0001685040-22-000045 | 10-Q | XBRL Viewer | Brighthouse Financial INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 02, 2022
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		71,817,368
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
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series D
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series D
Trading Symbol	BHFAM
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	Jun. 30, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $83,613 and $79,246, respectively; allowance for credit losses of $4 and $11, respectively)	$ 78,606	$ 87,582
Equity securities, at estimated fair value	96	101
Mortgage loans (net of allowance for credit losses of $103 and $123, respectively)	21,508	19,850
Policy loans	1,277	1,264
Limited partnerships and limited liability companies	4,683	4,271
Short-term investments, principally at estimated fair value	920	1,841
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)	3,345	3,316
Total investments	110,435	118,225
Cash and cash equivalents	5,071	4,474
Accrued investment income	852	724
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)	16,642	16,094
Deferred policy acquisition costs and value of business acquired	5,434	5,377
Income Taxes Receivable	18	0
Deferred income tax asset	471	0
Other assets	445	482
Separate account assets	88,843	114,464
Total assets	228,211	259,840
Liabilities
Future policy benefits	41,142	43,807
Policyholder account balances	68,293	66,851
Other policy-related balances	3,273	3,457
Payables for collateral under securities loaned and other transactions	6,675	6,269
Long-term debt	3,157	3,157
Current income tax payable	0	62
Deferred income tax liability	0	1,062
Other liabilities	6,572	4,504
Separate account liabilities	88,843	114,464
Total liabilities	217,955	243,633
Contingencies, Commitments and Guarantees (Note 11)
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 122,095,823 and 121,513,442 shares issued, respectively; 73,072,766 and 77,870,072 shares outstanding, respectively	1	1
Additional paid-in capital	14,113	14,154
Retained earnings (deficit)	981	(642)
Treasury stock, at cost; 49,023,057 and 43,643,370 shares, respectively	(1,813)	(1,543)
Accumulated other comprehensive income (loss)	(3,091)	4,172
Total Brighthouse Financial, Inc.’s stockholders’ equity	10,191	16,142
Noncontrolling interests	65	65
Total equity	10,256	16,207
Total liabilities and equity	$ 228,211	$ 259,840

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 83,613	$ 79,246
Fixed maturity securities, allowance for credit losses	4	11
Mortgage loans valuation allowances	103	123
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	$ 1,753	$ 1,753
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	122,095,823	121,513,442
Common stock, shares outstanding	73,072,766	77,870,072
Treasury stock, shares	49,023,057	43,643,370

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Premiums	$ 167	$ 162	$ 333	$ 346
Universal life and investment-type product policy fees	784	919	1,625	1,849
Net investment income	1,061	1,212	2,212	2,399
Other revenues	118	101	255	228
Net investment gains (losses)	(66)	(34)	(134)	(20)
Net derivative gains (losses)	1,733	(684)	2,246	(2,188)
Total revenues	3,797	1,676	6,537	2,614
Expenses
Policyholder benefits and claims	1,108	752	2,014	1,508
Interest credited to policyholder account balances	319	287	609	584
Amortization of deferred policy acquisition costs and value of business acquired	566	8	793	99
Other expenses	591	608	1,101	1,170
Total expenses	2,584	1,655	4,517	3,361
Income (loss) before provision for income tax	1,213	21	2,020	(747)
Provision for income tax expense (benefit)	230	(10)	395	(195)
Net income (loss)	983	31	1,625	(552)
Less: Net income (loss) attributable to noncontrolling interests	0	0	2	2
Net income (loss) attributable to Brighthouse Financial, Inc.	983	31	1,623	(554)
Less: Preferred stock dividends	26	21	53	46
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	957	10	1,570	(600)
Comprehensive income (loss)	(2,471)	1,238	(5,638)	(1,672)
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	0	2	2
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ (2,471)	$ 1,238	$ (5,640)	$ (1,674)
Earnings per common share
Basic	$ 12.84	$ 0.12	$ 20.74	$ (6.93)
Diluted	$ 12.77	$ 0.11	$ 20.62	$ (6.93)

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Brighthouse Financial, Inc.’s Stockholders’ Equity	Noncontrolling Interests
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)			5		(6)		(1)
Dividends on preferred stock	(25)			(25)				(25)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent					(585)			(585)
Net income (loss)	(583)								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
Beginning Balance at Dec. 31, 2020	18,088	0	1	13,878	(534)	(1,038)	5,716	18,023	65
Dividends on preferred stock	(46)
Net Income (Loss) Attributable to Parent	(554)
Net income (loss)	(552)
Ending Balance at Jun. 30, 2021	16,180	0	1	13,842	(1,088)	(1,236)	4,596	16,115	65
Beginning Balance at Mar. 31, 2021	15,082	0	1	13,858	(1,119)	(1,112)	3,389	15,017	65
Treasury stock acquired in connection with share repurchases	(124)					(124)		(124)
Share-based compensation	5			5				5
Dividends on preferred stock	(21)			(21)				(21)
Change in noncontrolling interests	0							0	0
Net Income (Loss) Attributable to Parent	31				31			31
Net income (loss)	31								0
Other comprehensive income (loss), net of income tax	1,207						1,207	1,207
Ending Balance at Jun. 30, 2021	16,180	0	1	13,842	(1,088)	(1,236)	4,596	16,115	65
Beginning Balance at Dec. 31, 2021	16,207	0	1	14,154	(642)	(1,543)	4,172	16,142	65
Treasury stock acquired in connection with share repurchases	(127)					(127)		(127)
Share-based compensation	(5)			6		(11)		(5)
Dividends on preferred stock	(27)			(27)				(27)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent					640			640
Net income (loss)	642								2
Other comprehensive income (loss), net of income tax	(3,809)						(3,809)	(3,809)
Ending Balance at Mar. 31, 2022	12,879	0	1	14,133	(2)	(1,681)	363	12,814	65
Beginning Balance at Dec. 31, 2021	16,207	0	1	14,154	(642)	(1,543)	4,172	16,142	65
Dividends on preferred stock	(53)
Net Income (Loss) Attributable to Parent	1,623
Net income (loss)	1,625
Ending Balance at Jun. 30, 2022	10,256	0	1	14,113	981	(1,813)	(3,091)	10,191	65
Beginning Balance at Mar. 31, 2022	12,879	0	1	14,133	(2)	(1,681)	363	12,814	65
Treasury stock acquired in connection with share repurchases	(132)					(132)		(132)
Share-based compensation	6			6				6
Dividends on preferred stock	(26)			(26)				(26)
Change in noncontrolling interests	0							0	0
Net Income (Loss) Attributable to Parent	983				983			983
Net income (loss)	983								0
Other comprehensive income (loss), net of income tax	(3,454)						(3,454)	(3,454)
Ending Balance at Jun. 30, 2022	$ 10,256	$ 0	$ 1	$ 14,113	$ 981	$ (1,813)	$ (3,091)	$ 10,191	$ 65

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 18	$ 69
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	6,250	5,238
Sales, maturities and repayments of equity securities	41	101
Sales, maturities and repayments of mortgage loans	1,382	1,384
Sales, maturities and repayments of limited partnerships and limited liability companies	134	117
Purchases of fixed maturity securities	(10,653)	(9,833)
Purchases of equity securities	(20)	(6)
Purchases of mortgage loans	(3,098)	(2,247)
Purchases of limited partnerships and limited liability companies	(432)	(379)
Cash received in connection with freestanding derivatives	2,749	2,140
Cash paid in connection with freestanding derivatives	(2,220)	(2,893)
Net change in policy loans	(12)	36
Net change in short-term investments	923	1,949
Net change in other invested assets	(63)	(19)
Net cash provided by (used in) investing activities	(5,019)	(4,412)
Cash flows from financing activities
Policyholder account balances: Deposits	14,107	6,886
Policyholder account balances: Withdrawals	(8,477)	(1,295)
Net change in payables for collateral under securities loaned and other transactions	406	(109)
Long-term debt repaid	(1)	(1)
Dividends on preferred stock	(53)	(46)
Treasury stock acquired in connection with share repurchases	(259)	(192)
Financing element on certain derivative instruments and other derivative related transactions, net	(112)	(118)
Other, net	(13)	(8)
Net cash provided by (used in) financing activities	5,598	5,117
Change in cash, cash equivalents and restricted cash	597	774
Cash, cash equivalents and restricted cash, beginning of period	4,474	4,108
Cash, cash equivalents and restricted cash, end of period	5,071	4,882
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	77	81
Net cash paid (received) for income tax	$ 106	$ (4)

Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial” or the “Company”) 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 U.S. 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 (“LLC”) 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. 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, 2021 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, 2021 (the “2021 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 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 June 30, 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 consolidated balance sheets as market risk benefits (“MRB”). MRBs will be measured at fair value through net income and reported separately on the consolidated 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 and non-participating whole 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 consolidated 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. (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 December 31, 2021, the Company expects the new guidance, upon adoption, would likely result in a material decrease in stockholders’ equity. Based on prevailing interest rate levels at June 30, 2022, while still anticipated to be material, the impact is expected to be less significant compared to prevailing interest rates at December 31, 2021. The Company has made significant progress toward adopting the new guidance, including updating systems, validating computations, establishing proper controls, finalizing accounting policies and developing disclosures.

Segment Information

6 Months Ended

Jun. 30, 2022

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 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 universal life with secondary guarantees, structured settlements, pension risk transfer contracts, certain company-owned life insurance policies and certain funding agreements.

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, activities related to funding agreements associated with the Company’s institutional spread margin business, as well as direct-to-consumer life insurance that is no longer actively sold.

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 the investor community 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”).

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 and value of business acquired (“VOBA”) 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 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 June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	248	$	28	$	(207)	$	(38)	$	31
Provision for income tax expense (benefit)	44		5		(43)		(25)		(19)
Post-tax adjusted earnings	204		23		(164)		(13)		50
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings	$	204	$	23	$	(164)	$	(39)	24
Adjustments for:
Net investment gains (losses)									(66)
Net derivative gains (losses)									1,733
Other adjustments to net income (loss)									(485)
Provision for income tax (expense) benefit									(249)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	957

Interest revenue	$	546	$	112	$	350	$	62
Interest expense	$	—	$	—	$	—	$	38


	Three Months Ended June 30, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	417	$	85	$	140	$	(82)	$	560
Provision for income tax expense (benefit)	79		17		18		(10)		104
Post-tax adjusted earnings	338		68		122		(72)		456
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		21		21
Adjusted earnings	$	338	$	68	$	122	$	(93)	435
Adjustments for:
Net investment gains (losses)									(34)
Net derivative gains (losses)									(684)
Other adjustments to net income (loss)									179
Provision for income tax (expense) benefit									114
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	10

Interest revenue	$	533	$	168	$	499	$	17
Interest expense	$	—	$	—	$	—	$	40


	Six Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	631	$	60	$	(187)	$	(69)	$	435
Provision for income tax expense (benefit)	116		11		(39)		(26)		62
Post-tax adjusted earnings	515		49		(148)		(43)		373
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		53		53
Adjusted earnings	$	515	$	49	$	(148)	$	(98)	318
Adjustments for:
Net investment gains (losses)									(134)
Net derivative gains (losses)									2,246
Other adjustments to net income (loss)									(527)
Provision for income tax (expense) benefit									(333)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	1,570

Interest revenue	$	1,101	$	265	$	751	$	110
Interest expense	$	—	$	—	$	—	$	76


	Six Months Ended June 30, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	831	$	137	$	225	$	(143)	$	1,050
Provision for income tax expense (benefit)	157		27		27		(29)		182
Post-tax adjusted earnings	674		110		198		(114)		868
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		46		46
Adjusted earnings	$	674	$	110	$	198	$	(162)	820
Adjustments for:
Net investment gains (losses)									(20)
Net derivative gains (losses)									(2,188)
Other adjustments to net income (loss)									411
Provision for income tax (expense) benefit									377
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(600)

Interest revenue	$	1,083	$	334	$	961	$	31
Interest expense	$	—	$	—	$	—	$	81

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Annuities	$	1,207	$	1,257	$	2,479	$	2,555
Life	276		383		616		793
Run-off	514		662		1,076		1,290
Corporate & Other	81		36		148		71
Adjustments	1,719		(662)		2,218		(2,095)
Total	$	3,797	$	1,676	$	6,537	$	2,614

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


	June 30, 2022		December 31, 2021
	(In millions)
Annuities	$	153,186	$	178,700
Life	21,854		24,514
Run-off	30,888		37,055
Corporate & Other	22,283		19,571
Total	$	228,211	$	259,840

- 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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

6 Months Ended

Jun. 30, 2022

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Consolidated 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.

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:


	June 30, 2022						December 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)	$	86,438		$	46,478		$	109,968		$	59,735
Separate account value	$	81,487		$	45,291		$	105,023		$	58,555
Net amount at risk	$	15,537	(4)	$	6,390	(5)	$	6,361	(4)	$	5,240	(5)
Average attained age of contract holders	71 years			71 years			71 years			70 years


	June 30, 2022		December 31, 2021
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,391	$	5,518
Net amount at risk (6)	$	66,379	$	67,248
Average attained age of policyholders	68 years		68 years

Variable Life Contracts
Total account value (3)	$	3,864	$	4,785
Net amount at risk (6)	$	18,609	$	18,857
Average attained age of policyholders	52 years		52 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 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.

(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

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

4. InvestmentsSee Notes 1 and 8 of the Notes to the Consolidated 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:


	June 30, 2022										December 31, 2021
	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	$	36,384	$	1	$	425	$	3,336	$	33,472	$	35,326	$	2	$	3,946	$	189	$	39,081
Foreign corporate	11,922		—		66		1,441		10,547		10,916		7		906		109		11,706
U.S. government and agency	9,208		—		788		389		9,607		7,301		—		2,066		60		9,307
RMBS	8,791		1		94		541		8,343		8,878		—		432		51		9,259
CMBS	7,138		2		2		424		6,714		6,976		2		333		25		7,282
State and political subdivision	4,037		—		247		235		4,049		3,995		—		846		6		4,835
ABS	4,911		—		2		229		4,684		4,261		—		33		14		4,280
Foreign government	1,222		—		58		90		1,190		1,593		—		244		5		1,832
Total fixed maturity securities	$	83,613	$	4	$	1,682	$	6,685	$	78,606	$	79,246	$	11	$	8,806	$	459	$	87,582

The Company held non-income producing fixed maturity securities with an estimated fair value of $20 million and $3 million at June 30, 2022 and December 31, 2021, 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 June 30, 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	$	1,025	$	13,020	$	17,522	$	31,206	$	20,840	$	83,613
Estimated fair value	$	1,018	$	12,583	$	15,976	$	29,288	$	19,741	$	78,606

_______________

(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:


	June 30, 2022								December 31, 2021
	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	$	25,059	$	2,840	$	1,780	$	496	$	5,131	$	113	$	888	$	76
Foreign corporate	8,455		1,256		608		185		2,044		62		326		47
U.S. government and agency	4,069		188		497		201		1,716		40		222		20
RMBS	6,128		470		490		71		3,488		51		32		—
CMBS	6,082		354		406		70		1,401		21		95		4
State and political subdivision	1,765		229		19		6		356		6		7		—
ABS	4,096		213		286		16		2,459		13		93		1
Foreign government	739		90		—		—		278		4		18		1
Total fixed maturity securities	$	56,393	$	5,640	$	4,086	$	1,045	$	16,873	$	310	$	1,681	$	149
Total number of securities in an unrealized loss position	7,569				781				2,454				369

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 $557 million and $534 million at June 30, 2022 and December 31, 2021, 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 $4 million, relating to five securities at June 30, 2022. 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.

