0001685040-23-000011 | 10-K | XBRL Viewer | Brighthouse Financial INC

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Equity (Captive Equity and Income - Narrative) (Details) - Brighthouse Reinsurance Company of Delaware - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 10,700	$ 8,600
Statutory Accounting Practices, Statutory Net Income Amount	(208)	543	$ 145
Statutory Accounting Practices, Prescribed Practice, Amount	$ 696	$ 644

Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

8. Fair Value

When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows:


Level 1			Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.


Level 2			Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.


Level 3			Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. Investments that do not have a readily determinable fair value and are measured at net asset value (or equivalent) as a practical expedient to estimated fair value are excluded from the fair value hierarchy.


	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	31,418	$	1,189	$	32,607
Foreign corporate	—		9,978		598		10,576
U.S. government and agency	3,566		4,450		—		8,016
RMBS	—		7,514		14		7,528
CMBS	—		6,578		33		6,611
ABS	—		5,041		318		5,359
State and political subdivision	—		3,799		—		3,799
Foreign government	—		1,043		38		1,081
Total fixed maturity securities	3,566		69,821		2,190		75,577
Equity securities	35		27		27		89
Short-term investments	722		359		—		1,081

Derivative assets: (1)
Interest rate	—		304		—		304
Foreign currency exchange rate	—		716		29		745
Credit	—		10		8		18
Equity market	—		1,217		—		1,217
Total derivative assets	—		2,247		37		2,284
Embedded derivatives within asset host contracts (2)	—		—		117		117
Separate account assets	29		84,936		—		84,965
Total assets	$	4,352	$	157,390	$	2,371	$	164,113
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	2,802	$	—	$	2,802
Foreign currency exchange rate	—		18		—		18
Credit	—		—		2		2
Equity market	—		1,098		—		1,098
Total derivative liabilities	—		3,918		2		3,920
Embedded derivatives within liability host contracts (2)	—		—		5,387		5,387

Total liabilities	$	—	$	3,918	$	5,389	$	9,307


	December 31, 2021
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(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
ABS	—		4,115		165		4,280
State and political subdivision	—		4,835		—		4,835
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 reported in other invested assets and derivative liabilities are reported in other liabilities. 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 reported in premiums, reinsurance and other receivables. Embedded derivatives within liability host contracts are reported in policyholder account balances.

Valuation Controls and Procedures

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

The fair value of financial assets and financial liabilities is based on quoted market prices, where available. Prices received are assessed to determine if they represent a reasonable estimate of fair value. Several controls are performed, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. Independent non-binding broker quotes, also referred to herein as “consensus pricing,” are used for a non-significant portion of the portfolio. Prices received from independent brokers are assessed to determine if they represent a reasonable estimate of fair value by considering such pricing relative to the current market dynamics and current pricing for similar financial instruments.

A formal process is also applied to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained. If obtaining an independent non-binding broker quotation is unsuccessful, the last available price will be used.

Additional controls are performed, such as, balance sheet analytics to assess reasonableness of period to period pricing changes, including any price adjustments. Price adjustments are applied if prices or quotes received from independent pricing services or brokers are not considered reflective of market activity or representative of estimated fair value. The Company did not have significant price adjustments during the year ended December 31, 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

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. GMABs, the non-life contingent portion of GMWBs and certain portions of GMIBs are accounted for as embedded derivatives and measured at estimated fair value separately from the host variable annuity contract. These embedded derivatives are classified in policyholder account balances, 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 in policyholder account balances.

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:


					December 31, 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	16.46%	-	22.01%	16.44%	-	22.16%	Increase (5)
			•	Nonperformance risk spread	0.00%	-	1.98%	(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)
Balance, January 1, 2021	$	688	$	67	$	—	$	3	$	—	$	2	$	(6,874)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(1)		—		—		—		—		1		(1,341)		—
Total realized/unrealized gains (losses) included in AOCI	(7)		—		—		—		—		12		—		—
Purchases (7)	951		202		26		10		2		20		—		—
Sales (7)	(53)		(12)		—		—		—		—		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(95)		—
Transfers into Level 3 (8)	52		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(231)		(37)		—		—		—		1		—		(3)
Balance, December 31, 2021	1,399		220		26		13		2		36		(8,310)		—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(5)		1		—		—		—		(9)		3,639		—
Total realized/unrealized gains (losses) included in AOCI	(266)		(23)		(10)		—		—		17		—		—
Purchases (7)	933		251		5		14		—		1		—		—
Sales (7)	(184)		(16)		(2)		—		(2)		(9)		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(599)		—
Transfers into Level 3 (8)	94		33		19		—		—		—		—		—
Transfers out of Level 3 (8)	(184)		(101)		—		—		—		(1)		—		—
Balance, December 31, 2022	$	1,787	$	365	$	38	$	27	$	—	$	35	$	(5,270)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (9)	$	(5)	$	—	$	—	$	—	$	—	$	(4)	$	(2,297)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021 (9)	$	(2)	$	—	$	—	$	—	$	—	$	(11)	$	(874)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022 (9)	$	3	$	—	$	—	$	1	$	—	$	(1)	$	3,334	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at December 31, 2020 (9)	$	(3)	$	1	$	—	$	—	$	—	$	(9)	$	—	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2021 (9)	$	(6)	$	—	$	—	$	—	$	—	$	12	$	—	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2022 (9)	$	(268)	$	(23)	$	(10)	$	—	$	—	$	17	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2020:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(6)	$	—	$	—	$	—	$	—	$	9	$	(2,221)	$	—
Total realized/unrealized gains (losses) included in AOCI	$	(3)	$	1	$	—	$	—	$	—	$	(9)	$	—	$	—

_______________

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

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

(3)Embedded derivative assets and liabilities are reported 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 reported in net investment gains (losses).

(5)Amortization of premium/accretion of discount is included in 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:


	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,936	$	—	$	—	$	20,816	$	20,816
Policy loans	$	1,282	$	—	$	515	$	878	$	1,393
Other invested assets	$	213	$	—	$	201	$	12	$	213
Premiums, reinsurance and other receivables	$	6,080	$	—	$	89	$	6,141	$	6,230
Liabilities
Policyholder account balances	$	31,887	$	—	$	—	$	30,942	$	30,942
Long-term debt	$	3,156	$	—	$	2,703	$	—	$	2,703
Other liabilities	$	943	$	—	$	248	$	695	$	943
Separate account liabilities	$	1,024	$	—	$	1,024	$	—	$	1,024


	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

Consolidated Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Text Block]

Schedule I

Consolidated Summary of Investments —

Other Than Investments in Related Parties

December 31, 2022

(In millions)


Types of Investments	Cost or Amortized Cost (1)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities:
Bonds:
U.S. government and agency	$	8,318	$	8,016	$	8,016
State and political subdivision	4,074		3,799		3,799
Public utilities	3,650		3,199		3,199
Foreign government	1,148		1,081		1,081
All other corporate bonds	45,299		39,581		39,581
Total bonds	62,489		55,676		55,676
Mortgage-backed and asset-backed securities	21,407		19,498		19,498
Redeemable preferred stock	448		403		403
Total fixed maturity securities	84,344		75,577		75,577

Equity securities:
Non-redeemable preferred stock	43		37		37
Common stock:
Industrial, miscellaneous and all other	49		50		50
Banks, trust and insurance companies	1		—		—
Public utilities	—		2		2
Total equity securities	93		89		89
Mortgage loans	22,936				22,936


Policy loans	1,282				1,282
Limited partnerships and LLCs	4,775				4,775
Short-term investments	1,081				1,081
Other invested assets	2,852				2,852
Total investments	$	117,363			$	108,592

_______________

(1)Cost or amortized cost for fixed maturity securities represents original cost reduced by impairments that are charged to earnings and adjusted for amortization of premiums or accretion of discounts; for mortgage loans, cost represents original cost reduced by repayments and valuation allowances and adjusted for amortization of premiums or accretion of discounts; for equity securities, cost represents original cost; for limited partnerships and LLCs, cost represents original cost adjusted for equity in earnings and distributions.

Derivatives

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 8 for information about the fair value hierarchy for derivatives.

Derivative Strategies

The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to minimize its exposure to various market risks, including interest rate, foreign currency exchange rate, credit and equity market.

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”).

Interest Rate Derivatives

Interest rate swaps: The Company uses interest rate swaps to manage the collective interest rate risks primarily in variable annuity products and ULSG. Interest rate swaps are used in non-qualifying hedging relationships.

Interest rate caps: The Company uses interest rate caps to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities. Interest rate caps are used in non-qualifying hedging relationships.

Interest rate floors: The Company uses interest rate floors to protect against a decline in interest rates on floating rate assets in the Company’s institutional spread margin business. Interest rate floors are used in non-qualifying hedging relationships.

Interest rate swaptions: The Company uses interest rate swaptions to manage the collective interest rate risks primarily in variable annuity products and ULSG. Interest rate swaptions are used in non-qualifying hedging relationships. Interest rate swaptions are included in interest rate options.

Interest rate forwards: The Company uses interest rate forwards to manage the collective interest rate risks primarily in variable annuity products and ULSG. Interest rate forwards are used in cash flow and non-qualifying hedging relationships.

Foreign Currency Exchange Rate Derivatives

Foreign currency swaps: The Company uses foreign currency swaps to convert foreign currency denominated cash flows to U.S. dollars to reduce cash flow fluctuations due to changes in currency exchange rates. Foreign currency swaps are used in cash flow and non-qualifying hedging relationships.

Foreign currency forwards: The Company uses foreign currency forwards to hedge currency exposure on its invested assets. Foreign currency forwards are used in non-qualifying hedging relationships.

Credit Derivatives

Credit default swaps: The Company uses credit default swaps to create synthetic credit investments to replicate credit exposure that is more economically attractive than what is available in the market or otherwise unavailable (written credit protection), or to reduce credit loss exposure on certain assets that the Company owns (purchased credit protection). Credit default swaps are used in non-qualifying hedging relationships.

Credit default swaptions: The Company uses credit default swaptions to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. Swaptions are used to create callable bonds from replication synthetic asset transaction (“RSAT”) positions. This enhances the income of the RSAT program through earned premiums while not changing the credit profile of the RSATs. Credit default swaptions are used in non-qualifying hedging relationships.

Equity Market Derivatives

Equity index options: The Company uses equity index options primarily to hedge minimum guarantees embedded in certain variable annuity products against adverse changes in equity markets. Additionally, the Company uses equity index options to hedge index-linked annuity products and certain invested assets against adverse changes in equity markets. Certain of these contracts may also contain settlement provisions linked to interest rates (“hybrid options”). Equity index options are used in non-qualifying hedging relationships.

Equity total return swaps: The Company uses equity total return swaps to hedge minimum guarantees embedded in certain variable annuity products against adverse changes in equity markets. Additionally, the Company uses equity total return swaps to hedge index-linked annuity products against adverse changes in equity markets. Equity total return swaps are used in non-qualifying hedging relationships.

Equity variance swaps: The Company uses equity variance swaps to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. Equity variance swaps are used in non-qualifying hedging relationships.

Primary Risks Managed by Derivatives

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


		December 31,
		2022						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	$	60	$	—	$	12	$	180	$	30	$	—
Foreign currency swaps	Foreign currency exchange rate	4,026		596		8		3,282		229		22
Total qualifying hedges		4,086		596		20		3,462		259		22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	3,145		98		46		2,595		325		17
Interest rate floors	Interest rate	3,250		12		3		—		—		—
Interest rate caps	Interest rate	6,350		137		43		5,100		29		4

Interest rate options	Interest rate	28,688		22		232		8,050		83		—
Interest rate forwards	Interest rate	18,168		35		2,466		9,808		627		109
Foreign currency swaps	Foreign currency exchange rate	822		148		—		967		96		21
Foreign currency forwards	Foreign currency exchange rate	487		1		10		483		3		4
Credit default swaps — purchased	Credit	—		—		—		—		—		—
Credit default swaps — written	Credit	1,757		18		2		1,724		39		1
Credit default swaptions	Credit	100		—		—		150		—		—
Equity index options	Equity market	17,229		697		351		24,692		1,155		877
Equity variance swaps	Equity market	—		—		—		281		9		1
Equity total return swaps	Equity market	32,909		520		747		32,719		493		588
Hybrid options	Equity market	—		—		—		900		8		—
Total non-designated or non-qualifying derivatives		112,905		1,688		3,900		87,469		2,867		1,622
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		117		—		N/A		186		—
Direct index-linked annuities	Other	N/A		—		3,564		N/A		—		6,211
Direct guaranteed minimum benefits	Other	N/A		—		1,454		N/A		—		1,848
Assumed index-linked annuities	Other	N/A		—		369		N/A		—		437
Total embedded derivatives		N/A		117		5,387		N/A		186		8,496
Total		$	116,991	$	2,401	$	9,307	$	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 December 31, 2022 and 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 reported in net derivative gains (losses) were as follows:


	Year Ended December 31, 2022
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	5	$	—	$	4	$	(50)
Foreign currency exchange rate	13		(12)		53		381
Total cash flow hedges	18		(12)		57		331
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(4,001)		—		—		—
Foreign currency exchange rate	120		(48)		—		—
Credit	(2)		—		—		—
Equity market	590		—		—		—
Embedded	3,639		—		—		—
Total non-qualifying hedges	346		(48)		—		—
Total	$	364	$	(60)	$	57	$	331


	Year Ended December 31, 2021
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	(20)
Foreign currency exchange rate	10		(4)		36		191
Total cash flow hedges	12		(4)		39		171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(717)		—		—		—
Foreign currency exchange rate	57		(7)		—		—
Credit	17		—		—		—
Equity market	(486)		—		—		—
Embedded	(1,341)		—		—		—
Total non-qualifying hedges	(2,470)		(7)		—		—
Total	$	(2,458)	$	(11)	$	39	$	171


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



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	77
Foreign currency exchange rate	15		(7)		37		(129)
Total cash flow hedges	17		(7)		40		(52)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	3,565		—		—		—
Foreign currency exchange rate	(16)		(7)		—		—
Credit	18		—		—		—
Equity market	(1,367)		—		—		—
Embedded	(2,221)		—		—		—
Total non-qualifying hedges	(21)		(7)		—		—
Total	$	(4)	$	(14)	$	40	$	(52)

At December 31, 2022 and 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 December 31, 2022 and 2021, the balance in AOCI associated with cash flow hedges was $638 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:


	December 31,
	2022					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	$	7	$	544	2.2	$	12	$	589	2.4
Baa	8		1,185		5.0	27		1,131		5.0
Ba	2		24		4.0	—		—		0.0
Caa and Lower	(1)		4		3.0	(1)		4		4.0
Total	$	16	$	1,757	4.1	$	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 8 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:


			Gross Amounts Not Offset on the 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)
December 31, 2022
Derivative assets	$	2,308	$	(1,659)	$	(640)	$	9	$	(6)	$	3
Derivative liabilities	$	3,919	$	(1,659)	$	(7)	$	2,253	$	(2,251)	$	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:


	December 31,
	2022		2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	2,260	$	477
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	4,894	$	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. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 116,991	$ 90,931
Derivative assets	2,401	3,312
Derivative liabilities	9,307	10,140
Embedded Derivative, Fair Value of Embedded Derivative Asset	117	186
Embedded Derivative, Fair Value of Embedded Derivative Liability	5,387	8,496
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,086	3,462
Derivative assets	596	259
Derivative liabilities	20	22
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	60	180
Derivative assets	0	30
Derivative liabilities	12	0
Derivatives Designated as Hedging Instruments: \| Cash flow hedges: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,026	3,282
Derivative assets	596	229
Derivative liabilities	8	22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	112,905	87,469
Derivative assets	1,688	2,867
Derivative liabilities	3,900	1,622
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,145	2,595
Derivative assets	98	325
Derivative liabilities	46	17
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate floors
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,250	0
Derivative assets	12	0
Derivative liabilities	3	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	6,350	5,100
Derivative assets	137	29
Derivative liabilities	43	4
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	28,688	8,050
Derivative assets	22	83
Derivative liabilities	232	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate forwards
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	18,168	9,808
Derivative assets	35	627
Derivative liabilities	2,466	109
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	822	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	487	483
Derivative assets	1	3
Derivative liabilities	10	4
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,757	1,724
Derivative assets	18	39
Derivative liabilities	2	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaptions
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	100	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	17,229	24,692
Derivative assets	697	1,155
Derivative liabilities	351	877
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	281
Derivative assets	0	9
Derivative liabilities	0	1
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	32,909	32,719
Derivative assets	520	493
Derivative liabilities	747	588
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Hybrid options
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	900
Derivative assets	0	8
Derivative liabilities	0	0
Ceded guaranteed minimum income benefits
Derivatives, Fair Value [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	117	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	1,454	1,848
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	369	437
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	$ 3,564	$ 6,211

Equity (Share-Based Compensation - Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares available for issuance under share-based compensation plans, number	5,605,876
Options outstanding, number	187,371
Options exercisable, number	187,371
Options outstanding, weighted average exercise price	$ 53.47
Options exercisable, weighted average exercise price	$ 53.47
Options outstanding, intrinsic value, amount	$ 0
Options exercisable, intrinsic value, amount	$ 0
Options granted, number	0	0	0
Options exercised, number	0	0	0
Options forfeited, number	0
Options expired, number	0
ESPP purchase discount rate	15.00%
ESPP shares purchased by employees	74,734	73,999	117,950
ESPP purchase discount, weighted average fair value	$ 8.54	$ 10.06	$ 8.34
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, amount	$ 4,000,000
Unrecognized share-based compensation, remaining recognition period	9 months 18 days
Awards granted, weighted average grant date fair value	$ 47.72	$ 41.81	$ 35.68
Awards vested, fair value, amount	$ 15,000,000	$ 15,000,000	$ 10,000,000
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, amount	$ 7,000,000
Unrecognized share-based compensation, remaining recognition period	1 year 3 months 18 days
Awards granted, weighted average grant date fair value	$ 48.06	$ 41.26	$ 35.84
Awards vested, fair value, amount	$ 7,000,000	$ 4,000,000	$ 0
Performance Shares Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance factor	150.00%

Income Tax (Rate Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense benefit continuing operations income tax reconciliation
Tax provision at statutory rate	$ (36)	$ (44)	$ (298)
Resolution of prior years	(76)	(4)	0
Dividends received deduction	(36)	(37)	(42)
Tax credits	(20)	(16)	(25)
Change in uncertain tax benefits	(15)	0	0
Return to provision	(6)	14	2
Adjustments to deferred tax	(2)	(48)	(5)
Change in valuation allowance	0	18	1
State tax, net of federal benefit	10	9	5
Other, net	(1)	3	(1)
Provision for income tax expense (benefit)	$ (182)	$ (105)	$ (363)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	106.00%	50.00%	26.00%

Consolidated Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Consolidated Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	$ 502,679	$ 524,398	$ 541,463
Ceded	144,647	152,764	164,336
Assumed	6,578	7,341	7,293
Net Amount	$ 364,610	$ 378,975	$ 384,420
% Amount Assumed to Net	1.80%	1.90%	1.90%
Consolidated Reinsurance
Gross Amount	$ 1,359	$ 1,440	$ 1,509
Ceded	703	721	753
Assumed	6	(12)	10
Net Amount	$ 662	$ 707	$ 766
% Amount Assumed to Net	0.90%	(1.70%)	1.30%
Life insurance (1)
Consolidated Reinsurance
Gross Amount	$ 1,157	$ 1,230	$ 1,289
Ceded	505	516	538
Assumed	6	(12)	10
Net Amount	$ 658	$ 702	$ 761
% Amount Assumed to Net	0.90%	(1.70%)	1.30%
Accident & health insurance
Consolidated Reinsurance
Gross Amount	$ 202	$ 210	$ 220
Ceded	198	205	215
Assumed	0	0	0
Net Amount	$ 4	$ 5	$ 5
% Amount Assumed to Net	0.00%	0.00%	0.00%

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 2,260	$ 477
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided (2):	$ 4,894	$ 839

Insurance

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Insurance

3. Insurance

Insurance Liabilities

Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances included on the consolidated balance sheets.

Assumptions for Future Policyholder Benefits and Policyholder Account Balances

For term and non-participating whole life insurance, assumptions for mortality and persistency are based upon the Company’s experience. Interest rate assumptions for the aggregate future policy benefit liabilities range from 3% to 9%. The liability for single premium immediate annuities is based on the present value of expected future payments using the Company’s experience for mortality assumptions, with interest rate assumptions used in establishing such liabilities ranging from 0% to 9%.

Participating whole life insurance uses an interest assumption based upon non-forfeiture interest rate, ranging from 4% to 5%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both December 31, 2022 and 2021, and 40%, 39% and 40% of gross traditional life insurance premiums for the years ended December 31, 2022, 2021 and 2020, respectively.

The liability for future policyholder benefits for long-term care insurance (included in Corporate & Other) includes assumptions for morbidity, withdrawals and interest. Interest rate assumptions used for establishing long-term care claim liabilities range from 3% to 6%. Claim reserves for long-term care insurance include best estimate assumptions for claim terminations, expenses and interest.

Policyholder account balances liabilities for fixed deferred annuities and universal life insurance have interest credited rates ranging from 1% to 7%.

Guarantees

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

The Company also has secondary guarantees on universal and variable life insurance contracts accounted for as insurance liabilities. The most significant assumptions used in estimating the secondary guarantee liabilities are general account rates of return, premium persistency, mortality and lapses, which are reviewed and updated at least annually.

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

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


	Variable Annuity Contracts				Universal and Variable Life Contracts
	GMDBs		GMIBs		Secondary Guarantees		Total
	(In millions)
Direct
Balance at January 1, 2020	$	1,620	$	3,237	$	5,590	$	10,447
Incurred guaranteed benefits	129		1,133		1,244		2,506
Paid guaranteed benefits	(103)		—		(169)		(272)
Balance at December 31, 2020	1,646		4,370		6,665		12,681
Incurred guaranteed benefits	295		(29)		688		954
Paid guaranteed benefits	(78)		—		(275)		(353)
Balance at December 31, 2021	1,863		4,341		7,078		13,282
Incurred guaranteed benefits	531		670		261		1,462
Paid guaranteed benefits	(60)		—		(434)		(494)
Balance at December 31, 2022	$	2,334	$	5,011	$	6,905	$	14,250
Net Ceded/(Assumed)
Balance at January 1, 2020	$	9	$	—	$	1,083	$	1,092
Incurred guaranteed benefits	96		—		102		198
Paid guaranteed benefits	(101)		—		(39)		(140)
Balance at December 31, 2020	4		—		1,146		1,150
Incurred guaranteed benefits	71		—		102		173
Paid guaranteed benefits	(76)		—		(39)		(115)
Balance at December 31, 2021	(1)		—		1,209		1,208
Incurred guaranteed benefits	38		—		178		216
Paid guaranteed benefits	(38)		—		(75)		(113)
Balance at December 31, 2022	$	(1)	$	—	$	1,312	$	1,311
Net
Balance at January 1, 2020	$	1,611	$	3,237	$	4,507	$	9,355
Incurred guaranteed benefits	33		1,133		1,142		2,308
Paid guaranteed benefits	(2)		—		(130)		(132)
Balance at December 31, 2020	1,642		4,370		5,519		11,531
Incurred guaranteed benefits	224		(29)		586		781
Paid guaranteed benefits	(2)		—		(236)		(238)
Balance at December 31, 2021	1,864		4,341		5,869		12,074
Incurred guaranteed benefits	493		670		83		1,246
Paid guaranteed benefits	(22)		—		(359)		(381)
Balance at December 31, 2022	$	2,335	$	5,011	$	5,593	$	12,939

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


	December 31,
	2022						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)	$	82,410		$	43,873		$	109,968		$	59,735
Separate account value	$	77,653		$	42,765		$	105,023		$	58,555
Net amount at risk	$	16,504	(4)	$	4,991	(5)	$	6,361	(4)	$	5,240	(5)
Average attained age of contract holders	72 years			71 years			71 years			70 years


	December 31,
	2022		2021
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,242	$	5,518
Net amount at risk (6)	$	65,473	$	67,248
Average attained age of policyholders	69 years		68 years

Variable Life Contracts
Total account value (3)	$	3,835	$	4,785
Net amount at risk (6)	$	18,045	$	18,857
Average attained age of policyholders	53 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 reported reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 for a discussion of guaranteed minimum benefits which have been reinsured.

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

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

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

(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.

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


	December 31,
	2022		2021
	(In millions)
Fund Groupings:
Balanced	$	47,095	$	64,449
Equity	25,237		34,894
Bond	7,347		9,297
Money Market	15		15
Total	$	79,694	$	108,655

Obligations Under Funding Agreements

Institutional Spread Margin Business

Brighthouse Life Insurance Company has issued unsecured fixed and floating rate funding agreements to certain special purpose entities that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. The Company had obligations outstanding under these funding agreements of $5.5 billion and $4.7 billion at December 31, 2022 and 2021, respectively.

Brighthouse Life Insurance Company has a secured funding agreement program with the Federal Home Loan Bank (“FHLB”) of Atlanta. The Company had obligations outstanding under this program of $3.9 billion and $900 million at December 31, 2022 and 2021, respectively. Funding agreements are issued to FHLBs in exchange for cash, for which the FHLBs have been granted liens on certain assets, some of which are in their custody to collateralize the Company’s obligations under the funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of the FHLBs as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, the FHLBs’ recovery on the collateral is limited to the amount of the Company’s liabilities to the FHLBs. See Note 6 for information on invested assets pledged as collateral in connection with funding agreements.

Brighthouse Life Insurance Company has a secured funding agreement program with the Federal Agricultural Mortgage Corporation and its affiliate Farmer Mac Mortgage Securities Corporation (“Farmer Mac”). The Company had obligations outstanding under this program of $700 million and $125 million at December 31, 2022 and 2021, respectively. Funding agreements are issued to Farmer Mac in exchange for cash, for which Farmer Mac have been granted liens on certain assets to collateralize the Company’s obligations under the funding agreements. Upon any event of default by the Company, Farmer Mac’s recovery on the collateral is limited to the amount of the Company’s liabilities to Farmer Mac. See Note 6 for information on invested assets pledged as collateral in connection with funding agreements.

Inactive Funding Agreement Programs

Brighthouse Life Insurance Company has obligations outstanding under inactive funding agreement programs of $525 million and $634 million at December 31, 2022 and 2021, respectively.

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Dec. 31, 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	$ 52,375	$ 16,873
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 6,644	$ 310
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	7,309	2,454
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 11,944	$ 1,681
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 2,868	$ 149
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	2,049	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	$ 24,509	$ 5,131
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	3,351	113
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	3,979	888
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	1,170	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	8,260	2,044
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	1,413	62
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,601	326
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	519	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	3,121	1,716
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	265	40
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,147	222
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	337	20
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	4,731	3,488
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	497	51
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	2,246	32
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	448	0
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	5,589	1,401
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	543	21
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	970	95
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	167	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	2,041	356
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	317	6
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	247	7
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	83	0
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	3,347	2,459
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	159	13
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,733	93
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	137	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	777	278
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	99	4
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	21	18
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 7	$ 1

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 16	$ 38
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,757	$ 1,724
Weighted Average Years to Maturity (2)	4 years 1 month 6 days	4 years 1 month 6 days
Credit default swaps \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 7	$ 12
Maximum Amount of Future Payments under Credit Default Swaps	$ 544	$ 589
Weighted Average Years to Maturity (2)	2 years 2 months 12 days	2 years 4 months 24 days
Credit default swaps \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 8	$ 27
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,185	$ 1,131
Weighted Average Years to Maturity (2)	5 years	5 years
Credit default swaps \| Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 2	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 24	$ 0
Weighted Average Years to Maturity (2)	4 years	0 years
Credit default swaps \| Caa and Lower
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (1)	$ (1)
Maximum Amount of Future Payments under Credit Default Swaps	$ 4	$ 4
Weighted Average Years to Maturity (2)	3 years	4 years

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Net investment income	$ 4,138	$ 4,881	$ 3,601
Other limited partnership interests
Net Investment Income [Line Items]
Net investment income	$ 170	$ 1,300	$ 225

Condensed Financial Information (Parent Company) (Long-term and Short-term Debt Footnote) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2021	Jun. 30, 2020
Condensed Financial Statements, Captions [Line Items]
Debt instrument, carrying value	$ 3,156,000,000	$ 3,157,000,000
Debt instrument, unamortized debt issuance costs and debt discount	32,000,000	33,000,000
Long-term debt maturities, year one	2,000,000
Long-term debt maturities, year two	2,000,000
Long-term debt maturities, year three	3,000,000
Long-term debt maturities, year four	3,000,000
Long-term debt maturities, year five	761,000,000
Long-term debt maturities, after year five	2,400,000,000
Interest expense on long-term debt	$ 153,000,000	$ 163,000,000	$ 184,000,000
Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.70%	3.70%
Debt instrument, carrying value	$ 755,000,000	$ 755,000,000
Senior Notes Due 2030
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	5.625%	5.625%			5.625%
Debt instrument, carrying value	$ 614,000,000	$ 614,000,000
Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	4.70%	4.70%
Debt instrument, carrying value	$ 1,001,000,000	$ 1,000,000,000
Senior Notes Due 2051
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.85%	3.85%		3.85%
Debt instrument, carrying value	$ 396,000,000	$ 396,000,000
Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Debt instrument, carrying value	$ 364,000,000	$ 363,000,000
Parent Company
Condensed Financial Statements, Captions [Line Items]
Debt instrument, carrying value	3,130,000,000	3,128,000,000
Short-term debt outstanding	513,000,000	712,000,000
Long-term and short-term debt outstanding	3,643,000,000	3,840,000,000
Debt instrument, unamortized debt issuance costs and debt discount	32,000,000	33,000,000
Long-term debt maturities, year one	513,000,000
Long-term debt maturities, year two	0
Long-term debt maturities, year three	0
Long-term debt maturities, year four	0
Long-term debt maturities, year five	757,000,000
Long-term debt maturities, after year five	2,400,000,000
Interest expense on long-term debt	155,000,000	159,000,000	183,000,000
Parent Company \| Short-term Intercompany Loans
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt issued	1,000,000,000	1,100,000,000	1,200,000,000
Short-term intercompany debt repaid	$ 811,000,000	$ 805,000,000	$ 1,000,000,000
Weighted average interest rate	3.73%	0.05%	0.05%
Parent Company \| Intercompany Liquidity Facilities
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt issued	$ 0	$ 0	$ 0
Short-term intercompany debt repaid	$ 0	$ 0	$ 0
Parent Company \| Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.70%	3.70%
Debt instrument, carrying value	$ 755,000,000	$ 755,000,000
Parent Company \| Senior Notes Due 2030
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	5.625%	5.625%
Debt instrument, carrying value	$ 614,000,000	$ 614,000,000
Parent Company \| Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	4.70%	4.70%
Debt instrument, carrying value	$ 1,001,000,000	$ 1,000,000,000
Parent Company \| Senior Notes Due 2051
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.85%	3.85%
Debt instrument, carrying value	$ 396,000,000	$ 396,000,000
Parent Company \| Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Debt instrument, carrying value	$ 364,000,000	$ 363,000,000

Reinsurance

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

Reinsurance

5. Reinsurance

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by former affiliated and unaffiliated companies. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth.

Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 6.

Annuities and Life

For annuities, the Company reinsures portions of the living and death benefit guarantees issued in connection with certain variable annuities to unaffiliated reinsurers. Under these reinsurance agreements, the Company pays a reinsurance premium generally based on fees associated with the guarantees collected from policyholders and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The value of embedded derivatives on the ceded risk is determined using a methodology consistent with the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The Company cedes certain fixed rate annuities to unaffiliated third-party reinsurers and assumes certain index-linked annuities from an unaffiliated third-party insurer. These reinsurance arrangements are structured on a coinsurance basis and are reported as deposit accounting.

For its life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. On a case-by-case basis, the Company may retain up to $20 million per life and reinsure 100% of amounts in excess of the amount the Company retains. The Company also reinsures 90% of the risk associated with participating whole life policies to a former affiliate and assumes certain term life policies and universal life policies with secondary death benefit guarantees issued by a former affiliate. The Company evaluates its reinsurance programs routinely and may increase or decrease its retention at any time.

Corporate & Other

The Company reinsures, through 100% quota share reinsurance agreements, certain run-off long-term care and workers’ compensation business written by the Company. At December 31, 2022, the Company had $6.5 billion of reinsurance recoverables associated with its reinsured long-term care business. The reinsurer has established trust accounts for the Company’s benefit to secure their obligations under the reinsurance agreements. Additionally, the Company is indemnified for losses and certain other payment obligations it might incur with respect to such reinsured long-term care insurance business.

Catastrophe Coverage

The Company has exposure to catastrophes which could contribute to significant fluctuations in the Company’s results of operations. The Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks

Reinsurance Recoverables

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

The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at both December 31, 2022 and 2021 were not significant. The Company had $6.3 billion and $6.0 billion of unsecured reinsurance recoverable balances with third-party reinsurers at December 31, 2022 and 2021, respectively.

The Company records an allowance for credit losses which is a valuation account that reduces reinsurance recoverable balances to present the net amount expected to be collected from reinsurers. When assessing the creditworthiness of the Company’s reinsurance recoverable balances, beyond the analysis of individual claims disputes, the Company considers the financial strength of its reinsurers using public ratings and ratings reports, current existing credit enhancements to reinsurance agreements and the statutory and GAAP financial statements of the reinsurers. Impairments are then determined based on probable and estimable defaults. The Company had an allowance for credit losses of $10 million on its reinsurance recoverable balances at both December 31, 2022 and 2021.

At December 31, 2022, the Company had $18.0 billion of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $15.7 billion, or 87%, were with the Company’s five largest ceded reinsurers, including $4.3 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2021, the Company had $15.1 billion of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $13.0 billion, or 86%, were with the Company’s five largest ceded reinsurers, including $4.1 billion of net ceded reinsurance recoverables which were unsecured.

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Premiums
Direct premiums	$	1,359	$	1,440	$	1,509
Reinsurance assumed	6		(12)		10
Reinsurance ceded	(703)		(721)		(753)
Net premiums	$	662	$	707	$	766
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	3,818	$	4,211	$	4,022
Reinsurance assumed	46		44		48
Reinsurance ceded	(723)		(619)		(607)
Net universal life and investment-type product policy fees	$	3,141	$	3,636	$	3,463
Other revenues
Direct other revenues	$	293	$	373	$	351
Reinsurance assumed	2		4		16
Reinsurance ceded	181		69		46
Net other revenues	$	476	$	446	$	413
Policyholder benefits and claims
Direct policyholder benefits and claims	$	6,149	$	4,984	$	7,545
Reinsurance assumed	100		100		103
Reinsurance ceded	(2,084)		(1,641)		(1,937)
Net policyholder benefits and claims	$	4,165	$	3,443	$	5,711

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


	December 31,
	2022								2021
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	639	$	—	$	18,627	$	19,266	$	634	$	(9)	$	15,469	$	16,094
Liabilities
Future policy benefits	$	41,464	$	105	$	—	$	41,569	$	43,682	$	125	$	—	$	43,807
Policyholder account balances	$	70,642	$	4,194	$	—	$	74,836	$	63,163	$	3,688	$	—	$	66,851
Other policy-related balances	$	1,783	$	1,617	$	—	$	3,400	$	1,813	$	1,644	$	—	$	3,457
Other liabilities	$	5,567	$	10	$	1,479	$	7,056	$	3,245	$	32	$	1,227	$	4,504

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $6.0 billion and $3.2 billion at December 31, 2022 and 2021, respectively. The deposit liabilities on reinsurance were $3.8 billion and $3.3 billion at December 31, 2022 and 2021, respectively.

Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Premiums	$ 1,359	$ 1,440	$ 1,509
Reinsurance assumed	6	(12)	10
Reinsurance ceded	(703)	(721)	(753)
Net premiums	662	707	766
Direct universal life and investment-type product policy fees	3,818	4,211	4,022
Reinsurance assumed	46	44	48
Reinsurance ceded	(723)	(619)	(607)
Net universal life and investment-type product policy fees	3,141	3,636	3,463
Direct other revenues	293	373	351
Reinsurance assumed	2	4	16
Reinsurance ceded	181	69	46
Net other revenues	476	446	413
Direct policyholder benefits and claims	6,149	4,984	7,545
Policyholder Benefits and Claims Incurred, Assumed	100	100	103
Reinsurance ceded	(2,084)	(1,641)	(1,937)
Net policyholder benefits and claims	$ 4,165	$ 3,443	$ 5,711

Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Net unrealized investment losses	$ 1,426	$ 0
Net operating loss carryforwards	1,247	1,254
Investments, including derivatives	360	0
Tax credit carryforwards	183	151
Intangibles	40	42
Employee benefits	13	24
Other	29	6
Total deferred income tax assets	3,298	1,477
Less: Valuation allowance	19	19
Total net deferred income tax assets	3,279	1,458
Deferred income tax liabilities:
Policyholder liabilities and receivables	950	404
DAC	711	798
Net unrealized investment gains	0	1,122
Investments, including derivatives	0	196
Total deferred income tax liabilities	1,661	2,520
Deferred tax assets and liabilities [Abstract]
Deferred Tax Assets, Net, Total	$ 1,618
Deferred Tax Liabilities, Net, Total		$ (1,062)

Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2022 and 2021

(In millions, except share and per share data)


	2022		2021
Condensed Balance Sheets
Assets
Investments:
Short-term investments, principally at estimated fair value	$	763	$	1,168
Other invested assets, at estimated fair value	—		3
Investment in subsidiary	8,737		18,557
Total investments	9,500		19,728
Cash and cash equivalents	224		372
Premiums and other receivables	200		197
Current income tax recoverable	3		2
Deferred income tax asset	33		26
Other assets	5		2
Total assets	$	9,965	$	20,327
Liabilities and Stockholders’ Equity
Liabilities
Long-term and short-term debt	$	3,643	$	3,840
Other liabilities	349		345
Total liabilities	3,992		4,185
Stockholders’ Equity
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	—		—
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 122,153,422 and 121,513,442 shares issued, respectively; 68,278,068 and 77,870,072 shares outstanding, respectively	1		1
Additional paid-in capital	14,075		14,154
Retained earnings (deficit)	(637)		(642)
Treasury stock, at cost; 53,875,354 and 43,643,370 shares, respectively	(2,042)		(1,543)
Accumulated other comprehensive income (loss)	(5,424)		4,172
Total stockholders’ equity	5,973		16,142
Total liabilities and stockholders’ equity	$	9,965	$	20,327

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2022, 2021 and 2020

(In millions)


	2022		2021		2020
Condensed Statements of Operations
Revenues
Net investment income	$	14	$	1	$	7
Other revenues	(3)		13		19
Net investment gains (losses)	(2)		2		—
Net derivative gains (losses)	(7)		2		8
Total revenues	2		18		34
Expenses
Debt repayment costs	—		77		43
Other expenses	168		179		211
Total expenses	168		256		254
Income (loss) before provision for income tax and equity in earnings (losses) of subsidiaries	(166)		(238)		(220)
Provision for income tax expense (benefit)	(35)		(50)		(45)
Income (loss) before equity in earnings (losses) of subsidiaries	(131)		(188)		(175)
Equity in earnings (losses) of subsidiaries	136		80		(886)
Net income (loss)	5		(108)		(1,061)
Less: Preferred stock dividends	104		89		44
Net income (loss) available to common shareholders	$	(99)	$	(197)	$	(1,105)
Comprehensive income (loss)	$	(9,591)	$	(1,652)	$	1,415

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2022, 2021 and 2020

(In millions)


	2022		2021		2020
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)	$	5	$	(108)	$	(1,061)
Equity in (earnings) losses of subsidiaries	(136)		(80)		886
Distributions from subsidiary	—		310		1,468
Other, net	2		122		68
Net cash provided by (used in) operating activities	(129)		244		1,361
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	—		46		11
Purchases of fixed maturity securities	—		—		(12)
Cash received in connection with freestanding derivatives	41		7		—
Cash paid in connection with freestanding derivatives	(5)		(2)		—

Net change in short-term investments	408		162		(873)
Net cash provided by (used in) investing activities	444		213		(874)
Cash flows from financing activities
Long-term and short-term debt issued	961		1,464		1,764
Long-term and short-term debt repaid	(811)		(1,484)		(2,590)
Debt repayment costs	—		(71)		(37)
Preferred stock issued, net of issuance costs	—		339		948
Dividends on preferred stock	(104)		(89)		(44)
Treasury stock acquired in connection with share repurchases	(488)		(499)		(473)
Financing element on certain derivative instruments and other derivative related transactions, net	(7)		—		—
Other, net	(14)		(7)		(5)
Net cash provided by (used in) financing activities	(463)		(347)		(437)
Change in cash and cash equivalents	(148)		110		50
Cash and cash equivalents, beginning of year	372		262		212
Cash and cash equivalents, end of year	$	224	$	372	$	262
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	155	$	158	$	184
Income tax	$	(24)	$	(86)	$	(25)

See accompanying notes to the condensed financial information.

1. Basis of Presentation

The condensed financial information of Brighthouse Financial, Inc. (the “Parent Company” or “BHF”) should be read in conjunction with the consolidated financial statements of Brighthouse Financial, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for Brighthouse Financial, Inc. Investments in subsidiaries are accounted for using the equity method of accounting.

The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, identifiable intangible assets and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates.

2. Investment in Subsidiary

During the year ended December 31, 2022, BHF received non-cash distributions of $350 million from Brighthouse Holdings, LLC (“BH Holdings”) and did not make any capital contributions to BH Holdings. The non-cash distributions received related to reductions of short-term intercompany loans of $250 million from Brighthouse Services, LLC to BH Holdings and of $100 million from BH Holdings to BHF.

During the years ended December 31, 2021 and 2020, BHF received cash distributions of $310 million and $1.5 billion, respectively, from BH Holdings and did not make any capital contributions to BH Holdings. Distributions received during the years ended December 31, 2021 and 2020 primarily related to $550 million and $1.3 billion, respectively, of ordinary cash dividends paid by Brighthouse Life Insurance Company to BH Holdings.

3. Long-term and Short-term Debt

Long-term and short-term debt outstanding was as follows at:


			December 31,
	Stated Interest Rate	Maturity	2022		2021
			(In millions)
Senior notes — unaffiliated	3.700%	2027	$	755	$	755
Senior notes — unaffiliated	5.625%	2030	614		614
Senior notes — unaffiliated	4.700%	2047	1,001		1,000
Senior notes — unaffiliated	3.850%	2051	396		396
Junior subordinated debentures — unaffiliated	6.250%	2058	364		363
Total long-term debt (1)			3,130		3,128
Short-term intercompany loans			513		712
Total long-term and short-term debt (1)			$	3,643	$	3,840

_______________

(1)Includes unamortized debt issuance costs, discounts and premiums, as applicable, totaling net $32 million and $33 million for the senior notes and junior subordinated debentures on a combined basis at December 31, 2022 and 2021, respectively.

The aggregate maturities of long-term and short-term debt at December 31, 2022 were $513 million in 2023, $0 in each of 2024, 2025, and 2026, $757 million in 2027, and $2.4 billion thereafter.

Interest expense related to long-term and short-term debt of $155 million, $159 million and $183 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in other expenses.

Senior Notes and Junior Subordinated Debentures

See Note 9 of the Notes to the Consolidated Financial Statements for information regarding the unaffiliated senior notes and junior subordinated debentures.

Credit Facilities

See Note 9 of the Notes to the Consolidated Financial Statements for information regarding BHF’s credit facilities.

Short-term Intercompany Loans

BHF, as borrower, has a short-term intercompany loan agreement with certain of its non-insurance subsidiaries, as lenders, for the purposes of facilitating the management of the available cash of the borrower and the lenders on a short-term and consolidated basis. Such intercompany loan agreement allows management to optimize the efficient use of and maximize the yield on cash between BHF and its subsidiary lenders. Each loan entered into under this intercompany loan agreement has a term not more than 364 days and bears interest on the unpaid principal amount at a variable rate, payable monthly. During the years ended December 31, 2022, 2021 and 2020, BHF borrowed $1.0 billion, $1.1 billion and $1.2 billion, respectively, from certain of its non-insurance subsidiaries and repaid $811 million, $805 million and $1.0 billion of such borrowings during the years ended December 31, 2022, 2021 and 2020, respectively. The weighted average interest rate on short-term intercompany loans outstanding at December 31, 2022, 2021 and 2020 was 3.73%, 0.05% and 0.05%, respectively.

Intercompany Liquidity Facilities

BHF has established intercompany liquidity facilities with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under these facilities, which are comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term of up to 364 days, depending on the agreement. During the years ended December 31, 2022, 2021 and 2020, there were no borrowings or repayments by BHF under these facilities.

Segment Information (Narrative) (Details)	12 Months Ended
Segment Information (Narrative) (Details)	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of segments	3

Income Tax

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax

13. Income Tax

The provision for income tax was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Current:
Federal	$	(65)	$	32	$	30
State and local	12		12		6
Subtotal	(53)		44		36
Deferred:
Federal	(129)		(149)		(399)
Provision for income tax expense (benefit)	$	(182)	$	(105)	$	(363)

The reconciliation of the income tax provision at the statutory tax rate to the provision for income tax as reported was as follows:


	Years Ended December 31,
	2022			2021			2020
	(Dollars in millions)
Tax provision at statutory rate	$	(36)		$	(44)		$	(298)
Tax effect of:



Resolution of prior years	(76)			(4)			—
Dividends received deduction	(36)			(37)			(42)
Tax credits	(20)			(16)			(25)
Change in uncertain tax benefits	(15)			—			—
Return to provision	(6)			14			2
Adjustments to deferred tax	(2)			(48)			(5)
Change in valuation allowance	—			18			1
State tax, net of federal benefit	10			9			5
Other, net	(1)			3			(1)
Provision for income tax expense (benefit)	$	(182)		$	(105)		$	(363)
Effective tax rate	106		%	50		%	26		%

Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:


	December 31,
	2022		2021
	(In millions)
Deferred income tax assets:
Net unrealized investment losses	$	1,426	$	—
Net operating loss carryforwards	1,247		1,254
Investments, including derivatives	360		—
Tax credit carryforwards	183		151
Intangibles	40		42
Employee benefits	13		24
Other	29		6
Total deferred income tax assets	3,298		1,477
Less: Valuation allowance	19		19
Total net deferred income tax assets	3,279		1,458
Deferred income tax liabilities:
Policyholder liabilities and receivables	950		404
DAC	711		798
Net unrealized investment gains	—		1,122
Investments, including derivatives	—		196
Total deferred income tax liabilities	1,661		2,520
Net deferred income tax asset (liability)	$	1,618	$	(1,062)

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2022.


	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032-2037	$	2,012
Indefinite	3,924
	$	5,936

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2022.


	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2023-2026	$	—	$	18
2027-2031	—		121
2032-2036	5		26
2037-2041	13		—
Indefinite	—		—
	$	18	$	165

The Company believes that it is more likely than not that the benefit from certain tax credit carryforwards will not be realized. Accordingly, a valuation allowance of $18 million has been established on the deferred tax assets related to the tax credit carryforwards at December 31, 2022.

The Company’s liability for unrecognized tax benefits may increase or decrease in the next 12 months. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate in the future.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Balance at January 1,	$	35	$	35	$	35
Additions for tax positions of prior years	6		—		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Reductions for tax positions of current year	—		—		—
Settlements with tax authorities	—		—		—
Lapses of statutes of limitations	(22)		—		—
Balance at December 31,	$	19	$	35	$	35
Unrecognized tax benefits that, if recognized would impact the effective rate	$	19	$	35	$	35

The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included in other expenses, while penalties are included in income tax expense. Interest related to unrecognized tax benefits was not significant. The Company had no penalties for each of the years ended December 31, 2022, 2021 and 2020.

The Company is subject to examination by the Internal Revenue Service and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to federal, state or local income tax examinations for years prior to 2017. Management believes it has established adequate tax liabilities, and final resolution of any audits for the years 2017 and forward is not expected to have a material impact on the Company’s consolidated financial statements.

Tax Sharing Agreements

For the periods prior to the Separation, Brighthouse Financial filed a consolidated federal life and non-life income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended. Current taxes (and the benefits of tax attributes such as losses) are allocated to Brighthouse Financial, Inc., and its includable subsidiaries, under the consolidated tax return regulations and a tax sharing agreement with MetLife. This tax sharing agreement states that federal taxes will be computed on a modified separate return basis with benefits for losses.

For periods after the Separation, Brighthouse Financial entered into two separate tax sharing agreements. Brighthouse Life Insurance Company and any directly owned life insurance and reinsurance subsidiaries (including Brighthouse Life Insurance Company of NY and BRCD) entered in a tax sharing agreement to join a life consolidated federal income tax return. Brighthouse Financial, Inc. and its includable subsidiaries entered into a tax sharing agreement to join a non-life consolidated federal income tax return. NELICO and the non-life subsidiaries of Brighthouse Life Insurance Company will file their own federal income tax returns. The tax sharing agreements state that federal taxes are computed on a modified separate return basis with benefit for losses.

Income Tax Transactions with Former Parent

In connection with the Separation, the Company entered into a tax receivables agreement (the “Tax Receivables Agreement”) with MetLife that provides MetLife with the right to receive, as partial consideration for its contribution of assets to BHF, future payments from BHF equal to 86% of the amount of cash savings, if any, in federal income tax that Brighthouse Financial actually, or is deemed to, realize as a result of the utilization of Brighthouse Financial, Inc. and its subsidiaries’ net operating losses, capital losses, tax basis and amortization or depreciation deductions in respect of certain tax benefits it may realize as a result of certain transactions involved in the Separation. In connection with the Tax Receivables Agreement, the Company has a payable to MetLife of $328 million at both December 31, 2022 and 2021, reported in other liabilities.

The Company also entered into a tax separation agreement with MetLife. Among other things, the tax separation agreement governs the allocation between MetLife and the Company of the responsibility for the taxes of the MetLife group. The tax separation agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. For the year ended December 31, 2022, MetLife paid Brighthouse Financial $7 million, and for the years ended December 31, 2021 and 2020, Brighthouse Financial paid MetLife $81 million and $0, respectively, under the tax separation agreement. At December 31, 2022, there was a current income tax receivable of $19 million, and at December 31, 2021, there was a current income tax payable of $76 million related to this agreement.

- Definition

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

+ References

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+ Details

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 10	$ (103)	$ (1,056)
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets	(12,443)	(2,107)	3,208
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	309	156	(72)
Foreign currency translation adjustments	(22)	1	20
Defined benefit plans adjustment	8	(4)	(13)
Other comprehensive income (loss), before income tax	(12,148)	(1,954)	3,143
Income tax (expense) benefit related to items of other comprehensive income (loss)	2,552	410	(667)
Other comprehensive income (loss), net of income tax	(9,596)	(1,544)	2,476
Comprehensive income (loss)	(9,586)	(1,647)	1,420
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	5	5	5
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ (9,591)	$ (1,652)	$ 1,415

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying amount	$ 225,580	$ 259,840
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount	20,032	20,151
Maximum exposure to loss	22,962	20,917
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	15,896	16,472
Maximum exposure to loss	17,471	15,802
VIE, Not Primary Beneficiary \| Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying amount	4,136	3,679
Maximum exposure to loss	$ 5,491	$ 5,115

- 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

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 7,999	$ 10,000
Invested assets held in trust (reinsurance agreements)	5,621	6,029
Invested assets pledged as collateral	13,920	5,116
Total invested assets on deposit, held in trust and pledged as collateral	$ 27,540	$ 21,145

Equity (Statutory Capital and Surplus) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 6,349	$ 7,763
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 192	$ 139

Contingencies, Commitments and Guarantees	12 Months Ended
Contingencies, Commitments and Guarantees	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	15. 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 December 31, 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 December 31, 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 also alleges that cost of insurance charges were based on improper factors and should have decreased over time due to improving mortality but did not. 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. On January 18, 2023, the plaintiff filed a motion on consent to amend the second amended class action complaint to narrow the scope of the class sought to those who own or owned policies issued in Georgia; the motion was granted on January 23, 2023, and the third amended complaint was filed on January 23, 2023. 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 were based on improper factors and 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 or other 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. 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. As of December 31, 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 reinsurance-related matters described above. 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. During the second quarter of 2022, the Company settled a reinsurance-related matter with a third party for $140 million, which is reported in other expenses. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $247 million and $719 million at December 31, 2022 and 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 $1.9 billion and $2.3 billion at December 31, 2022 and 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 December 31, 2022 and 2021 for indemnities, guarantees and commitments.

Segment Information (Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Major Product Group) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 4,279	$ 4,789	$ 4,642
Annuity products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	2,855	3,252	3,010
Life insurance products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	1,414	1,527	1,619
Other products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 10	$ 10	$ 13

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 4,369	$ 5,793
Financing receivable, originated in FY before latest FY	6,197	1,349
Financing receivable, originated two years before latest FY	1,091	2,821
Financing receivable, originated three years before latest FY	2,648	2,384
Financing receivable, originated four years before latest FY	2,191	1,199
Financing receivable, originated five or more years before latest FY	6,559	6,427
Financing receivable, before allowance for credit losses	23,055	19,973
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	2,419	3,404
Financing receivable, originated in FY before latest FY	3,191	529
Financing receivable, originated two years before latest FY	445	1,977
Financing receivable, originated three years before latest FY	1,879	1,451
Financing receivable, originated four years before latest FY	1,377	741
Financing receivable, originated five or more years before latest FY	4,263	4,085
Financing receivable, before allowance for credit losses	$ 13,574	$ 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	$ 12,157	$ 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	89.60%	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	$ 590	$ 596
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	4.30%	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	$ 827	$ 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	6.10%	10.70%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 1,916	$ 2,771
Financing receivable, originated in FY before latest FY	2,819	437
Financing receivable, originated two years before latest FY	405	1,539
Financing receivable, originated three years before latest FY	1,493	986
Financing receivable, originated four years before latest FY	888	554
Financing receivable, originated five or more years before latest FY	3,627	3,303
Financing receivable, before allowance for credit losses	11,148	9,590
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	503	633
Financing receivable, originated in FY before latest FY	354	92
Financing receivable, originated two years before latest FY	0	383
Financing receivable, originated three years before latest FY	271	406
Financing receivable, originated four years before latest FY	367	128
Financing receivable, originated five or more years before latest FY	425	481
Financing receivable, before allowance for credit losses	1,920	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	18	0
Financing receivable, originated two years before latest FY	40	55
Financing receivable, originated three years before latest FY	90	29
Financing receivable, originated four years before latest FY	65	59
Financing receivable, originated five or more years before latest FY	48	31
Financing receivable, before allowance for credit losses	261	174
Commercial \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	0
Financing receivable, originated in FY before latest FY	0	0
Financing receivable, originated two years before latest FY	0	0
Financing receivable, originated three years before latest FY	25	30
Financing receivable, originated four years before latest FY	57	0
Financing receivable, originated five or more years before latest FY	163	270
Financing receivable, before allowance for credit losses	245	300
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	680	1,264
Financing receivable, originated in FY before latest FY	1,253	618
Financing receivable, originated two years before latest FY	479	571
Financing receivable, originated three years before latest FY	552	700
Financing receivable, originated four years before latest FY	645	325
Financing receivable, originated five or more years before latest FY	756	685
Financing receivable, before allowance for credit losses	4,365	4,163
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	532	1,150
Financing receivable, originated in FY before latest FY	1,163	541
Financing receivable, originated two years before latest FY	420	510
Financing receivable, originated three years before latest FY	496	674
Financing receivable, originated four years before latest FY	643	292
Financing receivable, originated five or more years before latest FY	740	633
Financing receivable, before allowance for credit losses	3,994	3,800
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	148	114
Financing receivable, originated in FY before latest FY	90	77
Financing receivable, originated two years before latest FY	59	61
Financing receivable, originated three years before latest FY	56	26
Financing receivable, originated four years before latest FY	1	33
Financing receivable, originated five or more years before latest FY	16	52
Financing receivable, before allowance for credit losses	370	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	1,270	1,125
Financing receivable, originated in FY before latest FY	1,753	202
Financing receivable, originated two years before latest FY	167	273
Financing receivable, originated three years before latest FY	217	233
Financing receivable, originated four years before latest FY	169	133
Financing receivable, originated five or more years before latest FY	1,540	1,657
Financing receivable, before allowance for credit losses	5,116	3,623
Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1,266	1,124
Financing receivable, originated in FY before latest FY	1,745	202
Financing receivable, originated two years before latest FY	167	270
Financing receivable, originated three years before latest FY	215	230
Financing receivable, originated four years before latest FY	168	132
Financing receivable, originated five or more years before latest FY	1,491	1,606
Financing receivable, before allowance for credit losses	5,052	3,564
Residential \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	4	1
Financing receivable, originated in FY before latest FY	8	0
Financing receivable, originated two years before latest FY	0	3
Financing receivable, originated three years before latest FY	2	3
Financing receivable, originated four years before latest FY	1	1
Financing receivable, originated five or more years before latest FY	49	51
Financing receivable, before allowance for credit losses	$ 64	$ 59

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

Effect of reinsurance

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Premiums
Direct premiums	$	1,359	$	1,440	$	1,509
Reinsurance assumed	6		(12)		10
Reinsurance ceded	(703)		(721)		(753)
Net premiums	$	662	$	707	$	766
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	3,818	$	4,211	$	4,022
Reinsurance assumed	46		44		48
Reinsurance ceded	(723)		(619)		(607)
Net universal life and investment-type product policy fees	$	3,141	$	3,636	$	3,463
Other revenues
Direct other revenues	$	293	$	373	$	351
Reinsurance assumed	2		4		16
Reinsurance ceded	181		69		46
Net other revenues	$	476	$	446	$	413
Policyholder benefits and claims
Direct policyholder benefits and claims	$	6,149	$	4,984	$	7,545
Reinsurance assumed	100		100		103
Reinsurance ceded	(2,084)		(1,641)		(1,937)
Net policyholder benefits and claims	$	4,165	$	3,443	$	5,711

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


	December 31,
	2022								2021
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	639	$	—	$	18,627	$	19,266	$	634	$	(9)	$	15,469	$	16,094
Liabilities
Future policy benefits	$	41,464	$	105	$	—	$	41,569	$	43,682	$	125	$	—	$	43,807
Policyholder account balances	$	70,642	$	4,194	$	—	$	74,836	$	63,163	$	3,688	$	—	$	66,851
Other policy-related balances	$	1,783	$	1,617	$	—	$	3,400	$	1,813	$	1,644	$	—	$	3,457
Other liabilities	$	5,567	$	10	$	1,479	$	7,056	$	3,245	$	32	$	1,227	$	4,504

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 4,172	$ 5,716	$ 3,240
OCI before reclassifications	(12,366)	(1,953)	3,465
Deferred income tax benefit (expense) (3)	2,598	410	(735)
AOCI before reclassifications, net of income tax	(5,596)	4,173	5,970
Amounts reclassified from AOCI	218	(1)	(322)
Deferred income tax benefit (expense) (3)	(46)	0	68
Amounts reclassified from AOCI, net of income tax	172	(1)	(254)
Balance, end of period	(5,424)	4,172	5,716
Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period		3
Balance, end of period			3
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	3,982	5,646	3,111
OCI before reclassifications	(12,681)	(2,122)	3,511
Deferred income tax benefit (expense) (3)	2,641	446	(737)
AOCI before reclassifications, net of income tax	(6,058)	3,970	5,885
Amounts reclassified from AOCI	238	15	(303)
Deferred income tax benefit (expense) (3)	(50)	(3)	64
Amounts reclassified from AOCI, net of income tax	188	12	(239)
Balance, end of period	(5,870)	3,982	5,646
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	238	115	172
OCI before reclassifications	331	171	(52)
Deferred income tax benefit (expense) (3)	(47)	(36)	11
AOCI before reclassifications, net of income tax	522	250	131
Amounts reclassified from AOCI	(22)	(15)	(20)
Deferred income tax benefit (expense) (3)	4	3	4
Amounts reclassified from AOCI, net of income tax	(18)	(12)	(16)
Balance, end of period	504	238	115
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(7)	(8)	(15)
OCI before reclassifications	(22)	1	20
Deferred income tax benefit (expense) (3)	5	0	(13)
AOCI before reclassifications, net of income tax	(24)	(7)	(8)
Amounts reclassified from AOCI	0	0	0
Deferred income tax benefit (expense) (3)	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0
Balance, end of period	(24)	(7)	(8)
Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(41)	(37)	(28)
OCI before reclassifications	6	(3)	(14)
Deferred income tax benefit (expense) (3)	(1)	0	4
AOCI before reclassifications, net of income tax	(36)	(40)	(38)
Amounts reclassified from AOCI	2	(1)	1
Deferred income tax benefit (expense) (3)	0	0	0
Amounts reclassified from AOCI, net of income tax	2	(1)	1
Balance, end of period	$ (34)	$ (41)	$ (37)

Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	$ 3,803	$ 4,343	$ 4,229
Net Investment Income (1)	4,138	4,881	3,601
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	5,604	4,755	6,803
Amortization of deferred policy acquisition costs and value of business acquired	956	144	766
Other Expenses	2,085	2,451	2,353
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	2,421	2,862	2,656
Net Investment Income (1)	2,240	2,207	1,809
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	2,749	1,628	2,452
Amortization of deferred policy acquisition costs and value of business acquired	840	111	668
Other Expenses	1,417	1,654	1,554
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	695	784	848
Net Investment Income (1)	422	671	459
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	869	927	869
Amortization of deferred policy acquisition costs and value of business acquired	127	22	107
Other Expenses	118	180	176
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	613	618	641
Net Investment Income (1)	1,146	1,900	1,263
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	1,796	2,109	3,422
Amortization of deferred policy acquisition costs and value of business acquired	0	0	0
Other Expenses	293	191	186
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	74	79	84
Net Investment Income (1)	330	103	70
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	190	91	60
Amortization of deferred policy acquisition costs and value of business acquired	(11)	11	(9)
Other Expenses	$ 257	$ 426	$ 437

Contingencies, Commitments and Guarantees (Contingencies, Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Cumulative maximum indemnities and guarantees contractual limitation		$ 118
Liabilities for indemnities, guarantees and commitments		1	$ 1
Loss Contingencies [Line Items]
Other		188	84	$ 125
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
Minimum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued		0
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued		10
Indemnities And Guarantees Contractual Limitation Range		112
Maximum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued		125
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability		247	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		$ 1,900	$ 2,300

Equity (Captive Dividend Restriction - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable
Statutory Accounting Practices [Line Items]
Payments of Dividends		$ 400	$ 177
Investments
Statutory Accounting Practices [Line Items]
Payments of Dividends		197	423
Cash
Statutory Accounting Practices [Line Items]
Payments of Dividends		3
Brighthouse Reinsurance Company of Delaware
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 0
Preferred Stock \| Brighthouse Reinsurance Company of Delaware
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 1	$ 1	$ 1

Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits
Balance at January 1,	$ 35	$ 35	$ 35
Additions for tax positions of prior years	6	0	0
Reductions for tax positions of prior years	0	0	0
Additions for tax positions of current year	0	0	0
Reductions for tax positions of current year	0	0	0
Settlements with tax authorities	0	0	0
Lapses of statutes of limitations	(22)	0	0
Balance at December 31,	19	35	35
Unrecognized tax benefits that, if recognized would impact the effective rate	$ 19	$ 35	$ 35

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt outstanding was as follows at:


			December 31,
			2022				2021
	Stated Interest Rate	Maturity	Face Value		Carrying Value		Face Value		Carrying Value
			(In millions)
Senior notes (1)	3.700%	2027	$	757	$	755	$	757	$	755
Senior notes (1)	5.625%	2030	615		614		615		614
Senior notes (1)	4.700%	2047	1,014		1,001		1,014		1,000
Senior notes (1)	3.850%	2051	400		396		400		396
Junior subordinated debentures (1)	6.250%	2058	375		364		375		363
Other long-term debt (2)	7.028%	2030	26		26		29		29
Total long-term debt (3)			$	3,187	$	3,156	$	3,190	$	3,157

_______________

(1)Interest on senior notes is payable semi-annually. Interest on junior subordinated debentures is payable quarterly subject to BHF’s right to defer interest payments in accordance with the terms of the debentures.

