	81
Financing receivable, originated in FY before latest FY	79	81
Financing receivable, originated two years before latest FY	80	10
Financing receivable, originated three years before latest FY	5	33
Financing receivable, originated four years before latest FY	33	0
Financing receivable, originated five or more years before latest FY	18	18
Financing receivable, before allowance for credit losses	257	223
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1	216
Financing receivable, originated in FY before latest FY	250	387
Financing receivable, originated two years before latest FY	399	417
Financing receivable, originated three years before latest FY	343	131
Financing receivable, originated four years before latest FY	101	71
Financing receivable, originated five or more years before latest FY	1,438	1,428
Financing receivable, before allowance for credit losses	2,532	2,650
Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1	214
Financing receivable, originated in FY before latest FY	249	381
Financing receivable, originated two years before latest FY	397	413
Financing receivable, originated three years before latest FY	339	131
Financing receivable, originated four years before latest FY	101	70
Financing receivable, originated five or more years before latest FY	1,371	1,375
Financing receivable, before allowance for credit losses	2,458	2,584
Residential \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	2
Financing receivable, originated in FY before latest FY	1	6
Financing receivable, originated two years before latest FY	2	4
Financing receivable, originated three years before latest FY	4	0
Financing receivable, originated four years before latest FY	0	1
Financing receivable, originated five or more years before latest FY	67	53
Financing receivable, before allowance for credit losses	$ 74	$ 66

Investments (Past Due Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 15,781	$ 15,902
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	15,681	15,827
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	21	9
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	29	24
90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	34	27
180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	16	15
Commercial
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	9,642	9,714
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	9,642	9,714
Commercial \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Commercial \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Commercial \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Commercial \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Agricultural
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	3,607	3,538
Agricultural \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	3,588	3,538
Agricultural \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	14	0
Agricultural \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	3	0
Agricultural \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	2	0
Agricultural \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Residential
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	2,532	2,650
Residential \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	2,451	2,575
Residential \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	7	9
Residential \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	26	24
Residential \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	32	27
Residential \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 16	$ 15

Investments (Mortgage Loans in Nonaccrual Status by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 88	$ 66
Commercial
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	0	0
Agricultural
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	14	0
Residential
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 74	$ 66

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 6,901	$ 11,968
Derivatives	98	173
Other	(18)	(16)
Subtotal	6,981	12,125
Amounts allocated from: Future policy benefits	(2,320)	(4,313)
Amounts allocated from: DAC, VOBA and DSI	(305)	(520)
Subtotal	(2,625)	(4,833)
Deferred income tax benefit (expense)	(914)	(1,531)
Net unrealized investment gains (losses)	$ 3,442	$ 5,761

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized investment gains (losses), beginning of period	$ 5,761
Unrealized investment gains (losses) during the period	(5,144)
Unrealized investment gains (losses) relating to: Future policy benefits	1,993
Unrealized investment gains (losses) relating to: DAC, VOBA and DSI	215
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	617
Unrealized investment gains (losses), end of period	3,442
Change in net unrealized investment gains (losses)	$ (2,319)

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,330	$ 3,674
Reinvestment portfolio — estimated fair value	3,501	3,830
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	2,532	2,373
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 3,243	$ 3,603

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,330	$ 3,674
Remaining Tenor of Securities Lending Agreements: Open
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	907	937
Remaining Tenor of Securities Lending Agreements: 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	1,709	2,300
Remaining Tenor of Securities Lending Agreements: 1 to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	714	437
U.S. government and agency
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	3,329	3,674
U.S. government and agency \| Remaining Tenor of Securities Lending Agreements: Open
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	906	937
U.S. government and agency \| Remaining Tenor of Securities Lending Agreements: 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	1,709	2,300
U.S. government and agency \| Remaining Tenor of Securities Lending Agreements: 1 to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	714	437
U.S. corporate
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	1	0
U.S. corporate \| Remaining Tenor of Securities Lending Agreements: Open
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	1	0
U.S. corporate \| Remaining Tenor of Securities Lending Agreements: 1 Month or Less
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	0	0
U.S. corporate \| Remaining Tenor of Securities Lending Agreements: 1 to 6 Months
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 0	$ 0

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 9,412	$ 10,135
Invested assets held in trust (reinsurance agreements)	5,456	5,717
Invested assets pledged as collateral	5,558	5,595
Total invested assets on deposit, held in trust and pledged as collateral	$ 20,426	$ 21,447