Allowance for Credit Losses for Fixed Maturity Securities

The allowance for credit losses for fixed maturity securities was $4 million and $11 million at June 30, 2022 and December 31, 2021, respectively. For both the six months ended June 30, 2022 and 2021, the change in the allowance for fixed maturity securities by sector was immaterial. The Company recorded total write-offs of $10 million for the six months ended June 30, 2022. The Company did not record any write-offs for the six months ended June 30, 2021.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	June 30, 2022				December 31, 2021
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,046	60.7	%	$	12,187	61.4	%
Agricultural	4,144		19.3		4,163		21.0
Residential	4,421		20.5		3,623		18.2
Total mortgage loans (1)	21,611		100.5		19,973		100.6
Allowance for credit losses	(103)		(0.5)		(123)		(0.6)
Total mortgage loans, net	$	21,508	100.0	%	$	19,850	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $415 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively, and $621 million and $799 million for the three months and six months ended June 30, 2021, 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 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 June 30, 2022 and December 31, 2021. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $99 million and $95 million at June 30, 2022 and December 31, 2021, 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)
Six Months Ended June 30, 2022
Balance, beginning of period	$	67	$	12	$	44	$	123
Current period provision	—		3		—		3
Charge-offs, net of recoveries	(23)		—		—		(23)

Balance, end of period	$	44	$	15	$	44	$	103
Six Months Ended June 30, 2021
Balance, beginning of period	$	44	$	15	$	35	$	94
Current period provision	3		(2)		2		3


Balance, end of period	$	47	$	13	$	37	$	97

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:


	2022		2021		2020		2019		2018		Prior		Total
	(In millions)
June 30, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	1,021	$	2,634	$	375	$	1,437	$	974	$	3,855	$	10,296
65% to 75%	426		631		91		383		405		420		2,356
76% to 80%	—		—		—		55		29		65		149
Greater than 80%	1		—		—		—		29		215		245
Total commercial mortgage loans	1,448		3,265		466		1,875		1,437		4,555		13,046
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	306		1,158		410		496		652		809		3,831
65% to 75%	60		97		76		61		1		17		312

Greater than 80%	—		—		—		—		1		—		1
Total agricultural mortgage loans	366		1,255		486		557		654		826		4,144
Residential mortgage loans
Performing	541		1,712		170		226		179		1,535		4,363
Nonperforming	1		3		1		2		2		49		58
Total residential mortgage loans	542		1,715		171		228		181		1,584		4,421
Total	$	2,356	$	6,235	$	1,123	$	2,660	$	2,272	$	6,965	$	21,611


	2021		2020		2019		2018		2017		Prior		Total
	(In millions)
December 31, 2021
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	2,771	$	437	$	1,539	$	986	$	554	$	3,303	$	9,590
65% to 75%	633		92		383		406		128		481		2,123
76% to 80%	—		—		55		29		59		31		174
Greater than 80%	—		—		—		30		—		270		300
Total commercial mortgage loans	3,404		529		1,977		1,451		741		4,085		12,187
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	1,150		541		510		674		292		633		3,800
65% to 75%	114		77		61		26		33		52		363


Total agricultural mortgage loans	1,264		618		571		700		325		685		4,163
Residential mortgage loans
Performing	1,124		202		270		230		132		1,606		3,564
Nonperforming	1		—		3		3		1		51		59
Total residential mortgage loans	1,125		202		273		233		133		1,657		3,623
Total	$	5,793	$	1,349	$	2,821	$	2,384	$	1,199	$	6,427	$	19,973

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:


	June 30, 2022				December 31, 2021
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	11,502	88.1	%	$	10,289	84.4	%
1.00x - 1.20x	270		2.1		596		4.9
Less than 1.00x	1,274		9.8		1,302		10.7
Total	$	13,046	100.0	%	$	12,187	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 June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021, $26 million and $30 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:


	June 30, 2022								December 31, 2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,046	$	4,128	$	4,302	$	21,476	$	12,187	$	4,163	$	3,550	$	19,900
30-59 days past due	—		—		61		61		—		—		14		14
60-89 days past due	—		—		14		14		—		—		14		14
90-179 days past due	—		16		27		43		—		—		29		29
180+ days past due	—		—		17		17		—		—		16		16
Total	$	13,046	$	4,144	$	4,421	$	21,611	$	12,187	$	4,163	$	3,623	$	19,973

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 June 30, 2022 and December 31, 2021, $26 million and $30 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 was as follows at:


	Commercial		Agricultural		Residential		Total
	(In millions)
June 30, 2022	$	23	$	—	$	58	$	81
December 31, 2021	$	—	$	—	$	59	$	59

The Company had $23 million and $0 of loans in nonaccrual status for which there was no related allowance for credit losses at June 30, 2022 and December 31, 2021, respectively. The $23 million of mortgage loans for which there was no related allowance for credit losses pertains to collateral dependent loans where the collateral value exceeds amortized cost.

Current period investment income on mortgage loans in nonaccrual status was less than $1 million for both the six months ended June 30, 2022 and 2021

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 TDR during both the six months ended June 30, 2022 and 2021.

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 Federal Home Loan Bank (“FHLB”) stock, tax credit and renewable energy partnerships and leveraged leases.

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:


	June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities	$	(5,003)	$	8,347

Derivatives	606		329

Other	(16)		(29)
Subtotal	(4,413)		8,647
Amounts allocated from:
Future policy benefits	371		(2,903)
DAC, VOBA and DSI	223		(403)
Subtotal	594		(3,306)
Deferred income tax benefit (expense)	802		(1,121)
Net unrealized investment gains (losses)	$	(3,017)	$	4,220

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


	Six Months Ended June 30, 2022
	(In millions)
Balance at December 31, 2021	$	4,220
Unrealized investment gains (losses) during the period	(13,060)
Unrealized investment gains (losses) relating to:
Future policy benefits	3,274
DAC, VOBA and DSI	626
Deferred income tax benefit (expense)	1,923
Balance at June 30, 2022	$	(3,017)
Change in net unrealized investment gains (losses)	$	(7,237)

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 June 30, 2022 and December 31, 2021.

Securities Lending

Elements of the securities lending program are presented below at:


	June 30, 2022		December 31, 2021
	(In millions)
Securities on loan: (1)
Amortized cost	$	5,243	$	3,573
Estimated fair value	$	5,320	$	4,539
Cash collateral received from counterparties (2)	$	5,391	$	4,611
Securities collateral received from counterparties (3)	$	—	$	2
Reinvestment portfolio — estimated fair value	$	5,304	$	4,730

_______________

(1)Included within fixed maturity securities.

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

(3)Securities collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reported on the interim condensed consolidated financial statements.

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


	June 30, 2022						December 31, 2021
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)

U.S. government and agency	$	1,429	$	2,253	$	1,080	$	4,762	$	1,094	$	2,125	$	1,391	$	4,610
U.S. corporate	—		453		—		453		1		—		—		1

Foreign corporate	—		157		—		157		—		—		—		—
Foreign government	—		19		—		19		—		—		—		—
Total	$	1,429	$	2,882	$	1,080	$	5,391	$	1,095	$	2,125	$	1,391	$	4,611

_______________

(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 June 30, 2022 was $1.4 billion, 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 U.S. government and agency securities, agency RMBS, ABS, U.S. and foreign corporate securities and CMBS) with 58% invested in U.S. government and agency securities, agency RMBS and cash and cash equivalents at June 30, 2022. 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:


	June 30, 2022		December 31, 2021
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,378	$	10,000
Invested assets held in trust (reinsurance agreements) (2)	5,494		6,029
Invested assets pledged as collateral (3)	8,779		5,116
Total invested assets on deposit, held in trust and pledged as collateral	$	22,651	$	21,145

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $42 million and $25 million of the assets on deposit represents restricted cash and cash equivalents at June 30, 2022 and December 31, 2021, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $131 million and $119 million of the assets held in trust balance represents restricted cash and cash equivalents at June 30, 2022 and December 31, 2021, 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 2021 Annual Report) and derivative transactions (see Note 5).

See “— Securities Lending” for information regarding securities on loan. In addition, the Company’s investment in FHLB common stock, which is considered restricted until redeemed by the issuer, was $144 million and $70 million at redemption value at June 30, 2022 and December 31, 2021, respectively.

Variable Interest Entities

A variable interest entity (“VIE”) is a legal entity that does not have sufficient equity at risk to finance its activities or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity.

The Company enters into various arrangements with VIEs in the normal course of business and has invested in legal entities that are VIEs. VIEs are consolidated when it is determined that the Company is the primary beneficiary. A primary beneficiary is the variable interest holder in a VIE with both (i) the power to 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. In addition, the evaluation of whether a legal entity is a VIE and if the Company is a primary beneficiary includes a review of the capital structure of the VIE, the related contractual relationships and terms, the nature of the operations and purpose of the VIE, the nature of the VIE interests issued and the Company’s involvement with the entity.

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at either June 30, 2022 or December 31, 2021.

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:


	June 30, 2022				December 31, 2021
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,206	$	16,042	$	16,472	$	15,802
Limited partnerships and LLCs	4,020		5,429		3,679		5,115
Total	$	19,226	$	21,471	$	20,151	$	20,917

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, 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 11.

Net Investment Income

The components of net investment income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Investment income:
Fixed maturity securities	$	742	$	703	$	1,460	$	1,393
Equity securities	1		1		1		2
Mortgage loans	205		167		408		331
Policy loans	17		16		32		33
Limited partnerships and LLCs (1)	122		350		363		688
Cash, cash equivalents and short-term investments	6		1		7		3
Other	18		9		32		19
Total investment income	1,111		1,247		2,303		2,469
Less: Investment expenses	50		35		91		70
Net investment income	$	1,061	$	1,212	$	2,212	$	2,399

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $93 million and $305 million for the three months and six months ended June 30, 2022, respectively, and $339 million and $670 million for the three months and six months ended June 30, 2021, respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Fixed maturity securities	$	(60)	$	(33)	$	(102)	$	(23)
Equity securities	(6)		3		(12)		3
Mortgage loans	1		(5)		(3)		(1)
Limited partnerships and LLCs	(1)		1		(17)		1

Total net investment gains (losses)	$	(66)	$	(34)	$	(134)	$	(20)

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($5) million and ($21) million for the three months and six months ended June 30, 2022, respectively, and $1 million and $0 for the three months and six months ended June 30, 2021, respectively.

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Proceeds	$	1,576	$	977	$	4,115	$	2,239
Gross investment gains	$	2	$	8	$	46	$	41
Gross investment losses	(60)		(40)		(143)		(57)
Net investment gains (losses)	$	(58)	$	(32)	$	(97)	$	(16)

Derivatives

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivatives

Accounting for Derivatives

See Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a description of the Company’s accounting policies for derivatives and the fair value hierarchy for derivatives.

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, floors, caps, swaptions and forwards;

•Foreign currency exchange rate derivatives: forwards and swaps;

•Equity market 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 2021 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:


		June 30, 2022						December 31, 2021
	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	$	120	$	—	$	11	$	180	$	30	$	—
Foreign currency swaps	Foreign currency exchange rate	3,943		541		6		3,282		229		22
Total qualifying hedges		4,063		541		17		3,462		259		22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	3,295		198		—		2,595		325		17
Interest rate floors	Interest rate	2,250		15		2		—		—		—
Interest rate caps	Interest rate	5,350		120		27		5,100		29		4

Interest rate options	Interest rate	16,413		64		33		8,050		83		—
Interest rate forwards	Interest rate	12,095		19		1,684		9,808		627		109
Foreign currency swaps	Foreign currency exchange rate	868		148		—		967		96		21
Foreign currency forwards	Foreign currency exchange rate	480		8		—		483		3		4

Credit default swaps — written	Credit	1,923		7		7		1,724		39		1
Credit default swaptions	Credit	—		—		—		150		—		—

Equity index options	Equity market	25,701		731		834		24,692		1,155		877
Equity variance swaps	Equity market	281		9		1		281		9		1
Equity total return swaps	Equity market	25,258		1,235		829		32,719		493		588
Hybrid options	Equity market	900		—		—		900		8		—
Total non-designated or non-qualifying derivatives		94,814		2,554		3,417		87,469		2,867		1,622
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		132		—		N/A		186		—
Direct index-linked annuities	Other	N/A		—		2,527		N/A		—		6,211
Direct guaranteed minimum benefits	Other	N/A		—		1,746		N/A		—		1,848
Assumed index-linked annuities	Other	N/A		—		304		N/A		—		437
Total embedded derivatives		N/A		132		4,577		N/A		186		8,496
Total		$	98,877	$	3,227	$	8,011	$	90,931	$	3,312	$	10,140

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 June 30, 2022 and December 31, 2021. 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 Accounting Standards Codification 815 — Derivatives and Hedging; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to create synthetic credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship.

The amount and location of gains (losses), including earned income, recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses) were as follows:


	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 June 30, 2022
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	3	$	—	$	1	$	(20)
Foreign currency exchange rate	1		(2)		14		285
Total cash flow hedges	4		(2)		15		265
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,307)		—		—		—
Foreign currency exchange rate	93		(32)		—		—
Credit	(25)		—		—		—
Equity market	420		—		—		—
Embedded	2,582		—		—		—
Total non-qualifying hedges	1,763		(32)		—		—
Total	$	1,767	$	(34)	$	15	$	265
Three Months Ended June 30, 2021
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	19
Foreign currency exchange rate	3		—		8		95
Total cash flow hedges	3		—		9		114
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	722		—		—		—
Foreign currency exchange rate	18		(2)		—		—
Credit	8		—		—		—
Equity market	(306)		—		—		—
Embedded	(1,127)		—		—		—
Total non-qualifying hedges	(685)		(2)		—		—
Total	$	(682)	$	(2)	$	9	$	114


	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)
Six Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	4	$	—	$	2	$	(41)
Foreign currency exchange rate	1		(2)		25		325
Total cash flow hedges	5		(2)		27		284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(2,438)		—		—		—
Foreign currency exchange rate	113		(39)		—		—
Credit	(32)		—		—		—
Equity market	728		—		—		—
Embedded	3,911		—		—		—
Total non-qualifying hedges	2,282		(39)		—		—
Total	$	2,287	$	(41)	$	27	$	284
Six Months Ended June 30, 2021
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	1	$	—	$	2	$	(33)
Foreign currency exchange rate	8		(3)		16		79
Total cash flow hedges	9		(3)		18		46
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,190)		—		—		—
Foreign currency exchange rate	11		1		—		—
Credit	11		—		—		—
Equity market	(448)		—		—		—
Embedded	(579)		—		—		—
Total non-qualifying hedges	(2,195)		1		—		—
Total	$	(2,186)	$	(2)	$	18	$	46

At June 30, 2022 and December 31, 2021, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions was one year and two years, respectively.

