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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission File Number: 000-55705
https://cdn.kscope.io/fb3e892434cf02e84e928b4abfed33ef-bhny-20220331_g1.jpg
Brighthouse Life Insurance Company of NY
(Exact name of registrant as specified in its charter)
New York 13-3690700
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
285 Madison Avenue, 14th Floor, New York, New York
 10017
(Address of principal executive offices) (Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Title of each classTrading symbol(s)Name of each exchange on which registered
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerþSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No þ
As of May 12, 2022, 200,000 shares of the registrant’s common stock were outstanding, all of which were owned indirectly by Brighthouse Financial, Inc.
REDUCED DISCLOSURE FORMAT
The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.
 


Table of Contents
Table of Contents
Page
Item 1.
Financial Statements (at March 31, 2022 (Unaudited) and December 31, 2021 and for the Three Months Ended March 31, 2022 and 2021 (Unaudited)):
Item 2.
Item 4.
Item 1.
Item 1A.
Item 6.


Table of Contents
Part I — Financial Information
Item 1. Financial Statements
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Balance Sheets
March 31, 2022 (Unaudited) and December 31, 2021
(In millions, except share and per share data)
March 31, 2022December 31, 2021
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $4,290 and $4,464, respectively; allowance for credit losses of $0 and $0, respectively)
$4,166 $4,697 
Equity securities, at estimated fair value3 3 
Mortgage loans (net of allowance for credit losses of $4 and $2, respectively)
1,075 811 
Short-term investments, principally at estimated fair value 13 
Other invested assets, principally at estimated fair value328 342 
Total investments
5,572 5,866 
Cash and cash equivalents574 535 
Accrued investment income33 56 
Premiums, reinsurance and other receivables1,027 1,122 
Deferred policy acquisition costs272 224 
Other assets24 26 
Separate account assets4,722 5,149 
Total assets
$12,224 $12,978 
Liabilities and Stockholder’s Equity
Liabilities
Future policy benefits$814 $846 
Policyholder account balances4,463 4,360 
Other policy-related balances19 12 
Payables for collateral under derivative transactions301 331 
Current income tax payable69 35 
Deferred income tax liability5 107 
Other liabilities936 987 
Separate account liabilities4,722 5,149 
Total liabilities11,329 11,827 
Contingencies, Commitments and Guarantees (Note 9)
Stockholder’s Equity
Common stock, par value $10 per share; 200,000 shares authorized, issued and outstanding
22
Additional paid-in capital491 491 
Retained earnings (deficit)494 523 
Accumulated other comprehensive income (loss)(92)135 
Total stockholder’s equity
895 1,151 
Total liabilities and stockholder’s equity
$12,224 $12,978 
See accompanying notes to the interim condensed financial statements.
2

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2022 and 2021 (Unaudited)
(In millions)
Three Months Ended
March 31,
20222021
Revenues
Premiums
$3 $5 
Universal life and investment-type product policy fees
25 25 
Net investment income
43 37 
Other revenues
(23)(23)
Net investment gains (losses)
(7)1 
Net derivative gains (losses)
(40)(85)
Total revenues
1 (40)
Expenses
Policyholder benefits and claims
7 (6)
Interest credited to policyholder account balances
12 13 
Amortization of deferred policy acquisition costs1 (3)
Other expenses
19 19 
Total expenses
39 23 
Income (loss) before provision for income tax
(38)(63)
Provision for income tax expense (benefit)
(9)(14)
Net income (loss)
$(29)$(49)
Comprehensive income (loss)
$(256)$(183)
See accompanying notes to the interim condensed financial statements.
3

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Stockholder’s Equity
For the Three Months Ended March 31, 2022 and 2021 (Unaudited)
(In millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholder’s
Equity
Balance at December 31, 2021$2 $491 $523 $135 $1,151 
Net income (loss)(29)(29)
Other comprehensive income (loss), net of income tax(227)(227)
Balance at March 31, 2022$2 $491 $494 $(92)$895 

Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholder’s
Equity
Balance at December 31, 2020$2 $491 $541 $258 $1,292 
Net income (loss)(49)(49)
Other comprehensive income (loss), net of income tax(134)(134)
Balance at March 31, 2021
$2 $491 $492 $124 $1,109 
See accompanying notes to the interim condensed financial statements.