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Carrying amount	$ 241,937	$ 247,869
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount	15,971	15,984
Maximum exposure to loss	16,465	16,159
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	13,257	13,665
Maximum exposure to loss	12,469	12,581
VIE, Not Primary Beneficiary \| Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying amount	2,714	2,319
Maximum exposure to loss	$ 3,996	$ 3,578

- Definition

+ References

+ Details

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Gross investment income	$ 1,222	$ 968
Less: Investment expenses	35	52
Net investment income	1,187	916
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	690	669
Equity securities
Net Investment Income [Line Items]
Gross investment income	1	2
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	164	166
Policy loans
Net Investment Income [Line Items]
Gross investment income	17	12
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	338	82
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	2	23
Other
Net Investment Income [Line Items]
Gross investment income	$ 10	$ 14

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses), fixed maturity securities	$ 10	$ (6)
Net investment gains (losses), equity securities	0	(14)
Net investment gains (losses), mortgage loans	4	(4)
Net investment gains (losses), limited partnerships and LLCs	0	(1)
Net investment gains (losses), other	0	6
Net investment gains (losses)	$ 14	$ (19)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

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

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

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

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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

+ Details

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 1,262	$ 649
Fixed maturity securities, gross investment gains	33	17
Fixed maturity securities, gross investment losses	(17)	(6)
Fixed maturity securities, net investment gains (losses)	$ 16	$ 11

Investments (Fixed Maturity Securities - Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 78,971		$ 82,495
Fixed maturity securities, allowance for credit losses	$ 8	$ 10	2	$ 4
Fixed maturity securities with allowance for credit losses, number of securities	5
Fixed maturity securities, total write-offs	$ 0	$ 12
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	566		514
Non-Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 2		$ 5

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased from third parties	$ 178	$ 157
Accrued interest receivable	83		$ 89
Financing receivables purchased with credit deterioration, purchase price	0	0
Financing receivable, before allowance for credit losses	15,781		15,902
COVID-19 Pandemic financing receivables in nonaccrual status	41		38
COVID-19 Pandemic Financial Asset Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 41		$ 38
Minimum \| 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	99.00%		99.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables in nonaccrual status, investment income	$ 1	$ 1
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	2,532		$ 2,650
Financing receivables in nonaccrual status with no allowance for credit losses	10		7
Residential \| Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 2,458		$ 2,584

Investments (Other Invested Assets - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Leveraged leases, net of allowance for credit losses	$ 50	$ 50
Leveraged leases, allowance for credit losses	$ 13	$ 13
Leveraged leases by performance status as a percentage of leveraged leases	100.00%	100.00%
Minimum
Derivative [Line Items]
Percentage of other invested assets comprised of freestanding derivatives with positive estimated fair values	90.00%

Investments (Securities Lending - Narrative) (Details) $ in Millions	Mar. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Cash collateral on deposit from counterparties	$ 879
Percentage of reinvestment portfolio invested in liquid assets	56.00%

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	$ 9,412	$ 10,135
Invested assets held in trust (reinsurance agreements)	5,456	5,717
Invested assets pledged as collateral	5,558	5,595
Invested Assets On Deposit Held In Trust And Pledged As Collateral	20,426	21,447
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	61	60
Invested assets held in trust (reinsurance agreements)	$ 74	$ 101

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Net investment income	$ 1,187	$ 916
Other limited partnership interests
Net Investment Income [Line Items]
Net investment income	$ 331	$ 73

