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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission File Number: 001-37905
https://cdn.kscope.io/ea7f3cd4d0ab92fded2f51cef02f3741-bhflogorgb970pxa69.jpg
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware 81-3846992
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
11225 North Community House Road, Charlotte, North Carolina
 
28277
(Address of principal executive offices) (Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBHFThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series ABHFAPThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series BBHFAOThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series CBHFANThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series DBHFAMThe Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058BHFALThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ  No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No þ
As of August 4, 2023, 65,502,448 shares of the registrant’s common stock were outstanding.



Table of Contents
Page
Item 1.
Consolidated Financial Statements (at June 30, 2023 (Unaudited) and December 31, 2022 and for the Three Months and Six Months Ended June 30, 2023 and 2022 (Unaudited)):
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
  Item 5.
Item 6.


Table of Contents
Part I — Financial Information
Item 1. Financial Statements
Brighthouse Financial, Inc.
Interim Condensed Consolidated Balance Sheets
June 30, 2023 (Unaudited) and December 31, 2022
(In millions, except share and per share data)
June 30, 2023December 31, 2022
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $85,570 and $84,344, respectively; allowance for credit losses of $12 and $7, respectively)
$77,577 $75,577 
Equity securities, at estimated fair value91 89 
Mortgage loans (net of allowance for credit losses of $145 and $119, respectively)
22,614 22,936 
Policy loans1,288 1,282 
Limited partnerships and limited liability companies4,914 4,775 
Short-term investments, principally at estimated fair value1,125 1,081 
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)
3,677 2,852 
Total investments111,286 108,592 
Cash and cash equivalents3,737 4,115 
Accrued investment income1,027 885 
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)
19,223 18,548 
Deferred policy acquisition costs and value of business acquired4,968 5,084 
Current income tax recoverable31 38 
Deferred income tax asset1,897 1,736 
Market risk benefit assets602 483 
Other assets382 401 
Separate account assets88,392 84,965 
Total assets$231,545 $224,847 
Liabilities and Equity
Liabilities
Future policy benefits$31,899 $31,497 
Policyholder account balances78,643 73,527 
Market risk benefit liabilities9,783 10,389 
Other policy-related balances3,784 4,098 
Payables for collateral under securities loaned and other transactions4,133 4,560 
Long-term debt3,156 3,156 
Other liabilities6,783 7,057 
Separate account liabilities88,392 84,965 
Total liabilities226,573 219,249 
Contingencies, Commitments and Guarantees (Note 12)
Equity
Brighthouse Financial, Inc.’s 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; 122,758,837 and 122,153,422 shares issued, respectively; 65,956,660 and 68,278,068 shares outstanding, respectively
1 1 
Additional paid-in capital14,039 14,075 
Retained earnings (deficit)(1,069)(395)
Treasury stock, at cost; 56,802,177 and 53,875,354 shares, respectively
(2,183)(2,042)
Accumulated other comprehensive income (loss)(5,881)(6,106)
Total Brighthouse Financial, Inc.’s stockholders’ equity4,907 5,533 
Noncontrolling interests65 65 
Total equity4,972 5,598 
Total liabilities and equity $231,545 $224,847 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Six Months Ended June 30, 2023 and 2022 (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Revenues
Premiums$211 $167 $408 $333 
Universal life and investment-type product policy fees601 609 1,207 1,289 
Net investment income1,196 1,061 2,255 2,212 
Other revenues130 118 223 256 
Net investment gains (losses)(64)(66)(160)(134)
Net derivative gains (losses)(1,811)1,977 (2,386)1,923 
Total revenues263 3,866 1,547 5,879 
Expenses
Policyholder benefits and claims (including liability remeasurement gains (losses) of $0, $0, $0 and $0 respectively)
689 717 1,376 1,392 
Interest credited to policyholder account balances452 284 874 532 
Amortization of deferred policy acquisition costs and value of business acquired157 158 313 315 
Change in market risk benefits(1,300)(62)(1,106)(1,641)
Other expenses502 592 980 1,101 
Total expenses500 1,689 2,437 1,699 
Income (loss) before provision for income tax(237)2,177 (890)4,180 
Provision for income tax expense (benefit)(62)432 (218)848 
Net income (loss)(175)1,745 (672)3,332 
Less: Net income (loss) attributable to noncontrolling interests  2 2 
Net income (loss) attributable to Brighthouse Financial, Inc.(175)1,745 (674)3,330 
Less: Preferred stock dividends25 26 51 53 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$(200)$1,719 $(725)$3,277 
Comprehensive income (loss)$(768)$110 $(447)$(891)
Less: Comprehensive income (loss) attributable to noncontrolling interests  2 2 
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.$(768)$110 $(449)$(893)
Earnings per common share
Basic
$(3.01)$23.04 $(10.77)$43.27 
Diluted
$(3.01)$22.91 $(10.77)$43.01 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Three Months and Six Months Ended June 30, 2023 and 2022 (Unaudited)
(In millions)
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2022$ $1 $14,075 $(395)$(2,042)$(6,106)$5,533 $65 $5,598 
Treasury stock acquired in connection with share repurchases
(62)(62)(62)
Share-based compensation
 5 (15)(10)(10)
Dividends on preferred stock
(26)(26)(26)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(499)(499)2 (497)
Other comprehensive income (loss), net of income tax
818 818 818 
Balance at March 31, 2023 1 14,054 (894)(2,119)(5,288)5,754 65 5,819 
Treasury stock acquired in connection with share repurchases
(64)(64)(64)
Share-based compensation
 10  10 10 
Dividends on preferred stock
(25)(25)(25)
Change in noncontrolling interests
   