(2)Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.

(3)Includes unamortized debt issuance costs, discounts and premiums, as applicable, totaling net $32 million and $33 million for the senior notes and junior subordinated debentures on a combined basis at December 31, 2022 and 2021, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	$ 7,999	$ 10,000
Invested assets held in trust (reinsurance agreements)	5,621	6,029
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	21	25
Invested assets held in trust (reinsurance agreements)	240	119
FHLB common stock	$ 201	$ 70

Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 0	$ 550	$ 1,250
Brighthouse Life Insurance Company \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 527
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 38	$ 44	$ 61
New England Life Insurance Company [Member] \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 84

Other Revenues and Other Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Compensation	$	351	$	385	$	346
Contracted services and other labor costs	296		280		281
Transition services agreements	58		124		127
Establishment costs	66		98		112
Premium and other taxes, licenses and fees	54		52		44
Separate account fees	407		508		466
Volume related costs, excluding compensation, net of DAC capitalization	512		682		625
Interest expense on debt	153		163		184
Debt repayment costs	—		75		43
Other	188		84		125
Total other expenses	$	2,085	$	2,451	$	2,353

Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

10. Equity

Preferred Stock

Preferred stock shares authorized, issued and outstanding were as follows at:


	December 31,
	2022			2021
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A	17,000	17,000	17,000	17,000	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B	16,100	16,100	16,100	16,100	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C	23,000	23,000	23,000	23,000	23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D	14,000	14,000	14,000	14,000	14,000	14,000
Not designated	99,929,900	—	—	99,929,900	—	—
Total	100,000,000	70,100	70,100	100,000,000	70,100	70,100

In November 2021, BHF issued depositary shares (the “Series D Depositary Shares”), each representing a 1/1,000th ownership interest in a share of BHF’s perpetual 4.625% Series D non-cumulative preferred stock (the “Series D Preferred Stock”) and in the aggregate representing 14,000 shares of Series D Preferred Stock, with a stated amount of $25,000 per share, for aggregate net cash proceeds of $339 million. Dividends, if declared, will be payable commencing on March 25, 2022 and will accrue and be payable quarterly, in arrears, at an annual rate of 4.625% on the stated amount per share. In connection with the issuance of the Series D Depositary Shares and the underlying Series D Preferred Stock, BHF incurred $11 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.

In November 2020, BHF issued depositary shares (the “Series C Depositary Shares”), each representing a 1/1,000th ownership interest in a share of BHF’s perpetual 5.375% Series C non-cumulative preferred stock (the “Series C Preferred Stock”) and in the aggregate representing 23,000 shares of Series C Preferred Stock, with a stated amount of $25,000 per share, for aggregate net cash proceeds of $558 million. Dividends, if declared, will accrue and be payable quarterly, in arrears, at an annual rate of 5.375% on the stated amount per share. In connection with the issuance of the Series C Depositary Shares and the underlying Series C Preferred Stock, BHF incurred $17 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.

In May 2020, BHF issued depositary shares (the “Series B Depositary Shares”), each representing a 1/1,000th ownership interest in a share of its perpetual 6.750% non-cumulative preferred stock, Series B (the “Series B Preferred Stock”) and in the aggregate representing 16,100 shares of Series B Preferred Stock, with a stated amount of $25,000 per share, for aggregate net cash proceeds of $390 million. Dividends, if declared, will accrue and be payable quarterly, in arrears, at an annual rate of 6.750% on the stated amount per share. In connection with the issuance of the Series B Depositary Shares and the underlying Series B Preferred Stock, BHF incurred $13 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.

In March 2019, BHF issued depositary shares, each representing a 1/1,000th ownership interest in a share of BHF’s perpetual 6.600% Series A non-cumulative preferred stock (the “Series A Preferred Stock”) and in the aggregate representing 17,000 shares of Series A Preferred Stock, with a stated amount of $25,000 per share, for aggregate net cash proceeds of $412 million. Dividends, if declared, will accrue and be payable quarterly, in arrears, at an annual rate of 6.600% on the stated amount per share. In connection with the issuance of the depositary shares and the underlying Series A Preferred Stock, BHF incurred $13 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.

The Series A Preferred Stock, the Series B Preferred Stock, Series C Preferred Stock and the Series D Preferred Stock (together, the “Preferred Stock”) rank equally with each other. The Preferred Stock ranks senior to common stock with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding-up of the Company. Holders of the Preferred Stock are not entitled to any other amounts from the Company after they have received their full liquidation preference and do not have voting rights except in certain limited circumstances, including where dividends have not been paid in full for at least six dividend payment periods, whether or not such periods are consecutive. In such circumstances, the holders of the Preferred Stock, and, in turn, the underlying depositary shares, will have certain voting rights with respect to the election of additional directors to the BHF Board of Directors, as provided in the Certificate of Designations for each series of Preferred Stock.

Each series of Preferred Stock has a stated amount of $25,000 per share, is perpetual and has no maturity date. Dividends are payable, if declared, quarterly in arrears on the 25th day of March, June, September and December of each year at a specified annual rate on the stated amount per share applicable to each particular series. Dividends are recorded when declared. No dividends may be paid or declared on BHF’s common stock and BHF may not purchase, redeem, or otherwise acquire its common stock unless the full dividends for the latest completed dividend period on all outstanding Preferred Stock have been declared and either paid or a sum sufficient for the payment thereof has been set aside.

The Preferred Stock is not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company or its subsidiaries and is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. Each series of the Preferred Stock is redeemable at the Company’s option in whole or in part on or after a specified optional redemption date applicable to that series (March 25, 2024 for the Series A Preferred Stock, June 25, 2025 for the Series B Preferred Stock, December 25, 2025 for the Series C Preferred Stock and December 25, 2026 for the Series D Preferred Stock) at a redemption price equal to $25,000 per share, plus any accrued but unpaid dividends. Prior to the optional redemption date applicable to each series of Preferred Stock, the Preferred Stock is redeemable at the Company’s option in whole but not in part within 90 days of the occurrence of (i) a specified rating agency event or (ii) a specified regulatory capital event, in each case at a specified redemption price.

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


	Years Ended December 31,
	2022				2021				2020
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	1,650.00	$	28	$	1,650.00	$	28	$	1,650.00	$	28
B	$	1,687.52	28		$	1,687.52	27		$	1,017.19	16
C	$	1,343.76	31		$	1,474.40	34		$	—	—
D	$	1,262.23	17		$	—	—		$	—	—
Total			$	104			$	89			$	44

See Note 16 for information relating to preferred dividends declared subsequent to December 31, 2022.

Common Stock

Changes in common shares outstanding were as follows:


	Years Ended December 31,
	2022	2021	2020
Shares outstanding at beginning of year	77,870,072	88,211,618	106,027,301
Shares issued	639,980	510,919	354,652
Shares repurchased (1)	(10,231,984)	(10,852,465)	(18,170,335)
Shares outstanding at end of year	68,278,068	77,870,072	88,211,618

_______________

(1)Includes shares of common stock withheld with respect to tax withholding obligations associated with the vesting of share-based compensation awards under the Company’s publicly announced benefit plans or programs.

At December 31, 2022, book value per common share was $62.60.

On August 2, 2021, BHF authorized the repurchase of up to $1.0 billion of its common stock, which is in addition to the $200 million repurchase announced on February 10, 2021. Repurchases under the August 2, 2021 authorization may be made through open market purchases, including pursuant to a 10b5-1 plan or pursuant to accelerated stock repurchase plans, or through privately negotiated transactions, from time to time at management’s discretion in accordance with applicable legal requirements.

During the years ended December 31, 2022, 2021 and 2020, BHF repurchased 10,000,026 shares, 10,703,165 shares and 18,097,084 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $488 million, $499 million and $473 million, respectively. At December 31, 2022, BHF had $293 million remaining under its common stock repurchase program.

Share-Based Compensation Plans

The Company’s share-based compensation plans provide awards to employees and non-employee directors and may be in the form of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU”), performance shares, performance share units (“PSU”), or other share-based awards. Additionally, employees may purchase shares at a discount under an employee stock purchase plan (the “ESPP”). The aggregate number of authorized shares available for issuance at December 31, 2022 under the Company’s various share-based compensation plans was 5,605,876. The Company issues new shares to satisfy vested RSUs and PSUs, as well as stock option exercises.

All share-based compensation is measured at fair value as of the grant date. The Company recognizes compensation expense related to share-based awards based on the number of awards expected to vest, which for some award types represent the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant and actual forfeitures for other award types. Unless a material deviation from the assumed forfeiture rate is observed during the term in which the awards are expensed, the Company recognizes any adjustment necessary to reflect differences in actual experience in the period the award becomes payable or exercisable. Compensation expense related to share-based awards, which is included in other expenses, is principally related to the issuance of restricted stock units and performance share units with other costs incurred relating to stock options. The Company grants the majority of each year’s awards in the first quarter of the year.

Compensation Expense Related to Share-Based Compensation

The following table presents total share-based compensation expense:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
RSUs	$	13	$	13	$	15
PSUs	8		9		5
Employee stock purchase plan	1		1		1
Total share-based compensation expense	$	22	$	23	$	21
Income tax benefit	$	5	$	5	$	4

At December 31, 2022, unrecognized share-based compensation and the weighted average remaining recognition period was $4 million and 0.8 years, respectively, for RSUs and $7 million and 1.3 years, respectively, for PSUs.

Equity Awards

Restricted Stock Units

RSUs are units that, if vested, are payable in shares of BHF common stock. The Company does not credit RSUs with dividend-equivalents as RSUs do not accrue dividends. Accordingly, the estimated fair value of RSUs is based upon the closing price of shares on the date of grant. Most RSUs use graded vesting and vest in thirds on, or shortly after, the first three anniversaries of their grant date, while other RSUs vest in their entirety on the specified anniversary of their grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances.

Performance Share Units

PSUs are units that, if vested, are multiplied by a performance factor to produce a final number of BHF common stock shares. PSUs cliff vest at the end of a three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances. The performance factors are based on the achievement of corporate expense reduction, capital return, net cash flow to Brighthouse Holdings, LLC and statutory expense ratio targets over the respective performance period depending on year of issue.

For awards granted for performance periods in progress through December 31, 2022, the vested PSUs will be multiplied by a performance factor up to a maximum payout of 150%. Assuming the Company has met certain threshold performance targets, the Compensation and Human Capital Committee of BHF’s Board of Directors will determine the performance factor at its discretion.

The following table presents a summary of PSU and RSU activity:


	RSUs			PSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	724,577	$	38.80	703,106	$	39.01
Granted	314,957	$	47.72	299,259	$	48.06
Performance factor adjustment	—	$	—	3,652	$	38.97
Forfeited	(18,551)	$	42.34	(11,002)	$	44.41
Vested	(392,113)	$	38.78	(186,466)	$	38.97
Nonvested at December 31, 2022	628,870	$	43.18	808,549	$	42.30

The weighted average grant date fair value of RSUs granted during the years ended December 31, 2021 and 2020, was $41.81 and $35.68, respectively. The weighted average grant date fair value of PSUs granted during the years ended December 31, 2021 and 2020, was $41.26 and $35.84, respectively. The total fair value of RSUs that vested during the years ended December 31, 2022, 2021 and 2020, was $15 million, $15 million and $10 million, respectively. The total fair value of PSUs that vested during the years ended December 31, 2022, 2021 and 2020, was $7 million, $4 million and $0, respectively.

Stock Options

Stock options represent the contingent right of award holders to purchase shares of BHF common stock at a stated price for a limited time. All stock options have an exercise price equal to the closing price of a share on the date of grant and have a maximum term of ten years. Stock options granted are exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances.

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes model. The significant assumptions the Company uses in its model include: expected volatility of the price of shares; risk-free rate of return; graded three-year vesting; and expected option life. At December 31, 2022, there were 187,371 stock options outstanding and exercisable with a weighted average exercise price of $53.47 and aggregate intrinsic value of $0, which expire on February 29, 2028. During the year ended December 31, 2022, there were no stock options granted, exercised, forfeited or expired. During the years ended December 31, 2021 and 2020, no stock options were granted or exercised.

Employee Stock Purchase Plan Shares

Under the ESPP, eligible employees of the Company purchase common stock at a discount rate of 15% of the market price per share on the lesser of the first or last trading day of the offering period. Employees purchase a variable number of shares of stock through payroll deductions elected just prior to the beginning of the offering period. During the years ended December 31, 2022, 2021 and 2020, employees purchased 74,734 shares, 73,999 shares and 117,950 shares, respectively. The weighted average per share fair value of the discount under the ESPP was $8.54, $10.06 and $8.34 during the years ended December 31, 2022, 2021 and 2020, respectively, which was recorded in other expenses.

Statutory Financial Information

The states of domicile of the Company’s insurance subsidiaries impose RBC requirements that were developed by the National Association of Insurance Commissioners (“NAIC”). The requirements are used by regulators to assess the minimum amount of statutory capital needed for an insurance company to support its operations, based on its size and risk profile. RBC is based on the statutory financial statements and is calculated in a manner prescribed by the NAIC, with the RBC ratio equal to the total adjusted capital (“TAC”) divided by the applicable company action level. Companies below minimum RBC ratios are subject to corrective action. The RBC ratios for the Company’s insurance subsidiaries were each in excess of such minimums for all periods presented.

The Company’s insurance subsidiaries prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile.

Statutory accounting principles differ from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, reporting of reinsurance agreements and valuing investments and deferred tax assets on a different basis.

The tables below present amounts from certain of the Company’s insurance subsidiaries, which are derived from the statutory-basis financial statements as filed with the insurance regulators.

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2022		2021		2020
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	1,373	$	(156)	$	(979)
New England Life Insurance Company	Massachusetts	$	83	$	40	$	105

Statutory capital and surplus was as follows at:


	December 31,
Company	2022		2021
	(In millions)
Brighthouse Life Insurance Company	$	6,349	$	7,763
New England Life Insurance Company	$	192	$	139

The Company has a reinsurance subsidiary, BRCD, which reinsures risks including level premium term life and ULSG assumed from other Brighthouse Financial life insurance subsidiaries. BRCD, with the explicit permission of the Delaware Insurance Commissioner (“Delaware Commissioner”), has included the value of credit-linked notes as admitted assets, which resulted in higher statutory capital and surplus of $10.7 billion and $8.6 billion for the years ended December 31, 2022 and 2021, respectively.

The statutory net income (loss) of BRCD was ($208) million, $543 million and $145 million for the years ended December 31, 2022, 2021 and 2020, respectively, and the combined statutory capital and surplus, including the aforementioned prescribed practices, were $696 million and $644 million at December 31, 2022 and 2021, respectively.

Dividend Restrictions

The table below sets forth the dividends permitted to be paid by certain of the Company’s insurance companies without insurance regulatory approval and dividends paid:


	2023		2022		2021		2020
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	527	$	—	$	550	$	1,250
New England Life Insurance Company	$	84	$	38	$	44	$	61

______________

(1)Reflects dividend amounts that may be paid during 2023 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2023, some or all of such dividends may require regulatory approval to the extent dividends were paid in 2022.

(2)Reflects all amounts paid, including those requiring regulatory approval.

Under the Delaware Insurance Law, Brighthouse Life Insurance Company is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend as long as the amount of the dividend when aggregated with all other dividends in the preceding 12 months does not exceed the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not including pro rata distributions of Brighthouse Life Insurance Company’s own securities. Brighthouse Life Insurance Company will be permitted to pay a stockholder dividend in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Delaware Commissioner and the Delaware Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)”) as of the immediately preceding calendar year requires insurance regulatory approval. Under the Delaware Insurance Law, the Delaware Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders.

Under the Massachusetts State Insurance Law, NELICO is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend as long as the aggregate amount of the dividend, when aggregated with all other dividends paid in the preceding 12 months, does not exceed the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year, not including pro rata distributions of NELICO’s own securities. NELICO will be permitted to pay a dividend in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Massachusetts Commissioner of Insurance (the “Massachusetts Commissioner”) and the Massachusetts Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)”) as of the last filed annual statutory statement requires insurance regulatory approval. Under the Massachusetts State Insurance Law, the Massachusetts Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders.

Under New York insurance laws, Brighthouse Life Insurance Company of NY (“BHNY”) is permitted, without prior insurance regulatory clearance, to pay stockholder dividends to its parent in any calendar year based on one of two standards. Under one standard, BHNY is permitted, without prior insurance regulatory clearance, to pay dividends out of earned surplus (defined as positive “unassigned funds (surplus)”, excluding 85% of the change in net unrealized capital gains or losses (less capital gains tax), for the immediately preceding calendar year), in an amount up to the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not to exceed 30% of surplus to policyholders as of the end of the immediately preceding calendar year. In addition, under this standard, BHNY may not, without prior insurance regulatory clearance, pay any dividends in any calendar year immediately following a calendar year for which its net gain from operations, excluding realized capital gains, was negative. Under the second standard, if dividends are paid from a source other than earned surplus, BHNY may, without prior insurance regulatory clearance, pay an amount up to the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains). In addition, BHNY will be permitted to pay a dividend to its parent in excess of the amounts allowed under both standards only if it files notice of its intention to declare such a dividend and the amount thereof with the NY Superintendent, and the NY Superintendent either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. To the extent BHNY pays a stockholder dividend, such dividend will be paid to Brighthouse Life Insurance Company, its direct parent and sole stockholder.Under BRCD’s plan of operations, no dividend or distribution may be made by BRCD without the prior approval of the Delaware Commissioner. BRCD did not pay any extraordinary dividends during the year ended December 31, 2022. During the year ended December 31, 2021, BRCD paid an extraordinary dividend in the form of the settlement of affiliated reinsurance balances of $400 million, invested assets of $197 million and cash of $3 million. During the year ended December 31, 2020, BRCD paid an extraordinary dividend in the form of invested assets of $423 million and the settlement of affiliated reinsurance balances of $177 million, which was approved by the Delaware Commissioner in December 2019. During each of the years ended December 31, 2022, 2021 and 2020, BRCD paid cash dividends of $1 million to its preferred shareholders.

Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2019	$	3,111	$	172	$	(15)	$	(28)	$	3,240


OCI before reclassifications (2)	3,511		(52)		20		(14)		3,465
Deferred income tax benefit (expense) (3)	(737)		11		(13)		4		(735)
AOCI before reclassifications, net of income tax	5,885		131		(8)		(38)		5,970
Amounts reclassified from AOCI	(303)		(20)		—		1		(322)
Deferred income tax benefit (expense) (3)	64		4		—		—		68
Amounts reclassified from AOCI, net of income tax	(239)		(16)		—		1		(254)
Balance at December 31, 2020	5,646		115		(8)		(37)		5,716
OCI before reclassifications	(2,122)		171		1		(3)		(1,953)
Deferred income tax benefit (expense) (3)	446		(36)		—		—		410
AOCI before reclassifications, net of income tax	3,970		250		(7)		(40)		4,173
Amounts reclassified from AOCI	15		(15)		—		(1)		(1)
Deferred income tax benefit (expense) (3)	(3)		3		—		—		—
Amounts reclassified from AOCI, net of income tax	12		(12)		—		(1)		(1)
Balance at December 31, 2021	3,982		238		(7)		(41)		4,172
OCI before reclassifications	(12,681)		331		(22)		6		(12,366)
Deferred income tax benefit (expense) (3)	2,641		(47)		5		(1)		2,598
AOCI before reclassifications, net of income tax	(6,058)		522		(24)		(36)		(5,596)
Amounts reclassified from AOCI	238		(22)		—		2		218
Deferred income tax benefit (expense) (3)	(50)		4		—		—		(46)
Amounts reclassified from AOCI, net of income tax	188		(18)		—		2		172
Balance at December 31, 2022	$	(5,870)	$	504	$	(24)	$	(34)	$	(5,424)

_______________

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

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

(3)The effects of income taxes on amounts recorded in 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 Locations
	Years Ended December 31,
	2022		2021		2020
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(186)	$	(4)	$	318	Net investment gains (losses)

Net unrealized investment gains (losses)	(52)		(11)		(15)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(238)		(15)		303
Income tax (expense) benefit	50		3		(64)
Net unrealized investment gains (losses), net of income tax	(188)		(12)		239
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	5		2		2		Net derivative gains (losses)
Interest rate swaps	4		3		3		Net investment income


Foreign currency swaps	13		10		15		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	22		15		20
Income tax (expense) benefit	(4)		(3)		(4)
Gains (losses) on cash flow hedges, net of income tax	18		12		16
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		1		(1)

Amortization of defined benefit plans, before income tax	(2)		1		(1)

Amortization of defined benefit plans, net of income tax	(2)		1		(1)
Total reclassifications, net of income tax	$	(172)	$	1	$	254

- 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
-Topic 505
-SubTopic 10
-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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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 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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+ Details

Segment Information

12 Months Ended

Dec. 31, 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 ULSG, 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 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 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 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 (“RBC”). Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.

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


	Year Ended December 31, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,134	$	23	$	(367)	$	(6)	$	784
Provision for income tax expense (benefit)	208		1		(78)		(113)		18
Post-tax adjusted earnings	926		22		(289)		107		766
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		104		104
Adjusted earnings	$	926	$	22	$	(289)	$	(2)	657
Adjustments for:
Net investment gains (losses)									(248)
Net derivative gains (losses)									304
Other adjustments to net income (loss)									(1,012)
Provision for income tax (expense) benefit									200
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(99)

Interest revenue	$	2,261	$	426	$	1,166	$	356
Interest expense	$	—	$	—	$	—	$	153


	Year Ended December 31, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,796	$	362	$	244	$	(347)	$	2,055
Provision for income tax expense (benefit)	347		75		53		(107)		368
Post-tax adjusted earnings	1,449		287		191		(240)		1,687
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		89		89
Adjusted earnings	$	1,449	$	287	$	191	$	(334)	1,593
Adjustments for:
Net investment gains (losses)									(59)
Net derivative gains (losses)									(2,469)
Other adjustments to net income (loss)									265
Provision for income tax (expense) benefit									473
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(197)

Interest revenue	$	2,217	$	673	$	1,910	$	102
Interest expense	$	—	$	—	$	—	$	163


	Year Ended December 31, 2020
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,433	$	182	$	(1,655)	$	(332)	$	(372)
Provision for income tax expense (benefit)	266		34		(356)		(87)		(143)
Post-tax adjusted earnings	1,167		148		(1,299)		(245)		(229)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		44		44
Adjusted earnings	$	1,167	$	148	$	(1,299)	$	(294)	(278)
Adjustments for:
Net investment gains (losses)									278
Net derivative gains (losses)									(18)
Other adjustments to net income (loss)									(1,307)
Provision for income tax (expense) benefit									220
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(1,105)

Interest revenue	$	1,820	$	460	$	1,269	$	70
Interest expense	$	—	$	—	$	—	$	184

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Annuities	$	4,871	$	5,216	$	4,563
Life	1,137		1,491		1,334
Run-off	1,808		2,557		1,938
Corporate & Other	430		181		156
Adjustments	227		(2,303)		512
Total	$	8,473	$	7,142	$	8,503

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


	December 31,
	2022		2021
	(In millions)
Annuities	$	151,387	$	178,700
Life	22,556		24,514
Run-off	27,792		37,055
Corporate & Other	23,845		19,571
Total	$	225,580	$	259,840

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Annuity products	$	2,855	$	3,252	$	3,010
Life insurance products	1,414		1,527		1,619
Other products	10		10		13
Total	$	4,279	$	4,789	$	4,642

Substantially all of the Company’s premiums, universal life and investment-type product policy fees and other revenues originated in the U.S.

Revenues derived from any individual customer did not exceed 10% of premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2022, 2021 and 2020.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 36	$ 2
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(9)	1	$ 9
Total realized/unrealized gains (losses) included in AOCI	17	12	(9)
Purchases (7)	1	20
Sales (7)	(9)	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	(1)	1
Balance, end of period	35	36	2
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	(11)	(4)
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	17	12	(9)
Net Embedded Derivatives (3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(8,310)	(6,874)
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	3,639	(1,341)	(2,221)
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	(599)	(95)
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	(5,270)	(8,310)	(6,874)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	3,334	(874)	(2,297)
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	0	0	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,399	688
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(5)	(1)	(6)
Total realized/unrealized gains (losses) included in AOCI	(266)	(7)	(3)
Purchases (7)	933	951
Sales (7)	(184)	(53)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	94	52
Transfers out of Level 3 (8)	(184)	(231)
Balance, end of period	1,787	1,399	688
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	3	(2)	(5)
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	(268)	(6)	(3)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	220	67
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1	0	0
Total realized/unrealized gains (losses) included in AOCI	(23)	0	1
Purchases (7)	251	202
Sales (7)	(16)	(12)
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	33	0
Transfers out of Level 3 (8)	(101)	(37)
Balance, end of period	365	220	67
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	(23)	0	1
Foreign Government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	26	0
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	(10)	0	0
Purchases (7)	5	26
Sales (7)	(2)	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	19	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	38	26	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	(10)	0	0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	13	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (7)	14	10
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	27	13	3
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	2	0
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (7)	0	2
Sales (7)	(2)	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	0
Balance, end of period	0	2	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	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	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (7)	0	0
Sales (7)	0	0
Issuances (7)	0	0
Settlements (7)	0	0
Transfers into Level 3 (8)	0	0
Transfers out of Level 3 (8)	0	(3)
Balance, end of period	0	0	3
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI for the instruments still held at end of period	$ 0	$ 0	$ 0

Long-term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

9. Long-term Debt

Long-term debt outstanding was as follows at:


			December 31,
			2022				2021
	Stated Interest Rate	Maturity	Face Value		Carrying Value		Face Value		Carrying Value
			(In millions)
Senior notes (1)	3.700%	2027	$	757	$	755	$	757	$	755
Senior notes (1)	5.625%	2030	615		614		615		614
Senior notes (1)	4.700%	2047	1,014		1,001		1,014		1,000
Senior notes (1)	3.850%	2051	400		396		400		396
Junior subordinated debentures (1)	6.250%	2058	375		364		375		363
Other long-term debt (2)	7.028%	2030	26		26		29		29
Total long-term debt (3)			$	3,187	$	3,156	$	3,190	$	3,157

_______________

(2)Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.

The aggregate maturities of long-term debt at December 31, 2022 were $2 million in each of 2023 and 2024, $3 million in each of 2025 and 2026, $761 million in 2027, and $2.4 billion thereafter.

Unsecured senior notes rank highest in priority, followed by subordinated debt consisting of junior subordinated debentures.

Interest expense related to long-term debt of $153 million, $163 million and $184 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in other expenses.

The Company’s debt instruments and credit and committed facilities contain certain administrative, reporting and legal covenants. Additionally, the Revolving Credit Facility (as defined below) contain financial covenants, including requirements to maintain a specified minimum adjusted consolidated net worth, to maintain a ratio of total indebtedness to total capitalization not in excess of a specified percentage and that place limitations on the dollar amount of indebtedness that may be incurred by the Company’ subsidiaries. At December 31, 2022, the Company was in compliance with these financial covenants.

Senior Notes

In November 2021, BHF used the net proceeds from the issuances of the Series D Depositary Shares (as defined in Note 10) and the 2051 Senior Notes (as defined below) to repurchase $543 million principal amount of senior notes due 2027 and $136 million principal amount of senior notes due 2047. In connection with this repurchase, BHF recorded a premium of $71 million paid in excess of the debt principal and wrote off $4 million of unamortized debt issuance costs, which is included in other expenses.

In November 2021, BHF issued $400 million aggregate principal amount of senior notes due December 2051 (the “2051 Senior Notes”) for aggregate net cash proceeds of $396 million. The 2051 Senior Notes bear interest at a fixed rate of 3.850%, payable semi-annually.

During the fourth quarter of 2020, BHF used the net proceeds from the issuance of the Series C Depositary Shares (as defined in Note 10) to repurchase $200 million principal amount of senior notes due 2027 and $350 million principal amount of senior notes due 2047. In connection with this repurchase, BHF recorded a premium of $37 million paid in excess of the debt principal and wrote off $6 million of unamortized debt issuance costs, which is included in other expenses.

During the second quarter of 2020, BHF issued $615 million aggregate principal amount of senior notes due May 2030 (the “2030 Senior Notes”) for aggregate net cash proceeds of $614 million. The 2030 Senior Notes bear interest at a fixed rate of 5.625%, payable semi-annually.

Credit Facilities

Revolving Credit Facility

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 December 31, 2022, there were no borrowings or letters of credit outstanding under the 2022 Revolving Credit Facility.