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 108,417	$ 92,617
Derivative assets	2,300	3,865
Derivative liabilities	8,732	9,181
Embedded Derivative, Fair Value of Embedded Derivative Asset	197	283
Embedded Derivative, Fair Value of Embedded Derivative Liability	6,665	7,157
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,099	3,102
Derivative assets	120	200
Derivative liabilities	107	112
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	270	290
Derivative assets	10	66
Derivative liabilities	0	0
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,829	2,812
Derivative assets	110	134
Derivative liabilities	107	112
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	105,318	89,515
Derivative assets	1,983	3,382
Derivative liabilities	1,960	1,912
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,545	2,295
Derivative assets	333	463
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,350	2,350
Derivative assets	9	2
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	32,340	25,980
Derivative assets	192	712
Derivative liabilities	142	122
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	8,965	8,086
Derivative assets	78	851
Derivative liabilities	609	78
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	992	1,000
Derivative assets	68	86
Derivative liabilities	29	32
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	220	201
Derivative assets	1	0
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	18	18
Derivative assets	0	0
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,774	1,755
Derivative assets	38	41
Derivative liabilities	2	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	150	100
Derivative assets	0	0
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity index options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	30,438	31,576
Derivative assets	1,092	1,071
Derivative liabilities	872	838
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,098	1,098
Derivative assets	16	13
Derivative liabilities	13	20
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	24,428	15,056
Derivative assets	156	143
Derivative liabilities	293	822
Ceded guaranteed minimum income benefits
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	197	283
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Direct guaranteed minimum benefits
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	1,720	2,920
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	4,560	3,855
Direct index-linked annuities \| Assumed index-linked annuities
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 385	$ 382

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2020
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 36		$ 41
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,774		1,755
Weighted Average Years to Maturity (2)	4 years 4 months 24 days	4 years 3 months 18 days
Credit default swaps \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 12		15
Maximum Amount of Future Payments under Credit Default Swaps	$ 693		683
Weighted Average Years to Maturity (2)	2 years 8 months 12 days	2 years 10 months 24 days
Credit default swaps \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 24		26
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,081		$ 1,072
Weighted Average Years to Maturity (2)	5 years 6 months	5 years 2 months 12 days

Derivatives (Derivatives Asset and Liability after Master Netting Arrangement or a Similar Arrangement) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 2,124	$ 3,588
Derivative Asset, Not Offset, Policy Election Deduction	(1,309)	(1,342)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(766)	(1,340)
Derivative Asset, Fair Value, Amount Offset Against Collateral	49	906
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(44)	(840)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	5	66
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	2,052	2,010
Derivative Liability, Not Offset, Policy Election Deduction	(1,309)	(1,342)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	743	668
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(703)	(630)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 40	$ 38

Derivatives (Estimated Fair Value of OTC-Bilateral Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	$ 743	$ 668
Fixed Maturity Securities
Derivative [Line Items]
Estimated Fair Value of Collateral Provided	$ 1,144	$ 1,205

Derivatives (Derivatives Pertaining to Hedged Items - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated Other Comprehensive Income (Loss), Cumulative changes in Net	$ 98	$ 173
Maximum Length of Time Hedged in Cash Flow Hedge	3 years