At June 30, 2022 and December 31, 2021, the balance in AOCI associated with cash flow hedges was $606 million and $329 million, respectively.

Credit Derivatives

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

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


	June 30, 2022					December 31, 2021
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	$	4	$	664	2.3	$	12	$	589	2.4
Baa	(3)		1,231		4.9	27		1,131		5.0
Ba	1		24		4.5	—		—		0.0
Caa and Lower	(2)		4		3.5	(1)		4		4.0
Total	$	—	$	1,923	4.0	$	38	$	1,724	4.1

_______________

(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)
June 30, 2022
Derivative assets	$	3,127	$	(1,864)	$	(1,164)	$	99	$	(55)	$	44
Derivative liabilities	$	3,451	$	(1,864)	$	(2)	$	1,585	$	(1,583)	$	2
December 31, 2021
Derivative assets	$	3,128	$	(1,155)	$	(1,494)	$	479	$	(413)	$	66
Derivative liabilities	$	1,632	$	(1,155)	$	—	$	477	$	(477)	$	—

_______________

(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:


	June 30, 2022		December 31, 2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,587	$	477
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	3,115	$	839

_______________

(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

6 Months Ended

Jun. 30, 2022

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.


	June 30, 2022
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	32,342	$	1,130	$	33,472
Foreign corporate	—		9,967		580		10,547
U.S. government and agency	4,687		4,920		—		9,607
RMBS	—		8,276		67		8,343
CMBS	—		6,680		34		6,714
State and political subdivision	—		4,049		—		4,049
ABS	—		4,440		244		4,684
Foreign government	—		1,150		40		1,190
Total fixed maturity securities	4,687		71,824		2,095		78,606
Equity securities	30		39		27		96
Short-term investments	488		432		—		920




Derivative assets: (1)
Interest rate	—		416		—		416
Foreign currency exchange rate	—		669		28		697
Credit	—		1		6		7
Equity market	—		1,966		9		1,975
Total derivative assets	—		3,052		43		3,095
Embedded derivatives within asset host contracts (2)	—		—		132		132
Separate account assets	30		88,813		—		88,843
Total assets	$	5,235	$	164,160	$	2,297	$	171,692
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,757	$	—	$	1,757
Foreign currency exchange rate	—		6		—		6
Credit	—		3		4		7
Equity market	—		1,663		1		1,664
Total derivative liabilities	—		3,429		5		3,434
Embedded derivatives within liability host contracts (2)	—		—		4,577		4,577

Total liabilities	$	—	$	3,429	$	4,582	$	8,011


	December 31, 2021
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	38,176	$	905	$	39,081
Foreign corporate	—		11,212		494		11,706
U.S. government and agency	3,236		6,071		—		9,307
RMBS	—		9,247		12		9,259
CMBS	—		7,239		43		7,282
State and political subdivision	—		4,835		—		4,835
ABS	—		4,115		165		4,280
Foreign government	—		1,806		26		1,832
Total fixed maturity securities	3,236		82,701		1,645		87,582
Equity securities	27		61		13		101
Short-term investments	1,503		336		2		1,841
Derivative assets: (1)
Interest rate	—		1,094		—		1,094
Foreign currency exchange rate	—		318		10		328
Credit	—		27		12		39
Equity market	—		1,649		16		1,665
Total derivative assets	—		3,088		38		3,126
Embedded derivatives within asset host contracts (2)	—		—		186		186
Separate account assets	41		114,423		—		114,464
Total assets	$	4,807	$	200,609	$	1,884	$	207,300
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	130	$	—	$	130
Foreign currency exchange rate	—		47		—		47
Credit	—		—		1		1
Equity market	—		1,465		1		1,466
Total derivative liabilities	—		1,642		2		1,644
Embedded derivatives within liability host contracts (2)	—		—		8,496		8,496
Total liabilities	$	—	$	1,642	$	8,498	$	10,140

_______________

(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 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 six months ended June 30, 2022.

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 markets 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 markets 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 markets 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 markets 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:


					June 30, 2022			December 31, 2021			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%	-	12.62%	0.03%	-	12.62%	Decrease (1)
			•	Lapse rates	0.30%	-	14.50%	0.30%	-	14.50%	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	16.44%	-	22.16%	16.44%	-	22.16%	Increase (5)
			•	Nonperformance risk spread	0.17%	-	2.23%	(0.38)%	-	1.49%	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		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Net Embedded Derivatives (3)		Separate Account Assets (4)
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	1,618	$	194	$	23	$	13	$	—	$	30	$	(6,911)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(6)		—		—		1		—		(5)		2,582		—
Total realized/unrealized gains (losses) included in AOCI	(110)		3		(5)		—		—		12		—		—
Purchases (7)	330		201		—		13		—		1		—		—
Sales (7)	(56)		(11)		—		—		—		—		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(116)		—
Transfers into Level 3 (8)	90		34		22		—		—		—		—		—
Transfers out of Level 3 (8)	(156)		(76)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(4,445)	$	—
Three Months Ended June 30, 2021
Balance, beginning of period	$	670	$	126	$	—	$	3	$	—	$	8	$	(6,468)	$	2
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—		—		—		—		—		8		(1,127)		—
Total realized/unrealized gains (losses) included in AOCI	21		1		—		—		—		10		—		—
Purchases (7)	231		163		12		—		—		—		—		—
Sales (7)	(12)		(9)		—		—		—		(6)		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(120)		—
Transfers into Level 3 (8)	65		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(86)		(64)		—		—		—		—		—		(2)
Balance, end of period	$	889	$	217	$	12	$	3	$	—	$	20	$	(7,715)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (9)	$	—	$	—	$	—	$	1	$	—	$	(5)	$	2,537	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (9)	$	(117)	$	2	$	(5)	$	—	$	—	$	12	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (9)	$	—	$	—	$	—	$	—	$	—	$	3	$	(1,104)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2021 (9)	$	21	$	1	$	—	$	—	$	—	$	10	$	—	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)		Structured Securities		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Net Embedded Derivatives (3)		Separate Account Assets (4)
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	1,399	$	220	$	26	$	13	$	2	$	36	$	(8,310)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(6)		—		—		1		—		(15)		3,911		(1)
Total realized/unrealized gains (losses) included in AOCI	(216)		(12)		(9)		—		—		16		—		—
Purchases (7)	648		229		5		13		—		1		—		—
Sales (7)	(140)		(14)		(1)		—		(2)		—		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(46)		—
Transfers into Level 3 (8)	148		23		19		—		—		—		—		1
Transfers out of Level 3 (8)	(123)		(101)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(4,445)	$	—
Six Months Ended June 30, 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)		—		—		—		—		16		(579)		—
Total realized/unrealized gains (losses) included in AOCI	—		1		—		—		—		9		—		—
Purchases (7)	327		181		12		—		—		(1)		—		—
Sales (7)	(10)		(14)		—		—		—		(6)		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(262)		—
Transfers into Level 3 (8)	66		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(181)		(18)		—		—		—		—		—		(3)
Balance, end of period	$	889	$	217	$	12	$	3	$	—	$	20	$	(7,715)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (9)	$	—	$	—	$	—	$	1	$	—	$	(15)	$	4,001	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (9)	$	(218)	$	(12)	$	(9)	$	—	$	—	$	16	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (9)	$	(1)	$	—	$	—	$	—	$	—	$	2	$	(560)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2021 (9)	$	—	$	1	$	—	$	—	$	—	$	9	$	—	$	—

_______________

(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 and payables for collateral under securities loaned and other transactions. The estimated fair value of the excluded financial instruments, which are primarily classified in Level 2, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

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


	June 30, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	21,508	$	—	$	—	$	20,397	$	20,397
Policy loans	$	1,277	$	—	$	515	$	952	$	1,467
Other invested assets	$	156	$	—	$	144	$	12	$	156
Premiums, reinsurance and other receivables	$	3,714	$	—	$	311	$	3,740	$	4,051
Liabilities
Policyholder account balances	$	26,762	$	—	$	—	$	26,032	$	26,032
Long-term debt	$	3,157	$	—	$	2,795	$	—	$	2,795
Other liabilities	$	1,092	$	—	$	387	$	705	$	1,092
Separate account liabilities	$	1,066	$	—	$	1,066	$	—	$	1,066


	December 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	19,850	$	—	$	—	$	20,656	$	20,656
Policy loans	$	1,264	$	—	$	508	$	1,148	$	1,656
Other invested assets	$	82	$	—	$	70	$	12	$	82
Premiums, reinsurance and other receivables	$	3,242	$	—	$	20	$	3,749	$	3,769
Liabilities
Policyholder account balances	$	23,637	$	—	$	—	$	23,614	$	23,614
Long-term debt	$	3,157	$	—	$	3,504	$	—	$	3,504
Other liabilities	$	854	$	—	$	138	$	716	$	854
Separate account liabilities	$	1,440	$	—	$	1,440	$	—	$	1,440

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Long-term Debt	6 Months Ended
Long-term Debt	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-term Debt	On April 15, 2022, BHF entered into a new revolving credit agreement with respect to a new $1.0 billion senior unsecured revolving credit facility maturing April 15, 2027 (the “2022 Revolving Credit Facility”), all of which may be used for revolving loans or letters of credit. The 2022 Revolving Credit Facility refinanced and replaced BHF’s former $1.0 billion senior unsecured revolving credit facility that was scheduled to mature May 7, 2024. At June 30, 2022, there were no borrowings or letters of credit outstanding under the 2022 Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

. Equity

Preferred Stock

Preferred stock shares authorized, issued and outstanding were as follows at both June 30, 2022 and December 31, 2021:


	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
4.625% Non-Cumulative Preferred Stock, Series D	14,000	14,000	14,000
Not designated	99,929,900	—	—
Total	100,000,000	70,100	70,100

The per share and aggregate dividend declared for BHF’s preferred stock by series was as follows:


	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2021				2022				2021
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	412.50	$	7	$	412.50	$	7	$	825.00	$	14	$	825.00	$	14
B	$	421.88	7		$	421.88	7		$	843.76	14		$	843.76	14
C	$	335.94	8		$	335.94	7		$	671.88	16		$	802.52	18
D	$	289.06	4		$	—	—		$	684.11	9		$	—	—
Total			$	26			$	21			$	53			$	46

Common Stock Repurchase Program

During the six months ended June 30, 2022 and 2021, BHF repurchased 5,152,415 and 4,312,267 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $259 million and $192 million, respectively. At June 30, 2022, BHF had $522 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 June 30, 2022
	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 March 31, 2022	$	167	$	252	$	(13)	$	(43)	$	363
OCI before reclassifications	(4,690)		265		(24)		(2)		(4,451)
Deferred income tax benefit (expense) (2)	964		(34)		5		1		936
AOCI before reclassifications, net of income tax	(3,559)		483		(32)		(44)		(3,152)
Amounts reclassified from AOCI	81		(5)		—		2		78
Deferred income tax benefit (expense) (2)	(17)		—		—		—		(17)
Amounts reclassified from AOCI, net of income tax	64		(5)		—		2		61



Balance at June 30, 2022	$	(3,495)	$	478	$	(32)	$	(42)	$	(3,091)


	Three Months Ended June 30, 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 March 31, 2021	$	3,387	$	55	$	(14)	$	(39)	$	3,389
OCI before reclassifications	1,385		114		1		—		1,500
Deferred income tax benefit (expense) (2)	(291)		(24)		—		1		(314)
AOCI before reclassifications, net of income tax	4,481		145		(13)		(38)		4,575
Amounts reclassified from AOCI	32		(4)		—		(1)		27
Deferred income tax benefit (expense) (2)	(7)		1		—		—		(6)
Amounts reclassified from AOCI, net of income tax	25		(3)		—		(1)		21



Balance at June 30, 2021	$	4,506	$	142	$	(13)	$	(39)	$	4,596


	Six Months Ended June 30, 2022
	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, 2021	$	3,982	$	238	$	(7)	$	(41)	$	4,172
OCI before reclassifications	(9,561)		284		(32)		(4)		(9,313)
Deferred income tax benefit (expense) (2)	1,986		(38)		7		1		1,956
AOCI before reclassifications, net of income tax	(3,593)		484		(32)		(44)		(3,185)
Amounts reclassified from AOCI	124		(7)		—		2		119
Deferred income tax benefit (expense) (2)	(26)		1		—		—		(25)
Amounts reclassified from AOCI, net of income tax	98		(6)		—		2		94



Balance at June 30, 2022	$	(3,495)	$	478	$	(32)	$	(42)	$	(3,091)


	Six Months Ended June 30, 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	(1,463)		46		(6)		(2)		(1,425)
Deferred income tax benefit (expense) (2)	308		(10)		1		1		300
AOCI before reclassifications, net of income tax	4,491		151		(13)		(38)		4,591
Amounts reclassified from AOCI	19		(11)		—		(1)		7
Deferred income tax benefit (expense) (2)	(4)		2		—		—		(2)
Amounts reclassified from AOCI, net of income tax	15		(9)		—		(1)		5



Balance at June 30, 2021	$	4,506	$	142	$	(13)	$	(39)	$	4,596

__________________

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

(2)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(55)	$	(31)	$	(94)	$	(15)	Net investment gains (losses)

Net unrealized investment gains (losses)	(26)		(1)		(30)		(4)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(81)		(32)		(124)		(19)
Income tax (expense) benefit	17		7		26		4
Net unrealized investment gains (losses), net of income tax	(64)		(25)		(98)		(15)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	3		—		4		1		Net derivative gains (losses)
Interest rate swaps	1		1		2		2		Net investment income


Foreign currency swaps	1		3		1		8		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	5		4		7		11
Income tax (expense) benefit	—		(1)		(1)		(2)
Gains (losses) on cash flow hedges, net of income tax	5		3		6		9
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		1		(2)		1

Amortization of defined benefit plans, before income tax	(2)		1		(2)		1
Income tax (expense) benefit	—		—		—		—
Amortization of defined benefit plans, net of income tax	(2)		1		(2)		1
Total reclassifications, net of income tax	$	(61)	$	(21)	$	(94)	$	(5)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

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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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SX 210.3-04)
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Reference 7: 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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Revenues and Other Expenses

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

. 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 $74 million and $156 million for the three months and six months ended June 30, 2022, respectively, and $91 million and $179 million for the three months and six months ended June 30, 2021, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Compensation	$	80	$	96	$	165	$	188
Contracted services and other labor costs	68		70		124		130
Transition services agreements	1		29		29		61
Establishment costs	11		29		26		46
Premium and other taxes, licenses and fees	15		12		28		27
Separate account fees	102		127		216		252
Volume related costs, excluding compensation, net of DAC capitalization	99		180		244		343
Interest expense on debt	38		40		76		81
Other	177		25		193		42
Total other expenses	$	591	$	608	$	1,101	$	1,170

Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

. Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	957	$	10	$	1,570	$	(600)

Weighted average common shares outstanding — basic	74,570,237		85,549,350		75,705,755		86,555,806
Dilutive effect of share-based awards	401,421		515,800		454,716		—
Weighted average common shares outstanding — diluted	74,971,658		86,065,150		76,160,471		86,555,806

Earnings per common share:
Basic	$	12.84	$	0.12	$	20.74	$	(6.93)
Diluted	$	12.77	$	0.11	$	20.62	$	(6.93)

For the three months ended June 30, 2022 and 2021 and the six months ended June 30, 2022, weighted average shares used for calculating diluted earnings per common share excludes 187,371 of out-of-the-money stock options, as the inclusion of such shares would be antidilutive to the earnings per common share calculation due to the average share price for the three months ended June 30, 2022 and 2021 and the six months ended June 30, 2022.