4

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2022 and 2021 (Unaudited)
(In millions)
Three Months Ended
March 31,
20222021
Net cash provided by (used in) operating activities$18 $2 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities499 105 
Mortgage loans10 23 
Purchases of:
Fixed maturity securities(314)(402)
Mortgage loans(274)(11)
Cash received in connection with freestanding derivatives27 172 
Cash paid in connection with freestanding derivatives(112)(45)
Net change in short-term investments13 39 
Net cash provided by (used in) investing activities(151)(119)
Cash flows from financing activities
Policyholder account balances:
Deposits224 237 
Withdrawals(22)(26)
Net change in payables for collateral under derivative transactions(30)28 
Net cash provided by (used in) financing activities172 239 
Change in cash, cash equivalents and restricted cash39 122 
Cash, cash equivalents and restricted cash, beginning of period535 275 
Cash, cash equivalents and restricted cash, end of period$574 $397 
See accompanying notes to the interim condensed financial statements.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“BHNY” and the “Company” refer to Brighthouse Life Insurance Company of NY, a New York domiciled life insurance company. Brighthouse Life Insurance Company of NY is a wholly-owned subsidiary of Brighthouse Life Insurance Company, which is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial”). The Company is licensed to transact business in the state of New York.
The Company markets or administers a range of annuity and life insurance products to individuals. The Company is organized into two segments: Annuities and Life. In addition, the Company reports certain of its results of operations in Corporate & Other.
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 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.
Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a standalone entity.
The accompanying interim condensed 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, 2021 balance sheet data was derived from audited financial statements included in Brighthouse Life Insurance Company of NY’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed financial statements should be read in conjunction with the financial statements of the Company included in the 2021 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 significant ASUs adopted during the period ended March 31, 2022.
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 measurement, presentation and disclosure requirements for long-duration insurance contracts. A summary of the most significant changes is provided below:
(1) Guaranteed benefits associated with variable annuity and certain fixed annuity contracts will be classified and presented separately on the balance sheets as market risk benefits (“MRB”). MRBs will be measured at fair value through net income and reported separately on the statements of operations, except for instrument-specific credit risk changes, which will be recognized in other comprehensive income (loss) (“OCI”).
(2) Cash flow assumptions used to measure the liability for future policy benefits on traditional long-duration contracts (including term life insurance and immediate annuities) will be updated on an annual basis using a retrospective method. The resulting remeasurement gain or loss will be reported separately on the statements of operations along with the remeasurement gain or loss on universal life-type contract liabilities.
(3) The discount rate assumption used to measure the liability for traditional long-duration contracts will be based on an upper-medium grade fixed income yield, updated quarterly, with changes recognized in OCI.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
(4) Deferred policy acquisition costs (“DAC”) for all insurance products are required to be amortized on a constant-level basis over the expected term of the contracts, using amortization methods that are not a function of revenue or profit emergence. Changes in assumptions used to amortize DAC will be recognized as a revision to future amortization amounts.
(5) There will be a significant increase in required disclosures, including disaggregated rollforwards of insurance contract assets and liabilities supplemented by qualitative and quantitative information regarding the cash flows, assumptions, methods and judgements used to measure those balances.
The amendments to Topic 944 will be applied to the earliest period presented in the financial statements, making the transition date January 1, 2021. The MRB guidance is required to be applied on a retrospective basis, while the guidance for insurance liability assumption updates and DAC amortization will be applied to existing carrying amounts on the transition date.
The new guidance will have a significant impact on the Company’s financial statements upon adoption, and will change the pattern and market sensitivity of the Company’s earnings after the transition date. The most significant impact will be the requirement that all variable annuity guarantees be considered MRBs and measured at fair value, because a significant amount of variable annuity guarantees are classified as insurance liabilities under current guidance. The impacts to the financial statements at adoption are highly dependent on market conditions, especially interest rates. The Company is, therefore, unable to currently estimate the ultimate impact of the new guidance on the financial statements; however, at prevailing interest rate levels at the end of 2021, the Company expects the new guidance, upon adoption, would likely result in a material decrease in stockholder’s equity.
2. Segment Information
The Company is organized into two segments: Annuities and Life. In addition, the Company reports certain of its results of operations in Corporate & Other.
Annuities
The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.