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 78,971	$ 82,495
Equity securities	106	138
Short-term investments	1,673	3,242
Derivative assets: (1)	2,300	3,865
Embedded derivatives within asset host contracts	197	283
Separate account assets	112,224	111,969
Liabilities [Abstract]
Derivative liabilities: (1)	8,732	9,181
Embedded derivatives within liability host contracts	6,665	7,157
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	78,971	82,495
Equity securities	106	138
Short-term investments	1,673	3,242
Derivative assets: (1)	2,103	3,582
Embedded derivatives within asset host contracts	197	283
Separate account assets	112,224	111,969
Total assets	195,274	201,709
Liabilities [Abstract]
Derivative liabilities: (1)	2,067	2,024
Embedded derivatives within liability host contracts	6,665	7,157
Total liabilities	8,732	9,181
Recurring \| Interest rate
Assets [Abstract]
Derivative assets: (1)	622	2,094
Liabilities [Abstract]
Derivative liabilities: (1)	751	200
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	179	220
Liabilities [Abstract]
Derivative liabilities: (1)	136	144
Recurring \| Credit
Assets [Abstract]
Derivative assets: (1)	38	41
Liabilities [Abstract]
Derivative liabilities: (1)	2
Recurring \| Equity market
Assets [Abstract]
Derivative assets: (1)	1,264	1,227
Liabilities [Abstract]
Derivative liabilities: (1)	1,178	1,680
Recurring \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	36,019	37,906
Recurring \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	11,233	11,511
Recurring \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,811	8,638
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,826	8,294
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,666	6,790
Recurring \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,601	4,640
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,051	2,884
Recurring \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,764	1,832
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,264	2,217
Equity securities	40	36
Short-term investments	1,250	2,782
Derivative assets: (1)	0	0
Embedded derivatives within asset host contracts	0	0
Separate account assets	81	86
Total assets	3,635	5,121
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Embedded derivatives within liability host contracts	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| Credit
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0
Recurring \| Level 1 \| Equity market
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 1 \| U.S. corporate
Assets [Abstract]
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 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,264	2,217
Recurring \| Level 1 \| RMBS
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 \| State and political subdivision
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 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 2
Assets [Abstract]
Fixed maturity securities, estimated fair value	75,911	79,523
Equity securities	63	99
Short-term investments	423	460
Derivative assets: (1)	2,073	3,553
Embedded derivatives within asset host contracts	0	0
Separate account assets	112,141	111,880
Total assets	190,611	195,515
Liabilities [Abstract]
Derivative liabilities: (1)	2,045	1,997
Embedded derivatives within liability host contracts	0	0
Total liabilities	2,045	1,997
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	622	2,094
Liabilities [Abstract]
Derivative liabilities: (1)	751	200
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	178	219
Liabilities [Abstract]
Derivative liabilities: (1)	129	137
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets: (1)	24	27
Liabilities [Abstract]
Derivative liabilities: (1)	0
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets: (1)	1,249	1,213
Liabilities [Abstract]
Derivative liabilities: (1)	1,165	1,660
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	35,543	37,415
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	11,039	11,314
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	5,547	6,421
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,786	8,272
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,666	6,785
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,601	4,640
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,965	2,844
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,764	1,832
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	796	755
Equity securities	3	3
Short-term investments	0	0
Derivative assets: (1)	30	29
Embedded derivatives within asset host contracts	197	283
Separate account assets	2	3
Total assets	1,028	1,073
Liabilities [Abstract]
Derivative liabilities: (1)	22	27
Embedded derivatives within liability host contracts	6,665	7,157
Total liabilities	6,687	7,184
Recurring \| Level 3 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	0	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 3 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	1	1
Liabilities [Abstract]
Derivative liabilities: (1)	7	7
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets: (1)	14	14
Liabilities [Abstract]
Derivative liabilities: (1)	2
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets: (1)	15	14
Liabilities [Abstract]
Derivative liabilities: (1)	13	20
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	476	491
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	194	197
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	40	22
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	5
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 3 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	86	40
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 0	$ 0

Fair Value (Assets and Liabilities Measured - Quantitative Information) (Details) - Level 3	Mar. 31, 2021	Dec. 31, 2020
Measurement Input, Mortality Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0003	0.0003
Measurement Input, Mortality Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.1213	0.1213
Measurement Input, Lapse Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Lapse Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.1500	0.1500
Measurement Input, Utilization Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0000	0.0000
Measurement Input, Utilization Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.2500	0.2500
Measurement Input, Withdrawal Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0025	0.0025
Measurement Input, Withdrawal Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.1000	0.1000
Measurement Input, Long Term Equity Volatilities \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.1666	0.1666
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.2221	0.2221
Measurement Input, Entity Credit Risk \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0025	0.0047
Measurement Input, Entity Credit Risk \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0145	0.0197

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 2	$ 16
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	8	1
Total realized/unrealized gains (losses) included in AOCI	(1)	31
Purchases (7)	(2)	0
Sales (7)	0	2
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	1	0
Balance, end of period	8	50
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	8	1
Changes in unrealized gains (losses) included in OCI	(1)	30
Embedded derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(6,874)	(4,031)
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	548	(79)
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	(142)	(153)
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	(6,468)	(4,263)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	544	(91)
Changes in unrealized gains (losses) included in OCI	0	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	688	461
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(1)	(2)
Total realized/unrealized gains (losses) included in AOCI	(22)	(47)
Purchases (7)	118	249
Sales (7)	(5)	(11)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	4	232
Transfers out of Level 3 (8)	(112)	(31)
Balance, end of period	670	851
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	(1)
Changes in unrealized gains (losses) included in OCI	(22)	(46)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	67	117
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	(8)
Purchases (7)	80	65
Sales (7)	(3)	(6)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	3	68
Transfers out of Level 3 (8)	(21)	(18)
Balance, end of period	126	218
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in OCI	0	(8)
State and Political Subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	73
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	0	73
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in OCI	0	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	7
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	0	7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in OCI	0	0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3	8
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	(4)
Balance, end of period	3	4
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in OCI	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	5
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases (7)	0	0
Sales (7)	0	(3)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	0	2
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in OCI	0	0
Separate Account Assets (4)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	(1)
Purchases (7)	0	1
Sales (7)	(1)	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	1
Transfers out of Level 3 (8)	0	0
Balance, end of period	2	4
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0
Changes in unrealized gains (losses) included in OCI	$ 0	$ 0