Term Loan Facility

During the second quarter of 2020, BHF used the aggregate net proceeds from the issuances of the 2030 Senior Notes and the Series B Depositary Shares (as defined in Note 10) to repay $1.0 billion of borrowings outstanding under an unsecured term loan facility and terminated the facility without penalty.

For the years ended December 31, 2022, 2021 and 2020, fees associated with these credit facilities were not significant.

Committed Facilities

Reinsurance Financing Arrangement

Brighthouse Reinsurance Company of Delaware (“BRCD”) maintains a financing arrangement with a pool of highly rated third-party reinsurers consisting of credit-linked notes that each mature in 2039. Effective December 31, 2022, with the explicit permission of the Delaware Commissioner, BRCD amended its financing agreement to increase the maximum facility from $12.0 billion to $15.0 billion. At December 31, 2022, there were no borrowings and there was $15.0 billion of funding available under this financing arrangement. For the years ended December 31, 2022, 2021 and 2020, the Company recognized commitment fees of $26 million, $34 million and $30 million, respectively, in other expenses associated with this financing arrangement.

Repurchase Facilities

At December 31, 2022, Brighthouse Life Insurance Company maintains secured committed repurchase facilities (the “Repurchase Facilities”) under which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $2.0 billion for a term of up to three years. Under the Repurchase Facilities, Brighthouse Life Insurance Company may sell certain eligible securities at a purchase price based on the market value of the securities less an applicable margin based on the types of securities sold, with a concurrent agreement to repurchase such securities at a predetermined future date (up to three months) and at a price which represents the original purchase price plus interest. At December 31, 2022, there were no borrowings under the Repurchase Facilities.

- 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
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-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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
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-Name Accounting Standards Codification
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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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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 2,308	$ 3,128
Derivative Asset, Not Offset, Policy Election Deduction	(1,659)	(1,155)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(640)	(1,494)
Derivative Asset, Fair Value, Amount Offset Against Collateral	9	479
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(6)	(413)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	3	66
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	3,919	1,632
Derivative Liability, Not Offset, Policy Election Deduction	(1,659)	(1,155)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	(7)	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	2,253	477
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(2,251)	(477)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 2	$ 0

Equity (Preferred Stock) (Details) - shares		1 Months Ended			12 Months Ended
Equity (Preferred Stock) (Details) - shares	Mar. 25, 2019	Nov. 30, 2021	Nov. 30, 2020	May 31, 2020	Dec. 31, 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%	6.60%
Preferred stock, shares authorized					17,000	17,000
Preferred stock, shares issued	17,000				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%	6.75%
Preferred stock, shares authorized					16,100	16,100
Preferred stock, shares issued				16,100	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%	5.375%
Preferred stock, shares authorized					23,000	23,000
Preferred stock, shares issued			23,000		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%	4.625%
Preferred stock, shares authorized					14,000	14,000
Preferred stock, shares issued		14,000			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

Reinsurance (Reinsurance Recoverables - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 18,000	$ 15,100
Premiums, reinsurance and other, allowance for credit losses	10	10
Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 15,700	$ 13,000
Ceded Credit Risk, Reinsurance Recoverables, Percentage	87.00%	86.00%
Ceded Credit Risk, Unsecured [Member]
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 6,300	$ 6,000
Ceded Credit Risk, Unsecured [Member] \| Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 4,300	$ 4,100

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	December 31, 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	$	36,926	$	1	$	203	$	4,521	$	32,607	$	35,326	$	2	$	3,946	$	189	$	39,081
Foreign corporate	12,471		1		38		1,932		10,576		10,916		7		906		109		11,706
U.S. government and agency	8,318		—		300		602		8,016		7,301		—		2,066		60		9,307
RMBS	8,431		2		44		945		7,528		8,878		—		432		51		9,259
CMBS	7,324		3		—		710		6,611		6,976		2		333		25		7,282
ABS	5,652		—		3		296		5,359		4,261		—		33		14		4,280
State and political subdivision	4,074		—		125		400		3,799		3,995		—		846		6		4,835
Foreign government	1,148		—		39		106		1,081		1,593		—		244		5		1,832
Total fixed maturity securities	$	84,344	$	7	$	752	$	9,512	$	75,577	$	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 December 31, 2022:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,024	$	13,740	$	17,011	$	31,162	$	21,407	$	84,344
Estimated fair value	$	1,009	$	13,011	$	15,033	$	27,026	$	19,498	$	75,577

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector

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


	December 31, 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	$	24,509	$	3,351	$	3,979	$	1,170	$	5,131	$	113	$	888	$	76
Foreign corporate	8,260		1,413		1,601		519		2,044		62		326		47
U.S. government and agency	3,121		265		1,147		337		1,716		40		222		20
RMBS	4,731		497		2,246		448		3,488		51		32		—
CMBS	5,589		543		970		167		1,401		21		95		4
ABS	3,347		159		1,733		137		2,459		13		93		1
State and political subdivision	2,041		317		247		83		356		6		7		—
Foreign government	777		99		21		7		278		4		18		1
Total fixed maturity securities	$	52,375	$	6,644	$	11,944	$	2,868	$	16,873	$	310	$	1,681	$	149
Total number of securities in an unrealized loss position	7,309				2,049				2,454				369

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2022				2021
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,574	59.2	%	$	12,187	61.4	%
Agricultural	4,365		19.0		4,163		21.0
Residential	5,116		22.3		3,623		18.2
Total mortgage loans (1)	23,055		100.5		19,973		100.6
Allowance for credit losses	(119)		(0.5)		(123)		(0.6)
Total mortgage loans, net	$	22,936	100.0	%	$	19,850	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $2.2 billion and $2.1 billion for the years ended December 31, 2022 and 2021, respectively, and were primarily comprised of residential mortgage loans.

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)
Balance at January 1, 2020	$	27	$	17	$	22	$	66
Current period provision	17		(2)		13		28


Balance at December 31, 2020	44		15		35		94
Current period provision	23		(3)		7		27
PCD credit allowance	—		—		2		2

Balance at December 31, 2021	67		12		44		123
Current period provision	5		3		11		19

Charge-offs, net of recoveries	(23)		—		—		(23)
Balance at December 31, 2022	$	49	$	15	$	55	$	119

Purchases of PCD Mortgage Loans

Purchases of PCD mortgage loans are summarized as follows:


	December 31,
	2022		2021
	(In millions)
Purchase price	$	62	$	462
Allowance at acquisition date	—		2
Discount or premium attributable to other factors	7		(29)
Par value	$	69	$	435

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)
December 31, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	1,916	$	2,819	$	405	$	1,493	$	888	$	3,627	$	11,148
65% to 75%	503		354		—		271		367		425		1,920
76% to 80%	—		18		40		90		65		48		261
Greater than 80%	—		—		—		25		57		163		245
Total commercial mortgage loans	2,419		3,191		445		1,879		1,377		4,263		13,574
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	532		1,163		420		496		643		740		3,994
65% to 75%	148		90		59		56		1		16		370

Greater than 80%	—		—		—		—		1		—		1
Total agricultural mortgage loans	680		1,253		479		552		645		756		4,365
Residential mortgage loans
Performing	1,266		1,745		167		215		168		1,491		5,052
Nonperforming	4		8		—		2		1		49		64
Total residential mortgage loans	1,270		1,753		167		217		169		1,540		5,116
Total	$	4,369	$	6,197	$	1,091	$	2,648	$	2,191	$	6,559	$	23,055


	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:


	December 31,
	2022				2021
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,157	89.6	%	$	10,289	84.4	%
1.00x - 1.20x	590		4.3		596		4.9
Less than 1.00x	827		6.1		1,302		10.7
Total	$	13,574	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:


	December 31,
	2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,574	$	4,346	$	5,041	$	22,961	$	12,187	$	4,163	$	3,550	$	19,900
30-59 days past due	—		—		11		11		—		—		14		14
60-89 days past due	—		—		16		16		—		—		14		14
90-179 days past due	—		3		31		34		—		—		29		29
180+ days past due	—		16		17		33		—		—		16		16
Total	$	13,574	$	4,365	$	5,116	$	23,055	$	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 (1)		Total
	(In millions)
December 31, 2022	$	11	$	3	$	64	$	78
December 31, 2021	$	—	$	—	$	59	$	59

_______________

(1)All mortgage loans in nonaccrual status had an allowance for credit losses at both December 31, 2022 and 2021.

Net Unrealized Investment Gains (Losses)

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Fixed maturity securities	$	(8,760)	$	8,347	$	11,968

Derivatives	638		329		173
Other	3		(29)		(16)
Subtotal	(8,119)		8,647		12,125
Amounts allocated from:
Future policy benefits	916		(2,903)		(4,313)
DAC and VOBA	410		(403)		(520)
Subtotal	1,326		(3,306)		(4,833)
Deferred income tax benefit (expense)	1,427		(1,121)		(1,531)
Net unrealized investment gains (losses)	$	(5,366)	$	4,220	$	5,761

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)


Balance at January 1,	$	4,220	$	5,761	$	3,283
Unrealized investment gains (losses) during the year	(16,766)		(3,478)		4,936
Unrealized investment gains (losses) relating to:
Future policy benefits	3,819		1,410		(1,621)
DAC and VOBA	813		117		(179)
Deferred income tax benefit (expense)	2,548		410		(658)
Balance at December 31,	$	(5,366)	$	4,220	$	5,761
Change in net unrealized investment gains (losses)	$	(9,586)	$	(1,541)	$	2,478

Securities Lending

Elements of the securities lending program are presented below at:


	December 31,
	2022		2021
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,995	$	3,573
Estimated fair value	$	3,638	$	4,539
Cash collateral received from counterparties (2)	$	3,731	$	4,611
Securities collateral received from counterparties (3)	$	—	$	2
Reinvestment portfolio — estimated fair value	$	3,603	$	4,730

_______________

(1)Included in fixed maturity securities.

(2)Included in 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 consolidated financial statements.

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


	December 31, 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	$	640	$	1,527	$	984	$	3,151	$	1,094	$	2,125	$	1,391	$	4,610
U.S. corporate	2		410		—		412		1		—		—		1

Foreign corporate	—		152		—		152		—		—		—		—
Foreign government	—		16		—		16		—		—		—		—
Total	$	642	$	2,105	$	984	$	3,731	$	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:


	December 31,
	2022		2021
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	7,999	$	10,000
Invested assets held in trust (reinsurance agreements) (2)	5,621		6,029
Invested assets pledged as collateral (3)	13,920		5,116
Total invested assets on deposit, held in trust and pledged as collateral	$	27,540	$	21,145

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $21 million and $25 million of the assets on deposit represents restricted cash and cash equivalents at December 31, 2022 and 2021, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $240 million and $119 million of the assets held in trust balance represents restricted cash and cash equivalents at December 31, 2022 and 2021, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3) and derivative transactions (see Note 7).

Variable Interest Entities

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


	December 31,
	2022				2021
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,896	$	17,471	$	16,472	$	15,802
Limited partnerships and LLCs	4,136		5,491		3,679		5,115
Total	$	20,032	$	22,962	$	20,151	$	20,917

Components of Net Investment Income

The components of net investment income were as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Investment income:
Fixed maturity securities	$	3,077	$	2,832	$	2,700
Equity securities	3		5		6
Mortgage loans	842		689		666
Policy loans	64		65		56
Limited partnerships and LLCs (1)	263		1,391		240
Cash, cash equivalents and short-term investments	72		5		49

Other	69		44		54
Total investment income	4,390		5,031		3,771
Less: Investment expenses	252		150		170

Net investment income	$	4,138	$	4,881	$	3,601

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $170 million, $1.3 billion and $225 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Fixed maturity securities	$	(192)	$	(21)	$	297
Equity securities	(14)		—		—
Mortgage loans	(20)		(27)		(27)
Limited partnerships and LLCs	(20)		—		(3)
Other	(2)		(11)		11
Total net investment gains (losses)	$	(248)	$	(59)	$	278

Sales or Disposals of Fixed Maturity Securities

Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Proceeds	$	6,640	$	6,329	$	3,218
Gross investment gains	$	52	$	99	$	390
Gross investment losses	(236)		(103)		(78)
Net investment gains (losses)	$	(184)	$	(4)	$	312

Income Tax (Provision for Income Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (65)	$ 32	$ 30
State and local	12	12	6
Subtotal	(53)	44	36
Deferred:
Federal	(129)	(149)	(399)
Current and Deferred:
Provision for income tax expense (benefit)	$ (182)	$ (105)	$ (363)

- Definition

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

+ References + Details

Income Tax (Tax Credit Carryforwards) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 165
Foreign Tax Authority \| 2023-2026
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	18
Foreign Tax Authority \| 2027-2031
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	121
Foreign Tax Authority \| 2032-2036
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	26
Foreign Tax Authority \| 2037-2041
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	18
General business tax credit carryforward \| 2023-2026
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2027-2031
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2032-2036
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	5
General business tax credit carryforward \| 2037-2041
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	13
General business tax credit carryforward \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 0

Equity (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 22	$ 23	$ 21
Share-based compensation expense, income tax benefit	5	5	4
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	13	13	15
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8	9	5
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1	$ 1

Condensed Financial Information (Parent Company) (Condensed Balance Sheets Insets) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 84,344,000,000	$ 79,246,000,000
Fixed maturity securities, allowance for credit losses	$ 7,000,000	$ 11,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 1,753,000,000	$ 1,753,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	122,153,422	121,513,442
Common stock, shares outstanding	68,278,068	77,870,072	88,211,618	106,027,301
Treasury stock, shares	53,875,354	43,643,370
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
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	122,153,422	121,513,442
Common stock, shares outstanding	68,278,068	77,870,072
Treasury stock, shares	53,875,354	43,643,370

Employee Benefit Plans (Employee Benefit Plans - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 18	$ 18	$ 17
Defined Contribution Plan, Increase (Decrease), Cost	(2)	9	$ 7
Assets for Plan Benefits, Defined Benefit Plan	3	8
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent	56	69
MetLife, Inc.
Defined Benefit Plan Disclosure [Line Items]
Accounts Payable	174	194
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	128	174
Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 82	$ 105

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased from third parties	$ 2,200	$ 2,100
Accrued interest receivable	$ 115	$ 95
Minimum \| Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses by performance status as a percentage of financing receivables, before allowance for credit losses	99.00%	99.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables in nonaccrual status, investment income	$ 2	$ 1

Equity (Statutory Net Income/Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Net Income Amount	$ 1,373	$ (156)	$ (979)
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Net Income Amount	$ 83	$ 40	$ 105

Investments (Securities Lending - Narrative) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Cash collateral on deposit from counterparties	$ 627
Percentage of reinvestment portfolio invested in liquid assets	56.00%

Investments (Other Invested Assets - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Leveraged leases, net of allowance for credit losses	$ 48	$ 49
Leveraged leases, allowance for credit losses	$ 13	$ 13
Leveraged leases by performance status as a percentage of leveraged leases	100.00%	100.00%
Minimum
Derivative [Line Items]
Percentage of other invested assets comprised of freestanding derivatives with positive estimated fair values	80.00%

Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements


	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	31,418	$	1,189	$	32,607
Foreign corporate	—		9,978		598		10,576
U.S. government and agency	3,566		4,450		—		8,016
RMBS	—		7,514		14		7,528
CMBS	—		6,578		33		6,611
ABS	—		5,041		318		5,359
State and political subdivision	—		3,799		—		3,799
Foreign government	—		1,043		38		1,081
Total fixed maturity securities	3,566		69,821		2,190		75,577
Equity securities	35		27		27		89
Short-term investments	722		359		—		1,081

Derivative assets: (1)
Interest rate	—		304		—		304
Foreign currency exchange rate	—		716		29		745
Credit	—		10		8		18
Equity market	—		1,217		—		1,217
Total derivative assets	—		2,247		37		2,284
Embedded derivatives within asset host contracts (2)	—		—		117		117
Separate account assets	29		84,936		—		84,965
Total assets	$	4,352	$	157,390	$	2,371	$	164,113
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	2,802	$	—	$	2,802
Foreign currency exchange rate	—		18		—		18
Credit	—		—		2		2
Equity market	—		1,098		—		1,098
Total derivative liabilities	—		3,918		2		3,920
Embedded derivatives within liability host contracts (2)	—		—		5,387		5,387

Total liabilities	$	—	$	3,918	$	5,389	$	9,307


	December 31, 2021
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(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
ABS	—		4,115		165		4,280
State and political subdivision	—		4,835		—		4,835
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


					December 31, 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	16.46%	-	22.01%	16.44%	-	22.16%	Increase (5)
			•	Nonperformance risk spread	0.00%	-	1.98%	(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)
Balance, January 1, 2021	$	688	$	67	$	—	$	3	$	—	$	2	$	(6,874)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(1)		—		—		—		—		1		(1,341)		—
Total realized/unrealized gains (losses) included in AOCI	(7)		—		—		—		—		12		—		—
Purchases (7)	951		202		26		10		2		20		—		—
Sales (7)	(53)		(12)		—		—		—		—		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(95)		—
Transfers into Level 3 (8)	52		—		—		—		—		—		—		—
Transfers out of Level 3 (8)	(231)		(37)		—		—		—		1		—		(3)
Balance, December 31, 2021	1,399		220		26		13		2		36		(8,310)		—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(5)		1		—		—		—		(9)		3,639		—
Total realized/unrealized gains (losses) included in AOCI	(266)		(23)		(10)		—		—		17		—		—
Purchases (7)	933		251		5		14		—		1		—		—
Sales (7)	(184)		(16)		(2)		—		(2)		(9)		—		—
Issuances (7)	—		—		—		—		—		—		—		—
Settlements (7)	—		—		—		—		—		—		(599)		—
Transfers into Level 3 (8)	94		33		19		—		—		—		—		—
Transfers out of Level 3 (8)	(184)		(101)		—		—		—		(1)		—		—
Balance, December 31, 2022	$	1,787	$	365	$	38	$	27	$	—	$	35	$	(5,270)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (9)	$	(5)	$	—	$	—	$	—	$	—	$	(4)	$	(2,297)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021 (9)	$	(2)	$	—	$	—	$	—	$	—	$	(11)	$	(874)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022 (9)	$	3	$	—	$	—	$	1	$	—	$	(1)	$	3,334	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at December 31, 2020 (9)	$	(3)	$	1	$	—	$	—	$	—	$	(9)	$	—	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2021 (9)	$	(6)	$	—	$	—	$	—	$	—	$	12	$	—	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2022 (9)	$	(268)	$	(23)	$	(10)	$	—	$	—	$	17	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2020:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(6)	$	—	$	—	$	—	$	—	$	9	$	(2,221)	$	—
Total realized/unrealized gains (losses) included in AOCI	$	(3)	$	1	$	—	$	—	$	—	$	(9)	$	—	$	—

_______________

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

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

(3)Embedded derivative assets and liabilities are reported 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:


	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,936	$	—	$	—	$	20,816	$	20,816
Policy loans	$	1,282	$	—	$	515	$	878	$	1,393
Other invested assets	$	213	$	—	$	201	$	12	$	213
Premiums, reinsurance and other receivables	$	6,080	$	—	$	89	$	6,141	$	6,230
Liabilities
Policyholder account balances	$	31,887	$	—	$	—	$	30,942	$	30,942
Long-term debt	$	3,156	$	—	$	2,703	$	—	$	2,703
Other liabilities	$	943	$	—	$	248	$	695	$	943
Separate account liabilities	$	1,024	$	—	$	1,024	$	—	$	1,024


	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

Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Net investment income	$ 4,138	$ 4,881	$ 3,601
Other revenues	476	446	413
Net investment gains (losses)	(248)	(59)	278
Net derivative gains (losses)	304	(2,469)	(18)
Total revenues	8,473	7,142	8,503
Expenses
Debt repayment costs	0	(75)	(43)
Other expenses	2,085	2,451	2,353
Total expenses	8,645	7,350	9,922
Income (loss) before provision for income tax	(172)	(208)	(1,419)
Provision for income tax expense (benefit)	(182)	(105)	(363)
Net income (loss) attributable to Brighthouse Financial, Inc.	5	(108)	(1,061)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(99)	(197)	(1,105)
Comprehensive income (loss)	(9,591)	(1,652)	1,415
Parent Company
Condensed Income Statements, Captions [Line Items]
Net investment income	14	1	7
Other revenues	(3)	13	19
Net investment gains (losses)	(2)	2	0
Net derivative gains (losses)	(7)	2	8
Total revenues	2	18	34
Expenses
Debt repayment costs	0	(77)	(43)
Other expenses	168	179	211
Total expenses	168	256	254
Income (loss) before provision for income tax	(166)	(238)	(220)
Provision for income tax expense (benefit)	(35)	(50)	(45)
Income (loss) before equity in earnings (losses) of subsidiaries	(131)	(188)	(175)
Income (Loss) from Subsidiaries, Net of Tax	136	80	(886)
Net income (loss) attributable to Brighthouse Financial, Inc.	5	(108)	(1,061)
Dividends, Preferred Stock	104	89	44
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(99)	(197)	(1,105)
Comprehensive income (loss)	$ (9,591)	$ (1,652)	$ 1,415

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Unrealized investment gains (losses), beginning of year	$ 4,220	$ 5,761	$ 3,283
Unrealized investment gains (losses) during the year	(16,766)	(3,478)	4,936
Unrealized investment gains (losses) relating to: Future policy benefits	3,819	1,410	(1,621)
Unrealized investment gains (losses) relating to: DAC, VOBA and DSI	813	117	(179)
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	2,548	410	(658)
Unrealized investment gains (losses), end of year	(5,366)	4,220	5,761
Change in net unrealized investment gains (losses)	$ (9,586)	$ (1,541)	$ 2,478

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,731	$ 4,611
Securities collateral received from counterparties	0	2
Reinvestment portfolio — estimated fair value	3,603	4,730
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	3,995	3,573
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 3,638	$ 4,539

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Year Ended December 31, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,134	$	23	$	(367)	$	(6)	$	784
Provision for income tax expense (benefit)	208		1		(78)		(113)		18
Post-tax adjusted earnings	926		22		(289)		107		766
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		104		104
Adjusted earnings	$	926	$	22	$	(289)	$	(2)	657
Adjustments for:
Net investment gains (losses)									(248)
Net derivative gains (losses)									304
Other adjustments to net income (loss)									(1,012)
Provision for income tax (expense) benefit									200
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(99)

Interest revenue	$	2,261	$	426	$	1,166	$	356
Interest expense	$	—	$	—	$	—	$	153


	Year Ended December 31, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,796	$	362	$	244	$	(347)	$	2,055
Provision for income tax expense (benefit)	347		75		53		(107)		368
Post-tax adjusted earnings	1,449		287		191		(240)		1,687
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		89		89
Adjusted earnings	$	1,449	$	287	$	191	$	(334)	1,593
Adjustments for:
Net investment gains (losses)									(59)
Net derivative gains (losses)									(2,469)
Other adjustments to net income (loss)									265
Provision for income tax (expense) benefit									473
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(197)

Interest revenue	$	2,217	$	673	$	1,910	$	102
Interest expense	$	—	$	—	$	—	$	163


	Year Ended December 31, 2020
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,433	$	182	$	(1,655)	$	(332)	$	(372)
Provision for income tax expense (benefit)	266		34		(356)		(87)		(143)
Post-tax adjusted earnings	1,167		148		(1,299)		(245)		(229)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		44		44
Adjusted earnings	$	1,167	$	148	$	(1,299)	$	(294)	(278)
Adjustments for:
Net investment gains (losses)									278
Net derivative gains (losses)									(18)
Other adjustments to net income (loss)									(1,307)
Provision for income tax (expense) benefit									220
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(1,105)

Interest revenue	$	1,820	$	460	$	1,269	$	70
Interest expense	$	—	$	—	$	—	$	184

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


	December 31,
	2022		2021
	(In millions)
Annuities	$	151,387	$	178,700
Life	22,556		24,514
Run-off	27,792		37,055
Corporate & Other	23,845		19,571
Total	$	225,580	$	259,840

Reconciliation of Revenue from Segments to Consolidated

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Annuities	$	4,871	$	5,216	$	4,563
Life	1,137		1,491		1,334
Run-off	1,808		2,557		1,938
Corporate & Other	430		181		156
Adjustments	227		(2,303)		512
Total	$	8,473	$	7,142	$	8,503

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

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Annuity products	$	2,855	$	3,252	$	3,010
Life insurance products	1,414		1,527		1,619
Other products	10		10		13
Total	$	4,279	$	4,789	$	4,642

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (248)	$ (59)	$ 278
Fixed maturity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(192)	(21)	297
Equity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(14)	0	0
Mortgage loans
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(20)	(27)	(27)
Limited partnerships and LLCs
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(20)	0	(3)
Other
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (2)	$ (11)	$ 11

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Beginning Balance of DAC	$ 4,847	$ 4,407	$ 4,946
Capitalizations of DAC	425	493	408
Net investment gains (losses) of DAC and net derivative gains (losses)	(401)	61	95
Other expenses of DAC	(489)	(212)	(833)
Total amortization of DAC	(890)	(151)	(738)
Unrealized investment gains (losses) of DAC	690	98	(209)
Ending Balance of DAC	5,072	4,847	4,407
Beginning Balance of VOBA	530	504	502
Other expenses of VOBA	(66)	7	(28)
Unrealized investment gains (losses) of VOBA	123	19	30
Ending Balance of VOBA	587	530	504
Ending Balance of DAC and VOBA	$ 5,659	$ 5,377	$ 4,911

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles

12 Months Ended

Dec. 31, 2022

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

Intangible Assets Disclosure [Text Block]

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements

See Note 1 for a description of capitalized acquisition costs.

Information regarding DAC and VOBA was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
DAC:
Balance at January 1,	$	4,847	$	4,407	$	4,946
Capitalizations	425		493		408
Amortization related to net investment gains (losses) and net derivative gains (losses)	(401)		61		95
All other amortization	(489)		(212)		(833)
Total amortization	(890)		(151)		(738)
Unrealized investment gains (losses)	690		98		(209)

Balance at December 31,	5,072		4,847		4,407
VOBA:
Balance at January 1,	530		504		502
Amortization	(66)		7		(28)
Unrealized investment gains (losses)	123		19		30
Balance at December 31,	587		530		504
Total DAC and VOBA:
Balance at December 31,	$	5,659	$	5,377	$	4,911

The estimated future VOBA amortization expense to be reported in other expenses for the next five years is $58 million in 2023, $52 million in 2024, $46 million in 2025, $41 million in 2026 and $37 million in 2027.

Information regarding DSI was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
DSI:
Balance at January 1,	$	307	$	310	$	379
Capitalization	1		1		2
Amortization	(15)		(4)		(71)
Balance at December 31,	$	293	$	307	$	310

Equity (Preferred Stock & Common Stock - Narrative) (Details) - USD ($)		1 Months Ended			12 Months Ended
	Mar. 25, 2019	Nov. 30, 2021	Nov. 30, 2020	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 02, 2021	Feb. 10, 2021
Class of Stock [Line Items]
Preferred stock, shares issued					70,100	70,100
Preferred stock, stated amount per share					$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs					$ 0	$ 339,000,000	$ 948,000,000
Common Stock, Shares, Outstanding,Book Value					62.60
Stock repurchase program, aggregate amount repurchased					$ 488,000,000	$ 499,000,000	$ 473,000,000
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount								$ 1,000,000,000	$ 200,000,000
Stock repurchase program, shares repurchased					10,000,026	10,703,165	18,097,084
Stock repurchase program, aggregate amount repurchased					$ 488,000,000	$ 499,000,000	$ 473,000,000
Stock repurchase program, remaining authorized repurchase amount					$ 293,000,000
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, annual dividend rate		4.625%			4.625%	4.625%
Preferred stock, shares issued		14,000			14,000	14,000
Preferred stock, stated amount per share		$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs		$ 339,000,000
Preferred stock, issuance costs		$ 11,000,000
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, annual dividend rate			5.375%		5.375%	5.375%
Preferred stock, shares issued			23,000		23,000	23,000
Preferred stock, stated amount per share			$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs			$ 558,000,000
Preferred stock, issuance costs			$ 17,000,000
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, annual dividend rate				6.75%	6.75%	6.75%
Preferred stock, shares issued				16,100	16,100	16,100
Preferred stock, stated amount per share				$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs				$ 390,000,000
Preferred stock, issuance costs				$ 13,000,000
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.60%				6.60%	6.60%
Preferred stock, shares issued	17,000				17,000	17,000
Preferred stock, stated amount per share	$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs	$ 412,000,000
Preferred stock, issuance costs	$ 13,000,000

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Cumulative effect of change in accounting principle, net of income tax	Cumulative Effect, Adjusted Balance	Preferred Stock	Preferred Stock Cumulative Effect, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Adjusted Balance	Retained Earnings (Deficit)	Retained Earnings (Deficit) Cumulative effect of change in accounting principle, net of income tax	Retained Earnings (Deficit) Cumulative Effect, Adjusted Balance	Treasury Stock at Cost	Treasury Stock at Cost Cumulative Effect, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative effect of change in accounting principle, net of income tax	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Adjusted Balance	Brighthouse Financial, Inc.’s Stockholders’ Equity	Brighthouse Financial, Inc.’s Stockholders’ Equity Cumulative effect of change in accounting principle, net of income tax	Brighthouse Financial, Inc.’s Stockholders’ Equity Cumulative Effect, Adjusted Balance	Noncontrolling Interests	Noncontrolling Interests Cumulative Effect, Adjusted Balance
Beginning Balance at Dec. 31, 2019	$ 16,237	$ (11)	$ 16,226	$ 0	$ 0	$ 1	$ 1	$ 12,908	$ 12,908	$ 585	$ (14)	$ 571	$ (562)	$ (562)	$ 3,240	$ 3	$ 3,243	$ 16,172	$ (11)	$ 16,161	$ 65	$ 65
Preferred stock issuances	948			0				948										948
Treasury stock acquired in connection with share repurchases	(473)												(473)					(473)
Share-based compensation	19					0		22					(3)					19
Dividends on preferred stock	(44)									(44)								(44)
Change in noncontrolling interests	(5)																	0			(5)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(1,105)									(1,061)								(1,061)			5
Net income (loss)	(1,056)
Other comprehensive income (loss), net of income tax	2,473														2,473			2,473
Ending Balance at Dec. 31, 2020	18,088			0		1		13,878		(534)			(1,038)		5,716			18,023			65
Preferred stock issuances	339			0				339										339
Treasury stock acquired in connection with share repurchases	(499)												(499)					(499)
Share-based compensation	20					0		26					(6)					20
Dividends on preferred stock	(89)							(89)										(89)
Change in noncontrolling interests	(5)																	0			(5)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(197)									(108)								(108)			5
Net income (loss)	(103)
Other comprehensive income (loss), net of income tax	(1,544)														(1,544)			(1,544)
Ending 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	(488)												(488)					(488)
Share-based compensation	14					0		25					(11)					14
Dividends on preferred stock	(104)							(104)										(104)
Change in noncontrolling interests	(5)																	0			(5)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(99)									5								5			5
Net income (loss)	10
Other comprehensive income (loss), net of income tax	(9,596)														(9,596)			(9,596)
Ending Balance at Dec. 31, 2022	$ 6,038			$ 0		$ 1		$ 14,075		$ (637)			$ (2,042)		$ (5,424)			$ 5,973			$ 65

- Definition

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

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Preferred Stock Authorized, Issued and Outstanding

Preferred stock shares authorized, issued and outstanding were as follows at:


	December 31,
	2022			2021
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A	17,000	17,000	17,000	17,000	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B	16,100	16,100	16,100	16,100	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C	23,000	23,000	23,000	23,000	23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D	14,000	14,000	14,000	14,000	14,000	14,000
Not designated	99,929,900	—	—	99,929,900	—	—
Total	100,000,000	70,100	70,100	100,000,000	70,100	70,100

Preferred Stock Dividends Declared

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


	Years Ended December 31,
	2022				2021				2020
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	1,650.00	$	28	$	1,650.00	$	28	$	1,650.00	$	28
B	$	1,687.52	28		$	1,687.52	27		$	1,017.19	16
C	$	1,343.76	31		$	1,474.40	34		$	—	—
D	$	1,262.23	17		$	—	—		$	—	—
Total			$	104			$	89			$	44

Common Stock Outstanding Roll Forward

Changes in common shares outstanding were as follows:


	Years Ended December 31,
	2022	2021	2020
Shares outstanding at beginning of year	77,870,072	88,211,618	106,027,301
Shares issued	639,980	510,919	354,652
Shares repurchased (1)	(10,231,984)	(10,852,465)	(18,170,335)
Shares outstanding at end of year	68,278,068	77,870,072	88,211,618

_______________

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

The following table presents total share-based compensation expense:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
RSUs	$	13	$	13	$	15
PSUs	8		9		5
Employee stock purchase plan	1		1		1
Total share-based compensation expense	$	22	$	23	$	21
Income tax benefit	$	5	$	5	$	4

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]

The following table presents a summary of PSU and RSU activity:


	RSUs			PSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	724,577	$	38.80	703,106	$	39.01
Granted	314,957	$	47.72	299,259	$	48.06
Performance factor adjustment	—	$	—	3,652	$	38.97
Forfeited	(18,551)	$	42.34	(11,002)	$	44.41
Vested	(392,113)	$	38.78	(186,466)	$	38.97
Nonvested at December 31, 2022	628,870	$	43.18	808,549	$	42.30

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

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2022		2021		2020
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	1,373	$	(156)	$	(979)
New England Life Insurance Company	Massachusetts	$	83	$	40	$	105

Statutory capital and surplus was as follows at:


	December 31,
Company	2022		2021
	(In millions)
Brighthouse Life Insurance Company	$	6,349	$	7,763
New England Life Insurance Company	$	192	$	139

The table below sets forth the dividends permitted to be paid by certain of the Company’s insurance companies without insurance regulatory approval and dividends paid:


	2023		2022		2021		2020
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	527	$	—	$	550	$	1,250
New England Life Insurance Company	$	84	$	38	$	44	$	61

______________

(2)Reflects all amounts paid, including those requiring regulatory approval.