For the six months ended June 30, 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.

Contingencies, Commitments and Guarantees	6 Months Ended
Contingencies, Commitments and Guarantees	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	11. 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. The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from various state and federal regulators, agencies and officials. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries. 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 June 30, 2022. 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 June 30, 2022, 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 in March 2021. Plaintiff was granted leave to amend the complaint. The Company intends to vigorously defend this matter. Lawrence Martin v. Brighthouse Life Insurance Company (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. 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. Brighthouse Life Insurance Company filed a motion to dismiss in June 2021, which was denied in February 2022. Brighthouse Life Insurance Company of NY was initially named as a defendant when the lawsuit was filed, but was dismissed as a defendant, without prejudice, in April 2022. 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 Loss Contingencies As with litigation and regulatory loss contingencies, the Company considers establishing liabilities for loss contingencies associated with disputes or other matters involving third parties, including counterparties to contractual arrangements entered into by the Company (e.g., third-party vendors and reinsurers), as well as with tax authorities (“other loss contingencies”). The Company establishes liabilities for such other 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. In the matters where the Company’s subsidiaries are acting as the reinsured or the reinsurer, such matters involve assertions by third parties primarily related to rates, fees or reinsured benefit calculations, and in certain of such matters, the counterparty has made a request to arbitrate. As of June 30, 2022, the Company estimates the range of reasonably possible losses in excess of the amounts accrued for certain other loss contingencies to be from zero up to approximately $125 million, which are primarily associated with the above reinsurance-related matters. The reduction in the estimated range reflects the settlement of a reinsurance-related matter with a third party during the second quarter of 2022 for $140 million, which is reported in other expenses. For certain other matters, the Company may not currently be 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 basis, the Company reviews relevant information with respect to other loss 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 $358 million and $719 million at June 30, 2022 and December 31, 2021, 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 $2.4 billion and $2.3 billion at June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021 for indemnities, guarantees and commitments.

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 (“LLC”) 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. 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, 2021 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, 2021 (the “2021 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 2021 Annual Report.
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 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. 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 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. 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, floors, caps, swaptions and forwards; •Foreign currency exchange rate derivatives: forwards and swaps; •Equity market 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.
Income Tax, Policy [Policy Text Block]	The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.
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 significant ASUs adopted during the period ended June 30, 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 consolidated balance sheets as market risk benefits (“MRB”). MRBs will be measured at fair value through net income and reported separately on the consolidated 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 and non-participating whole 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 consolidated 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. (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 December 31, 2021, the Company expects the new guidance, upon adoption, would likely result in a material decrease in stockholders’ equity. Based on prevailing interest rate levels at June 30, 2022, while still anticipated to be material, the impact is expected to be less significant compared to prevailing interest rates at December 31, 2021. The Company has made significant progress toward adopting the new guidance, including updating systems, validating computations, establishing proper controls, finalizing accounting policies and developing disclosures.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Three Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	248	$	28	$	(207)	$	(38)	$	31
Provision for income tax expense (benefit)	44		5		(43)		(25)		(19)
Post-tax adjusted earnings	204		23		(164)		(13)		50
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings	$	204	$	23	$	(164)	$	(39)	24
Adjustments for:
Net investment gains (losses)									(66)
Net derivative gains (losses)									1,733
Other adjustments to net income (loss)									(485)
Provision for income tax (expense) benefit									(249)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	957

Interest revenue	$	546	$	112	$	350	$	62
Interest expense	$	—	$	—	$	—	$	38


	Three Months Ended June 30, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	417	$	85	$	140	$	(82)	$	560
Provision for income tax expense (benefit)	79		17		18		(10)		104
Post-tax adjusted earnings	338		68		122		(72)		456
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		21		21
Adjusted earnings	$	338	$	68	$	122	$	(93)	435
Adjustments for:
Net investment gains (losses)									(34)
Net derivative gains (losses)									(684)
Other adjustments to net income (loss)									179
Provision for income tax (expense) benefit									114
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	10

Interest revenue	$	533	$	168	$	499	$	17
Interest expense	$	—	$	—	$	—	$	40


	Six Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	631	$	60	$	(187)	$	(69)	$	435
Provision for income tax expense (benefit)	116		11		(39)		(26)		62
Post-tax adjusted earnings	515		49		(148)		(43)		373
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		53		53
Adjusted earnings	$	515	$	49	$	(148)	$	(98)	318
Adjustments for:
Net investment gains (losses)									(134)
Net derivative gains (losses)									2,246
Other adjustments to net income (loss)									(527)
Provision for income tax (expense) benefit									(333)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	1,570

Interest revenue	$	1,101	$	265	$	751	$	110
Interest expense	$	—	$	—	$	—	$	76


	Six Months Ended June 30, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	831	$	137	$	225	$	(143)	$	1,050
Provision for income tax expense (benefit)	157		27		27		(29)		182
Post-tax adjusted earnings	674		110		198		(114)		868
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		46		46
Adjusted earnings	$	674	$	110	$	198	$	(162)	820
Adjustments for:
Net investment gains (losses)									(20)
Net derivative gains (losses)									(2,188)
Other adjustments to net income (loss)									411
Provision for income tax (expense) benefit									377
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(600)

Interest revenue	$	1,083	$	334	$	961	$	31
Interest expense	$	—	$	—	$	—	$	81

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


	June 30, 2022		December 31, 2021
	(In millions)
Annuities	$	153,186	$	178,700
Life	21,854		24,514
Run-off	30,888		37,055
Corporate & Other	22,283		19,571
Total	$	228,211	$	259,840

Reconciliation of Revenue from Segments to Consolidated

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Annuities	$	1,207	$	1,257	$	2,479	$	2,555
Life	276		383		616		793
Run-off	514		662		1,076		1,290
Corporate & Other	81		36		148		71
Adjustments	1,719		(662)		2,218		(2,095)
Total	$	3,797	$	1,676	$	6,537	$	2,614

Insurance (Tables)

6 Months Ended

Jun. 30, 2022

Insurance [Abstract]

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


	June 30, 2022						December 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)	$	86,438		$	46,478		$	109,968		$	59,735
Separate account value	$	81,487		$	45,291		$	105,023		$	58,555
Net amount at risk	$	15,537	(4)	$	6,390	(5)	$	6,361	(4)	$	5,240	(5)
Average attained age of contract holders	71 years			71 years			71 years			70 years


	June 30, 2022		December 31, 2021
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,391	$	5,518
Net amount at risk (6)	$	66,379	$	67,248
Average attained age of policyholders	68 years		68 years

Variable Life Contracts
Total account value (3)	$	3,864	$	4,785
Net amount at risk (6)	$	18,609	$	18,857
Average attained age of policyholders	52 years		52 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)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	June 30, 2022										December 31, 2021
	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	$	36,384	$	1	$	425	$	3,336	$	33,472	$	35,326	$	2	$	3,946	$	189	$	39,081
Foreign corporate	11,922		—		66		1,441		10,547		10,916		7		906		109		11,706
U.S. government and agency	9,208		—		788		389		9,607		7,301		—		2,066		60		9,307
RMBS	8,791		1		94		541		8,343		8,878		—		432		51		9,259
CMBS	7,138		2		2		424		6,714		6,976		2		333		25		7,282
State and political subdivision	4,037		—		247		235		4,049		3,995		—		846		6		4,835
ABS	4,911		—		2		229		4,684		4,261		—		33		14		4,280
Foreign government	1,222		—		58		90		1,190		1,593		—		244		5		1,832
Total fixed maturity securities	$	83,613	$	4	$	1,682	$	6,685	$	78,606	$	79,246	$	11	$	8,806	$	459	$	87,582

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at June 30, 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	$	1,025	$	13,020	$	17,522	$	31,206	$	20,840	$	83,613
Estimated fair value	$	1,018	$	12,583	$	15,976	$	29,288	$	19,741	$	78,606

_______________

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	June 30, 2022								December 31, 2021
	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	$	25,059	$	2,840	$	1,780	$	496	$	5,131	$	113	$	888	$	76
Foreign corporate	8,455		1,256		608		185		2,044		62		326		47
U.S. government and agency	4,069		188		497		201		1,716		40		222		20
RMBS	6,128		470		490		71		3,488		51		32		—
CMBS	6,082		354		406		70		1,401		21		95		4
State and political subdivision	1,765		229		19		6		356		6		7		—
ABS	4,096		213		286		16		2,459		13		93		1
Foreign government	739		90		—		—		278		4		18		1
Total fixed maturity securities	$	56,393	$	5,640	$	4,086	$	1,045	$	16,873	$	310	$	1,681	$	149
Total number of securities in an unrealized loss position	7,569				781				2,454				369

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	June 30, 2022				December 31, 2021
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,046	60.7	%	$	12,187	61.4	%
Agricultural	4,144		19.3		4,163		21.0
Residential	4,421		20.5		3,623		18.2
Total mortgage loans (1)	21,611		100.5		19,973		100.6
Allowance for credit losses	(103)		(0.5)		(123)		(0.6)
Total mortgage loans, net	$	21,508	100.0	%	$	19,850	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)
Six Months Ended June 30, 2022
Balance, beginning of period	$	67	$	12	$	44	$	123
Current period provision	—		3		—		3
Charge-offs, net of recoveries	(23)		—		—		(23)

Balance, end of period	$	44	$	15	$	44	$	103
Six Months Ended June 30, 2021
Balance, beginning of period	$	44	$	15	$	35	$	94
Current period provision	3		(2)		2		3


Balance, end of period	$	47	$	13	$	37	$	97

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:


	2022		2021		2020		2019		2018		Prior		Total
	(In millions)
June 30, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	1,021	$	2,634	$	375	$	1,437	$	974	$	3,855	$	10,296
65% to 75%	426		631		91		383		405		420		2,356
76% to 80%	—		—		—		55		29		65		149
Greater than 80%	1		—		—		—		29		215		245
Total commercial mortgage loans	1,448		3,265		466		1,875		1,437		4,555		13,046
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	306		1,158		410		496		652		809		3,831
65% to 75%	60		97		76		61		1		17		312

Greater than 80%	—		—		—		—		1		—		1
Total agricultural mortgage loans	366		1,255		486		557		654		826		4,144
Residential mortgage loans
Performing	541		1,712		170		226		179		1,535		4,363
Nonperforming	1		3		1		2		2		49		58
Total residential mortgage loans	542		1,715		171		228		181		1,584		4,421
Total	$	2,356	$	6,235	$	1,123	$	2,660	$	2,272	$	6,965	$	21,611


	2021		2020		2019		2018		2017		Prior		Total
	(In millions)
December 31, 2021
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	2,771	$	437	$	1,539	$	986	$	554	$	3,303	$	9,590
65% to 75%	633		92		383		406		128		481		2,123
76% to 80%	—		—		55		29		59		31		174
Greater than 80%	—		—		—		30		—		270		300
Total commercial mortgage loans	3,404		529		1,977		1,451		741		4,085		12,187
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	1,150		541		510		674		292		633		3,800
65% to 75%	114		77		61		26		33		52		363


Total agricultural mortgage loans	1,264		618		571		700		325		685		4,163
Residential mortgage loans
Performing	1,124		202		270		230		132		1,606		3,564
Nonperforming	1		—		3		3		1		51		59
Total residential mortgage loans	1,125		202		273		233		133		1,657		3,623
Total	$	5,793	$	1,349	$	2,821	$	2,384	$	1,199	$	6,427	$	19,973

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


	June 30, 2022				December 31, 2021
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	11,502	88.1	%	$	10,289	84.4	%
1.00x - 1.20x	270		2.1		596		4.9
Less than 1.00x	1,274		9.8		1,302		10.7
Total	$	13,046	100.0	%	$	12,187	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:


	June 30, 2022								December 31, 2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,046	$	4,128	$	4,302	$	21,476	$	12,187	$	4,163	$	3,550	$	19,900
30-59 days past due	—		—		61		61		—		—		14		14
60-89 days past due	—		—		14		14		—		—		14		14
90-179 days past due	—		16		27		43		—		—		29		29
180+ days past due	—		—		17		17		—		—		16		16
Total	$	13,046	$	4,144	$	4,421	$	21,611	$	12,187	$	4,163	$	3,623	$	19,973

Mortgage Loans in Nonaccrual Status by Portfolio Segment

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


	Commercial		Agricultural		Residential		Total
	(In millions)
June 30, 2022	$	23	$	—	$	58	$	81
December 31, 2021	$	—	$	—	$	59	$	59

Net Unrealized Investment Gains (Losses)

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


	June 30, 2022		December 31, 2021
	(In millions)
Fixed maturity securities	$	(5,003)	$	8,347

Derivatives	606		329

Other	(16)		(29)
Subtotal	(4,413)		8,647
Amounts allocated from:
Future policy benefits	371		(2,903)
DAC, VOBA and DSI	223		(403)
Subtotal	594		(3,306)
Deferred income tax benefit (expense)	802		(1,121)
Net unrealized investment gains (losses)	$	(3,017)	$	4,220

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


	Six Months Ended June 30, 2022
	(In millions)
Balance at December 31, 2021	$	4,220
Unrealized investment gains (losses) during the period	(13,060)
Unrealized investment gains (losses) relating to:
Future policy benefits	3,274
DAC, VOBA and DSI	626
Deferred income tax benefit (expense)	1,923
Balance at June 30, 2022	$	(3,017)
Change in net unrealized investment gains (losses)	$	(7,237)

Securities Lending

Elements of the securities lending program are presented below at:


	June 30, 2022		December 31, 2021
	(In millions)
Securities on loan: (1)
Amortized cost	$	5,243	$	3,573
Estimated fair value	$	5,320	$	4,539
Cash collateral received from counterparties (2)	$	5,391	$	4,611
Securities collateral received from counterparties (3)	$	—	$	2
Reinvestment portfolio — estimated fair value	$	5,304	$	4,730

_______________

(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:


	June 30, 2022						December 31, 2021
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)