Life
The Life segment consists of insurance products and services, mainly term life insurance, designed to address policyholders’ needs for financial security and protected wealth transfer, which may be on a tax-advantaged basis.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and expenses associated with certain legal proceedings and income tax audit issues.
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance 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 contract holders by highlighting the results of operations and the underlying profitability drivers of the business.
Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses by excluding the impact of market volatility, which could distort trends.
The following are significant items excluded from total revenues 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”).
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
The following are significant items excluded from total expenses 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
Amortization of DAC related to (i) net investment gains (losses), (ii) net derivative gains (losses) and (iii) GMIB Fees and GMIB Costs.
The tax impact of the adjustments discussed 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 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, 2022
AnnuitiesLifeCorporate
& Other
Total
(In millions)
Pre-tax adjusted earnings$ $1 $ $1 
Provision for income tax expense (benefit)    
Adjusted earnings$ $1 $ 1 
Adjustments for:
Net investment gains (losses)(7)
Net derivative gains (losses)(40)
Other adjustments to net income (loss)8 
Provision for income tax (expense) benefit9 
Net income (loss)$(29)
Interest revenue$34 $9 $ 
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Three Months Ended March 31, 2021
AnnuitiesLifeCorporate
& Other
Total
(In millions)
Pre-tax adjusted earnings$(8)$5 $ $(3)
Provision for income tax expense (benefit)(2)1  (1)
Adjusted earnings$(6)$4 $ (2)
Adjustments for:
Net investment gains (losses)1 
Net derivative gains (losses)(85)
Other adjustments to net income (loss)24 
Provision for income tax (expense) benefit13 
Net income (loss)$(49)
Interest revenue$28 $9 $ 
Total revenues by segment, as well as Corporate & Other, were as follows:
Three Months Ended
March 31,
20222021
(In millions)
Annuities$34 $29 
Life11 12 
Corporate & Other  
Adjustments(44)(81)
Total$1 $(40)
Total assets by segment, as well as Corporate & Other, were as follows at:
March 31, 2022December 31, 2021
(In millions)
Annuities$10,119 $10,745 
Life1,768 1,863 
Corporate & Other337 370 
Total$12,224 $12,978 
3. Insurance
Guarantees
As discussed in Notes 1 and 3 of the Notes to the Financial Statements included in the 2021 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.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
3. Insurance (continued)
Information regarding the Company’s guarantee exposure was as follows at:
March 31, 2022December 31, 2021
In the
Event of Death
At
Annuitization
In the
Event of Death
At
Annuitization
(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)$4,728 $3,455 $5,154 $3,799 
Separate account value$4,719 $3,452 $5,146 $3,796 
Net amount at risk$100 (4)$323 (5)$4 (4)$319 (5)
Average attained age of contract holders70 years70 years70 years69 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 Financial Statements included in the 2021 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.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
4. Investments
See Notes 1 and 8 of the Notes to the Financial Statements included in the 2021 Annual Report for a description of the Company’s accounting policies for investments and 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, 2022December 31, 2021
Amortized
Cost
Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value
Amortized
Cost
Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$2,177 $ $27 $103 $2,101 $2,315 $ $143 $15 $2,443 
Foreign corporate661  5 36 630 669  31 7 693 
CMBS333  3 10 326 333  18 2 349 
ABS301   5 296 312  1  313 
State and political subdivision297  6 21 282 290  15 2 303 
U.S. government and agency224  15 1 238 252  40  292 
RMBS280  5 8 277 270  11 2 279 
Foreign government17   1 16 23  2  25 
Total fixed maturity securities$4,290 $ $61 $185 $4,166 $4,464 $ $261 $28 $4,697 
The Company held non-income producing fixed maturity securities with an estimated fair value of $2 million at March 31, 2022. The Company did not hold any non-income producing fixed maturity securities at December 31, 2021.