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

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


	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2019	$	3,111	$	172	$	(15)	$	(28)	$	3,240


OCI before reclassifications (2)	3,511		(52)		20		(14)		3,465
Deferred income tax benefit (expense) (3)	(737)		11		(13)		4		(735)
AOCI before reclassifications, net of income tax	5,885		131		(8)		(38)		5,970
Amounts reclassified from AOCI	(303)		(20)		—		1		(322)
Deferred income tax benefit (expense) (3)	64		4		—		—		68
Amounts reclassified from AOCI, net of income tax	(239)		(16)		—		1		(254)
Balance at December 31, 2020	5,646		115		(8)		(37)		5,716
OCI before reclassifications	(2,122)		171		1		(3)		(1,953)
Deferred income tax benefit (expense) (3)	446		(36)		—		—		410
AOCI before reclassifications, net of income tax	3,970		250		(7)		(40)		4,173
Amounts reclassified from AOCI	15		(15)		—		(1)		(1)
Deferred income tax benefit (expense) (3)	(3)		3		—		—		—
Amounts reclassified from AOCI, net of income tax	12		(12)		—		(1)		(1)
Balance at December 31, 2021	3,982		238		(7)		(41)		4,172
OCI before reclassifications	(12,681)		331		(22)		6		(12,366)
Deferred income tax benefit (expense) (3)	2,641		(47)		5		(1)		2,598
AOCI before reclassifications, net of income tax	(6,058)		522		(24)		(36)		(5,596)
Amounts reclassified from AOCI	238		(22)		—		2		218
Deferred income tax benefit (expense) (3)	(50)		4		—		—		(46)
Amounts reclassified from AOCI, net of income tax	188		(18)		—		2		172
Balance at December 31, 2022	$	(5,870)	$	504	$	(24)	$	(34)	$	(5,424)

_______________

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

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

Reclassification out of Accumulated Other Comprehensive Income (Loss) [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 Locations
	Years Ended December 31,
	2022		2021		2020
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(186)	$	(4)	$	318	Net investment gains (losses)

Net unrealized investment gains (losses)	(52)		(11)		(15)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(238)		(15)		303
Income tax (expense) benefit	50		3		(64)
Net unrealized investment gains (losses), net of income tax	(188)		(12)		239
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	5		2		2		Net derivative gains (losses)
Interest rate swaps	4		3		3		Net investment income


Foreign currency swaps	13		10		15		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	22		15		20
Income tax (expense) benefit	(4)		(3)		(4)
Gains (losses) on cash flow hedges, net of income tax	18		12		16
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		1		(1)

Amortization of defined benefit plans, before income tax	(2)		1		(1)

Amortization of defined benefit plans, net of income tax	(2)		1		(1)
Total reclassifications, net of income tax	$	(172)	$	1	$	254

- Definition

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

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+ Details

- Definition

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

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $84,344 and $79,246, respectively; allowance for credit losses of $7 and $11, respectively)	$ 75,577	$ 87,582
Equity securities, at estimated fair value	89	101
Mortgage loans (net of allowance for credit losses of $119 and $123, respectively)	22,936	19,850
Policy loans	1,282	1,264
Limited partnerships and limited liability companies	4,775	4,271
Short-term investments, principally at estimated fair value	1,081	1,841
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)	2,852	3,316
Total investments	108,592	118,225
Cash and cash equivalents	4,115	4,474
Accrued investment income	885	724
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)	19,266	16,094
Deferred policy acquisition costs and value of business acquired	5,659	5,377
Current income tax recoverable	38	0
Deferred income tax asset	1,618	0
Other assets	442	482
Separate account assets	84,965	114,464
Total assets	225,580	259,840
Liabilities
Future policy benefits	41,569	43,807
Policyholder account balances	74,836	66,851
Other policy-related balances	3,400	3,457
Payables for collateral under securities loaned and other transactions	4,560	6,269
Long-term debt	3,156	3,157
Current income tax payable	0	62
Deferred income tax liability	0	1,062
Other liabilities	7,056	4,504
Separate account liabilities	84,965	114,464
Total liabilities	219,542	243,633
Contingencies, Commitments and Guarantees (Note 15)
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; 122,153,422 and 121,513,442 shares issued, respectively; 68,278,068 and 77,870,072 shares outstanding, respectively	1	1
Additional paid-in capital	14,075	14,154
Retained earnings (deficit)	(637)	(642)
Treasury stock, at cost; 53,875,354 and 43,643,370 shares, respectively	(2,042)	(1,543)
Accumulated other comprehensive income (loss)	(5,424)	4,172
Total Brighthouse Financial, Inc.’s stockholders’ equity	5,973	16,142
Noncontrolling interests	65	65
Total equity	6,038	16,207
Total liabilities and equity	$ 225,580	$ 259,840

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Policy loans	$ 1,282	$ 1,264
Liabilities
Separate account liabilities	84,965	114,464
Carrying Value
Assets
Mortgage loans	22,936	19,850
Policy loans	1,282	1,264
Other invested assets	213	82
Premiums, reinsurance and other receivables	6,080	3,242
Liabilities
Policyholder account balances	31,887	23,637
Long-term debt	3,156	3,157
Other liabilities	943	854
Separate account liabilities	1,024	1,440
Estimated Fair Value
Assets
Mortgage loans	20,816	20,656
Policy loans	1,393	1,656
Other invested assets	213	82
Premiums, reinsurance and other receivables	6,230	3,769
Liabilities
Policyholder account balances	30,942	23,614
Long-term debt	2,703	3,504
Other liabilities	943	854
Separate account liabilities	1,024	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	201	70
Premiums, reinsurance and other receivables	89	20
Liabilities
Policyholder account balances	0	0
Long-term debt	2,703	3,504
Other liabilities	248	138
Separate account liabilities	1,024	1,440
Estimated Fair Value \| Level 3
Assets
Mortgage loans	20,816	20,656
Policy loans	878	1,148
Other invested assets	12	12
Premiums, reinsurance and other receivables	6,141	3,749
Liabilities
Policyholder account balances	30,942	23,614
Long-term debt	0	0
Other liabilities	695	716
Separate account liabilities	$ 0	$ 0

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (248)	$ (59)	$ 278
Net investment income	4,138	4,881	3,601
Net derivative gains (losses)	304	(2,469)	(18)
Income (loss) before provision for income tax	(172)	(208)	(1,419)
Income tax (expense) benefit	182	105	363
Net income (loss)	(99)	(197)	(1,105)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(172)	1	254
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)	(186)	(4)	318
Net derivative gains (losses)	(52)	(11)	(15)
Income (loss) before provision for income tax	(238)	(15)	303
Income tax (expense) benefit	50	3	(64)
Net income (loss)	(188)	(12)	239
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]
Income (loss) before provision for income tax	22	15	20
Income tax (expense) benefit	(4)	(3)	(4)
Net income (loss)	18	12	16
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	4	3	3
Net derivative gains (losses)	5	2	2
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)	13	10	15
Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before provision for income tax	(2)	1	(1)
Amortization of net actuarial gains (losses)	(2)	1	(1)
Amortization of defined benefit plans, net of income tax	$ (2)	$ 1	$ (1)

Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(99)	$	(197)	$	(1,105)

Weighted average common shares outstanding — basic	72,970,249		83,783,664		95,350,822
Dilutive effect of share-based awards	—		—		—
Weighted average common shares outstanding — diluted	72,970,249		83,783,664		95,350,822

Earnings per common share:
Basic	$	(1.36)	$	(2.36)	$	(11.58)
Diluted	$	(1.36)	$	(2.36)	$	(11.58)

For the years ended December 31, 2022, 2021 and 2020, basic loss per common share equaled diluted loss per common share. The diluted shares were not utilized in the per share calculation for these periods as the inclusion of such shares would have an antidilutive effect. See Note 10 for further information on share-based compensation plans.

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments \| Segment	3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 6,038	$ 16,207	$ 18,088	$ 16,237
Retained earnings (deficit)	(637)	(642)
Pre-tax adjusted earnings	(172)	(208)	(1,419)
Proceeds from Sale of Short-Term Investments	4,900
Payments to Acquire Short-Term Investments	$ 4,100
Cumulative effect of change in accounting principle, net of income tax
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest				$ (11)
Cumulative effect of change in accounting principle, net of income tax \| Minimum \| Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		6,000	8,000
Retained earnings (deficit)		3,000	5,000
Pre-tax adjusted earnings		1,000
Cumulative effect of change in accounting principle, net of income tax \| Maximum \| Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		8,000	10,000
Retained earnings (deficit)		4,000	$ 6,000
Pre-tax adjusted earnings		$ 2,000

Business, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 (together with its subsidiaries and affiliates, “MetLife”) 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 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 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. Summary of Significant Accounting Policies Insurance Future Policy Benefit Liabilities and Policyholder Account Balances The Company establishes liabilities for future amounts payable under insurance policies. Insurance liabilities are generally equal to the present value of future expected benefits to be paid, reduced by the present value of future expected net premiums. Assumptions used to measure the liability are based on the Company’s experience and include a margin for adverse deviation. The most significant assumptions used in the establishment of liabilities for future policy benefits are mortality, benefit election and utilization, withdrawals, policy lapse, and investment returns as appropriate to the respective product type. For traditional long-duration insurance contracts (term, non-participating whole life insurance and income annuities), assumptions are determined at issuance of the policy and are not updated unless a premium deficiency exists. A premium deficiency exists when the liability for future policy benefits plus the present value of expected future gross premiums are less than expected future benefits and expenses (based on current assumptions). When a premium deficiency exists, the Company will reduce any deferred acquisition costs and may also establish an additional liability to eliminate the deficiency. To assess whether a premium deficiency exists, the Company groups insurance contracts based on the manner acquired, serviced and measured for profitability. In applying the profitability criteria, groupings are limited by segment. The Company is also required to reflect the effect of investment gains and losses in its premium deficiency testing. When a premium deficiency exists related to unrealized gains and losses, any reductions in deferred acquisition costs or increases in insurance liabilities are recorded to other comprehensive income (loss) (“OCI”). Policyholder account balances primarily relate to customer deposits on universal life insurance and deferred annuity contracts and are equal to the sum of deposits, plus interest credited, less charges and withdrawals. The Company may also hold additional liabilities for certain guaranteed benefits related to these contracts. Liabilities for secondary guarantees on universal life insurance contracts are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the contract period based on total expected assessments. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The Company also maintains a liability for profits followed by losses on universal life with secondary guarantees (“ULSG”) determined by projecting future earnings and establishing a liability to offset losses that are expected to occur in later years. Changes in ULSG liabilities are recorded to net income, except for the effects of unrealized gains and losses, which are recorded to OCI. Recognition of Insurance Revenues and Deposits Premiums related to traditional life insurance and annuity contracts are recognized as revenues when due from policyholders. When premiums for income annuities are due over a significantly shorter period than the period over which policyholder benefits are incurred, any excess profit is deferred and recognized into earnings in proportion to the amount of expected future benefit payments. Deposits related to universal life insurance, deferred annuity contracts and investment contracts are credited to policyholder account balances. Revenues from such contracts consist of asset-based investment management fees, cost of insurance charges, risk charges, policy administration fees and surrender charges. These fees, which are included in universal life and investment-type product policy fees, are recognized when assessed to the contract holder, except for non-level insurance charges which are deferred and amortized over the life of the contracts. Premiums, policy fees, policyholder benefits and expenses are reported net of reinsurance. Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as deferred policy acquisition costs (“DAC”). These costs mainly consist of commissions and include the portion of employees’ compensation and benefits related to time spent selling, underwriting or processing the issuance of new insurance contracts. All other acquisition-related costs are expensed as incurred. Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity and investment-type contracts in-force as of the acquisition date. The Company amortizes DAC and VOBA related to term non-participating whole life insurance over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, in-force or persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policy benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. The Company amortizes DAC and VOBA on deferred annuities and universal life insurance contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon investment returns in excess of the amounts credited to policyholders, mortality, in-force or persistency, benefit elections and utilization, and withdrawals. When significant negative gross profits are expected in future periods, the Company substitutes the amount of insurance in-force for expected future gross profits as the amortization basis for DAC. Assumptions for DAC and VOBA are reviewed at least annually, and if they change significantly, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to net income. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to net income. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. The Company updates expected future gross profits to reflect the actual gross profits for each period, including changes to its nonperformance risk related to embedded derivatives and the actual amount of business remaining in-force. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to net income. The opposite result occurs when the actual gross profits are below the previously expected future gross profits. DAC and VOBA balances on deferred annuities and universal life insurance contracts are also adjusted to reflect the effect of investment gains and losses and certain embedded derivatives (including changes in nonperformance risk). These adjustments can create fluctuations in net income from period to period. Changes in DAC and VOBA balances related to unrealized gains and losses are recorded to OCI. DAC and VOBA balances and amortization for variable contracts can be significantly impacted by changes in expected future gross profits related to projected separate account rates of return. The Company’s practice of determining changes in separate account returns assumes that long-term appreciation in equity markets is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of an existing contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If a modification is considered to have substantially changed the contract, the associated DAC or VOBA is written off immediately as net income and any new acquisition costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. The Company also has intangible assets representing deferred sales inducements (“DSI”) which are included in other assets. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews DSI to determine whether the assets are impaired. Reinsurance The Company enters into reinsurance arrangements pursuant to which it cedes certain insurance risks to unaffiliated reinsurers. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The accounting for reinsurance arrangements depends on whether the arrangement provides indemnification against loss or liability relating to insurance risk in accordance with GAAP. For ceded reinsurance of existing in-force blocks of insurance contracts that transfer significant insurance risk, premiums, benefits and the amortization of DAC are reported net of reinsurance ceded. Amounts recoverable from reinsurers related to incurred claims and ceded reserves are included in premiums, reinsurance and other receivables and amounts payable to reinsurers included in other liabilities. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included in premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. Under certain reinsurance agreements, the Company withholds the funds rather than transferring the underlying investments and, as a result, records a funds withheld liability in other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. Certain funds withheld arrangements may also contain embedded derivatives measured at fair value that are related to the investment return on the assets withheld. The Company accounts for assumed reinsurance similar to directly written business, except for guaranteed minimum income benefits (“GMIB”), where a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives. Variable Annuity Guarantees The Company issues certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (the “Benefit Base”) less withdrawals. In some cases, the Benefit Base may be increased by additional deposits, bonus amounts, accruals or optional market value step-ups. Certain of the Company’s variable annuity guarantee features are accounted for as insurance liabilities and recorded in future policy benefits while others are accounted for at fair value as embedded derivatives and recorded in policyholder account balances. Generally, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either the occurrence of a specific insurable event, or annuitization. Alternatively, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring the occurrence of specific insurable event, or the policyholder to annuitize, that is, the policyholder can receive the guarantee on a net basis. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Further, changes in assumptions, principally involving policyholder behavior, can result in a change of expected future cash outflows of a guarantee between portions accounted for as insurance liabilities and portions accounted for as embedded derivatives. Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDB”), the life contingent portion of the guaranteed minimum withdrawal benefits (“GMWB”) and the portion of the GMIBs that require annuitization, as well as the life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value. These insurance liabilities are accrued over the accumulation phase of the contract in proportion to actual and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns. The scenarios are based on best estimate assumptions consistent with those used to amortize DAC. When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income. The opposite result occurs when the current estimates of future benefits are lower than those previously projected or when current estimates of future assessments exceed those previously projected. At each reporting period, the actual amount of business remaining in-force is updated, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings. Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMAB”), and for GMIBs the non-life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value, as well as the guaranteed principal option. The estimated fair values of guarantees accounted for as embedded derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees. At policy inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees are considered revenue and are reported in universal life and investment-type product policy fees. The percentage of fees included in the initial fair value measurement is not updated in subsequent periods. The Company updates the estimated fair value of guarantees in subsequent periods by projecting future benefits using capital markets and actuarial assumptions including expectations of policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital markets scenarios to determine an economic liability. The reported estimated fair value is then determined by taking the present value of these risk-free generated cash flows using a discount rate that incorporates a spread over the risk-free rate to reflect the Company’s nonperformance risk and adding a risk margin. For more information on the determination of estimated fair value of embedded derivatives, see Note 8. Assumptions for all variable guarantees are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted by a cumulative charge or credit to net income. Index-linked Annuities The Company issues and assumes through reinsurance index-linked annuities. The crediting rate associated with index-linked annuities is accounted for at fair value as an embedded derivative. The estimated fair value is determined using a combination of an option pricing model and an option-budget approach. Under this approach, the Company estimates the cost of funding the crediting rate using option pricing and establishes that cost on the balance sheet as a reduction to the initial deposit amount. In subsequent periods, the embedded derivative is remeasured at fair value while the reduction in initial deposit is accreted back up to the initial deposit over the estimated life of the contract. Investments Net Investment Income and Net Investment Gains (Losses) Income from investments is reported in net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported in net investment gains (losses), unless otherwise stated herein. Fixed Maturity Securities Available-For-Sale The Company’s fixed maturity securities are classified as available-for-sale and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of OCI, net of policy-related amounts and deferred income taxes. Publicly-traded security transactions are recorded on a trade date basis, while privately-placed and bank loan security transactions are recorded on a settlement date basis. Investment gains and losses on sales are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts and is based on the estimated economic life of the securities, which for residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”) considers the estimated timing and amount of prepayments of the underlying loans. The amortization of premium and accretion of discount of fixed maturity securities also takes into consideration call and maturity dates. Amortization of premium and accretion of discount on Structured Securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed, and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Securities are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive Structured Securities and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other Structured Securities, the effective yield is recalculated on a retrospective basis. The Company regularly evaluates fixed maturity securities for declines in fair value to determine if a credit loss exists. This evaluation is based on management’s case-by-case evaluation of the underlying reasons for the decline in fair value including, but not limited to an analysis of the gross unrealized losses by severity and financial condition of the issuer. For fixed maturity securities in an unrealized loss position, when the Company has the intent to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery, the amortized cost basis of the security is written down to fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. If the Company determines the decline in estimated fair value is due to credit losses, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an allowance through net investment gains (losses). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the allowance related to other-than-credit factors is recorded in OCI. Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses). Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Mortgage Loans Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and any deferred fees or expenses, and net of an allowance for credit losses. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. The allowance for credit losses for mortgage loans represents the Company’s best estimate of expected credit losses over the remaining life of the loans and is determined using relevant available information from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Limited Partnerships and LLCs The Company uses the equity method of accounting for investments when it has more than a minor ownership interest or more than a minor influence over the investee’s operations; when the Company has virtually no influence over the investee’s operations the investment is carried at estimated fair value. The Company generally recognizes its share of the equity method 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; while distributions on investments carried at estimated fair value are recognized as earned or received. Short-term Investments Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. The Company’s short-term investments generally involve large dollar amounts that turn over quickly and have short maturities. For the year ended December 31, 2022, gross cash receipts from sales and purchases of short-term investments were $4.9 billion and $4.1 billion, respectively. Other Invested Assets Other invested assets consist principally of freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. Securities Lending Program Securities lending transactions whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, in net investment income. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned and maintains it at a level greater than or equal to 100% for the duration of the loan. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Funding Agreements The Company established liabilities for funding agreements associated with the Company’s institutional spread margin business, which are equal to the unpaid principal balance, adjusted for any unamortized premium or discount. Liabilities related to funding agreements are reported in policyholder account balances. Derivatives Freestanding Derivatives Freestanding derivatives are carried at estimated fair value on the Company’s balance sheet either as assets in other invested assets or as liabilities in other liabilities. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. If a derivative is not designated or did not qualify as an accounting hedge, changes in the estimated fair value of the derivative are reported in net derivative gains (losses). The Company generally reports cash received or paid for a derivative in the investing activity section of the statement of cash flows except for cash flows of certain derivative options with deferred premiums, which are reported in the financing activity section of the statement of cash flows. Hedge Accounting The Company primarily designates derivatives as a hedge of a forecasted transaction or a variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in fair value are recorded in OCI and subsequently reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative or hedged item expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). The changes in estimated fair value of derivatives previously recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When the hedged item matures or is sold, or the forecasted transaction is not probable of occurring, the Company immediately reclassifies any remaining balances in OCI to net derivative gains (losses). Embedded Derivatives The Company has certain insurance and reinsurance contracts that contain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. These host contracts include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; index-linked annuities that are directly written or assumed through reinsurance; and ceded reinsurance of variable annuity GMIBs. Embedded derivatives within asset host contracts are reported in premiums, reinsurance and other receivables. Embedded derivatives within liability host contracts are reported in policyholder account balances. Changes in the estimated fair value of the embedded derivative are reported in net derivative gains (losses). See “— Variable Annuity Guarantees,” “— Index-Linked Annuities” and “— Reinsurance” for additional information on the accounting policies for embedded derivatives bifurcated from variable annuity and reinsurance host contracts. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. In determining the estimated fair value of the Company’s investments, fair values are based on unadjusted quoted prices for identical investments in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical investments, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of investments. Separate Accounts Separate accounts underlying the Company’s variable life and annuity contracts are reported at fair value. Assets in separate accounts supporting the contract liabilities are legally insulated from the Company’s general account liabilities. Investments in these separate accounts are directed by the contract holder and all investment performance, net of contract fees and assessments, is passed through to the contract holder. Investment performance and the corresponding amounts credited to contract holders of such separate accounts are offset in the same line on the statements of operations. Separate accounts that do not pass all investment performance to the contract holder, including those underlying certain index-linked annuities, are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses. The accounting for investments in these separate accounts is consistent with the methodologies described herein for similar financial instruments held in the general account. The Company receives asset-based distribution and service fees from mutual funds available to the variable life and annuity contract holders as investment options in its separate accounts. These fees are recognized in the period in which the related services are performed and are included in other revenues. Income Tax The Company’s income tax provision was prepared following the modified separate return method. The modified separate return method applies the Accounting Standards Codification 740 — Income Taxes (“ASC 740”) to the standalone financial statements of each member of the consolidated group as if the member were a separate taxpayer and a standalone enterprise, after providing benefits for losses. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. Current and deferred income taxes included herein and attributable to periods up until the Company’s separation from MetLife (“Separation”) have been allocated to the Company in a manner that is systematic, rational and consistent with the asset and liability method prescribed by ASC 740. Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including the jurisdiction in which the deferred tax asset was generated, the length of time that carryforward can be utilized in the various taxing jurisdictions, future taxable income exclusive of reversing temporary differences and carryforwards, future reversals of existing taxable temporary differences, taxable income in prior carryback years, tax planning strategies and the nature, frequency, and amount of cumulative financial reporting income and losses in recent years. On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. The Inflation Reduction Act establishes a 15% corporate alternative minimum tax (“CAMT”) for corporations whose average annual adjusted financial statement income for any consecutive three–tax year period ending after December 31, 2021, and preceding the tax year exceeds $1 billion. The Inflation Reduction Act also establishes a one percent excise tax on stock repurchases made by publicly traded U.S. corporations. Both provisions are effective for tax years beginning after December 31, 2022. The Company elects not to consider any future effects resulting from potential applicability of the CAMT when assessing the valuation allowance for regular deferred taxes. The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change. The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included in other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense. Litigation and Other Loss Contingencies The Company is a party to or involved in a number of legal disputes, including litigation matters and disputes or other matters involving third parties (e.g., vendors, reinsurers or tax or other authorities), and are subject in the ordinary course to a number of regulatory examinations and investigations. The Company reviews relevant information with respect to litigation and other loss contingencies related to these matters and establishes liabilities when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Legal costs are recognized as incurred. In matters where it is not probable, but it 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 a reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed. Other Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at estimated fair value or amortized cost, which approximates estimated fair value. Employee Benefit Plans Brighthouse Services, LLC (“Brighthouse Services”) sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company (“NELICO”) sponsors certain frozen defined benefit pension and postretirement plans. NELICO recognizes the funded status of each of its pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits in other assets or other liabilities. Brighthouse Services and NELICO are both indirect wholly-owned subsidiaries. Actuarial gains and losses result from differences between the actual experience and the assumed experience on plan assets or PBO during a particular period and are recorded in accumulated other comprehensive income (loss) (“AOCI”). To the extent such gains and losses exceed 10% of the greater of the PBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate. Prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate. Net periodic benefit costs are determined using management estimates and actuarial assumptions; and are comprised of service cost, interest cost, expected return on plan assets, amortization of net actuarial (gains) losses, settlement and curtailment costs, and amortization of prior service costs (credit). 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 as of December 31, 2022. Future Adoption of New Accounting Pronouncements In August 2018, the FASB issued new guidance on long-duration contracts (ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”)). LDTI is effective for fiscal years beginning after January 1, 2023. LDTI 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 reported 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 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) 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 roll-forwards 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. LDTI will be applied to the earliest period reported in the financial statements, making the transition date January 1, 2021. The MRB changes are required to be applied on a retrospective basis, while the changes for insurance liability assumption updates and DAC amortization will be applied to existing carrying amounts on the transition date. LDTI will have a significant impact on the Company’s financial statements upon adoption and is expected to 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 GAAP. The impacts to the financial statements are highly dependent on market conditions, especially interest rates. The Company estimates the impact of LDTI adoption as of January 1, 2021 (the transition date) will be to reduce opening stockholders’ equity by $8 billion — $10 billion, and total stockholders’ equity excluding accumulated other comprehensive income by $5 billion — $6 billion. The impact of LDTI to total stockholders’ equity as of December 31, 2021 is estimated to be a reduction of $6 billion — $8 billion, and a reduction to total stockholders’ equity excluding accumulated other comprehensive income of $3 billion — $4 billion. The impact of LDTI on net income for the year ended December 31, 2021 is estimated to be an increase of $1 billion — $2 billion. The changes from the adoption of LDTI are primarily driven by the MRB changes and to a lesser extent the requirement to update the discount rate quarterly in the measurement of the liability for traditional long-duration contracts. Based on prevailing interest rates at December 31, 2022, the Company expects the impact of LDTI to total stockholders’ equity as of December 31, 2022 to be significantly lower as compared to such impact as of 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 preparing financial disclosures. Implementation remains in process as of December 31, 2022 as the Company continues to refine its internal controls and processes in advance of formal implementation for the reporting of first quarter of 2023 results.