U.S. government and agency	$	1,429	$	2,253	$	1,080	$	4,762	$	1,094	$	2,125	$	1,391	$	4,610
U.S. corporate	—		453		—		453		1		—		—		1

Foreign corporate	—		157		—		157		—		—		—		—
Foreign government	—		19		—		19		—		—		—		—
Total	$	1,429	$	2,882	$	1,080	$	5,391	$	1,095	$	2,125	$	1,391	$	4,611

_______________

(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:


	June 30, 2022		December 31, 2021
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,378	$	10,000
Invested assets held in trust (reinsurance agreements) (2)	5,494		6,029
Invested assets pledged as collateral (3)	8,779		5,116
Total invested assets on deposit, held in trust and pledged as collateral	$	22,651	$	21,145

_______________

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:


	June 30, 2022				December 31, 2021
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,206	$	16,042	$	16,472	$	15,802
Limited partnerships and LLCs	4,020		5,429		3,679		5,115
Total	$	19,226	$	21,471	$	20,151	$	20,917

Components of Net Investment Income

The components of net investment income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Investment income:
Fixed maturity securities	$	742	$	703	$	1,460	$	1,393
Equity securities	1		1		1		2
Mortgage loans	205		167		408		331
Policy loans	17		16		32		33
Limited partnerships and LLCs (1)	122		350		363		688
Cash, cash equivalents and short-term investments	6		1		7		3
Other	18		9		32		19
Total investment income	1,111		1,247		2,303		2,469
Less: Investment expenses	50		35		91		70
Net investment income	$	1,061	$	1,212	$	2,212	$	2,399

_______________

Components of Net Investment Gains (Losses)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Fixed maturity securities	$	(60)	$	(33)	$	(102)	$	(23)
Equity securities	(6)		3		(12)		3
Mortgage loans	1		(5)		(3)		(1)
Limited partnerships and LLCs	(1)		1		(17)		1

Total net investment gains (losses)	$	(66)	$	(34)	$	(134)	$	(20)

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Proceeds	$	1,576	$	977	$	4,115	$	2,239
Gross investment gains	$	2	$	8	$	46	$	41
Gross investment losses	(60)		(40)		(143)		(57)
Net investment gains (losses)	$	(58)	$	(32)	$	(97)	$	(16)

Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

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:


		June 30, 2022						December 31, 2021
	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	$	120	$	—	$	11	$	180	$	30	$	—
Foreign currency swaps	Foreign currency exchange rate	3,943		541		6		3,282		229		22
Total qualifying hedges		4,063		541		17		3,462		259		22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	3,295		198		—		2,595		325		17
Interest rate floors	Interest rate	2,250		15		2		—		—		—
Interest rate caps	Interest rate	5,350		120		27		5,100		29		4

Interest rate options	Interest rate	16,413		64		33		8,050		83		—
Interest rate forwards	Interest rate	12,095		19		1,684		9,808		627		109
Foreign currency swaps	Foreign currency exchange rate	868		148		—		967		96		21
Foreign currency forwards	Foreign currency exchange rate	480		8		—		483		3		4

Credit default swaps — written	Credit	1,923		7		7		1,724		39		1
Credit default swaptions	Credit	—		—		—		150		—		—

Equity index options	Equity market	25,701		731		834		24,692		1,155		877
Equity variance swaps	Equity market	281		9		1		281		9		1
Equity total return swaps	Equity market	25,258		1,235		829		32,719		493		588
Hybrid options	Equity market	900		—		—		900		8		—
Total non-designated or non-qualifying derivatives		94,814		2,554		3,417		87,469		2,867		1,622
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		132		—		N/A		186		—
Direct index-linked annuities	Other	N/A		—		2,527		N/A		—		6,211
Direct guaranteed minimum benefits	Other	N/A		—		1,746		N/A		—		1,848
Assumed index-linked annuities	Other	N/A		—		304		N/A		—		437
Total embedded derivatives		N/A		132		4,577		N/A		186		8,496
Total		$	98,877	$	3,227	$	8,011	$	90,931	$	3,312	$	10,140

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 June 30, 2022
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	3	$	—	$	1	$	(20)
Foreign currency exchange rate	1		(2)		14		285
Total cash flow hedges	4		(2)		15		265
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,307)		—		—		—
Foreign currency exchange rate	93		(32)		—		—
Credit	(25)		—		—		—
Equity market	420		—		—		—
Embedded	2,582		—		—		—
Total non-qualifying hedges	1,763		(32)		—		—
Total	$	1,767	$	(34)	$	15	$	265
Three Months Ended June 30, 2021
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	19
Foreign currency exchange rate	3		—		8		95
Total cash flow hedges	3		—		9		114
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	722		—		—		—
Foreign currency exchange rate	18		(2)		—		—
Credit	8		—		—		—
Equity market	(306)		—		—		—
Embedded	(1,127)		—		—		—
Total non-qualifying hedges	(685)		(2)		—		—
Total	$	(682)	$	(2)	$	9	$	114


	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)
Six Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	4	$	—	$	2	$	(41)
Foreign currency exchange rate	1		(2)		25		325
Total cash flow hedges	5		(2)		27		284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(2,438)		—		—		—
Foreign currency exchange rate	113		(39)		—		—
Credit	(32)		—		—		—
Equity market	728		—		—		—
Embedded	3,911		—		—		—
Total non-qualifying hedges	2,282		(39)		—		—
Total	$	2,287	$	(41)	$	27	$	284
Six Months Ended June 30, 2021
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	1	$	—	$	2	$	(33)
Foreign currency exchange rate	8		(3)		16		79
Total cash flow hedges	9		(3)		18		46
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,190)		—		—		—
Foreign currency exchange rate	11		1		—		—
Credit	11		—		—		—
Equity market	(448)		—		—		—
Embedded	(579)		—		—		—
Total non-qualifying hedges	(2,195)		1		—		—
Total	$	(2,186)	$	(2)	$	18	$	46

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 June 30, 2022
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	3	$	—	$	1	$	(20)
Foreign currency exchange rate	1		(2)		14		285
Total cash flow hedges	4		(2)		15		265
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,307)		—		—		—
Foreign currency exchange rate	93		(32)		—		—
Credit	(25)		—		—		—
Equity market	420		—		—		—
Embedded	2,582		—		—		—
Total non-qualifying hedges	1,763		(32)		—		—
Total	$	1,767	$	(34)	$	15	$	265
Three Months Ended June 30, 2021
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	19
Foreign currency exchange rate	3		—		8		95
Total cash flow hedges	3		—		9		114
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	722		—		—		—
Foreign currency exchange rate	18		(2)		—		—
Credit	8		—		—		—
Equity market	(306)		—		—		—
Embedded	(1,127)		—		—		—
Total non-qualifying hedges	(685)		(2)		—		—
Total	$	(682)	$	(2)	$	9	$	114


	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)
Six Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	4	$	—	$	2	$	(41)
Foreign currency exchange rate	1		(2)		25		325
Total cash flow hedges	5		(2)		27		284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(2,438)		—		—		—
Foreign currency exchange rate	113		(39)		—		—
Credit	(32)		—		—		—
Equity market	728		—		—		—
Embedded	3,911		—		—		—
Total non-qualifying hedges	2,282		(39)		—		—
Total	$	2,287	$	(41)	$	27	$	284
Six Months Ended June 30, 2021
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	1	$	—	$	2	$	(33)
Foreign currency exchange rate	8		(3)		16		79
Total cash flow hedges	9		(3)		18		46
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,190)		—		—		—
Foreign currency exchange rate	11		1		—		—
Credit	11		—		—		—
Equity market	(448)		—		—		—
Embedded	(579)		—		—		—
Total non-qualifying hedges	(2,195)		1		—		—
Total	$	(2,186)	$	(2)	$	18	$	46

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:


	June 30, 2022					December 31, 2021
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	$	4	$	664	2.3	$	12	$	589	2.4
Baa	(3)		1,231		4.9	27		1,131		5.0
Ba	1		24		4.5	—		—		0.0
Caa and Lower	(2)		4		3.5	(1)		4		4.0
Total	$	—	$	1,923	4.0	$	38	$	1,724	4.1

_______________

(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)
June 30, 2022
Derivative assets	$	3,127	$	(1,864)	$	(1,164)	$	99	$	(55)	$	44
Derivative liabilities	$	3,451	$	(1,864)	$	(2)	$	1,585	$	(1,583)	$	2
December 31, 2021
Derivative assets	$	3,128	$	(1,155)	$	(1,494)	$	479	$	(413)	$	66
Derivative liabilities	$	1,632	$	(1,155)	$	—	$	477	$	(477)	$	—

_______________

(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)
June 30, 2022
Derivative assets	$	3,127	$	(1,864)	$	(1,164)	$	99	$	(55)	$	44
Derivative liabilities	$	3,451	$	(1,864)	$	(2)	$	1,585	$	(1,583)	$	2
December 31, 2021
Derivative assets	$	3,128	$	(1,155)	$	(1,494)	$	479	$	(413)	$	66
Derivative liabilities	$	1,632	$	(1,155)	$	—	$	477	$	(477)	$	—

_______________

(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


	June 30, 2022		December 31, 2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,587	$	477
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	3,115	$	839

_______________

(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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&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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-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements


	June 30, 2022
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	32,342	$	1,130	$	33,472
Foreign corporate	—		9,967		580		10,547
U.S. government and agency	4,687		4,920		—		9,607
RMBS	—		8,276		67		8,343
CMBS	—		6,680		34		6,714
State and political subdivision	—		4,049		—		4,049
ABS	—		4,440		244		4,684
Foreign government	—		1,150		40		1,190
Total fixed maturity securities	4,687		71,824		2,095		78,606
Equity securities	30		39		27		96
Short-term investments	488		432		—		920




Derivative assets: (1)
Interest rate	—		416		—		416
Foreign currency exchange rate	—		669		28		697
Credit	—		1		6		7
Equity market	—		1,966		9		1,975
Total derivative assets	—		3,052		43		3,095
Embedded derivatives within asset host contracts (2)	—		—		132		132
Separate account assets	30		88,813		—		88,843
Total assets	$	5,235	$	164,160	$	2,297	$	171,692
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,757	$	—	$	1,757
Foreign currency exchange rate	—		6		—		6
Credit	—		3		4		7
Equity market	—		1,663		1		1,664
Total derivative liabilities	—		3,429		5		3,434
Embedded derivatives within liability host contracts (2)	—		—		4,577		4,577

Total liabilities	$	—	$	3,429	$	4,582	$	8,011


	December 31, 2021
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	38,176	$	905	$	39,081
Foreign corporate	—		11,212		494		11,706
U.S. government and agency	3,236		6,071		—		9,307
RMBS	—		9,247		12		9,259
CMBS	—		7,239		43		7,282
State and political subdivision	—		4,835		—		4,835
ABS	—		4,115		165		4,280
Foreign government	—		1,806		26		1,832
Total fixed maturity securities	3,236		82,701		1,645		87,582
Equity securities	27		61		13		101
Short-term investments	1,503		336		2		1,841
Derivative assets: (1)
Interest rate	—		1,094		—		1,094
Foreign currency exchange rate	—		318		10		328
Credit	—		27		12		39
Equity market	—		1,649		16		1,665
Total derivative assets	—		3,088		38		3,126
Embedded derivatives within asset host contracts (2)	—		—		186		186
Separate account assets	41		114,423		—		114,464
Total assets	$	4,807	$	200,609	$	1,884	$	207,300
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	130	$	—	$	130
Foreign currency exchange rate	—		47		—		47
Credit	—		—		1		1
Equity market	—		1,465		1		1,466
Total derivative liabilities	—		1,642		2		1,644
Embedded derivatives within liability host contracts (2)	—		—		8,496		8,496
Total liabilities	$	—	$	1,642	$	8,498	$	10,140

_______________

Fair Value Measurement Inputs and Valuation Techniques


					June 30, 2022			December 31, 2021			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%	-	12.62%	0.03%	-	12.62%	Decrease (1)
			•	Lapse rates	0.30%	-	14.50%	0.30%	-	14.50%	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	16.44%	-	22.16%	16.44%	-	22.16%	Increase (5)
			•	Nonperformance risk spread	0.17%	-	2.23%	(0.38)%	-	1.49%	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		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Net Embedded Derivatives (3)		Separate Account Assets (4)
	(In millions)
Three Months Ended June 30, 2022
Balance, beginning of period	$	1,618	$	194	$	23	$	13	$	—	$	30	$	(6,911)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(6)		—		—		1		—		(5)		2,582		—
Total realized/unrealized gains (losses) included in AOCI	(110)		3		(5)		—		—		12		—		—
Purchases (7)	330		201		—		13		—		1		—		—
Sales (7)	(56)		(11)		—		—		—		—		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(116)		—
Transfers into Level 3 (8)	90		34		22		—		—		—		—		—
Transfers out of Level 3 (8)	(156)		(76)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(4,445)	$	—
Three Months Ended June 30, 2021
Balance, beginning of period	$	670	$	126	$	—	$	3	$	—	$	8	$	(6,468)	$	2
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—		—		—		—		—		8		(1,127)		—
Total realized/unrealized gains (losses) included in AOCI	21		1		—		—		—		10		—		—
Purchases (7)	231		163		12		—		—		—		—		—
Sales (7)	(12)		(9)		—		—		—		(6)		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(120)		—
Transfers into Level 3 (8)	65		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(86)		(64)		—		—		—		—		—		(2)
Balance, end of period	$	889	$	217	$	12	$	3	$	—	$	20	$	(7,715)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (9)	$	—	$	—	$	—	$	1	$	—	$	(5)	$	2,537	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (9)	$	(117)	$	2	$	(5)	$	—	$	—	$	12	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (9)	$	—	$	—	$	—	$	—	$	—	$	3	$	(1,104)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2021 (9)	$	21	$	1	$	—	$	—	$	—	$	10	$	—	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)		Structured Securities		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Net Embedded Derivatives (3)		Separate Account Assets (4)
	(In millions)
Six Months Ended June 30, 2022
Balance, beginning of period	$	1,399	$	220	$	26	$	13	$	2	$	36	$	(8,310)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(6)		—		—		1		—		(15)		3,911		(1)
Total realized/unrealized gains (losses) included in AOCI	(216)		(12)		(9)		—		—		16		—		—
Purchases (7)	648		229		5		13		—		1		—		—
Sales (7)	(140)		(14)		(1)		—		(2)		—		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(46)		—
Transfers into Level 3 (8)	148		23		19		—		—		—		—		1
Transfers out of Level 3 (8)	(123)		(101)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(4,445)	$	—
Six Months Ended June 30, 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)		—		—		—		—		16		(579)		—
Total realized/unrealized gains (losses) included in AOCI	—		1		—		—		—		9		—		—
Purchases (7)	327		181		12		—		—		(1)		—		—
Sales (7)	(10)		(14)		—		—		—		(6)		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(262)		—
Transfers into Level 3 (8)	66		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(181)		(18)		—		—		—		—		—		(3)
Balance, end of period	$	889	$	217	$	12	$	3	$	—	$	20	$	(7,715)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (9)	$	—	$	—	$	—	$	1	$	—	$	(15)	$	4,001	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (9)	$	(218)	$	(12)	$	(9)	$	—	$	—	$	16	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2021 (9)	$	(1)	$	—	$	—	$	—	$	—	$	2	$	(560)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2021 (9)	$	—	$	1	$	—	$	—	$	—	$	9	$	—	$	—