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Policy loans	$ 1,245	$ 1,291
Liabilities
Separate account liabilities	112,224	111,969
Carrying Value
Assets
Mortgage loans	15,690	15,808
Policy loans	1,245	1,291
Other invested assets	52	51
Premiums, reinsurance and other receivables	3,319	3,277
Liabilities
Policyholder account balances	17,837	17,497
Long-term debt	3,435	3,436
Other liabilities	1,098	807
Separate account liabilities	1,361	1,334
Estimated Fair Value
Assets
Mortgage loans	16,539	16,926
Policy loans	1,606	2,042
Other invested assets	52	51
Premiums, reinsurance and other receivables	4,005	4,065
Liabilities
Policyholder account balances	18,871	19,100
Long-term debt	3,710	3,858
Other liabilities	1,098	807
Separate account liabilities	1,361	1,334
Estimated Fair Value \| Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
Other invested assets	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value \| Level 2
Assets
Mortgage loans	0	0
Policy loans	491	512
Other invested assets	40	39
Premiums, reinsurance and other receivables	60	90
Liabilities
Policyholder account balances	0	0
Long-term debt	3,710	3,858
Other liabilities	380	163
Separate account liabilities	1,361	1,334
Estimated Fair Value \| Level 3
Assets
Mortgage loans	16,539	16,926
Policy loans	1,115	1,530
Other invested assets	12	12
Premiums, reinsurance and other receivables	3,945	3,975
Liabilities
Policyholder account balances	18,871	19,100
Long-term debt	0	0
Other liabilities	718	644
Separate account liabilities	$ 0	$ 0

Equity (Preferred Stock Authorized, Issued and Outstanding) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	56,100	56,100
Preferred stock, shares outstanding	56,100	56,100
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.60%	6.60%
Preferred stock, shares authorized	17,000	17,000
Preferred stock, shares issued	17,000	17,000
Preferred stock, shares outstanding	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.75%	6.75%
Preferred stock, shares authorized	16,100	16,100
Preferred stock, shares issued	16,100	16,100
Preferred stock, shares outstanding	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, annual dividend rate	5.375%	5.375%
Preferred stock, shares authorized	23,000	23,000
Preferred stock, shares issued	23,000	23,000
Preferred stock, shares outstanding	23,000	23,000
Not designated
Class of Stock [Line Items]
Preferred stock, shares authorized	99,943,900	99,943,900
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Equity (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 16, 2021	Feb. 14, 2020	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Preferred stock, aggregate dividends declared			$ 25	$ 7
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 412.50	$ 412.50
Preferred stock, aggregate dividends declared	$ 7	$ 7
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 421.88	$ 0
Preferred stock, aggregate dividends declared	$ 7	$ 0
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 466.58	$ 0
Preferred stock, aggregate dividends declared	$ 11	$ 0

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 5,716	$ 3,240
OCI before reclassifications	(2,925)	(737)
Deferred income tax benefit (expense)	614	155
AOCI before reclassifications, net of income tax	3,405	2,658
Amounts reclassified from AOCI	(20)	(13)
Deferred income tax benefit (expense)	4	2
Amounts reclassified from AOCI, net of income tax	(16)	(11)
Balance, end of period	3,389	2,647
Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		3
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	5,646	3,111
OCI before reclassifications	(2,848)	(1,291)
Deferred income tax benefit (expense)	599	272
AOCI before reclassifications, net of income tax	3,397	2,092
Amounts reclassified from AOCI	(13)	(11)
Deferred income tax benefit (expense)	3	2
Amounts reclassified from AOCI, net of income tax	(10)	(9)
Balance, end of period	3,387	2,083
Unrealized gains (losses) on derivatives - cash flow hedges:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	115	172
OCI before reclassifications	(68)	560
Deferred income tax benefit (expense)	14	(118)
AOCI before reclassifications, net of income tax	61	614
Amounts reclassified from AOCI	(7)	(2)
Deferred income tax benefit (expense)	1	0
Amounts reclassified from AOCI, net of income tax	(6)	(2)
Balance, end of period	55	612
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(8)	(15)
OCI before reclassifications	(7)	(5)
Deferred income tax benefit (expense)	1	1
AOCI before reclassifications, net of income tax	(14)	(19)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Balance, end of period	(14)	(19)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(37)	(28)
OCI before reclassifications	(2)	(1)
Deferred income tax benefit (expense)	0	0
AOCI before reclassifications, net of income tax	(39)	(29)
Amounts reclassified from AOCI	0	0
Deferred income tax benefit (expense)	0	0
Amounts reclassified from AOCI, net of income tax	0	0
Balance, end of period	$ (39)	$ (29)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ 14	$ (19)
Net investment income	1,187	916
Net derivative gains (losses)	(1,504)	6,902
Income (loss) before provision for income tax	(768)	6,252
Income tax (expense) benefit	185	(1,293)
Net income (loss)	(583)	4,959
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	16	11
Reclassification out of Accumulated Other Comprehensive Income \| Net unrealized investment gains (losses):
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	16	13
Net derivative gains (losses)	(3)	(2)
Income (loss) before provision for income tax	13	11
Income tax (expense) benefit	(3)	(2)
Net income (loss)	10	9
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gains (losses) on derivatives - cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax	7	2
Income tax (expense) benefit	(1)	0
Net income (loss)	6	2
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gains (losses) on derivatives - cash flow hedges: \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment income	1	1
Net derivative gains (losses)	1	1
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gains (losses) on derivatives - cash flow hedges: \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	$ 5	$ 0