Insurance (Fund Groupings) (Details) - Variable Annuity and Variable Life - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	$ 79,694	$ 108,655
Balanced
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	47,095	64,449
Equity
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	25,237	34,894
Bond
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	7,347	9,297
Money Market
Fair Value, Separate Account Investment [Line Items]
Fund Groupings	$ 15	$ 15

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Entity Listings [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.0
Entity Common Stock, Shares Outstanding		67,696,800
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

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization - Narrative) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Present Value of Future Insurance Profits, Expected Amortization, Year One	$ 58
Present Value of Future Insurance Profits, Expected Amortization, Year Two	52
Present Value of Future Insurance Profits, Expected Amortization, Year Three	46
Present Value of Future Insurance Profits, Expected Amortization, Year Four	41
Present Value of Future Insurance Profits, Expected Amortization, Year Five	$ 37

Income Tax (Net Operating Loss Carryforwards) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 5,936
Expiration Period Fourth Four Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	2,012
Expiration Period For Indefinite Number Of Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 3,924

Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Debt instrument, face value	$ 3,187	$ 3,190
Debt instrument, carrying value	$ 3,156	$ 3,157
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.70%	3.70%
Debt instrument, face value	$ 757	$ 757
Debt instrument, carrying value	$ 755	$ 755
Senior Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.625%	5.625%		5.625%
Debt instrument, face value	$ 615	$ 615		$ 615
Debt instrument, carrying value	$ 614	$ 614
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.70%	4.70%
Debt instrument, face value	$ 1,014	$ 1,014
Debt instrument, carrying value	$ 1,001	$ 1,000
Senior Notes Due 2051
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.85%	3.85%	3.85%
Debt instrument, face value	$ 400	$ 400	$ 400
Debt instrument, carrying value	$ 396	$ 396
Junior Subordinated Debentures Due 2058
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Debt instrument, face value	$ 375	$ 375
Debt instrument, carrying value	$ 364	$ 363
Non-recourse Debt Due 2030
Debt Instrument [Line Items]
Debt instrument, stated interest rate	7.028%	7.028%
Debt instrument, face value	$ 26	$ 29
Debt instrument, carrying value	$ 26	$ 29

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Premiums	$ 662	$ 707	$ 766
Universal life and investment-type product policy fees	3,141	3,636	3,463
Net investment income	4,138	4,881	3,601
Other revenues	476	446	413
Net investment gains (losses)	(248)	(59)	278
Net derivative gains (losses)	304	(2,469)	(18)
Total revenues	8,473	7,142	8,503
Expenses
Policyholder benefits and claims	4,165	3,443	5,711
Interest credited to policyholder account balances	1,439	1,312	1,092
Amortization of deferred policy acquisition costs and value of business acquired	956	144	766
Other expenses	2,085	2,451	2,353
Total expenses	8,645	7,350	9,922
Income (loss) before provision for income tax	(172)	(208)	(1,419)
Provision for income tax expense (benefit)	(182)	(105)	(363)
Net income (loss)	10	(103)	(1,056)
Less: Net income (loss) attributable to noncontrolling interests	5	5	5
Net income (loss) attributable to Brighthouse Financial, Inc.	5	(108)	(1,061)
Less: Preferred stock dividends	104	89	44
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (99)	$ (197)	$ (1,105)
Earnings per common share
Basic	$ (1.36)	$ (2.36)	$ (11.58)
Diluted	$ (1.36)	$ (2.36)	$ (11.58)

Segment Information (Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 225,580	$ 259,840
Annuities
Segment Reporting Information [Line Items]
Total assets	151,387	178,700
Life
Segment Reporting Information [Line Items]
Total assets	22,556	24,514
Run-off
Segment Reporting Information [Line Items]
Total assets	27,792	37,055
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 23,845	$ 19,571

- Definition

+ References

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Event Preferred Stock Dividend On February 15, 2023, BHF declared a dividend of $412.50 per share on its Series A Preferred Stock, $421.88 per share on its Series B Preferred Stock, $335.94 per share on its Series C Preferred Stock and $289.06 per share on its Series D Preferred Stock for a total of $26 million, which will be paid on March 27, 2023 to stockholders of record as of March 10, 2023.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DSI) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]
Beginning Balance of DSI	$ 307	$ 310	$ 379
Capitalization of DSI	1	1	2
Amortization of DSI	(15)	(4)	(71)
Ending Balance of DSI	$ 293	$ 307	$ 310

Investments (Past Due Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 23,055	$ 19,973
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	22,961	19,900
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	11	14
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	16	14
90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	34	29
180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	33	16
Commercial
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,574	12,187
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,574	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	4,365	4,163
Agricultural \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,346	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	3	0
Agricultural \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	16	0
Residential
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	5,116	3,623
Residential \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	5,041	3,550
Residential \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	11	14
Residential \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	16	14
Residential \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	31	29
Residential \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 17	$ 16

Fair Value (Assets and Liabilities Measured - Quantitative Information) (Details) - Level 3	Dec. 31, 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	0.1646	0.1644
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.2201	0.2216
Measurement Input, Entity Credit Risk \| Minimum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0000	(0.0038)
Measurement Input, Entity Credit Risk \| Maximum
Fair Value, Option, Quantitative Disclosures
Embedded Derivative Liability, Measurement Input	0.0198	0.0149

Reinsurance (Reinsurance Introduction - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage	100.00%
Reinsurance Retention Policy, Reinsured Risk, Percentage	100.00%
Reinsurance Recoverables, Ceded	$ 18,000	$ 15,100
Maximum
Effects of Reinsurance [Line Items]
Reinsurance, Amount Retained, Per Life	$ 20
Participating Life Insurance Contract [Member]
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	90.00%
Ceded Credit Risk, Secured [Member] \| Accident & health insurance
Effects of Reinsurance [Line Items]
Reinsurance Recoverables, Ceded	$ 6,500

Investments (Fixed Maturity Securities - Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 75,577	$ 87,582
Fixed maturity securities, allowance for credit losses	$ 7	11
Fixed maturity securities with allowance for credit losses, number of securities	21
Fixed maturity securities, total write-offs	$ 10	5
Non-Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	0	3
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 602	$ 534

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 84,344	$ 79,246
Fixed maturity securities, allowance for credit losses	7	11
Fixed maturity securities, gross unrealized gains	752	8,806
Fixed maturity securities, gross unrealized losses	9,512	459
Fixed maturity securities, estimated fair value	75,577	87,582
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	36,926	35,326
Fixed maturity securities, allowance for credit losses	1	2
Fixed maturity securities, gross unrealized gains	203	3,946
Fixed maturity securities, gross unrealized losses	4,521	189
Fixed maturity securities, estimated fair value	32,607	39,081
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	12,471	10,916
Fixed maturity securities, allowance for credit losses	1	7
Fixed maturity securities, gross unrealized gains	38	906
Fixed maturity securities, gross unrealized losses	1,932	109
Fixed maturity securities, estimated fair value	10,576	11,706
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,318	7,301
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	300	2,066
Fixed maturity securities, gross unrealized losses	602	60
Fixed maturity securities, estimated fair value	8,016	9,307
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,431	8,878
Fixed maturity securities, allowance for credit losses	2	0
Fixed maturity securities, gross unrealized gains	44	432
Fixed maturity securities, gross unrealized losses	945	51
Fixed maturity securities, estimated fair value	7,528	9,259
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	7,324	6,976
Fixed maturity securities, allowance for credit losses	3	2
Fixed maturity securities, gross unrealized gains	0	333
Fixed maturity securities, gross unrealized losses	710	25
Fixed maturity securities, estimated fair value	6,611	7,282
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	4,074	3,995
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	125	846
Fixed maturity securities, gross unrealized losses	400	6
Fixed maturity securities, estimated fair value	3,799	4,835
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	5,652	4,261
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	3	33
Fixed maturity securities, gross unrealized losses	296	14
Fixed maturity securities, estimated fair value	5,359	4,280
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,148	1,593
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	39	244
Fixed maturity securities, gross unrealized losses	106	5
Fixed maturity securities, estimated fair value	$ 1,081	$ 1,832

Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Premiums and Other Receivables, Net	$ 19,266	$ 16,094
Liabilities
Future policy benefits	41,569	43,807
Policyholder account balances	74,836	66,851
Other policy-related balances	3,400	3,457
Other liabilities	7,056	4,504
Direct Reinsurance [Member]
Assets
Premiums and Other Receivables, Net	639	634
Liabilities
Future policy benefits	41,464	43,682
Policyholder account balances	70,642	63,163
Other policy-related balances	1,783	1,813
Other liabilities	5,567	3,245
Reinsurance assumed
Assets
Premiums and Other Receivables, Net	0	(9)
Liabilities
Future policy benefits	105	125
Policyholder account balances	4,194	3,688
Other policy-related balances	1,617	1,644
Other liabilities	10	32
Reinsurance ceded
Assets
Premiums and Other Receivables, Net	18,627	15,469
Liabilities
Future policy benefits	0	0
Policyholder account balances	0	0
Other policy-related balances	0	0
Other liabilities	$ 1,479	$ 1,227

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 8,473	$ 7,142	$ 8,503
Annuities
Segment Reporting Information [Line Items]
Total revenues	4,871	5,216	4,563
Life
Segment Reporting Information [Line Items]
Total revenues	1,137	1,491	1,334
Run-off
Segment Reporting Information [Line Items]
Total revenues	1,808	2,557	1,938
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	430	181	156
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	$ 227	$ (2,303)	$ 512

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives (Tables)

12 Months Ended

Dec. 31, 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:


		December 31,
		2022						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	$	60	$	—	$	12	$	180	$	30	$	—
Foreign currency swaps	Foreign currency exchange rate	4,026		596		8		3,282		229		22
Total qualifying hedges		4,086		596		20		3,462		259		22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	3,145		98		46		2,595		325		17
Interest rate floors	Interest rate	3,250		12		3		—		—		—
Interest rate caps	Interest rate	6,350		137		43		5,100		29		4

Interest rate options	Interest rate	28,688		22		232		8,050		83		—
Interest rate forwards	Interest rate	18,168		35		2,466		9,808		627		109
Foreign currency swaps	Foreign currency exchange rate	822		148		—		967		96		21
Foreign currency forwards	Foreign currency exchange rate	487		1		10		483		3		4
Credit default swaps — purchased	Credit	—		—		—		—		—		—
Credit default swaps — written	Credit	1,757		18		2		1,724		39		1
Credit default swaptions	Credit	100		—		—		150		—		—
Equity index options	Equity market	17,229		697		351		24,692		1,155		877
Equity variance swaps	Equity market	—		—		—		281		9		1
Equity total return swaps	Equity market	32,909		520		747		32,719		493		588
Hybrid options	Equity market	—		—		—		900		8		—
Total non-designated or non-qualifying derivatives		112,905		1,688		3,900		87,469		2,867		1,622
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other	N/A		117		—		N/A		186		—
Direct index-linked annuities	Other	N/A		—		3,564		N/A		—		6,211
Direct guaranteed minimum benefits	Other	N/A		—		1,454		N/A		—		1,848
Assumed index-linked annuities	Other	N/A		—		369		N/A		—		437
Total embedded derivatives		N/A		117		5,387		N/A		186		8,496
Total		$	116,991	$	2,401	$	9,307	$	90,931	$	3,312	$	10,140

Derivative Instruments, Gain (Loss)

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


	Year Ended December 31, 2022
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	5	$	—	$	4	$	(50)
Foreign currency exchange rate	13		(12)		53		381
Total cash flow hedges	18		(12)		57		331
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(4,001)		—		—		—
Foreign currency exchange rate	120		(48)		—		—
Credit	(2)		—		—		—
Equity market	590		—		—		—
Embedded	3,639		—		—		—
Total non-qualifying hedges	346		(48)		—		—
Total	$	364	$	(60)	$	57	$	331


	Year Ended December 31, 2021
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	(20)
Foreign currency exchange rate	10		(4)		36		191
Total cash flow hedges	12		(4)		39		171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(717)		—		—		—
Foreign currency exchange rate	57		(7)		—		—
Credit	17		—		—		—
Equity market	(486)		—		—		—
Embedded	(1,341)		—		—		—
Total non-qualifying hedges	(2,470)		(7)		—		—
Total	$	(2,458)	$	(11)	$	39	$	171


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



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	77
Foreign currency exchange rate	15		(7)		37		(129)
Total cash flow hedges	17		(7)		40		(52)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	3,565		—		—		—
Foreign currency exchange rate	(16)		(7)		—		—
Credit	18		—		—		—
Equity market	(1,367)		—		—		—
Embedded	(2,221)		—		—		—
Total non-qualifying hedges	(21)		(7)		—		—
Total	$	(4)	$	(14)	$	40	$	(52)

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

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


	Year Ended December 31, 2022
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	5	$	—	$	4	$	(50)
Foreign currency exchange rate	13		(12)		53		381
Total cash flow hedges	18		(12)		57		331
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(4,001)		—		—		—
Foreign currency exchange rate	120		(48)		—		—
Credit	(2)		—		—		—
Equity market	590		—		—		—
Embedded	3,639		—		—		—
Total non-qualifying hedges	346		(48)		—		—
Total	$	364	$	(60)	$	57	$	331


	Year Ended December 31, 2021
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	(20)
Foreign currency exchange rate	10		(4)		36		191
Total cash flow hedges	12		(4)		39		171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(717)		—		—		—
Foreign currency exchange rate	57		(7)		—		—
Credit	17		—		—		—
Equity market	(486)		—		—		—
Embedded	(1,341)		—		—		—
Total non-qualifying hedges	(2,470)		(7)		—		—
Total	$	(2,458)	$	(11)	$	39	$	171


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



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	77
Foreign currency exchange rate	15		(7)		37		(129)
Total cash flow hedges	17		(7)		40		(52)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	3,565		—		—		—
Foreign currency exchange rate	(16)		(7)		—		—
Credit	18		—		—		—
Equity market	(1,367)		—		—		—
Embedded	(2,221)		—		—		—
Total non-qualifying hedges	(21)		(7)		—		—
Total	$	(4)	$	(14)	$	40	$	(52)

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:


	December 31,
	2022					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	$	7	$	544	2.2	$	12	$	589	2.4
Baa	8		1,185		5.0	27		1,131		5.0
Ba	2		24		4.0	—		—		0.0
Caa and Lower	(1)		4		3.0	(1)		4		4.0
Total	$	16	$	1,757	4.1	$	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)
December 31, 2022
Derivative assets	$	2,308	$	(1,659)	$	(640)	$	9	$	(6)	$	3
Derivative liabilities	$	3,919	$	(1,659)	$	(7)	$	2,253	$	(2,251)	$	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)
December 31, 2022
Derivative assets	$	2,308	$	(1,659)	$	(640)	$	9	$	(6)	$	3
Derivative liabilities	$	3,919	$	(1,659)	$	(7)	$	2,253	$	(2,251)	$	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


	December 31,
	2022		2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	2,260	$	477
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	4,894	$	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

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-Publisher FASB
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-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
-SubTopic 10
-Section 50
-Paragraph 5
-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
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-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
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

See Notes 1 and 8 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:


	December 31, 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	$	36,926	$	1	$	203	$	4,521	$	32,607	$	35,326	$	2	$	3,946	$	189	$	39,081
Foreign corporate	12,471		1		38		1,932		10,576		10,916		7		906		109		11,706
U.S. government and agency	8,318		—		300		602		8,016		7,301		—		2,066		60		9,307
RMBS	8,431		2		44		945		7,528		8,878		—		432		51		9,259
CMBS	7,324		3		—		710		6,611		6,976		2		333		25		7,282
ABS	5,652		—		3		296		5,359		4,261		—		33		14		4,280
State and political subdivision	4,074		—		125		400		3,799		3,995		—		846		6		4,835
Foreign government	1,148		—		39		106		1,081		1,593		—		244		5		1,832
Total fixed maturity securities	$	84,344	$	7	$	752	$	9,512	$	75,577	$	79,246	$	11	$	8,806	$	459	$	87,582

The Company did not hold non-income producing fixed maturity securities at December 31, 2022. The Company held non-income producing fixed maturity securities with an estimated fair value of $3 million at December 31, 2021.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at December 31, 2022:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,024	$	13,740	$	17,011	$	31,162	$	21,407	$	84,344
Estimated fair value	$	1,009	$	13,011	$	15,033	$	27,026	$	19,498	$	75,577

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	December 31, 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	$	24,509	$	3,351	$	3,979	$	1,170	$	5,131	$	113	$	888	$	76
Foreign corporate	8,260		1,413		1,601		519		2,044		62		326		47
U.S. government and agency	3,121		265		1,147		337		1,716		40		222		20
RMBS	4,731		497		2,246		448		3,488		51		32		—
CMBS	5,589		543		970		167		1,401		21		95		4
ABS	3,347		159		1,733		137		2,459		13		93		1
State and political subdivision	2,041		317		247		83		356		6		7		—
Foreign government	777		99		21		7		278		4		18		1
Total fixed maturity securities	$	52,375	$	6,644	$	11,944	$	2,868	$	16,873	$	310	$	1,681	$	149
Total number of securities in an unrealized loss position	7,309				2,049				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 $602 million and $534 million at December 31, 2022 and 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 $7 million, relating to twenty-one securities at December 31, 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 $7 million and $11 million at December 31, 2022 and 2021, respectively. During the period, the change in allowance for fixed maturity securities by sector was immaterial. The Company recorded total write-offs of $10 million and $5 million for December 31, 2022 and 2021, respectively.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2022				2021
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,574	59.2	%	$	12,187	61.4	%
Agricultural	4,365		19.0		4,163		21.0
Residential	5,116		22.3		3,623		18.2
Total mortgage loans (1)	23,055		100.5		19,973		100.6
Allowance for credit losses	(119)		(0.5)		(123)		(0.6)
Total mortgage loans, net	$	22,936	100.0	%	$	19,850	100.0	%

_______________

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

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

Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $115 million and $95 million at December 31, 2022 and 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)
Balance at January 1, 2020	$	27	$	17	$	22	$	66
Current period provision	17		(2)		13		28


Balance at December 31, 2020	44		15		35		94
Current period provision	23		(3)		7		27
PCD credit allowance	—		—		2		2

Balance at December 31, 2021	67		12		44		123
Current period provision	5		3		11		19

Charge-offs, net of recoveries	(23)		—		—		(23)
Balance at December 31, 2022	$	49	$	15	$	55	$	119

PCD Mortgage Loans

Purchases of PCD mortgage loans are summarized as follows:


	December 31,
	2022		2021
	(In millions)
Purchase price	$	62	$	462
Allowance at acquisition date	—		2
Discount or premium attributable to other factors	7		(29)
Par value	$	69	$	435

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)
December 31, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	1,916	$	2,819	$	405	$	1,493	$	888	$	3,627	$	11,148
65% to 75%	503		354		—		271		367		425		1,920
76% to 80%	—		18		40		90		65		48		261
Greater than 80%	—		—		—		25		57		163		245
Total commercial mortgage loans	2,419		3,191		445		1,879		1,377		4,263		13,574
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	532		1,163		420		496		643		740		3,994
65% to 75%	148		90		59		56		1		16		370

Greater than 80%	—		—		—		—		1		—		1
Total agricultural mortgage loans	680		1,253		479		552		645		756		4,365
Residential mortgage loans
Performing	1,266		1,745		167		215		168		1,491		5,052
Nonperforming	4		8		—		2		1		49		64
Total residential mortgage loans	1,270		1,753		167		217		169		1,540		5,116
Total	$	4,369	$	6,197	$	1,091	$	2,648	$	2,191	$	6,559	$	23,055


	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:


	December 31,
	2022				2021
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,157	89.6	%	$	10,289	84.4	%
1.00x - 1.20x	590		4.3		596		4.9
Less than 1.00x	827		6.1		1,302		10.7
Total	$	13,574	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 December 31, 2022 and 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.

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


	December 31,
	2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,574	$	4,346	$	5,041	$	22,961	$	12,187	$	4,163	$	3,550	$	19,900
30-59 days past due	—		—		11		11		—		—		14		14
60-89 days past due	—		—		16		16		—		—		14		14
90-179 days past due	—		3		31		34		—		—		29		29
180+ days past due	—		16		17		33		—		—		16		16
Total	$	13,574	$	4,365	$	5,116	$	23,055	$	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.

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


	Commercial		Agricultural		Residential (1)		Total
	(In millions)
December 31, 2022	$	11	$	3	$	64	$	78
December 31, 2021	$	—	$	—	$	59	$	59

_______________

(1)All mortgage loans in nonaccrual status had an allowance for credit losses at both December 31, 2022 and 2021.

Current period investment income on mortgage loans in nonaccrual status was $2 million and $1 million for the years ended December 31, 2022 and 2021, respectively.

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 years ended December 31, 2022 and 2021.

Other Invested Assets

Over 80% of other invested assets is comprised of freestanding derivatives with positive estimated fair values. See Note 7 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes the Company’s investment in company-owned life insurance, FHLB stock, tax credit and renewable energy partnerships and leveraged leases.

Leveraged Leases

The carrying value of leveraged leases was $48 million and $49 million at December 31, 2022 and 2021, respectively. The allowance for credit losses was $13 million at both December 31, 2022 and 2021. Rental receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 10 years. For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or nonperforming, which is assessed monthly. Nonperforming rental receivables are generally defined as those that are 90 days or more past due. At both December 31, 2022 and 2021, all leveraged leases were performing.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities and the effect on DAC, VOBA and future policy benefits, that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI.

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Fixed maturity securities	$	(8,760)	$	8,347	$	11,968

Derivatives	638		329		173
Other	3		(29)		(16)
Subtotal	(8,119)		8,647		12,125
Amounts allocated from:
Future policy benefits	916		(2,903)		(4,313)
DAC and VOBA	410		(403)		(520)
Subtotal	1,326		(3,306)		(4,833)
Deferred income tax benefit (expense)	1,427		(1,121)		(1,531)
Net unrealized investment gains (losses)	$	(5,366)	$	4,220	$	5,761

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)


Balance at January 1,	$	4,220	$	5,761	$	3,283
Unrealized investment gains (losses) during the year	(16,766)		(3,478)		4,936
Unrealized investment gains (losses) relating to:
Future policy benefits	3,819		1,410		(1,621)
DAC and VOBA	813		117		(179)
Deferred income tax benefit (expense)	2,548		410		(658)
Balance at December 31,	$	(5,366)	$	4,220	$	5,761
Change in net unrealized investment gains (losses)	$	(9,586)	$	(1,541)	$	2,478

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both December 31, 2022 and 2021.

Securities Lending

Elements of the securities lending program are presented below at:


	December 31,
	2022		2021
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,995	$	3,573
Estimated fair value	$	3,638	$	4,539
Cash collateral received from counterparties (2)	$	3,731	$	4,611
Securities collateral received from counterparties (3)	$	—	$	2
Reinvestment portfolio — estimated fair value	$	3,603	$	4,730

_______________

(1)Included in fixed maturity securities.

(2)Included in 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 consolidated financial statements.

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


	December 31, 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	$	640	$	1,527	$	984	$	3,151	$	1,094	$	2,125	$	1,391	$	4,610
U.S. corporate	2		410		—		412		1		—		—		1

Foreign corporate	—		152		—		152		—		—		—		—
Foreign government	—		16		—		16		—		—		—		—
Total	$	642	$	2,105	$	984	$	3,731	$	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 December 31, 2022 was $627 million, comprised of U.S. government and agency and U.S. corporate 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 ABS, agency RMBS, U.S. government and agency securities, U.S. and foreign corporate securities, non-agency RMBS and CMBS) with 56% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at December 31, 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:


	December 31,
	2022		2021
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	7,999	$	10,000
Invested assets held in trust (reinsurance agreements) (2)	5,621		6,029
Invested assets pledged as collateral (3)	13,920		5,116
Total invested assets on deposit, held in trust and pledged as collateral	$	27,540	$	21,145

_______________

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3) and derivative transactions (see Note 7).

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 $201 million and $70 million at redemption value at December 31, 2022 and 2021, respectively.

Collectively Significant Equity Method Investments

The Company holds investments in limited partnerships and LLCs consisting of leveraged buy-out funds, private equity funds, joint ventures and other funds. The portion of these investments accounted for under the equity method had a carrying value of $4.8 billion at December 31, 2022. The Company’s maximum exposure to loss related to these equity method investments is the carrying value of these investments plus unfunded commitments of $1.6 billion at December 31, 2022. The Company’s investments in limited partnerships and LLCs are generally of a passive nature in that the Company does not participate in the management of the entities.

As described in Note 1, the Company generally records its share of earnings in its equity method investments using a three-month lag methodology and within net investment income. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) for each of the years ended December 31, 2022, 2021 and 2020. This aggregated summarized financial data does not represent the Company’s proportionate share of the assets, liabilities or earnings of such entities.

The aggregated summarized financial data presented below reflects the latest available financial information and is as of and for the years ended December 31, 2022, 2021 and 2020. Aggregate total assets of these entities totaled $880.1 billion and $811.9 billion at December 31, 2022 and 2021, respectively. Aggregate total liabilities of these entities totaled $109.3 billion and $103.2 billion at December 31, 2022 and 2021, respectively. Aggregate net income (loss) of these entities totaled ($12.8) billion, $22.6 billion and $37.7 billion for the years ended December 31, 2022, 2021 and 2020, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income and realized and unrealized investment gains (losses).

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 December 31, 2022 or 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:


	December 31,
	2022				2021
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,896	$	17,471	$	16,472	$	15,802
Limited partnerships and LLCs	4,136		5,491		3,679		5,115
Total	$	20,032	$	22,962	$	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 15.

Net Investment Income

The components of net investment income were as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Investment income:
Fixed maturity securities	$	3,077	$	2,832	$	2,700
Equity securities	3		5		6
Mortgage loans	842		689		666
Policy loans	64		65		56
Limited partnerships and LLCs (1)	263		1,391		240
Cash, cash equivalents and short-term investments	72		5		49

Other	69		44		54
Total investment income	4,390		5,031		3,771
Less: Investment expenses	252		150		170

Net investment income	$	4,138	$	4,881	$	3,601

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $170 million, $1.3 billion and $225 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Fixed maturity securities	$	(192)	$	(21)	$	297
Equity securities	(14)		—		—
Mortgage loans	(20)		(27)		(27)
Limited partnerships and LLCs	(20)		—		(3)
Other	(2)		(11)		11
Total net investment gains (losses)	$	(248)	$	(59)	$	278

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($17) million, $1 million and $7 million for the years ended December 31, 2022, 2021 and 2020, 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:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Proceeds	$	6,640	$	6,329	$	3,218
Gross investment gains	$	52	$	99	$	390
Gross investment losses	(236)		(103)		(78)
Net investment gains (losses)	$	(184)	$	(4)	$	312

Reinsurance Reinsurance (Reinsurance Deposit Part B - Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2022	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
Deposit Contracts, Assets	$ 6.0	$ 3.2
Deposit Contracts, Liabilities	$ 3.8	$ 3.3

Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2022 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 117,363
Amount at Which Shown on Balance Sheet	108,592
U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	8,318
Estimated Fair Value	8,016
Amount at Which Shown on Balance Sheet	8,016
State and political subdivision
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,074
Estimated Fair Value	3,799
Amount at Which Shown on Balance Sheet	3,799
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,650
Estimated Fair Value	3,199
Amount at Which Shown on Balance Sheet	3,199
Foreign government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,148
Estimated Fair Value	1,081
Amount at Which Shown on Balance Sheet	1,081
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	45,299
Estimated Fair Value	39,581
Amount at Which Shown on Balance Sheet	39,581
Total bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	62,489
Estimated Fair Value	55,676
Amount at Which Shown on Balance Sheet	55,676
Mortgage-backed and asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	21,407
Estimated Fair Value	19,498
Amount at Which Shown on Balance Sheet	19,498
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	448
Estimated Fair Value	403
Amount at Which Shown on Balance Sheet	403
Total fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	84,344
Estimated Fair Value	75,577
Amount at Which Shown on Balance Sheet	75,577
Non-redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	43
Estimated Fair Value	37
Amount at Which Shown on Balance Sheet	37
Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	49
Estimated Fair Value	50
Amount at Which Shown on Balance Sheet	50
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	0
Estimated Fair Value	2
Amount at Which Shown on Balance Sheet	2
Total equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	93
Estimated Fair Value	89
Amount at Which Shown on Balance Sheet	89
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	22,936
Amount at Which Shown on Balance Sheet	22,936
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,282
Amount at Which Shown on Balance Sheet	1,282
Limited partnerships and LLCs
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,775
Amount at Which Shown on Balance Sheet	4,775
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,081
Amount at Which Shown on Balance Sheet	1,081
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,852
Amount at Which Shown on Balance Sheet	2,852
Banks, Trust and Insurance, Equities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1
Estimated Fair Value	0
Amount at Which Shown on Balance Sheet	$ 0

Investments (Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, allowance for credit losses	$ 7	$ 11
Fixed maturity securities, total write-offs	$ 10	$ 5

Derivatives (Derivatives - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum Length of Time Hedged in Cash Flow Hedge	1 year	2 years
Derivative AOCI associated with Cash Flow Hedges Pre Tax	$ 638	$ 329

Equity (RSUs and PSUs) (Details) - $ / shares	12 Months Ended
Equity (RSUs and PSUs) (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested awards, beginning of year, number	724,577
Nonvested awards, beginning of year, weighted average grant date fair value	$ 38.80
Awards granted, number	314,957
Awards granted, weighted average grant date fair value	$ 47.72	$ 41.81	$ 35.68
Awards granted, performance factor adjustments, number	0
Awards granted, performance factor adjustments, weighted average grant date fair value	$ 0
Awards forfeited, number	(18,551)
Awards forfeited, weighted average grant date fair value	$ 42.34
Awards vested, number	(392,113)
Awards vested, weighted average grant date fair value	$ 38.78
Nonvested awards, end of year, number	628,870	724,577
Nonvested awards, end of year, weighted average grant date fair value	$ 43.18	$ 38.80
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested awards, beginning of year, number	703,106
Nonvested awards, beginning of year, weighted average grant date fair value	$ 39.01
Awards granted, number	299,259
Awards granted, weighted average grant date fair value	$ 48.06	$ 41.26	$ 35.84
Awards granted, performance factor adjustments, number	3,652
Awards granted, performance factor adjustments, weighted average grant date fair value	$ 38.97
Awards forfeited, number	(11,002)
Awards forfeited, weighted average grant date fair value	$ 44.41
Awards vested, number	(186,466)
Awards vested, weighted average grant date fair value	$ 38.97
Nonvested awards, end of year, number	808,549	703,106
Nonvested awards, end of year, weighted average grant date fair value	$ 42.30	$ 39.01

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ (8,760)	$ 8,347	$ 11,968
Derivatives	638	329	173
Other	3	(29)	(16)
Subtotal	(8,119)	8,647	12,125
Amounts allocated from: Future policy benefits	916	(2,903)	(4,313)
Amounts allocated from: DAC, VOBA and DSI	410	(403)	(520)
Subtotal	1,326	(3,306)	(4,833)
Deferred income tax benefit (expense)	1,427	(1,121)	(1,531)
Net unrealized investment gains (losses)	$ (5,366)	$ 4,220	$ 5,761

Equity (Common Stock) (Details) - shares	12 Months Ended
Equity (Common Stock) (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding at beginning of year	77,870,072	88,211,618	106,027,301
Common stock, shares issued	639,980	510,919	354,652
Common stock, shares repurchased	(10,231,984)	(10,852,465)	(18,170,335)
Common stock, shares outstanding at end of year	68,278,068	77,870,072	88,211,618

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (99)	$ (197)	$ (1,105)
Weighted average common shares outstanding - basic	72,970,249	83,783,664	95,350,822
Dilutive effect of share-based awards	0	0	0
Weighted average common shares outstanding - diluted	72,970,249	83,783,664	95,350,822
Earnings per common share - basic	$ (1.36)	$ (2.36)	$ (11.58)
Earnings per common share - diluted	$ (1.36)	$ (2.36)	$ (11.58)

- 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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+ Details

- Definition

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

+ References

+ Details

Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Carrying value of investments accounted for under the equity method	$ 4,800
Total assets	225,580	$ 259,840
Total liabilities	219,542	243,633
Net income (loss)	5	(108)	$ (1,061)
Nonconsolidated Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Unfunded commitments	1,600
Total assets	880,100	811,900
Total liabilities	109,300	103,200
Net income (loss)	$ (12,800)	$ 22,600	$ 37,700

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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

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

12 Months Ended

Dec. 31, 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 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 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.

Future Policy Benefit Liability [Policy Text Block]

Future Policy Benefit Liabilities and Policyholder Account Balances

The Company establishes liabilities for future amounts payable under insurance policies. Insurance liabilities are generally equal to the present value of future expected benefits to be paid, reduced by the present value of future expected net premiums. Assumptions used to measure the liability are based on the Company’s experience and include a margin for adverse deviation. The most significant assumptions used in the establishment of liabilities for future policy benefits are mortality, benefit election and utilization, withdrawals, policy lapse, and investment returns as appropriate to the respective product type.