_______________

(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:


	June 30, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	21,508	$	—	$	—	$	20,397	$	20,397
Policy loans	$	1,277	$	—	$	515	$	952	$	1,467
Other invested assets	$	156	$	—	$	144	$	12	$	156
Premiums, reinsurance and other receivables	$	3,714	$	—	$	311	$	3,740	$	4,051
Liabilities
Policyholder account balances	$	26,762	$	—	$	—	$	26,032	$	26,032
Long-term debt	$	3,157	$	—	$	2,795	$	—	$	2,795
Other liabilities	$	1,092	$	—	$	387	$	705	$	1,092
Separate account liabilities	$	1,066	$	—	$	1,066	$	—	$	1,066


	December 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	19,850	$	—	$	—	$	20,656	$	20,656
Policy loans	$	1,264	$	—	$	508	$	1,148	$	1,656
Other invested assets	$	82	$	—	$	70	$	12	$	82
Premiums, reinsurance and other receivables	$	3,242	$	—	$	20	$	3,749	$	3,769
Liabilities
Policyholder account balances	$	23,637	$	—	$	—	$	23,614	$	23,614
Long-term debt	$	3,157	$	—	$	3,504	$	—	$	3,504
Other liabilities	$	854	$	—	$	138	$	716	$	854
Separate account liabilities	$	1,440	$	—	$	1,440	$	—	$	1,440

Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Preferred Stock Authorized, Issued and Outstanding

Preferred stock shares authorized, issued and outstanding were as follows at both June 30, 2022 and December 31, 2021:


	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
4.625% Non-Cumulative Preferred Stock, Series D	14,000	14,000	14,000
Not designated	99,929,900	—	—
Total	100,000,000	70,100	70,100

Preferred Stock Dividends Declared

The per share and aggregate dividend declared for BHF’s preferred stock by series was as follows:


	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2021				2022				2021
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	412.50	$	7	$	412.50	$	7	$	825.00	$	14	$	825.00	$	14
B	$	421.88	7		$	421.88	7		$	843.76	14		$	843.76	14
C	$	335.94	8		$	335.94	7		$	671.88	16		$	802.52	18
D	$	289.06	4		$	—	—		$	684.11	9		$	—	—
Total			$	26			$	21			$	53			$	46

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

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


	Three Months Ended June 30, 2022
	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 March 31, 2022	$	167	$	252	$	(13)	$	(43)	$	363
OCI before reclassifications	(4,690)		265		(24)		(2)		(4,451)
Deferred income tax benefit (expense) (2)	964		(34)		5		1		936
AOCI before reclassifications, net of income tax	(3,559)		483		(32)		(44)		(3,152)
Amounts reclassified from AOCI	81		(5)		—		2		78
Deferred income tax benefit (expense) (2)	(17)		—		—		—		(17)
Amounts reclassified from AOCI, net of income tax	64		(5)		—		2		61



Balance at June 30, 2022	$	(3,495)	$	478	$	(32)	$	(42)	$	(3,091)


	Three Months Ended June 30, 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 March 31, 2021	$	3,387	$	55	$	(14)	$	(39)	$	3,389
OCI before reclassifications	1,385		114		1		—		1,500
Deferred income tax benefit (expense) (2)	(291)		(24)		—		1		(314)
AOCI before reclassifications, net of income tax	4,481		145		(13)		(38)		4,575
Amounts reclassified from AOCI	32		(4)		—		(1)		27
Deferred income tax benefit (expense) (2)	(7)		1		—		—		(6)
Amounts reclassified from AOCI, net of income tax	25		(3)		—		(1)		21



Balance at June 30, 2021	$	4,506	$	142	$	(13)	$	(39)	$	4,596


	Six Months Ended June 30, 2022
	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, 2021	$	3,982	$	238	$	(7)	$	(41)	$	4,172
OCI before reclassifications	(9,561)		284		(32)		(4)		(9,313)
Deferred income tax benefit (expense) (2)	1,986		(38)		7		1		1,956
AOCI before reclassifications, net of income tax	(3,593)		484		(32)		(44)		(3,185)
Amounts reclassified from AOCI	124		(7)		—		2		119
Deferred income tax benefit (expense) (2)	(26)		1		—		—		(25)
Amounts reclassified from AOCI, net of income tax	98		(6)		—		2		94



Balance at June 30, 2022	$	(3,495)	$	478	$	(32)	$	(42)	$	(3,091)


	Six Months Ended June 30, 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	(1,463)		46		(6)		(2)		(1,425)
Deferred income tax benefit (expense) (2)	308		(10)		1		1		300
AOCI before reclassifications, net of income tax	4,491		151		(13)		(38)		4,591
Amounts reclassified from AOCI	19		(11)		—		(1)		7
Deferred income tax benefit (expense) (2)	(4)		2		—		—		(2)
Amounts reclassified from AOCI, net of income tax	15		(9)		—		(1)		5



Balance at June 30, 2021	$	4,506	$	142	$	(13)	$	(39)	$	4,596

__________________

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

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

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


AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(55)	$	(31)	$	(94)	$	(15)	Net investment gains (losses)

Net unrealized investment gains (losses)	(26)		(1)		(30)		(4)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(81)		(32)		(124)		(19)
Income tax (expense) benefit	17		7		26		4
Net unrealized investment gains (losses), net of income tax	(64)		(25)		(98)		(15)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	3		—		4		1		Net derivative gains (losses)
Interest rate swaps	1		1		2		2		Net investment income


Foreign currency swaps	1		3		1		8		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	5		4		7		11
Income tax (expense) benefit	—		(1)		(1)		(2)
Gains (losses) on cash flow hedges, net of income tax	5		3		6		9
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		1		(2)		1

Amortization of defined benefit plans, before income tax	(2)		1		(2)		1
Income tax (expense) benefit	—		—		—		—
Amortization of defined benefit plans, net of income tax	(2)		1		(2)		1
Total reclassifications, net of income tax	$	(61)	$	(21)	$	(94)	$	(5)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Other Revenues and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Compensation	$	80	$	96	$	165	$	188
Contracted services and other labor costs	68		70		124		130
Transition services agreements	1		29		29		61
Establishment costs	11		29		26		46
Premium and other taxes, licenses and fees	15		12		28		27
Separate account fees	102		127		216		252
Volume related costs, excluding compensation, net of DAC capitalization	99		180		244		343
Interest expense on debt	38		40		76		81
Other	177		25		193		42
Total other expenses	$	591	$	608	$	1,101	$	1,170

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	957	$	10	$	1,570	$	(600)

Weighted average common shares outstanding — basic	74,570,237		85,549,350		75,705,755		86,555,806
Dilutive effect of share-based awards	401,421		515,800		454,716		—
Weighted average common shares outstanding — diluted	74,971,658		86,065,150		76,160,471		86,555,806

Earnings per common share:
Basic	$	12.84	$	0.12	$	20.74	$	(6.93)
Diluted	$	12.77	$	0.11	$	20.62	$	(6.93)

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022 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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ 1,213		$ 21		$ 2,020	$ (747)
Provision for income tax expense (benefit)	230		(10)		395	(195)
Post-tax adjusted earnings	983	$ 642	31	$ (583)	1,625	(552)
Less: Net income (loss) attributable to noncontrolling interests	0		0		2	2
Less: Preferred stock dividends	26		21		53	46
Net investment gains (losses)	(66)		(34)		(134)	(20)
Net derivative gains (losses)	1,733		(684)		2,246	(2,188)
Other adjustments to net income (loss)	118		101		255	228
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	957		10		1,570	(600)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	546		533		1,101	1,083
Interest expense	0		0		0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	112		168		265	334
Interest expense	0		0		0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	350		499		751	961
Interest expense	0		0		0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	62		17		110	31
Interest expense	38		40		76	81
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	31		560		435	1,050
Provision for income tax expense (benefit)	(19)		104		62	182
Post-tax adjusted earnings	50		456		373	868
Less: Net income (loss) attributable to noncontrolling interests	0		0		2	2
Less: Preferred stock dividends	26		21		53	46
Adjusted earnings	24		435		318	820
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	248		417		631	831
Provision for income tax expense (benefit)	44		79		116	157
Post-tax adjusted earnings	204		338		515	674
Less: Net income (loss) attributable to noncontrolling interests	0		0		0	0
Less: Preferred stock dividends	0		0		0	0
Adjusted earnings	204		338		515	674
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	28		85		60	137
Provision for income tax expense (benefit)	5		17		11	27
Post-tax adjusted earnings	23		68		49	110
Less: Net income (loss) attributable to noncontrolling interests	0		0		0	0
Less: Preferred stock dividends	0		0		0	0
Adjusted earnings	23		68		49	110
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(207)		140		(187)	225
Provision for income tax expense (benefit)	(43)		18		(39)	27
Post-tax adjusted earnings	(164)		122		(148)	198
Less: Net income (loss) attributable to noncontrolling interests	0		0		0	0
Less: Preferred stock dividends	0		0		0	0
Adjusted earnings	(164)		122		(148)	198
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(38)		(82)		(69)	(143)
Provision for income tax expense (benefit)	(25)		(10)		(26)	(29)
Post-tax adjusted earnings	(13)		(72)		(43)	(114)
Less: Net income (loss) attributable to noncontrolling interests	0		0		2	2
Less: Preferred stock dividends	26		21		53	46
Adjusted earnings	(39)		(93)		(98)	(162)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	(249)		114		(333)	377
Net investment gains (losses)	(66)		(34)		(134)	(20)
Net derivative gains (losses)	1,733		(684)		2,246	(2,188)
Other adjustments to net income (loss)	$ (485)		$ 179		$ (527)	$ 411

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 3,797	$ 1,676	$ 6,537	$ 2,614
Annuities
Segment Reporting Information [Line Items]
Total revenues	1,207	1,257	2,479	2,555
Life
Segment Reporting Information [Line Items]
Total revenues	276	383	616	793
Run-off
Segment Reporting Information [Line Items]
Total revenues	514	662	1,076	1,290
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	81	36	148	71
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	$ 1,719	$ (662)	$ 2,218	$ (2,095)

- 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	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 228,211	$ 259,840
Annuities
Segment Reporting Information [Line Items]
Total assets	153,186	178,700
Life
Segment Reporting Information [Line Items]
Total assets	21,854	24,514
Run-off
Segment Reporting Information [Line Items]
Total assets	30,888	37,055
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 22,283	$ 19,571

- Definition

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

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+ Details

Segment Information (Narrative) (Details)	6 Months Ended
Segment Information (Narrative) (Details)	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of segments	3

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 86,438	$ 109,968
Separate account value	81,487	105,023
Net amount at risk	$ 15,537	$ 6,361
Average attained age of contract holders	71 years	71 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 46,478	$ 59,735
Separate account value	45,291	58,555
Net amount at risk	$ 6,390	$ 5,240
Average attained age of contract holders	71 years	70 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Universal Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 5,391	$ 5,518
Net amount at risk	$ 66,379	$ 67,248
Average attained age of policyholders	68 years	68 years
Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,864	$ 4,785
Net amount at risk	$ 18,609	$ 18,857
Average attained age of policyholders	52 years	52 years

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 83,613	$ 79,246
Fixed maturity securities, allowance for credit losses	4	11
Fixed maturity securities, gross unrealized gains	1,682	8,806
Fixed maturity securities, gross unrealized losses	6,685	459
Fixed maturity securities, estimated fair value	78,606	87,582
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	36,384	35,326
Fixed maturity securities, allowance for credit losses	1	2
Fixed maturity securities, gross unrealized gains	425	3,946
Fixed maturity securities, gross unrealized losses	3,336	189
Fixed maturity securities, estimated fair value	33,472	39,081
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	11,922	10,916
Fixed maturity securities, allowance for credit losses	0	7
Fixed maturity securities, gross unrealized gains	66	906
Fixed maturity securities, gross unrealized losses	1,441	109
Fixed maturity securities, estimated fair value	10,547	11,706
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	9,208	7,301
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	788	2,066
Fixed maturity securities, gross unrealized losses	389	60
Fixed maturity securities, estimated fair value	9,607	9,307
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,791	8,878
Fixed maturity securities, allowance for credit losses	1	0
Fixed maturity securities, gross unrealized gains	94	432
Fixed maturity securities, gross unrealized losses	541	51
Fixed maturity securities, estimated fair value	8,343	9,259
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	7,138	6,976
Fixed maturity securities, allowance for credit losses	2	2
Fixed maturity securities, gross unrealized gains	2	333
Fixed maturity securities, gross unrealized losses	424	25
Fixed maturity securities, estimated fair value	6,714	7,282
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	4,037	3,995
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	247	846
Fixed maturity securities, gross unrealized losses	235	6
Fixed maturity securities, estimated fair value	4,049	4,835
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	4,911	4,261
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	2	33
Fixed maturity securities, gross unrealized losses	229	14
Fixed maturity securities, estimated fair value	4,684	4,280
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,222	1,593
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	58	244
Fixed maturity securities, gross unrealized losses	90	5
Fixed maturity securities, estimated fair value	$ 1,190	$ 1,832

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 1,025
Amortized cost, due after one year through five years	13,020
Amortized cost, due after five years through ten years	17,522
Amortized cost, due after ten years	31,206
Amortized cost, Structured Securities	20,840
Fixed maturity securities, amortized cost	83,613	$ 79,246
Estimated fair value, due in one year or less	1,018
Estimated fair value, due after one year through five years	12,583
Estimated fair value, due after five years through ten years	15,976
Estimated fair value, due after ten years	29,288
Estimated fair value, Structured Securities	19,741
Fixed maturity securities, estimated fair value	$ 78,606	$ 87,582

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	$ 56,393	$ 16,873
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 5,640	$ 310
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	7,569	2,454
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 4,086	$ 1,681
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 1,045	$ 149
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	781	369
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	$ 25,059	$ 5,131
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	2,840	113
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,780	888
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	496	76
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	8,455	2,044
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	1,256	62
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	608	326
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	185	47
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	4,069	1,716
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	188	40
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	497	222
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	201	20
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	6,128	3,488
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	470	51
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	490	32
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	71	0
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	6,082	1,401
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	354	21
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	406	95
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	70	4
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	1,765	356
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	229	6
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	19	7
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	6	0
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	4,096	2,459
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	213	13
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	286	93
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	16	1
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	739	278
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	90	4
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	0	18
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 0	$ 1