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, 2022:
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$65 $772 $1,425 $1,114 $914 $4,290 
Estimated fair value$65 $764 $1,355 $1,083 $899 $4,166 
_______________
(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.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
4. Investments (continued)
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, 2022December 31, 2021
Less than 12 Months12 Months or GreaterLess than 12 Months12 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$1,186 $85 $111 $18 $583 $13 $21 $2 
Foreign corporate401 32 24 4 193 5 11 2 
CMBS149 5 42 5 72 2 10  
ABS261 4 10 1 138  2  
State and political subdivision212 20 4 1 107 2   
U.S. government and agency129 1       
RMBS122 5 38 3 114 2   
Foreign government7 1   6  2  
Total fixed maturity securities$2,467 $153 $229 $32 $1,213 $24 $46 $4 
Total number of securities in an unrealized loss position
1,172 133 602 20 
Allowance for Credit Losses for Fixed Maturity Securities
Evaluation and Measurement Methodologies
For fixed maturity securities in an unrealized loss position, management first assesses whether the Company intends to sell, or whether it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to estimated fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the allowance for credit loss evaluation process include, but are not limited to: (i) the extent to which estimated fair value is less than amortized cost; (ii) any changes to the rating of the security by a rating agency; (iii) adverse conditions specifically related to the security, industry or geographic area; and (iv) payment structure of the fixed maturity security and the likelihood of the issuer being able to make payments in the future or the issuer’s failure to make scheduled interest and principal payments. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss is deemed to exist and an allowance for credit losses is recorded, limited by the amount that the estimated fair value is less than the amortized cost basis, with a corresponding charge to net investment gains (losses). Any unrealized losses that have not been recorded through an allowance for credit losses are recognized in OCI.
Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses).
Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses.
Accrued interest receivables are presented separate from the amortized cost basis of fixed maturity securities. An allowance for credit losses is not estimated on an accrued interest receivable, rather receivable balances 90-days past due are deemed uncollectible and are written off with a corresponding reduction to net investment income. The accrued interest receivable on fixed maturity securities totaled $28 million and $30 million at March 31, 2022 and December 31, 2021, respectively, and is included in accrued investment income.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
4. Investments (continued)
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 less than $1 million on one fixed maturity security at March 31, 2022. Management concluded that for fixed maturity securities in an unrealized loss position, the unrealized loss was not due to issuer specific credit-related factors and as a result was recognized in OCI. Where unrealized losses have not been recognized into income, it is primarily because the securities’ bond issuer(s) are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in estimated fair value is largely due to changes in interest rates and non-issuer-specific credit spreads. These issuers continued to make timely principal and interest payments and the estimated fair value is expected to recover as the securities approach maturity.
Mortgage Loans
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2022December 31, 2021
Carrying
Value
% of
Total
Carrying
Value
% of
Total
(Dollars in millions)
Commercial$847 78.8 %$593 73.1 %
Agricultural232 21.6 220 27.1 
Total mortgage loans1,079 100.4 813 100.2 
Allowance for credit losses(4)(0.4)(2)(0.2)
Total mortgage loans, net$1,075 100.0 %$811 100.0 %
As of December 31, 2021, the forbearance period granted on all COVID-19 pandemic impacted loans have ended and all impacted loans were in good standing.
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. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $4 million at both March 31, 2022 and December 31, 2021.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
4. Investments (continued)
The allowance for credit losses is estimated using relevant available information, from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience provides the basis for estimating expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics and environmental conditions. A reasonable and supportable forecast period of two-years is used with an input reversion period of one-year.
Mortgage loans are evaluated in both portfolio segments to determine the allowance for credit losses. The loan-level loss rates are determined using individual loan terms and characteristics, risk pools/internal ratings, national economic forecasts, prepayment speeds, and estimated default and loss severity. The resulting loss rates are applied to the mortgage loan’s amortized cost to generate an allowance for credit losses. In certain situations, the allowance for credit losses is measured as the difference between the loan’s amortized cost and liquidation value of the collateral. These situations include collateral dependent loans, expected troubled debt restructurings (“TDR”), foreclosure probable loans, and loans with dissimilar risk characteristics.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
CommercialAgriculturalTotal
(In millions)
Three Months Ended March 31, 2022
Balance, beginning of period$1 $1 $2 
Current period provision2  2 
Balance, end of period$3 $1 $4 
Three Months Ended March 31, 2021
Balance, beginning of period$1 $1 $2 
Current period provision   
Balance, end of period$1 $1 $2 
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
20222021202020192018PriorTotal
(In millions)
March 31, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$218 $121 $31 $100 $16 $170 $656 
65% to 75%37 50  52 13 23 175 
76% to 80%     1 1 
Greater than 80%    5 10 15 
Total commercial mortgage loans255 171 31 152 34 204 847 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%19 41 44 32 16 38 190 
65% to 75% 34  7 1  42 
Total agricultural mortgage loans19 75 44 39 17