For traditional long-duration insurance contracts (term, non-participating whole life insurance and income annuities), assumptions are determined at issuance of the policy and are not updated unless a premium deficiency exists. A premium deficiency exists when the liability for future policy benefits plus the present value of expected future gross premiums are less than expected future benefits and expenses (based on current assumptions). When a premium deficiency exists, the Company will reduce any deferred acquisition costs and may also establish an additional liability to eliminate the deficiency. To assess whether a premium deficiency exists, the Company groups insurance contracts based on the manner acquired, serviced and measured for profitability. In applying the profitability criteria, groupings are limited by segment.

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

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

Liabilities for secondary guarantees on universal life insurance contracts are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the contract period based on total expected assessments. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The Company also maintains a liability for profits followed by losses on universal life with secondary guarantees (“ULSG”) determined by projecting future earnings and establishing a liability to offset losses that are expected to occur in later years. Changes in ULSG liabilities are recorded to net income, except for the effects of unrealized gains and losses, which are recorded to OCI.

Insurance Premiums Revenue Recognition, Policy [Policy Text Block]

Recognition of Insurance Revenues and Deposits

Premiums related to traditional life insurance and annuity contracts are recognized as revenues when due from policyholders. When premiums for income annuities are due over a significantly shorter period than the period over which policyholder benefits are incurred, any excess profit is deferred and recognized into earnings in proportion to the amount of expected future benefit payments.

Deposits related to universal life insurance, deferred annuity contracts and investment contracts are credited to policyholder account balances. Revenues from such contracts consist of asset-based investment management fees, cost of insurance charges, risk charges, policy administration fees and surrender charges. These fees, which are included in universal life and investment-type product policy fees, are recognized when assessed to the contract holder, except for non-level insurance charges which are deferred and amortized over the life of the contracts.

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

Deferred Policy Acquisition Costs, Policy [Policy Text Block]

Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements

The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as deferred policy acquisition costs (“DAC”). These costs mainly consist of commissions and include the portion of employees’ compensation and benefits related to time spent selling, underwriting or processing the issuance of new insurance contracts. All other acquisition-related costs are expensed as incurred.

Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity and investment-type contracts in-force as of the acquisition date.

The Company amortizes DAC and VOBA related to term non-participating whole life insurance over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, in-force or persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policy benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits.

The Company amortizes DAC and VOBA on deferred annuities and universal life insurance contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon investment returns in excess of the amounts credited to policyholders, mortality, in-force or persistency, benefit elections and utilization, and withdrawals. When significant negative gross profits are expected in future periods, the Company substitutes the amount of insurance in-force for expected future gross profits as the amortization basis for DAC.

Assumptions for DAC and VOBA are reviewed at least annually, and if they change significantly, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to net income. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to net income. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits.

The Company updates expected future gross profits to reflect the actual gross profits for each period, including changes to its nonperformance risk related to embedded derivatives and the actual amount of business remaining in-force. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to net income. The opposite result occurs when the actual gross profits are below the previously expected future gross profits.

DAC and VOBA balances on deferred annuities and universal life insurance contracts are also adjusted to reflect the effect of investment gains and losses and certain embedded derivatives (including changes in nonperformance risk). These adjustments can create fluctuations in net income from period to period. Changes in DAC and VOBA balances related to unrealized gains and losses are recorded to OCI.

DAC and VOBA balances and amortization for variable contracts can be significantly impacted by changes in expected future gross profits related to projected separate account rates of return. The Company’s practice of determining changes in separate account returns assumes that long-term appreciation in equity markets is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes.

Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of an existing contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If a modification is considered to have substantially changed the contract, the associated DAC or VOBA is written off immediately as net income and any new acquisition costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed.

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

Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements

Sales Inducements to Contract Holders, Policy [Policy Text Block]

The Company also has intangible assets representing deferred sales inducements (“DSI”) which are included in other assets. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews DSI to determine whether the assets are impaired.

Reinsurance Accounting Policy [Policy Text Block]

Reinsurance

The Company enters into reinsurance arrangements pursuant to which it cedes certain insurance risks to unaffiliated reinsurers. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The accounting for reinsurance arrangements depends on whether the arrangement provides indemnification against loss or liability relating to insurance risk in accordance with GAAP.

For ceded reinsurance of existing in-force blocks of insurance contracts that transfer significant insurance risk, premiums, benefits and the amortization of DAC are reported net of reinsurance ceded. Amounts recoverable from reinsurers related to incurred claims and ceded reserves are included in premiums, reinsurance and other receivables and amounts payable to reinsurers included in other liabilities.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included in premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate.

The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. Under certain reinsurance agreements, the Company withholds the funds rather than transferring the underlying investments and, as a result, records a funds withheld liability in other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. Certain funds withheld arrangements may also contain embedded derivatives measured at fair value that are related to the investment return on the assets withheld.

The Company accounts for assumed reinsurance similar to directly written business, except for guaranteed minimum income benefits (“GMIB”), where a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives.

Minimum Guarantees, Policy [Policy Text Block]

Variable Annuity Guarantees

The Company issues certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (the “Benefit Base”) less withdrawals. In some cases, the Benefit Base may be increased by additional deposits, bonus amounts, accruals or optional market value step-ups.

Certain of the Company’s variable annuity guarantee features are accounted for as insurance liabilities and recorded in future policy benefits while others are accounted for at fair value as embedded derivatives and recorded in policyholder account balances. Generally, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either the occurrence of a specific insurable event, or annuitization. Alternatively, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring the occurrence of specific insurable event, or the policyholder to annuitize, that is, the policyholder can receive the guarantee on a net basis. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Further, changes in assumptions, principally involving policyholder behavior, can result in a change of expected future cash outflows of a guarantee between portions accounted for as insurance liabilities and portions accounted for as embedded derivatives.

Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDB”), the life contingent portion of the guaranteed minimum withdrawal benefits (“GMWB”) and the portion of the GMIBs that require annuitization, as well as the life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value.

These insurance liabilities are accrued over the accumulation phase of the contract in proportion to actual and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns. The scenarios are based on best estimate assumptions consistent with those used to amortize DAC. When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income. The opposite result occurs when the current estimates of future benefits are lower than those previously projected or when current estimates of future assessments exceed those previously projected. At each reporting period, the actual amount of business remaining in-force is updated, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings. Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMAB”), and for GMIBs the non-life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value, as well as the guaranteed principal option.

The estimated fair values of guarantees accounted for as embedded derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees. At policy inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees are considered revenue and are reported in universal life and investment-type product policy fees. The percentage of fees included in the initial fair value measurement is not updated in subsequent periods.

The Company updates the estimated fair value of guarantees in subsequent periods by projecting future benefits using capital markets and actuarial assumptions including expectations of policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital markets scenarios to determine an economic liability. The reported estimated fair value is then determined by taking the present value of these risk-free generated cash flows using a discount rate that incorporates a spread over the risk-free rate to reflect the Company’s nonperformance risk and adding a risk margin. For more information on the determination of estimated fair value of embedded derivatives, see Note 8.

Assumptions for all variable guarantees are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted by a cumulative charge or credit to net income.

Index-linked Annuities

The Company issues and assumes through reinsurance index-linked annuities. The crediting rate associated with index-linked annuities is accounted for at fair value as an embedded derivative. The estimated fair value is determined using a combination of an option pricing model and an option-budget approach. Under this approach, the Company estimates the cost of funding the crediting rate using option pricing and establishes that cost on the balance sheet as a reduction to the initial deposit amount. In subsequent periods, the embedded derivative is remeasured at fair value while the reduction in initial deposit is accreted back up to the initial deposit over the estimated life of the contract.

Embedded Derivatives

Investments, Policy [Policy Text Block]

Investments

Net Investment Income and Net Investment Gains (Losses)

Income from investments is reported in net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported in net investment gains (losses), unless otherwise stated herein.

Fixed Maturity Securities Available-For-Sale

The Company’s fixed maturity securities are classified as available-for-sale and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of OCI, net of policy-related amounts and deferred income taxes. Publicly-traded security transactions are recorded on a trade date basis, while privately-placed and bank loan security transactions are recorded on a settlement date basis. Investment gains and losses on sales are determined on a specific identification basis.

Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts and is based on the estimated economic life of the securities, which for residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”) considers the estimated timing and amount of prepayments of the underlying loans. The amortization of premium and accretion of discount of fixed maturity securities also takes into consideration call and maturity dates.

Amortization of premium and accretion of discount on Structured Securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed, and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Securities are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive Structured Securities and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other Structured Securities, the effective yield is recalculated on a retrospective basis.

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

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

For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. If the Company determines the decline in estimated fair value is due to credit losses, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an allowance through net investment gains (losses). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the allowance related to other-than-credit factors is recorded in OCI.

Mortgage Loans

Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and any deferred fees or expenses, and net of an allowance for credit losses. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. The allowance for credit losses for mortgage loans represents the Company’s best estimate of expected credit losses over the remaining life of the loans and is determined using relevant available information from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast.

Policy Loans

Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy.

Limited Partnerships and LLCs

The Company uses the equity method of accounting for investments when it has more than a minor ownership interest or more than a minor influence over the investee’s operations; when the Company has virtually no influence over the investee’s operations the investment is carried at estimated fair value. The Company generally recognizes its share of the equity method 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; while distributions on investments carried at estimated fair value are recognized as earned or received.

Short-term Investments

Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. The Company’s short-term investments generally involve large dollar amounts that turn over quickly and have short maturities. For the year ended December 31, 2022, gross cash receipts from sales and purchases of short-term investments were $4.9 billion and $4.1 billion, respectively.

Other Invested Assets

Other invested assets consist principally of freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below.

Securities Lending Program

Securities lending transactions whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, in net investment income.

The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned and maintains it at a level greater than or equal to 100% for the duration of the loan. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received.

Funding Agreements

The Company established liabilities for funding agreements associated with the Company’s institutional spread margin business, which are equal to the unpaid principal balance, adjusted for any unamortized premium or discount. Liabilities related to funding agreements are reported in policyholder account balances.

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.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.

Derivatives, Policy [Policy Text Block]

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried at estimated fair value on the Company’s balance sheet either as assets in other invested assets or as liabilities in other liabilities. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

If a derivative is not designated or did not qualify as an accounting hedge, changes in the estimated fair value of the derivative are reported in net derivative gains (losses).

The Company generally reports cash received or paid for a derivative in the investing activity section of the statement of cash flows except for cash flows of certain derivative options with deferred premiums, which are reported in the financing activity section of the statement of cash flows.

Hedge Accounting

The Company primarily designates derivatives as a hedge of a forecasted transaction or a variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in fair value are recorded in OCI and subsequently reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative or hedged item expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). The changes in estimated fair value of derivatives previously recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When the hedged item matures or is sold, or the forecasted transaction is not probable of occurring, the Company immediately reclassifies any remaining balances in OCI to net derivative gains (losses).

Embedded Derivatives

The Company has certain insurance and reinsurance contracts that contain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. These host contracts include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; index-linked annuities that are directly written or assumed through reinsurance; and ceded reinsurance of variable annuity GMIBs. Embedded derivatives within asset host contracts are reported in premiums, reinsurance and other receivables. Embedded derivatives within liability host contracts are reported in policyholder account balances. Changes in the estimated fair value of the embedded derivative are reported in net derivative gains (losses).

See “— Variable Annuity Guarantees,” “— Index-Linked Annuities” and “— Reinsurance” for additional information on the accounting policies for embedded derivatives bifurcated from variable annuity and reinsurance host contracts.

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 8 for information about the fair value hierarchy for derivatives.

Derivative StrategiesDerivatives 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”). Interest rate swaps are used in non-qualifying hedging relationships. Interest rate caps are used in non-qualifying hedging relationships.Interest rate floors: The Company uses interest rate floors to protect against a decline in interest rates on floating rate assets in the Company’s institutional spread margin business. Interest rate floors are used in non-qualifying hedging relationships.Interest rate swaptions are included in interest rate options. Interest rate forwards are used in cash flow and non-qualifying hedging relationships.Foreign currency swaps are used in cash flow and non-qualifying hedging relationships.Foreign currency forwards are used in non-qualifying hedging relationships.Credit default swaps are used in non-qualifying hedging relationships.Credit default swaptions are used in non-qualifying hedging relationships.Equity index options are used in non-qualifying hedging relationships.Equity total return swaps are used in non-qualifying hedging relationships.Equity variance swaps are used in non-qualifying hedging relationships.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition.

In determining the estimated fair value of the Company’s investments, fair values are based on unadjusted quoted prices for identical investments in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical investments, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of investments.


Level 1			Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.


Level 2			Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.


Level 3			Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

Policyholder Accounts, Policy [Policy Text Block]

Separate Accounts

Separate accounts underlying the Company’s variable life and annuity contracts are reported at fair value. Assets in separate accounts supporting the contract liabilities are legally insulated from the Company’s general account liabilities. Investments in these separate accounts are directed by the contract holder and all investment performance, net of contract fees and assessments, is passed through to the contract holder. Investment performance and the corresponding amounts credited to contract holders of such separate accounts are offset in the same line on the statements of operations.

Separate accounts that do not pass all investment performance to the contract holder, including those underlying certain index-linked annuities, are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses. The accounting for investments in these separate accounts is consistent with the methodologies described herein for similar financial instruments held in the general account.

The Company receives asset-based distribution and service fees from mutual funds available to the variable life and annuity contract holders as investment options in its separate accounts. These fees are recognized in the period in which the related services are performed and are included in other revenues.

Income Tax, Policy [Policy Text Block]

Income Tax

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

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

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

On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. The Inflation Reduction Act establishes a 15% corporate alternative minimum tax (“CAMT”) for corporations whose average annual adjusted financial statement income for any consecutive three–tax year period ending after December 31, 2021, and preceding the tax year exceeds $1 billion. The Inflation Reduction Act also establishes a one percent excise tax on stock repurchases made by publicly traded U.S. corporations. Both provisions are effective for tax years beginning after December 31, 2022. The Company elects not to consider any future effects resulting from potential applicability of the CAMT when assessing the valuation allowance for regular deferred taxes.

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

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

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

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

Commitments and Contingencies, Policy [Policy Text Block]

Litigation and Other Loss Contingencies

The Company is a party to or involved in a number of legal disputes, including litigation matters and disputes or other matters involving third parties (e.g., vendors, reinsurers or tax or other authorities), and are subject in the ordinary course to a number of regulatory examinations and investigations. The Company reviews relevant information with respect to litigation and other loss contingencies related to these matters and establishes liabilities when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Legal costs are recognized as incurred.

In matters where it is not probable, but it 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 a reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at estimated fair value or amortized cost, which approximates estimated fair value.

Pension and Other Postretirement Plans, Policy [Policy Text Block]

Employee Benefit Plans

Brighthouse Services, LLC (“Brighthouse Services”) sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company (“NELICO”) sponsors certain frozen defined benefit pension and postretirement plans. NELICO recognizes the funded status of each of its pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits in other assets or other liabilities. Brighthouse Services and NELICO are both indirect wholly-owned subsidiaries.

Actuarial gains and losses result from differences between the actual experience and the assumed experience on plan assets or PBO during a particular period and are recorded in accumulated other comprehensive income (loss) (“AOCI”). To the extent such gains and losses exceed 10% of the greater of the PBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate. Prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate.

Net periodic benefit costs are determined using management estimates and actuarial assumptions; and are comprised of service cost, interest cost, expected return on plan assets, amortization of net actuarial (gains) losses, settlement and curtailment costs, and amortization of prior service costs (credit).

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 as of December 31, 2022.

Future Adoption of New Accounting Pronouncements

In August 2018, the FASB issued new guidance on long-duration contracts (ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”)). LDTI is effective for fiscal years beginning after January 1, 2023. LDTI 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 reported 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 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) 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 roll-forwards 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.

LDTI will be applied to the earliest period reported in the financial statements, making the transition date January 1, 2021. The MRB changes are required to be applied on a retrospective basis, while the changes for insurance liability assumption updates and DAC amortization will be applied to existing carrying amounts on the transition date.

LDTI will have a significant impact on the Company’s financial statements upon adoption and is expected to 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 GAAP. The impacts to the financial statements are highly dependent on market conditions, especially interest rates.

The Company estimates the impact of LDTI adoption as of January 1, 2021 (the transition date) will be to reduce opening stockholders’ equity by $8 billion — $10 billion, and total stockholders’ equity excluding accumulated other comprehensive income by $5 billion — $6 billion. The impact of LDTI to total stockholders’ equity as of December 31, 2021 is estimated to be a reduction of $6 billion — $8 billion, and a reduction to total stockholders’ equity excluding accumulated other comprehensive income of $3 billion — $4 billion. The impact of LDTI on net income for the year ended December 31, 2021 is estimated to be an increase of $1 billion — $2 billion. The changes from the adoption of LDTI are primarily driven by the MRB changes and to a lesser extent the requirement to update the discount rate quarterly in the measurement of the liability for traditional long-duration contracts. Based on prevailing interest rates at December 31, 2022, the Company expects the impact of LDTI to total stockholders’ equity as of December 31, 2022 to be significantly lower as compared to such impact as of 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 preparing financial disclosures. Implementation remains in process as of December 31, 2022 as the Company continues to refine its internal controls and processes in advance of formal implementation for the reporting of first quarter of 2023 results.

Share-based Payment Arrangement [Policy Text Block]

Restricted Stock Units

Performance Share UnitsPSUs are units that, if vested, are multiplied by a performance factor to produce a final number of BHF common stock shares. PSUs cliff vest at the end of a three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances.Stock options represent the contingent right of award holders to purchase shares of BHF common stock at a stated price for a limited time. All stock options have an exercise price equal to the closing price of a share on the date of grant and have a maximum term of ten years. Stock options granted are exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances.The Company estimates the fair value of stock options on the date of grant using the Black-Scholes model. The significant assumptions the Company uses in its model include: expected volatility of the price of shares; risk-free rate of return; graded three-year vesting; and expected option life.

Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provision for income tax from continuing operations

The provision for income tax was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Current:
Federal	$	(65)	$	32	$	30
State and local	12		12		6
Subtotal	(53)		44		36
Deferred:
Federal	(129)		(149)		(399)
Provision for income tax expense (benefit)	$	(182)	$	(105)	$	(363)

Income tax for continuing operations effective rate reconciliation

The reconciliation of the income tax provision at the statutory tax rate to the provision for income tax as reported was as follows:


	Years Ended December 31,
	2022			2021			2020
	(Dollars in millions)
Tax provision at statutory rate	$	(36)		$	(44)		$	(298)
Tax effect of:



Resolution of prior years	(76)			(4)			—
Dividends received deduction	(36)			(37)			(42)
Tax credits	(20)			(16)			(25)
Change in uncertain tax benefits	(15)			—			—
Return to provision	(6)			14			2
Adjustments to deferred tax	(2)			(48)			(5)
Change in valuation allowance	—			18			1
State tax, net of federal benefit	10			9			5
Other, net	(1)			3			(1)
Provision for income tax expense (benefit)	$	(182)		$	(105)		$	(363)
Effective tax rate	106		%	50		%	26		%

Components of deferred tax assets and liabilities

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


	December 31,
	2022		2021
	(In millions)
Deferred income tax assets:
Net unrealized investment losses	$	1,426	$	—
Net operating loss carryforwards	1,247		1,254
Investments, including derivatives	360		—
Tax credit carryforwards	183		151
Intangibles	40		42
Employee benefits	13		24
Other	29		6
Total deferred income tax assets	3,298		1,477
Less: Valuation allowance	19		19
Total net deferred income tax assets	3,279		1,458
Deferred income tax liabilities:
Policyholder liabilities and receivables	950		404
DAC	711		798
Net unrealized investment gains	—		1,122
Investments, including derivatives	—		196
Total deferred income tax liabilities	1,661		2,520
Net deferred income tax asset (liability)	$	1,618	$	(1,062)

Summary of Operating Loss Carryforwards

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2022.


	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032-2037	$	2,012
Indefinite	3,924
	$	5,936

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2022.


	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2023-2026	$	—	$	18
2027-2031	—		121
2032-2036	5		26
2037-2041	13		—
Indefinite	—		—
	$	18	$	165

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Balance at January 1,	$	35	$	35	$	35
Additions for tax positions of prior years	6		—		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Reductions for tax positions of current year	—		—		—
Settlements with tax authorities	—		—		—
Lapses of statutes of limitations	(22)		—		—
Balance at December 31,	$	19	$	35	$	35
Unrecognized tax benefits that, if recognized would impact the effective rate	$	19	$	35	$	35

Insurance (Obligations Under Funding Agreements - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding funding agreements to certain SPEs	$ 5,500	$ 4,700
Outstanding funding agreements to certain SPEs - Inactive	525	634
Federal Home Loan Bank of Atlanta
Line of Credit Facility [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	3,900	900
Farmer Mac Funding Agreements [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 700	$ 125

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 10	$ (103)	$ (1,056)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums and accretion of discounts associated with investments, net	(233)	(254)	(260)
(Gains) losses on investments, net	248	59	(278)
(Gains) losses on derivatives, net	(153)	2,120	424
(Income) loss from equity method investments, net of dividends and distributions	110	(987)	(54)
Interest credited to policyholder account balances	1,439	1,312	1,092
Universal life and investment-type product policy fees	(3,141)	(3,636)	(3,463)
Change in accrued investment income	(113)	(44)	(9)
Change in premiums, reinsurance and other receivables	(3,106)	56	(1,346)
Change in deferred policy acquisition costs and value of business acquired, net	531	(349)	358
Change in income tax	(234)	(210)	(243)
Change in other assets	1,780	2,086	1,968
Change in future policy benefits and other policy-related balances	1,501	741	3,395
Change in other liabilities	178	(153)	285
Other, net	32	108	75
Net cash provided by (used in) operating activities	(1,151)	746	888
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	10,728	12,616	8,459
Sales, maturities and repayments of equity securities	53	129	68
Sales, maturities and repayments of mortgage loans	2,079	2,900	1,935
Sales, maturities and repayments of limited partnerships and limited liability companies	252	271	177
Purchases of fixed maturity securities	(15,799)	(21,158)	(14,401)
Purchases of equity securities	(37)	(18)	(23)
Purchases of mortgage loans	(5,321)	(6,913)	(2,076)
Purchases of limited partnerships and limited liability companies	(814)	(837)	(581)
Cash received in connection with freestanding derivatives	4,480	3,965	6,356
Cash paid in connection with freestanding derivatives	(4,275)	(4,592)	(4,515)
Net change in policy loans	(18)	27	1
Net change in short-term investments	772	1,397	(1,271)
Net change in other invested assets	(376)	(25)	28
Net cash provided by (used in) investing activities	(8,276)	(12,238)	(5,843)
Cash flows from financing activities
Policyholder account balances: Deposits	31,623	16,059	10,095
Policyholder account balances: Withdrawals	(20,050)	(4,235)	(3,270)
Net change in payables for collateral under securities loaned and other transactions	(1,709)	1,017	861
Long-term debt issued	0	400	615
Long-term debt repaid	(3)	(680)	(1,552)
Preferred stock issued, net of issuance costs	0	339	948
Dividends on preferred stock	(104)	(89)	(44)
Treasury stock acquired in connection with share repurchases	(488)	(499)	(473)
Financing element on certain derivative instruments and other derivative related transactions, net	(185)	(368)	(948)
Other, net	(16)	(86)	(46)
Net cash provided by (used in) financing activities	9,068	11,858	6,186
Change in cash, cash equivalents and restricted cash	(359)	366	1,231
Cash, cash equivalents and restricted cash, beginning of year	4,474	4,108	2,877
Cash, cash equivalents and restricted cash, end of year	4,115	4,474	4,108
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	152	160	186
Net cash paid (received) for income tax	44	103	(100)
Non-cash transactions:
Transfer of mortgage loans to affiliates	95	0	0
Transfer of limited partnerships and limited liability companies from affiliates	$ 99	$ 0	$ 0

Investments (Components of Net Investment Gains (Losses) - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (248)	$ (59)	$ 278
Foreign Exchange
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (17)	$ 1	$ 7

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 75,577	$ 87,582
Equity securities	89	101
Short-term investments	1,081	1,841
Derivative assets: (1)	2,401	3,312
Embedded derivatives within asset host contracts	117	186
Separate account assets	84,965	114,464
Liabilities [Abstract]
Derivative liabilities: (1)	9,307	10,140
Embedded derivatives within liability host contracts	5,387	8,496
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	75,577	87,582
Equity securities	89	101
Short-term investments	1,081	1,841
Derivative assets: (1)	2,284	3,126
Embedded derivatives within asset host contracts	117	186
Separate account assets	84,965	114,464
Total assets	164,113	207,300
Liabilities [Abstract]
Derivative liabilities: (1)	3,920	1,644
Embedded derivatives within liability host contracts	5,387	8,496
Total liabilities	9,307	10,140
Recurring \| Interest rate
Assets [Abstract]
Derivative assets: (1)	304	1,094
Liabilities [Abstract]
Derivative liabilities: (1)	2,802	130
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	745	328
Liabilities [Abstract]
Derivative liabilities: (1)	18	47
Recurring \| Credit
Assets [Abstract]
Derivative assets: (1)	18	39
Liabilities [Abstract]
Derivative liabilities: (1)	2	1
Recurring \| Equity market
Assets [Abstract]
Derivative assets: (1)	1,217	1,665
Liabilities [Abstract]
Derivative liabilities: (1)	1,098	1,466
Recurring \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	32,607	39,081
Recurring \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	10,576	11,706
Recurring \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	8,016	9,307
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,528	9,259
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,611	7,282
Recurring \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,799	4,835
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	5,359	4,280
Recurring \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,081	1,832
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,566	3,236
Equity securities	35	27
Short-term investments	722	1,503
Derivative assets: (1)	0	0
Embedded derivatives within asset host contracts	0	0
Separate account assets	29	41
Total assets	4,352	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	3,566	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	69,821	82,701
Equity securities	27	61
Short-term investments	359	336
Derivative assets: (1)	2,247	3,088
Embedded derivatives within asset host contracts	0	0
Separate account assets	84,936	114,423
Total assets	157,390	200,609
Liabilities [Abstract]
Derivative liabilities: (1)	3,918	1,642
Embedded derivatives within liability host contracts	0	0
Total liabilities	3,918	1,642
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	304	1,094
Liabilities [Abstract]
Derivative liabilities: (1)	2,802	130
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	716	318
Liabilities [Abstract]
Derivative liabilities: (1)	18	47
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets: (1)	10	27
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets: (1)	1,217	1,649
Liabilities [Abstract]
Derivative liabilities: (1)	1,098	1,465
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	31,418	38,176
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	9,978	11,212
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,450	6,071
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,514	9,247
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,578	7,239
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,799	4,835
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	5,041	4,115
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,043	1,806
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,190	1,645
Equity securities	27	13
Short-term investments	0	2
Derivative assets: (1)	37	38
Embedded derivatives within asset host contracts	117	186
Separate account assets	0	0
Total assets	2,371	1,884
Liabilities [Abstract]
Derivative liabilities: (1)	2	2
Embedded derivatives within liability host contracts	5,387	8,496
Total liabilities	5,389	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)	29	10
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets: (1)	8	12
Liabilities [Abstract]
Derivative liabilities: (1)	2	1
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets: (1)	0	16
Liabilities [Abstract]
Derivative liabilities: (1)	0	1
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,189	905
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	598	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	14	12
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	33	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	318	165
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 38	$ 26

Investments (Mortgage Loans in Nonaccrual Status by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 78	$ 59
Commercial
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	11	0
Agricultural
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	3	0
Residential
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 64	$ 59

Equity (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, aggregate dividends declared	$ 104	$ 89	$ 44
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,650	$ 1,650	$ 1,650
Preferred stock, aggregate dividends declared	$ 28	$ 28	$ 28
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,687.52	$ 1,687.52	$ 1,017.19
Preferred stock, aggregate dividends declared	$ 28	$ 27	$ 16
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,343.76	$ 1,474.4	$ 0
Preferred stock, aggregate dividends declared	$ 31	$ 34	$ 0
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,262.23	$ 0	$ 0
Preferred stock, aggregate dividends declared	$ 17	$ 0	$ 0

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Compensation	$ 351	$ 385	$ 346
Contracted services and other labor costs	296	280	281
Transition services agreements	58	124	127
Establishment costs	66	98	112
Premium and other taxes, licenses and fees	54	52	44
Separate account fees	407	508	466
Volume related costs, excluding compensation, net of DAC capitalization	512	682	625
Interest expense on debt	153	163	184
Debt repayment costs	0	75	43
Other	188	84	125
Total other expenses	$ 2,085	$ 2,451	$ 2,353

Long-term Debt (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 15, 2022	May 07, 2019
Debt Instrument [Line Items]
Debt instrument, unamortized debt issuance costs and debt discount				$ 32	$ 33
Long-term debt maturities, year one				2
Long-term debt maturities, year two				2
Long-term debt maturities, year three				3
Long-term debt maturities, year four				3
Long-term debt maturities, year five				761
Long-term debt maturities, after year five				2,400
Interest expense on long-term debt				153	163	$ 184
Debt instrument, premium paid in excess of debt principal upon repurchase	$ 71	$ 37
Debt instrument, unamortized debt issuance costs written off	4	6
Debt instrument, face value				3,187	3,190
Long-term debt repaid				3	680	1,552
Revolving Credit Facility Maturing 2027
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 1,000
Credit facilities, outstanding balance				0
Credit facilities, letters of credit outstanding				0
BHF Revolving Credit Facility Due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 1,000
Term Loan Due 2030
Debt Instrument [Line Items]
Long-term debt repaid			$ 1,000
BRCD Reinsurance Financing Arrangement
Debt Instrument [Line Items]
Maximum borrowing capacity				15,000	12,000
Credit facilities, outstanding balance				0
Credit facilities, remaining borrowing capacity				15,000
Credit facilities, commitment fee amount				26	34	30
BLIC Repurchase Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				2,000
Credit facilities, outstanding balance				0
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, principal amount repurchased	543	200				200
Debt instrument, face value				$ 757	$ 757
Debt instrument, stated interest rate				3.70%	3.70%
Senior Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, face value			615	$ 615	$ 615
Proceeds from debt issued, net of issuance costs			$ 614
Debt instrument, stated interest rate			5.625%	5.625%	5.625%
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, principal amount repurchased	136	$ 350				$ 350
Debt instrument, face value				$ 1,014	$ 1,014
Debt instrument, stated interest rate				4.70%	4.70%
Senior Notes Due 2051
Debt Instrument [Line Items]
Debt instrument, face value	400			$ 400	$ 400
Proceeds from debt issued, net of issuance costs	$ 396
Debt instrument, stated interest rate	3.85%			3.85%	3.85%

Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	$ 5,659	$ 5,377	$ 4,911
Future Policy Benefits and Other Policy-Related Balances	44,969	47,264
Policyholder account balances	74,836	66,851
Unearned Premiums	16	15
Unearned Revenue	719	694
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	4,682	4,331
Future Policy Benefits and Other Policy-Related Balances	11,530	10,423
Policyholder account balances	54,865	50,791
Unearned Premiums	0	0
Unearned Revenue	82	83
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	867	947
Future Policy Benefits and Other Policy-Related Balances	6,486	6,302
Policyholder account balances	3,021	3,083
Unearned Premiums	10	10
Unearned Revenue	383	398
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	4	4
Future Policy Benefits and Other Policy-Related Balances	19,537	23,031
Policyholder account balances	6,787	7,207
Unearned Premiums	0	0
Unearned Revenue	254	213
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	106	95
Future Policy Benefits and Other Policy-Related Balances	7,416	7,508
Policyholder account balances	10,163	5,770
Unearned Premiums	6	5
Unearned Revenue	$ 0	$ 0

Consolidated Reinsurance

12 Months Ended

Dec. 31, 2022

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

Consolidated Reinsurance

Brighthouse Financial, Inc.