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 21,611	$ 19,973
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	100.50%	100.60%
Financing receivable, allowance for credit losses	$ (103)	$ (123)	$ (97)	$ (94)
Financing receivable, allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	(0.50%)	(0.60%)
Financing receivable, net of allowance for credit losses	$ 21,508	$ 19,850
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	$ 13,046	$ 12,187
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	60.70%	61.40%
Financing receivable, allowance for credit losses	$ (44)	$ (67)	(47)	(44)
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,144	$ 4,163
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	19.30%	21.00%
Financing receivable, allowance for credit losses	$ (15)	$ (12)	(13)	(15)
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,421	$ 3,623
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	20.50%	18.20%
Financing receivable, allowance for credit losses	$ (44)	$ (44)	$ (37)	$ (35)

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	$ 123	$ 94
Current period provision	3	3
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(23)
Financing receivable, allowance for credit losses, end of period	103	97
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	67	44
Current period provision	0	3
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(23)
Financing receivable, allowance for credit losses, end of period	44	47
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	12	15
Current period provision	3	(2)
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	0
Financing receivable, allowance for credit losses, end of period	15	13
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	44	35
Current period provision	0	2
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	0
Financing receivable, allowance for credit losses, end of period	$ 44	$ 37

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 2,356	$ 5,793
Financing receivable, originated in FY before latest FY	6,235	1,349
Financing receivable, originated two years before latest FY	1,123	2,821
Financing receivable, originated three years before latest FY	2,660	2,384
Financing receivable, originated four years before latest FY	2,272	1,199
Financing receivable, originated five or more years before latest FY	6,965	6,427
Financing receivable, before allowance for credit losses	21,611	19,973
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1,448	3,404
Financing receivable, originated in FY before latest FY	3,265	529
Financing receivable, originated two years before latest FY	466	1,977
Financing receivable, originated three years before latest FY	1,875	1,451
Financing receivable, originated four years before latest FY	1,437	741
Financing receivable, originated five or more years before latest FY	4,555	4,085
Financing receivable, before allowance for credit losses	$ 13,046	$ 12,187
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	$ 11,502	$ 10,289
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	88.10%	84.40%
Commercial \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 270	$ 596
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	2.10%	4.90%
Commercial \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 1,274	$ 1,302
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	9.80%	10.70%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 1,021	$ 2,771
Financing receivable, originated in FY before latest FY	2,634	437
Financing receivable, originated two years before latest FY	375	1,539
Financing receivable, originated three years before latest FY	1,437	986
Financing receivable, originated four years before latest FY	974	554
Financing receivable, originated five or more years before latest FY	3,855	3,303
Financing receivable, before allowance for credit losses	10,296	9,590
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	426	633
Financing receivable, originated in FY before latest FY	631	92
Financing receivable, originated two years before latest FY	91	383
Financing receivable, originated three years before latest FY	383	406
Financing receivable, originated four years before latest FY	405	128
Financing receivable, originated five or more years before latest FY	420	481
Financing receivable, before allowance for credit losses	2,356	2,123
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	55
Financing receivable, originated three years before latest FY	55	29
Financing receivable, originated four years before latest FY	29	59
Financing receivable, originated five or more years before latest FY	65	31
Financing receivable, before allowance for credit losses	149	174
Commercial \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1	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	30
Financing receivable, originated four years before latest FY	29	0
Financing receivable, originated five or more years before latest FY	215	270
Financing receivable, before allowance for credit losses	245	300
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	366	1,264
Financing receivable, originated in FY before latest FY	1,255	618
Financing receivable, originated two years before latest FY	486	571
Financing receivable, originated three years before latest FY	557	700
Financing receivable, originated four years before latest FY	654	325
Financing receivable, originated five or more years before latest FY	826	685
Financing receivable, before allowance for credit losses	4,144	4,163
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	306	1,150
Financing receivable, originated in FY before latest FY	1,158	541
Financing receivable, originated two years before latest FY	410	510
Financing receivable, originated three years before latest FY	496	674
Financing receivable, originated four years before latest FY	652	292
Financing receivable, originated five or more years before latest FY	809	633
Financing receivable, before allowance for credit losses	3,831	3,800
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	60	114
Financing receivable, originated in FY before latest FY	97	77
Financing receivable, originated two years before latest FY	76	61
Financing receivable, originated three years before latest FY	61	26
Financing receivable, originated four years before latest FY	1	33
Financing receivable, originated five or more years before latest FY	17	52
Financing receivable, before allowance for credit losses	312	363
Agricultural \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	0
Financing receivable, originated two years before latest FY	0
Financing receivable, originated three years before latest FY	0
Financing receivable, originated four years before latest FY	1
Financing receivable, originated five or more years before latest FY	0
Financing receivable, before allowance for credit losses	1
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	542	1,125
Financing receivable, originated in FY before latest FY	1,715	202
Financing receivable, originated two years before latest FY	171	273
Financing receivable, originated three years before latest FY	228	233
Financing receivable, originated four years before latest FY	181	133
Financing receivable, originated five or more years before latest FY	1,584	1,657
Financing receivable, before allowance for credit losses	4,421	3,623
Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	541	1,124
Financing receivable, originated in FY before latest FY	1,712	202
Financing receivable, originated two years before latest FY	170	270
Financing receivable, originated three years before latest FY	226	230
Financing receivable, originated four years before latest FY	179	132
Financing receivable, originated five or more years before latest FY	1,535	1,606
Financing receivable, before allowance for credit losses	4,363	3,564
Residential \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1	1
Financing receivable, originated in FY before latest FY	3	0
Financing receivable, originated two years before latest FY	1	3
Financing receivable, originated three years before latest FY	2	3
Financing receivable, originated four years before latest FY	2	1
Financing receivable, originated five or more years before latest FY	49	51
Financing receivable, before allowance for credit losses	$ 58	$ 59

Investments (Past Due Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 21,611	$ 19,973
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	21,476	19,900
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	61	14
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	14	14
90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	43	29
180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	17	16
Commercial
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,046	12,187
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,046	12,187
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	4,144	4,163
Agricultural \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,128	4,163
Agricultural \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Agricultural \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Agricultural \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	16	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	4,421	3,623
Residential \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,302	3,550
Residential \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	61	14
Residential \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	14	14
Residential \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	27	29
Residential \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 17	$ 16

Investments (Mortgage Loans in Nonaccrual Status by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 81	$ 59
Commercial
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	23	0
Agricultural
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	0	0
Residential
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 58	$ 59

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ (5,003)	$ 8,347
Derivatives	606	329
Other	(16)	(29)
Subtotal	(4,413)	8,647
Amounts allocated from: Future policy benefits	371	(2,903)
Amounts allocated from: DAC, VOBA and DSI	223	(403)
Subtotal	594	(3,306)
Deferred income tax benefit (expense)	802	(1,121)
Net unrealized investment gains (losses)	$ (3,017)	$ 4,220

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized investment gains (losses), beginning of period	$ 4,220
Unrealized investment gains (losses) during the period	(13,060)
Unrealized investment gains (losses) relating to: Future policy benefits	3,274
Unrealized investment gains (losses) relating to: DAC, VOBA and DSI	626
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	1,923
Unrealized investment gains (losses), end of period	(3,017)
Change in net unrealized investment gains (losses)	$ (7,237)

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 5,391	$ 4,611
Securities collateral received from counterparties	0	2
Reinvestment portfolio — estimated fair value	5,304	4,730
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	5,243	3,573
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 5,320	$ 4,539

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 8,378	$ 10,000
Invested assets held in trust (reinsurance agreements)	5,494	6,029
Invested assets pledged as collateral	8,779	5,116
Total invested assets on deposit, held in trust and pledged as collateral	$ 22,651	$ 21,145

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying amount	$ 228,211	$ 259,840
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount	19,226	20,151
Maximum exposure to loss	21,471	20,917
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	15,206	16,472
Maximum exposure to loss	16,042	15,802
VIE, Not Primary Beneficiary \| Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying amount	4,020	3,679
Maximum exposure to loss	$ 5,429	$ 5,115

- Definition

+ References

+ Details

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Investment Income [Line Items]
Gross investment income	$ 1,111	$ 1,247	$ 2,303	$ 2,469
Less: Investment expenses	50	35	91	70
Net investment income	1,061	1,212	2,212	2,399
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	742	703	1,460	1,393
Equity securities
Net Investment Income [Line Items]
Gross investment income	1	1	1	2
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	205	167	408	331
Policy loans
Net Investment Income [Line Items]
Gross investment income	17	16	32	33
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	122	350	363	688
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	6	1	7	3
Other
Net Investment Income [Line Items]
Gross investment income	$ 18	$ 9	$ 32	$ 19

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (66)	$ (34)	$ (134)	$ (20)
Fixed maturity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(60)	(33)	(102)	(23)
Equity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(6)	3	(12)	3
Mortgage loans
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	1	(5)	(3)	(1)
Limited partnerships and LLCs
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (1)	$ 1	$ (17)	$ 1

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 1,576	$ 977	$ 4,115	$ 2,239
Fixed maturity securities, gross investment gains	2	8	46	41
Fixed maturity securities, gross investment losses	(60)	(40)	(143)	(57)
Fixed maturity securities, net investment gains (losses)	$ (58)	$ (32)	$ (97)	$ (16)

Investments (Fixed Maturity Securities - Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 78,606		$ 87,582
Fixed maturity securities, allowance for credit losses	$ 4		11
Fixed maturity securities with allowance for credit losses, number of securities	5
Fixed maturity securities, total write-offs	$ 10	$ 0
Non-Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	20		3
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 557		$ 534

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased from third parties	$ 415	$ 621	$ 1,300	$ 799
Accrued interest receivable	99		99		$ 95
Financing receivable, before allowance for credit losses	21,611		21,611		19,973
COVID-19 Pandemic financing receivables in nonaccrual status	26		26		30
Financing receivables in nonaccrual status with no allowance for credit losses	23		23		0
Financing receivable in nonaccrual status	81		81		59
COVID-19 Pandemic Financial Asset Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 26		$ 26		$ 30
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%		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	$ 4,421		4,421		$ 3,623
Financing receivables in nonaccrual status with no allowance for credit losses	0		0		0
Financing receivable in nonaccrual status	58		58		59
Residential \| Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,363		$ 4,363		$ 3,564

Investments (Other Invested Assets - Narrative) (Details)	Jun. 30, 2022
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	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Cash collateral on deposit from counterparties	$ 1,400
Percentage of reinvestment portfolio invested in liquid assets	58.00%

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	$ 8,378	$ 10,000
Invested assets held in trust (reinsurance agreements)	5,494	6,029
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	42	25
Invested assets held in trust (reinsurance agreements)	131	119
FHLB common stock	$ 144	$ 70

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Investment Income [Line Items]
Net investment income	$ 1,061	$ 1,212	$ 2,212	$ 2,399
Other limited partnership interests
Net Investment Income [Line Items]
Net investment income	$ 93	$ 339	$ 305	$ 670

Investments (Components of Net Investment Gains (Losses) - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (66)	$ (34)	$ (134)	$ (20)
Foreign Exchange
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (5)	$ 1	$ (21)	$ 0

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 98,877	$ 90,931
Derivative assets	3,227	3,312
Derivative liabilities	8,011	10,140
Embedded Derivative, Fair Value of Embedded Derivative Asset	132	186
Embedded Derivative, Fair Value of Embedded Derivative Liability	4,577	8,496
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,063	3,462
Derivative assets	541	259
Derivative liabilities	17	22
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	120	180
Derivative assets	0	30
Derivative liabilities	11	0
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,943	3,282
Derivative assets	541	229
Derivative liabilities	6	22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	94,814	87,469
Derivative assets	2,554	2,867
Derivative liabilities	3,417	1,622
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,295	2,595
Derivative assets	198	325
Derivative liabilities	0	17
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5,350	5,100
Derivative assets	120	29
Derivative liabilities	27	4
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	16,413	8,050
Derivative assets	64	83
Derivative liabilities	33	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	12,095	9,808
Derivative assets	19	627
Derivative liabilities	1,684	109
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	868	967
Derivative assets	148	96
Derivative liabilities	0	21
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	480	483
Derivative assets	8	3
Derivative liabilities	0	4
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,923	1,724
Derivative assets	7	39
Derivative liabilities	7	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaptions
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	150
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	25,701	24,692
Derivative assets	731	1,155
Derivative liabilities	834	877
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	281	281
Derivative assets	9	9
Derivative liabilities	1	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	25,258	32,719
Derivative assets	1,235	493
Derivative liabilities	829	588
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Hybrid options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	900	900
Derivative assets	0	8
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest Rate Floor
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2,250	0
Derivative assets	15	0
Derivative liabilities	2	0
Ceded guaranteed minimum income benefits
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	132	186
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	1,746	6,211
Direct index-linked annuities
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	2,527	1,848
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	$ 304	$ 437

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps		$ 0		$ 38
Maximum Amount of Future Payments under Credit Default Swaps		$ 1,923		1,724
Weighted Average Years to Maturity (2)	4 years 1 month 6 days	4 years
Credit default swaps \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps		$ 4		12
Maximum Amount of Future Payments under Credit Default Swaps		$ 664		589
Weighted Average Years to Maturity (2)	2 years 4 months 24 days	2 years 3 months 18 days
Credit default swaps \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps		$ (3)		27
Maximum Amount of Future Payments under Credit Default Swaps		$ 1,231		1,131
Weighted Average Years to Maturity (2)	5 years	4 years 10 months 24 days
Credit default swaps \| Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps		$ 1		0
Maximum Amount of Future Payments under Credit Default Swaps		$ 24		0
Weighted Average Years to Maturity (2)	0 years	4 years 6 months	0 years
Credit default swaps \| Caa and Lower
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps		$ (2)		(1)
Maximum Amount of Future Payments under Credit Default Swaps		$ 4		$ 4
Weighted Average Years to Maturity (2)	4 years	3 years 6 months	0 years

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 3,127	$ 3,128
Derivative Asset, Not Offset, Policy Election Deduction	(1,864)	(1,155)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(1,164)	(1,494)
Derivative Asset, Fair Value, Amount Offset Against Collateral	99	479
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(55)	(413)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	44	66
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	3,451	1,632
Derivative Liability, Not Offset, Policy Election Deduction	(1,864)	(1,155)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	(2)	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	1,585	477
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(1,583)	(477)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 2	$ 0

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 1,587	$ 477
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided (2):	$ 3,115	$ 839

Derivatives (Derivatives - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum Length of Time Hedged in Cash Flow Hedge	2 years	1 year
Derivative AOCI associated with Cash Flow Hedges Pre Tax		$ 606	$ 329