Equity (Preferred Stock & Common Stock Repurchase Program - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 10, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Stock repurchase program, aggregate amount repurchased	$ 68	$ 142
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount			$ 200	$ 1,100
Stock repurchase program, shares acquired	1,659,872	5,674,387
Stock repurchase program, aggregate amount repurchased	$ 68	$ 142
Stock repurchase program, remaining authorized repurchase amount	$ 212

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Compensation	$ 92	$ 69
Contracted services and other labor costs	60	68
Transition services agreements	32	38
Establishment costs	17	18
Premium and other taxes, licenses and fees	15	12
Separate account fees	125	117
Volume related costs, excluding compensation, net of DAC capitalization	163	128
Interest expense on debt	41	47
Other	17	20
Total other expenses	$ 562	$ 517

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 88	$ 81

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (610)	$ 4,950
Weighted average common shares outstanding - basic	87,573,444	104,759,339
Dilutive effect of share-based awards	0	334,176
Weighted average common shares outstanding - diluted	87,573,444	105,093,515
Earnings per common share - basic	$ (6.96)	$ 47.26
Earnings per common share - diluted	$ (6.96)	$ 47.11
Antidilutive stock options excluded from the computation of earnings per common share		196,492

- Definition

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

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

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- 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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Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Cumulative maximum indemnities and guarantees contractual limitation	$ 118
Liabilities for indemnities, guarantees and commitments	1	$ 1
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities And Guarantees Contractual Limitation Range	1
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	10
Indemnities And Guarantees Contractual Limitation Range	112
Maximum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	125
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	279	210
Commitments to Fund Partnership Investments and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 2,000	$ 1,700

Derivatives (Derivatives Pertaining to Hedged Items) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	$ 0	$ (7)
Amount of Gains (Losses) Deferred in AOCI	(68)	560
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	3	(7)
Amount of Gains (Losses) Deferred in AOCI	0	0
Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(3)	0
Amount of Gains (Losses) Deferred in AOCI	(68)	560
Net Derivative Gains (Losses) Recognized for Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,504)	6,909
Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,510)	6,908
Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	6	1
Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	9	12
Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	9	12
Interest rate derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0
Interest rate derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0
Amount of Gains (Losses) Deferred in AOCI	(52)	97
Interest rate derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,912)	4,921
Interest rate derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	1
Interest rate derivatives \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Interest rate derivatives \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1	1
Foreign currency exchange rate derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	3	(7)
Amount of Gains (Losses) Deferred in AOCI	0	0
Foreign currency exchange rate derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(3)	0
Amount of Gains (Losses) Deferred in AOCI	(16)	463
Foreign currency exchange rate derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(7)	134
Foreign currency exchange rate derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	5	0
Foreign currency exchange rate derivatives \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Foreign currency exchange rate derivatives \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	8	11
Credit derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0
Credit derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	3	(32)
Credit derivatives \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Equity derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0
Equity derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(142)	1,964
Equity derivatives \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Embedded derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0
Embedded derivatives \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	548	(79)
Embedded derivatives \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 0