Schedule IV

Consolidated Reinsurance

December 31, 2022, 2021 and 2020

(Dollars in millions)


	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2022
Life insurance in-force	$	502,679	$	144,647	$	6,578	$	364,610	1.8%
Insurance premium
Life insurance (1)	$	1,157	$	505	$	6	$	658	0.9%
Accident & health insurance	202		198		—		4		—%
Total insurance premium	$	1,359	$	703	$	6	$	662	0.9%
2021
Life insurance in-force	$	524,398	$	152,764	$	7,341	$	378,975	1.9%
Insurance premium
Life insurance (1)	$	1,230	$	516	$	(12)	$	702	(1.7)%
Accident & health insurance	210		205		—		5		—%
Total insurance premium	$	1,440	$	721	$	(12)	$	707	(1.7)%
2020
Life insurance in-force	$	541,463	$	164,336	$	7,293	$	384,420	1.9%
Insurance premium
Life insurance (1)	$	1,289	$	538	$	10	$	761	1.3%
Accident & health insurance	220		215		—		5		—%
Total insurance premium	$	1,509	$	753	$	10	$	766	1.3%

_______________

(1)Includes annuities with life contingencies.

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Gross investment income	$ 4,390	$ 5,031	$ 3,771
Less: Investment expenses	252	150	170
Net investment income	4,138	4,881	3,601
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	3,077	2,832	2,700
Equity securities
Net Investment Income [Line Items]
Gross investment income	3	5	6
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	842	689	666
Policy loans
Net Investment Income [Line Items]
Gross investment income	64	65	56
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	263	1,391	240
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	72	5	49
Other
Net Investment Income [Line Items]
Gross investment income	$ 69	$ 44	$ 54

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 82,410	$ 109,968
Separate account value	77,653	105,023
Net amount at risk	$ 16,504	$ 6,361
Average attained age of contract holders	72 years	71 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 43,873	$ 59,735
Separate account value	42,765	58,555
Net amount at risk	$ 4,991	$ 5,240
Average attained age of contract holders	71 years	70 years

Condensed Financial Information (Parent Company) (Investment in Subsidiary Footnote) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Brighthouse Services, LLC
Condensed Financial Statements, Captions [Line Items]
Short Term Intercompany Loans	$ 250
BH Holdings
Condensed Financial Statements, Captions [Line Items]
Short Term Intercompany Loans	100
Brighthouse Life Insurance Company
Condensed Financial Statements, Captions [Line Items]
Distributions from BH Holdings		$ 550	$ 1,300
Parent Company
Condensed Financial Statements, Captions [Line Items]
Non-Cash Distributions, Receivable	350
Distributions from BH Holdings	$ 0	$ 310	$ 1,468

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
DAC:
Balance at January 1,	$	4,847	$	4,407	$	4,946
Capitalizations	425		493		408
Amortization related to net investment gains (losses) and net derivative gains (losses)	(401)		61		95
All other amortization	(489)		(212)		(833)
Total amortization	(890)		(151)		(738)
Unrealized investment gains (losses)	690		98		(209)

Balance at December 31,	5,072		4,847		4,407
VOBA:
Balance at January 1,	530		504		502
Amortization	(66)		7		(28)
Unrealized investment gains (losses)	123		19		30
Balance at December 31,	587		530		504
Total DAC and VOBA:
Balance at December 31,	$	5,659	$	5,377	$	4,911

Deferred Policy Acquisition Costs

Information regarding DAC and VOBA was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
DAC:
Balance at January 1,	$	4,847	$	4,407	$	4,946
Capitalizations	425		493		408
Amortization related to net investment gains (losses) and net derivative gains (losses)	(401)		61		95
All other amortization	(489)		(212)		(833)
Total amortization	(890)		(151)		(738)
Unrealized investment gains (losses)	690		98		(209)

Balance at December 31,	5,072		4,847		4,407
VOBA:
Balance at January 1,	530		504		502
Amortization	(66)		7		(28)
Unrealized investment gains (losses)	123		19		30
Balance at December 31,	587		530		504
Total DAC and VOBA:
Balance at December 31,	$	5,659	$	5,377	$	4,911

Deferred Sales Inducements

Information regarding DSI was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
DSI:
Balance at January 1,	$	307	$	310	$	379
Capitalization	1		1		2
Amortization	(15)		(4)		(71)
Balance at December 31,	$	293	$	307	$	310

Investments (PCD Mortgage Loans) (Details) - Mortgage Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased with credit deterioration, purchase price	$ 62	$ 462
PCD credit allowance	0	2
Financing receivables purchased with credit deterioration, discount or premium attributable to other factors	(7)	29
Financing receivables purchased with credit deterioration, par value	$ 69	$ 435

Condensed Financial Information (Parent Company) (Condensed Balance Sheets) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $84,344 and $79,246, respectively; allowance for credit losses of $7 and $11, respectively)	$ 75,577,000,000	$ 87,582,000,000
Short-term investments	1,081,000,000	1,841,000,000
Other invested assets, at estimated fair value	2,852,000,000	3,316,000,000
Total investments	108,592,000,000	118,225,000,000
Accrued Investment Income Receivable	885,000,000	724,000,000
Cash and cash equivalents	4,115,000,000	4,474,000,000	$ 4,108,000,000	$ 2,877,000,000
Premiums and Other Receivables, Net	19,266,000,000	16,094,000,000
Current income tax recoverable	38,000,000	0
Deferred income tax asset	1,618,000,000	0
Other Assets	442,000,000	482,000,000
Total assets	225,580,000,000	259,840,000,000
Liabilities
Other liabilities	7,056,000,000	4,504,000,000
Total liabilities	219,542,000,000	243,633,000,000
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	0	0
Common Stock, Value, Issued	1,000,000	1,000,000
Additional paid-in capital	14,075,000,000	14,154,000,000
Retained earnings (deficit)	(637,000,000)	(642,000,000)
Treasury stock, at cost; 53,875,354 and 43,643,370 shares, respectively	(2,042,000,000)	(1,543,000,000)
Accumulated other comprehensive income (loss)	(5,424,000,000)	4,172,000,000	5,716,000,000	3,240,000,000
Total Brighthouse Financial, Inc.’s stockholders’ equity	5,973,000,000	16,142,000,000
Total liabilities and equity	225,580,000,000	259,840,000,000
Preferred stock, aggregate liquidation preference	1,753,000,000	1,753,000,000
Parent Company
Investments:
Short-term investments	763,000,000	1,168,000,000
Other invested assets, at estimated fair value	0	3,000,000
Investment in subsidiary	8,737,000,000	18,557,000,000
Total investments	9,500,000,000	19,728,000,000
Cash and cash equivalents	224,000,000	372,000,000	$ 262,000,000	$ 212,000,000
Premiums and Other Receivables, Net	200,000,000	197,000,000
Current income tax recoverable	3,000,000	2,000,000
Deferred income tax asset	33,000,000	26,000,000
Other Assets	5,000,000	2,000,000
Total assets	9,965,000,000	20,327,000,000
Liabilities
Long-term and short-term debt	3,643,000,000	3,840,000,000
Other liabilities	349,000,000	345,000,000
Total liabilities	3,992,000,000	4,185,000,000
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	0	0
Common Stock, Value, Issued	1,000,000	1,000,000
Additional paid-in capital	14,075,000,000	14,154,000,000
Retained earnings (deficit)	(637,000,000)	(642,000,000)
Treasury stock, at cost; 53,875,354 and 43,643,370 shares, respectively	(2,042,000,000)	(1,543,000,000)
Accumulated other comprehensive income (loss)	(5,424,000,000)	4,172,000,000
Total Brighthouse Financial, Inc.’s stockholders’ equity	5,973,000,000	16,142,000,000
Total liabilities and equity	9,965,000,000	20,327,000,000
Preferred stock, aggregate liquidation preference	$ 1,753	$ 1,753

Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

11. Other Revenues and Other Expenses

Other Revenues

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

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

Other revenues consisted primarily of 12b-1 fees of $292 million, $360 million and $325 million for the years ended December 31, 2022, 2021 and 2020, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions)
Compensation	$	351	$	385	$	346
Contracted services and other labor costs	296		280		281
Transition services agreements	58		124		127
Establishment costs	66		98		112
Premium and other taxes, licenses and fees	54		52		44
Separate account fees	407		508		466
Volume related costs, excluding compensation, net of DAC capitalization	512		682		625
Interest expense on debt	153		163		184
Debt repayment costs	—		75		43
Other	188		84		125
Total other expenses	$	2,085	$	2,451	$	2,353

Capitalization of DAC

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

Interest Expense on Debt

See Note 9 for attribution of interest expense by debt issuance.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Charlotte, North Carolina

Income Tax (Narrative) (Details) - USD ($)	12 Months Ended
Income Tax (Narrative) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 18,000,000
Income Tax Examination, Penalties Expense	$ 0	$ 0	$ 0
Percent of cash savings included in tax receivable agreement	86.00%
Net cash paid (received) for income tax	$ 44,000,000	103,000,000	(100,000,000)
Current income tax recoverable	38,000,000	0
Accrued Income Taxes	0	62,000,000
MetLife, Inc.
Taxes Payable	328,000,000	328,000,000
Net cash paid (received) for income tax	(7,000,000)
Income tax paid by Brighthouse Financial, Inc.		81,000,000	$ 0
Current income tax recoverable	$ 19,000,000
Accrued Income Taxes		$ 76,000,000

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 23,055	$ 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	$ (119)	$ (123)	$ (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	$ 22,936	$ 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	$ 13,574	$ 12,187
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	59.20%	61.40%
Financing receivable, allowance for credit losses	$ (49)	$ (67)	(44)
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,365	$ 4,163
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	19.00%	21.00%
Financing receivable, allowance for credit losses	$ (15)	$ (12)	(15)
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 5,116	$ 3,623
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	22.30%	18.20%
Financing receivable, allowance for credit losses	$ (55)	$ (44)	$ (35)

Insurance (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Liabilities for Guarantees


	Variable Annuity Contracts				Universal and Variable Life Contracts
	GMDBs		GMIBs		Secondary Guarantees		Total
	(In millions)
Direct
Balance at January 1, 2020	$	1,620	$	3,237	$	5,590	$	10,447
Incurred guaranteed benefits	129		1,133		1,244		2,506
Paid guaranteed benefits	(103)		—		(169)		(272)
Balance at December 31, 2020	1,646		4,370		6,665		12,681
Incurred guaranteed benefits	295		(29)		688		954
Paid guaranteed benefits	(78)		—		(275)		(353)
Balance at December 31, 2021	1,863		4,341		7,078		13,282
Incurred guaranteed benefits	531		670		261		1,462
Paid guaranteed benefits	(60)		—		(434)		(494)
Balance at December 31, 2022	$	2,334	$	5,011	$	6,905	$	14,250
Net Ceded/(Assumed)
Balance at January 1, 2020	$	9	$	—	$	1,083	$	1,092
Incurred guaranteed benefits	96		—		102		198
Paid guaranteed benefits	(101)		—		(39)		(140)
Balance at December 31, 2020	4		—		1,146		1,150
Incurred guaranteed benefits	71		—		102		173
Paid guaranteed benefits	(76)		—		(39)		(115)
Balance at December 31, 2021	(1)		—		1,209		1,208
Incurred guaranteed benefits	38		—		178		216
Paid guaranteed benefits	(38)		—		(75)		(113)
Balance at December 31, 2022	$	(1)	$	—	$	1,312	$	1,311
Net
Balance at January 1, 2020	$	1,611	$	3,237	$	4,507	$	9,355
Incurred guaranteed benefits	33		1,133		1,142		2,308
Paid guaranteed benefits	(2)		—		(130)		(132)
Balance at December 31, 2020	1,642		4,370		5,519		11,531
Incurred guaranteed benefits	224		(29)		586		781
Paid guaranteed benefits	(2)		—		(236)		(238)
Balance at December 31, 2021	1,864		4,341		5,869		12,074
Incurred guaranteed benefits	493		670		83		1,246
Paid guaranteed benefits	(22)		—		(359)		(381)
Balance at December 31, 2022	$	2,335	$	5,011	$	5,593	$	12,939

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


	December 31,
	2022						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)	$	82,410		$	43,873		$	109,968		$	59,735
Separate account value	$	77,653		$	42,765		$	105,023		$	58,555
Net amount at risk	$	16,504	(4)	$	4,991	(5)	$	6,361	(4)	$	5,240	(5)
Average attained age of contract holders	72 years			71 years			71 years			70 years


	December 31,
	2022		2021
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,242	$	5,518
Net amount at risk (6)	$	65,473	$	67,248
Average attained age of policyholders	69 years		68 years

Variable Life Contracts
Total account value (3)	$	3,835	$	4,785
Net amount at risk (6)	$	18,045	$	18,857
Average attained age of policyholders	53 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.

Fund Groupings

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


	December 31,
	2022		2021
	(In millions)
Fund Groupings:
Balanced	$	47,095	$	64,449
Equity	25,237		34,894
Bond	7,347		9,297
Money Market	15		15
Total	$	79,694	$	108,655

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 1,024
Amortized cost, due after one year through five years	13,740
Amortized cost, due after five years through ten years	17,011
Amortized cost, due after ten years	31,162
Amortized cost, Structured Securities	21,407
Fixed maturity securities, amortized cost	84,344	$ 79,246
Estimated fair value, due in one year or less	1,009
Estimated fair value, due after one year through five years	13,011
Estimated fair value, due after five years through ten years	15,033
Estimated fair value, due after ten years	27,026
Estimated fair value, Structured Securities	19,498
Fixed maturity securities, estimated fair value	$ 75,577	$ 87,582

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 292	$ 360	$ 325

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI 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
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-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-Section 50
-Paragraph 4
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Insurance (Liabilities Guarantees) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	$ 13,282	$ 12,681	$ 10,447
Incurred guaranteed benefits	1,462	954	2,506
Paid guaranteed benefits	(494)	(353)	(272)
Balance at December 31,	14,250	13,282	12,681
Variable Annuity Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	1,863	1,646	1,620
Incurred guaranteed benefits	531	295	129
Paid guaranteed benefits	(60)	(78)	(103)
Balance at December 31,	2,334	1,863	1,646
Variable Annuity Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	4,341	4,370	3,237
Incurred guaranteed benefits	670	(29)	1,133
Paid guaranteed benefits	0	0	0
Balance at December 31,	5,011	4,341	4,370
Universal and Variable Life Contracts \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Balance at January 1,	7,078	6,665	5,590
Incurred guaranteed benefits	261	688	1,244
Paid guaranteed benefits	(434)	(275)	(169)
Balance at December 31,	6,905	7,078	6,665
Net Ceded and Assumed Liabilities For Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(113)	(115)	(140)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1,311	1,208	1,150	$ 1,092
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	216	173	198
Net Ceded and Assumed Liabilities For Guarantees \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(75)	(39)	(39)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	1,312	1,209	1,146	1,083
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	178	102	102
Net Ceded and Assumed Liabilities For Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	(38)	(76)	(101)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	(1)	(1)	4	9
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	38	71	96
Net Ceded and Assumed Liabilities For Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	0	0	0	0
Liabilities for Guarantees on Long-Duration contracts reinsurance recoverable incurred benefits net	0	0	0
Net Liabilities For Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	1,246	781	2,308
Paid guaranteed benefits	(381)	(238)	(132)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	12,939	12,074	11,531	9,355
Net Liabilities For Guarantees \| Secondary Guarantees
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	83	586	1,142
Paid guaranteed benefits	(359)	(236)	(130)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	5,593	5,869	5,519	4,507
Net Liabilities For Guarantees \| Guaranteed Minimum Death Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	493	224	33
Paid guaranteed benefits	(22)	(2)	(2)
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	2,335	1,864	1,642	1,611
Net Liabilities For Guarantees \| Guaranteed Minimum Income Benefit
Movement In Guaranteed Benefit Liability Gross Rollforward
Incurred guaranteed benefits	670	(29)	1,133
Paid guaranteed benefits	0	0	0
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net	$ 5,011	$ 4,341	$ 4,370	$ 3,237

Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 5	$ (108)	$ (1,061)
Other, net	32	108	75
Net cash provided by (used in) operating activities	(1,151)	746	888
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	10,728	12,616	8,459
Purchases of fixed maturity securities	(15,799)	(21,158)	(14,401)
Cash received in connection with freestanding derivatives	4,480	3,965	6,356
Cash paid in connection with freestanding derivatives	(4,275)	(4,592)	(4,515)
Net change in short-term investments	772	1,397	(1,271)
Net cash provided by (used in) investing activities	(8,276)	(12,238)	(5,843)
Cash flows from financing activities
Preferred stock issued, net of issuance costs	0	339	948
Dividends on preferred stock	(104)	(89)	(44)
Treasury stock acquired in connection with share repurchases	(488)	(499)	(473)
Financing element on certain derivative instruments and other derivative related transactions, net	(185)	(368)	(948)
Other, net	(16)	(86)	(46)
Net cash provided by (used in) financing activities	9,068	11,858	6,186
Change in cash and cash equivalents	(359)	366	1,231
Cash, cash equivalents and restricted cash, beginning of year	4,474	4,108	2,877
Cash, cash equivalents and restricted cash, end of year	4,115	4,474	4,108
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	152	160	186
Net cash paid (received) for income tax	44	103	(100)
Parent Company
Cash flows from operating activities
Net income (loss)	5	(108)	(1,061)
Equity in (earnings) losses of subsidiaries	(136)	(80)	886
Distributions from subsidiary	0	310	1,468
Other, net	2	122	68
Net cash provided by (used in) operating activities	(129)	244	1,361
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	0	46	11
Purchases of fixed maturity securities	0	0	(12)
Cash received in connection with freestanding derivatives	41	7	0
Cash paid in connection with freestanding derivatives	(5)	(2)	0
Net change in short-term investments	408	162	(873)
Net cash provided by (used in) investing activities	444	213	(874)
Cash flows from financing activities
Long-term and short-term debt issued	961	1,464	1,764
Long-term and short-term debt repaid	(811)	(1,484)	(2,590)
Debt repayment costs	0	(71)	(37)
Preferred stock issued, net of issuance costs	0	339	948
Dividends on preferred stock	(104)	(89)	(44)
Treasury stock acquired in connection with share repurchases	(488)	(499)	(473)
Financing element on certain derivative instruments and other derivative related transactions, net	(7)	0	0
Other, net	(14)	(7)	(5)
Net cash provided by (used in) financing activities	(463)	(347)	(437)
Change in cash and cash equivalents	(148)	110	50
Cash, cash equivalents and restricted cash, beginning of year	372	262	212
Cash, cash equivalents and restricted cash, end of year	224	372	262
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	155	158	184
Net cash paid (received) for income tax	$ (24)	$ (86)	$ (25)

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Benefits [Text Block]	12. Employee Benefit Plans BHF Active Defined Contribution Plans Brighthouse Services sponsors qualified and non-qualified defined contribution plans. For the years ended December 31, 2022, 2021 and 2020, the total employer contributions for the qualified defined contribution plan were $18 million, $18 million and $17 million, respectively, and the total (benefit) expense recognition for the non-qualified defined contribution plans were ($2) million, $9 million and $7 million, respectively, all of which are reported in other expenses. NELICO Legacy Pension and Other Unfunded Benefit Plans NELICO sponsors both a qualified and a non-qualified defined benefit pension plan, a postretirement plan and other unfunded benefit plans. These pension and other unfunded benefit plans were amended to cease benefit accruals and are closed to new entrants. The qualified defined benefit pension plan had an accumulated benefit obligation of $128 million and $174 million at December 31, 2022 and 2021, respectively. This plan was fully funded at December 31, 2022 and 2021 with assets in excess of the accumulated benefit obligation of $3 million and $8 million, respectively. The Company did not make any employer contributions to this qualified plan during 2022 or 2021. The non-qualified defined benefit pension plan and the postretirement plan had a combined accumulated benefit obligation totaling $82 million and $105 million at December 31, 2022 and 2021, respectively. These amounts are unfunded. The other unfunded benefit plans consist primarily of deferred compensation due to former agents which represent general unsecured liabilities of NELICO. The amounts due under these other unfunded benefit plans were $56 million and $69 million at December 31, 2022 and 2021, respectively. Although NELICO remains the legal obligor for these plans, an employee matters agreement (“EMA”) exists between BHF and MetLife, whereby MetLife has agreed to reimburse BHF for the obligations under the non-qualified and other unfunded plans as payments are made. BHF established a receivable in the amount of the unfunded obligations due under these plans. MetLife is required to annually reimburse BHF for each prior year’s benefit payments, claims and premiums under the NELICO plans that are listed in the EMA. The Company’s receivable under the EMA for future total estimated benefit payments, claims and premiums was $174 million and $194 million at December 31, 2022 and 2021, respectively. The receivable is reported in premiums, reinsurance and other receivables. Increases and decreases to the EMA receivable are reported in other revenues.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity (Accumulated Other Comprehensive Income - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (5,424)	$ 4,172	$ 5,716	$ 3,240
Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ 3

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (172)	$ (208)	$ (1,419)
Provision for income tax expense (benefit)	(182)	(105)	(363)
Post-tax adjusted earnings	10	(103)	(1,056)
Less: Net income (loss) attributable to noncontrolling interests	5	5	5
Less: Preferred stock dividends	104	89	44
Net investment gains (losses)	(248)	(59)	278
Net derivative gains (losses)	304	(2,469)	(18)
Other adjustments to net income (loss)	476	446	413
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(99)	(197)	(1,105)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	2,261	2,217	1,820
Interest expense	0	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	426	673	460
Interest expense	0	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	1,166	1,910	1,269
Interest expense	0	0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	356	102	70
Interest expense	153	163	184
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	784	2,055	(372)
Provision for income tax expense (benefit)	18	368	(143)
Post-tax adjusted earnings	766	1,687	(229)
Less: Net income (loss) attributable to noncontrolling interests	5	5	5
Less: Preferred stock dividends	104	89	44
Adjusted earnings	657	1,593	(278)
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	1,134	1,796	1,433
Provision for income tax expense (benefit)	208	347	266
Post-tax adjusted earnings	926	1,449	1,167
Less: Net income (loss) attributable to noncontrolling interests	0	0	0
Less: Preferred stock dividends	0	0	0
Adjusted earnings	926	1,449	1,167
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	23	362	182
Provision for income tax expense (benefit)	1	75	34
Post-tax adjusted earnings	22	287	148
Less: Net income (loss) attributable to noncontrolling interests	0	0	0
Less: Preferred stock dividends	0	0	0
Adjusted earnings	22	287	148
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(367)	244	(1,655)
Provision for income tax expense (benefit)	(78)	53	(356)
Post-tax adjusted earnings	(289)	191	(1,299)
Less: Net income (loss) attributable to noncontrolling interests	0	0	0
Less: Preferred stock dividends	0	0	0
Adjusted earnings	(289)	191	(1,299)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(6)	(347)	(332)
Provision for income tax expense (benefit)	(113)	(107)	(87)
Post-tax adjusted earnings	107	(240)	(245)
Less: Net income (loss) attributable to noncontrolling interests	5	5	5
Less: Preferred stock dividends	104	89	44
Adjusted earnings	(2)	(334)	(294)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	200	473	220
Net investment gains (losses)	(248)	(59)	278
Net derivative gains (losses)	304	(2,469)	(18)
Other adjustments to net income (loss)	$ (1,012)	$ 265	$ (1,307)

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 6,640	$ 6,329	$ 3,218
Fixed maturity securities, gross investment gains	52	99	390
Fixed maturity securities, gross investment losses	(236)	(103)	(78)
Fixed maturity securities, net investment gains (losses)	$ (184)	$ (4)	$ 312

Consolidated Supplementary Insurance Information

12 Months Ended

Dec. 31, 2022

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

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Disclosure [Text Block]

Brighthouse Financial, Inc.

Schedule III

Consolidated Supplementary Insurance Information

December 31, 2022 and 2021

(In millions)


Segment	DAC and VOBA		Future Policy Benefits and Other Policy-Related Balances		Policyholder Account Balances		Unearned Premiums (1)(2)		Unearned Revenue (1)
2022
Annuities	$	4,682	$	11,530	$	54,865	$	—	$	82
Life	867		6,486		3,021		10		383
Run-off	4		19,537		6,787		—		254
Corporate & Other	106		7,416		10,163		6		—
Total	$	5,659	$	44,969	$	74,836	$	16	$	719
2021
Annuities	$	4,331	$	10,423	$	50,791	$	—	$	83
Life	947		6,302		3,083		10		398
Run-off	4		23,031		7,207		—		213
Corporate & Other	95		7,508		5,770		5		—
Total	$	5,377	$	47,264	$	66,851	$	15	$	694

_______________

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

(2)Includes premiums received in advance.

Brighthouse Financial, Inc.

Schedule III

Consolidated Supplementary Insurance Information (continued)

December 31, 2022, 2021 and 2020

(In millions)


Segment	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income (1)		Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances		Amortization of DAC and VOBA		Other Expenses
2022
Annuities	$	2,421	$	2,240	$	2,749	$	840	$	1,417
Life	695		422		869		127		118
Run-off	613		1,146		1,796		—		293
Corporate & Other	74		330		190		(11)		257
Total	$	3,803	$	4,138	$	5,604	$	956	$	2,085
2021
Annuities	$	2,862	$	2,207	$	1,628	$	111	$	1,654
Life	784		671		927		22		180
Run-off	618		1,900		2,109		—		191
Corporate & Other	79		103		91		11		426
Total	$	4,343	$	4,881	$	4,755	$	144	$	2,451
2020
Annuities	$	2,656	$	1,809	$	2,452	$	668	$	1,554
Life	848		459		869		107		176
Run-off	641		1,263		3,422		—		186
Corporate & Other	84		70		60		(9)		437
Total	$	4,229	$	3,601	$	6,803	$	766	$	2,353

_______________

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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 84,344	$ 79,246
Fixed maturity securities, allowance for credit losses	7	11
Mortgage loans valuation allowances	119	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	122,153,422	121,513,442
Common stock, shares outstanding	68,278,068	77,870,072
Treasury stock, shares	53,875,354	43,643,370

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	$ 123	$ 94
Current period provision	19	27	$ 28
PCD credit allowance	0	2
Charge-offs, net of recoveries	(23)
Financing receivable, allowance for credit losses, end of year	119	123	94
Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year			66
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	67	44
Current period provision	5	23	17
PCD credit allowance		0
Charge-offs, net of recoveries	(23)
Financing receivable, allowance for credit losses, end of year	49	67	44
Commercial \| Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year			27
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	12	15
Current period provision	3	(3)	(2)
PCD credit allowance		0
Charge-offs, net of recoveries	0
Financing receivable, allowance for credit losses, end of year	15	12	15
Agricultural \| Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year			17
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	44	35
Current period provision	11	7	13
PCD credit allowance		2
Charge-offs, net of recoveries	0
Financing receivable, allowance for credit losses, end of year	$ 55	$ 44	35
Residential \| Cumulative Effect, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year			$ 22

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Secondary Guarantees - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Universal Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 5,242	$ 5,518
Net amount at risk	$ 65,473	$ 67,248
Average attained age of policyholders	69 years	68 years
Variable Life Contracts
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 3,835	$ 4,785
Net amount at risk	$ 18,045	$ 18,857
Average attained age of policyholders	53 years	52 years

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Years Ended December 31,
	2022		2021		2020
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(99)	$	(197)	$	(1,105)

Weighted average common shares outstanding — basic	72,970,249		83,783,664		95,350,822
Dilutive effect of share-based awards	—		—		—
Weighted average common shares outstanding — diluted	72,970,249		83,783,664		95,350,822

Earnings per common share:
Basic	$	(1.36)	$	(2.36)	$	(11.58)
Diluted	$	(1.36)	$	(2.36)	$	(11.58)

Insurance (Future Policy Benefits - Narrative) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Life Premiums as Percentage of Gross Premiums	40.00%	39.00%	40.00%
Participating Insurance, Percentage of Gross Insurance in Force	3.00%	3.00%
Minimum
Liability for Policyholder Contract Deposits, Interest Rate	1.00%
Maximum
Liability for Policyholder Contract Deposits, Interest Rate	7.00%
Nonparticipating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.00%
Nonparticipating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	9.00%
Fixed Annuity [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	0.00%
Fixed Annuity [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	9.00%
Participating Life Insurance Contract [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	4.00%
Participating Life Insurance Contract [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	5.00%
Insurance, Other [Member] \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.00%
Insurance, Other [Member] \| Maximum
Liability for Future Policy Benefits, Interest Rate	6.00%

Subsequent Events (Subsequent Events - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 15, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Preferred stock, aggregate dividends declared		$ 104	$ 89	$ 44
6.600% Non-Cumulative Preferred Stock, Series A
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,650	$ 1,650	$ 1,650
Preferred stock, aggregate dividends declared		$ 28	$ 28	$ 28
6.750% Non-Cumulative Preferred Stock, Series B
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,687.52	$ 1,687.52	$ 1,017.19
Preferred stock, aggregate dividends declared		$ 28	$ 27	$ 16
5.375% Non-Cumulative Preferred Stock, Series C
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,343.76	$ 1,474.4	$ 0
Preferred stock, aggregate dividends declared		$ 31	$ 34	$ 0
4.625% Non-Cumulative Preferred Stock, Series D
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,262.23	$ 0	$ 0
Preferred stock, aggregate dividends declared		$ 17	$ 0	$ 0
Subsequent Event
Subsequent Event [Line Items]
Preferred stock, aggregate dividends declared	$ 26
Subsequent Event \| 6.600% Non-Cumulative Preferred Stock, Series A
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	$ 412.50
Subsequent Event \| 6.750% Non-Cumulative Preferred Stock, Series B
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	421.88
Subsequent Event \| 5.375% Non-Cumulative Preferred Stock, Series C
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	335.94
Subsequent Event \| 4.625% Non-Cumulative Preferred Stock, Series D
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	$ 289.06