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 78,606	$ 87,582
Equity securities	96	101
Short-term investments	920	1,841
Derivative assets: (1)	3,227	3,312
Embedded derivatives within asset host contracts	132	186
Separate account assets	88,843	114,464
Liabilities [Abstract]
Derivative liabilities: (1)	8,011	10,140
Embedded derivatives within liability host contracts	4,577	8,496
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	78,606	87,582
Equity securities	96	101
Short-term investments	920	1,841
Derivative assets: (1)	3,095	3,126
Embedded derivatives within asset host contracts	132	186
Separate account assets	88,843	114,464
Total assets	171,692	207,300
Liabilities [Abstract]
Derivative liabilities: (1)	3,434	1,644
Embedded derivatives within liability host contracts	4,577	8,496
Total liabilities	8,011	10,140
Recurring \| Interest rate
Assets [Abstract]
Derivative assets: (1)	416	1,094
Liabilities [Abstract]
Derivative liabilities: (1)	1,757	130
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	697	328
Liabilities [Abstract]
Derivative liabilities: (1)	6	47
Recurring \| Credit
Assets [Abstract]
Derivative assets: (1)	7	39
Liabilities [Abstract]
Derivative liabilities: (1)	7	1
Recurring \| Equity market
Assets [Abstract]
Derivative assets: (1)	1,975	1,665
Liabilities [Abstract]
Derivative liabilities: (1)	1,664	1,466
Recurring \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	33,472	39,081
Recurring \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	10,547	11,706
Recurring \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	9,607	9,307
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	8,343	9,259
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,714	7,282
Recurring \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,049	4,835
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,684	4,280
Recurring \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,190	1,832
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,687	3,236
Equity securities	30	27
Short-term investments	488	1,503
Derivative assets: (1)	0	0
Embedded derivatives within asset host contracts	0	0
Separate account assets	30	41
Total assets	5,235	4,807
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	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	4,687	3,236
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	71,824	82,701
Equity securities	39	61
Short-term investments	432	336
Derivative assets: (1)	3,052	3,088
Embedded derivatives within asset host contracts	0	0
Separate account assets	88,813	114,423
Total assets	164,160	200,609
Liabilities [Abstract]
Derivative liabilities: (1)	3,429	1,642
Embedded derivatives within liability host contracts	0	0
Total liabilities	3,429	1,642
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	416	1,094
Liabilities [Abstract]
Derivative liabilities: (1)	1,757	130
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	669	318
Liabilities [Abstract]
Derivative liabilities: (1)	6	47
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets: (1)	1	27
Liabilities [Abstract]
Derivative liabilities: (1)	3	0
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets: (1)	1,966	1,649
Liabilities [Abstract]
Derivative liabilities: (1)	1,663	1,465
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	32,342	38,176
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	9,967	11,212
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,920	6,071
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	8,276	9,247
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,680	7,239
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,049	4,835
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,440	4,115
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,150	1,806
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,095	1,645
Equity securities	27	13
Short-term investments	0	2
Derivative assets: (1)	43	38
Embedded derivatives within asset host contracts	132	186
Separate account assets	0	0
Total assets	2,297	1,884
Liabilities [Abstract]
Derivative liabilities: (1)	5	2
Embedded derivatives within liability host contracts	4,577	8,496
Total liabilities	4,582	8,498
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)	28	10
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets: (1)	6	12
Liabilities [Abstract]
Derivative liabilities: (1)	4	1
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets: (1)	9	16
Liabilities [Abstract]
Derivative liabilities: (1)	1	1
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,130	905
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	580	494
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	67	12
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	34	43
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	244	165
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 40	$ 26

Fair Value (Assets and Liabilities Measured - Quantitative Information) (Details) - Level 3	Jun. 30, 2022	Dec. 31, 2021
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	0.1262	0.1262
Measurement Input, Lapse Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0030	0.0030
Measurement Input, Lapse Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.1450	0.1450
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	0.1644	0.1644
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.2216	0.2216
Measurement Input, Entity Credit Risk \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0017	(0.0038)
Measurement Input, Entity Credit Risk \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0223	0.0149

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 30	$ 8	$ 36	$ 2
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(5)	8	(15)	16
Total realized/unrealized gains (losses) included in AOCI	12	10	16	9
Purchases (7)	1	0	1	(1)
Sales (7)	0	(6)	0	(6)
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	0	0	0	0
Transfers out of Level 3 (8)	0	0	0	0
Balance, end of period	38	20	38	20
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	3	(15)	2
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	12	10	16	9
Net Embedded Derivatives (3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(6,911)	(6,468)	(8,310)	(6,874)
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	2,582	(1,127)	3,911	(579)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (7)	0	0	0	0
Sales (7)	0	0	0	0
Issuances (7)	0	0	0	0
Settlements (7)	(116)	(120)	(46)	(262)
Transfers into Level 3 (8)	0	0	0	0
Transfers out of Level 3 (8)	0	0	0	0
Balance, end of period	(4,445)	(7,715)	(4,445)	(7,715)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	2,537	(1,104)	4,001	(560)
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	0	0	0	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,618	670	1,399	688
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(6)	0	(6)	(1)
Total realized/unrealized gains (losses) included in AOCI	(110)	21	(216)	0
Purchases (7)	330	231	648	327
Sales (7)	(56)	(12)	(140)	(10)
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	90	65	148	66
Transfers out of Level 3 (8)	(156)	(86)	(123)	(181)
Balance, end of period	1,710	889	1,710	889
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	(1)
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	(117)	21	(218)	0
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	194	126	220	67
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	3	1	(12)	1
Purchases (7)	201	163	229	181
Sales (7)	(11)	(9)	(14)	(14)
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	34	0	23	0
Transfers out of Level 3 (8)	(76)	(64)	(101)	(18)
Balance, end of period	345	217	345	217
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	2	1	(12)	1
Foreign Government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	23	0	26	0
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	(5)	0	(9)	0
Purchases (7)	0	12	5	12
Sales (7)	0	0	(1)	0
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	22	0	19	0
Transfers out of Level 3 (8)	0	0	0	0
Balance, end of period	40	12	40	12
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	(5)	0	(9)	0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	13	3	13	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1	0	1	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (7)	13	0	13	0
Sales (7)	0	0	0	0
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	0	0	0	0
Transfers out of Level 3 (8)	0	0	0	0
Balance, end of period	27	3	27	3
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	0	1	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	0	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	2	0
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (7)	0	0	0	0
Sales (7)	0	0	(2)	0
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	0	0	0	0
Transfers out of Level 3 (8)	0	0	0	0
Balance, end of period	0	0	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	0	0	0	0
Separate Account Assets (4)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	2	0	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	(1)	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (7)	0	0	0	0
Sales (7)	0	0	0	0
Issuances (7)	0	0	0	0
Settlements (7)	0	0	0	0
Transfers into Level 3 (8)	0	0	1	0
Transfers out of Level 3 (8)	0	(2)	0	(3)
Balance, end of period	0	0	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	$ 0	$ 0	$ 0	$ 0

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Policy loans	$ 1,277	$ 1,264
Liabilities
Separate account liabilities	88,843	114,464
Carrying Value
Assets
Mortgage loans	21,508	19,850
Policy loans	1,277	1,264
Other invested assets	156	82
Premiums, reinsurance and other receivables	3,714	3,242
Liabilities
Policyholder account balances	26,762	23,637
Long-term debt	3,157	3,157
Other liabilities	1,092	854
Separate account liabilities	1,066	1,440
Estimated Fair Value
Assets
Mortgage loans	20,397	20,656
Policy loans	1,467	1,656
Other invested assets	156	82
Premiums, reinsurance and other receivables	4,051	3,769
Liabilities
Policyholder account balances	26,032	23,614
Long-term debt	2,795	3,504
Other liabilities	1,092	854
Separate account liabilities	1,066	1,440
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	515	508
Other invested assets	144	70
Premiums, reinsurance and other receivables	311	20
Liabilities
Policyholder account balances	0	0
Long-term debt	2,795	3,504
Other liabilities	387	138
Separate account liabilities	1,066	1,440
Estimated Fair Value \| Level 3
Assets
Mortgage loans	20,397	20,656
Policy loans	952	1,148
Other invested assets	12	12
Premiums, reinsurance and other receivables	3,740	3,749
Liabilities
Policyholder account balances	26,032	23,614
Long-term debt	0	0
Other liabilities	705	716
Separate account liabilities	$ 0	$ 0

Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Apr. 15, 2022	May 07, 2019
Revolving Credit Facility Maturing 2027
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity		$ 1,000
Credit facilities, letters of credit outstanding	$ 0
Credit facilities, outstanding balance	$ 0
Revolving Credit Facility Maturing 2024
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity			$ 1,000

- Definition

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

+ References + Details

Equity (Preferred Stock Authorized, Issued and Outstanding) (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	70,100	70,100
Preferred stock, shares outstanding	70,100	70,100
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
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, annual dividend rate	4.625%	4.625%
Preferred stock, shares authorized	14,000	14,000
Preferred stock, shares issued	14,000	14,000
Preferred stock, shares outstanding	14,000	14,000
Not designated
Class of Stock [Line Items]
Preferred stock, shares authorized	99,929,900	99,929,900
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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Preferred stock, aggregate dividends declared	$ 26	$ 27	$ 21	$ 25	$ 53	$ 46
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 412.50		$ 412.50		$ 825.00	$ 825.00
Preferred stock, aggregate dividends declared	$ 7		$ 7		$ 14	$ 14
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 421.88		$ 421.88		$ 843.76	$ 843.76
Preferred stock, aggregate dividends declared	$ 7		$ 7		$ 14	$ 14
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 335.94		$ 335.94		$ 671.88	$ 802.52
Preferred stock, aggregate dividends declared	$ 8		$ 7		$ 16	$ 18
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 289.06		$ 0		$ 684.11	$ 0
Preferred stock, aggregate dividends declared	$ 4		$ 0		$ 9	$ 0

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 363	$ 3,389	$ 4,172	$ 5,716
OCI before reclassifications	(4,451)	1,500	(9,313)	(1,425)
Deferred income tax benefit (expense) (2)	936	(314)	1,956	300
AOCI before reclassifications, net of income tax	(3,152)	4,575	(3,185)	4,591
Amounts reclassified from AOCI	78	27	119	7
Deferred income tax benefit (expense) (2)	(17)	(6)	(25)	(2)
Amounts reclassified from AOCI, net of income tax	61	21	94	5
Balance, end of period	(3,091)	4,596	(3,091)	4,596
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	167	3,387	3,982	5,646
OCI before reclassifications	(4,690)	1,385	(9,561)	(1,463)
Deferred income tax benefit (expense) (2)	964	(291)	1,986	308
AOCI before reclassifications, net of income tax	(3,559)	4,481	(3,593)	4,491
Amounts reclassified from AOCI	81	32	124	19
Deferred income tax benefit (expense) (2)	(17)	(7)	(26)	(4)
Amounts reclassified from AOCI, net of income tax	64	25	98	15
Balance, end of period	(3,495)	4,506	(3,495)	4,506
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	252	55	238	115
OCI before reclassifications	265	114	284	46
Deferred income tax benefit (expense) (2)	(34)	(24)	(38)	(10)
AOCI before reclassifications, net of income tax	483	145	484	151
Amounts reclassified from AOCI	(5)	(4)	(7)	(11)
Deferred income tax benefit (expense) (2)	0	1	1	2
Amounts reclassified from AOCI, net of income tax	(5)	(3)	(6)	(9)
Balance, end of period	478	142	478	142
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(13)	(14)	(7)	(8)
OCI before reclassifications	(24)	1	(32)	(6)
Deferred income tax benefit (expense) (2)	5	0	7	1
AOCI before reclassifications, net of income tax	(32)	(13)	(32)	(13)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense) (2)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	(32)	(13)	(32)	(13)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(43)	(39)	(41)	(37)
OCI before reclassifications	(2)	0	(4)	(2)
Deferred income tax benefit (expense) (2)	1	1	1	1
AOCI before reclassifications, net of income tax	(44)	(38)	(44)	(38)
Amounts reclassified from AOCI	2	(1)	2	(1)
Deferred income tax benefit (expense) (2)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	2	(1)	2	(1)
Balance, end of period	$ (42)	$ (39)	$ (42)	$ (39)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (66)	$ (34)	$ (134)	$ (20)
Net investment income	1,061	1,212	2,212	2,399
Net derivative gains (losses)	1,733	(684)	2,246	(2,188)
Pre-tax adjusted earnings	1,213	21	2,020	(747)
Income tax (expense) benefit	(230)	10	(395)	195
Net income (loss)	957	10	1,570	(600)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(61)	(21)	(94)	(5)
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)	(55)	(31)	(94)	(15)
Net derivative gains (losses)	(26)	(1)	(30)	(4)
Pre-tax adjusted earnings	(81)	(32)	(124)	(19)
Income tax (expense) benefit	17	7	26	4
Net income (loss)	(64)	(25)	(98)	(15)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax adjusted earnings	5	4	7	11
Income tax (expense) benefit	0	(1)	(1)	(2)
Net income (loss)	5	3	6	9
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment income	1	1	2	2
Net derivative gains (losses)	3	0	4	1
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	1	3	1	8
Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax adjusted earnings	(2)	1	(2)	1
Income tax (expense) benefit	0	0	0	0
Amortization of net actuarial gains (losses)	(2)	1	(2)	1
Amortization of defined benefit plans, net of income tax	$ (2)	$ 1	$ (2)	$ 1

Equity (Common Stock Repurchase Program - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Stock repurchase program, aggregate amount repurchased	$ 132	$ 127	$ 124	$ 68
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, shares acquired					5,152,415	4,312,267
Stock repurchase program, aggregate amount repurchased					$ 259	$ 192
Stock repurchase program, remaining authorized repurchase amount	$ 522				$ 522

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Compensation	$ 80	$ 96	$ 165	$ 188
Contracted services and other labor costs	68	70	124	130
Transition services agreements	1	29	29	61
Establishment costs	11	29	26	46
Premium and other taxes, licenses and fees	15	12	28	27
Separate account fees	102	127	216	252
Volume related costs, excluding compensation, net of DAC capitalization	99	180	244	343
Interest expense on debt	38	40	76	81
Other	177	25	193	42
Total other expenses	$ 591	$ 608	$ 1,101	$ 1,170

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 74	$ 91	$ 156	$ 179

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ 957	$ 10	$ 1,570	$ (600)
Weighted average common shares outstanding - basic	74,570,237	85,549,350	75,705,755	86,555,806
Dilutive effect of share-based awards	401,421	515,800	454,716	0
Weighted average common shares outstanding - diluted	74,971,658	86,065,150	76,160,471	86,555,806
Earnings per common share - basic	$ 12.84	$ 0.12	$ 20.74	$ (6.93)
Earnings per common share - diluted	$ 12.77	$ 0.11	$ 20.62	$ (6.93)
Antidilutive stock options excluded from the computation of earnings per common share	187,371	187,371	187,371

- 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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- Definition

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

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- 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 (Contingencies, Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Cumulative maximum indemnities and guarantees contractual limitation	$ 118		$ 118
Liabilities for indemnities, guarantees and commitments	1		1		$ 1
Loss Contingencies [Line Items]
Other	177	$ 25	193	$ 42
Non-litigation loss
Loss Contingencies [Line Items]
Other	140
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities And Guarantees Contractual Limitation Range	1		1
Minimum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	0		0
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	10		10
Indemnities And Guarantees Contractual Limitation Range	112		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		125
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	358		358		719
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	$ 2,400		$ 2,400		$ 2,300