Net income (loss)
(175)(175) (175)
Other comprehensive income (loss), net of income tax
(593)(593)(593)
Balance at June 30, 2023$ $1 $14,039 $(1,069)$(2,183)$(5,881)$4,907 $65 $4,972 
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2021$ $1 $14,154 $(4,274)$(1,543)$47 $8,385 $65 $8,450 
Treasury stock acquired in connection with share repurchases
(127)(127)(127)
Share-based compensation
 6 (11)(5)(5)
Dividends on preferred stock(27)(27)(27)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
1,585 1,585 2 1,587 
Other comprehensive income (loss), net of income tax
(2,588)(2,588)(2,588)
Balance at March 31, 2022 1 14,133 (2,689)(1,681)(2,541)7,223 65 7,288 
Treasury stock acquired in connection with share repurchases
(132)(132)(132)
Share-based compensation
 6  6 6 
Dividends on preferred stock
(26)(26)(26)
Change in noncontrolling interests
   
Net income (loss)
1,745 1,745  1,745 
Other comprehensive income (loss), net of income tax
(1,635)(1,635)(1,635)
Balance at June 30, 2022$ $1 $14,113 $(944)$(1,813)$(4,176)$7,181 $65 $7,246 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2023 and 2022 (Unaudited)
(In millions)
Six Months Ended
June 30,
20232022
Net cash provided by (used in) operating activities$(628)$(40)
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities2,970 6,250 
Equity securities10 41 
Mortgage loans574 1,382 
Limited partnerships and limited liability companies81 134 
Purchases of:
Fixed maturity securities(4,186)(10,653)
Equity securities(6)(20)
Mortgage loans(342)(3,098)
Limited partnerships and limited liability companies(254)(432)
Cash received in connection with freestanding derivatives2,634 2,749 
Cash paid in connection with freestanding derivatives(3,024)(2,220)
Net change in policy loans(6)(12)
Net change in short-term investments(22)923 
Net change in other invested assets(88)(63)
Net cash provided by (used in) investing activities
(1,659)(5,019)
Cash flows from financing activities
Policyholder account balances:
Deposits11,670 14,162 
Withdrawals(9,086)(8,474)
Net change in payables for collateral under securities loaned and other transactions(427)406 
Long-term debt repaid(1)(1)
Dividends on preferred stock(51)(53)
Treasury stock acquired in connection with share repurchases(126)(259)
Financing element on certain derivative instruments and other derivative related transactions, net(54)(112)
Other, net(16)(13)
Net cash provided by (used in) financing activities1,909 5,656 
Change in cash, cash equivalents and restricted cash(378)597 
Cash, cash equivalents and restricted cash, beginning of period4,115 4,474 
Cash, cash equivalents and restricted cash, end of period$3,737 $5,071 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$75 $77 
Income tax$(3)$106 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
Brighthouse Financial, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial” or the “Company”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the U.S. through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated.
The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2022 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2022 Annual Report.
Reclassifications
Certain amounts in the prior year period’s interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2023 presentation as discussed throughout the Notes to the Interim Condensed Consolidated Financial Statements. See “— Adoption of New Accounting Pronouncements” for discussion of the adoption of new guidance on long-duration contracts in the first quarter of 2023, parts of which were retrospectively applied to prior periods presented in the interim condensed consolidated financial statements.
Summary of Significant Accounting Policies
In connection with the adoption of new guidance on long-duration insurance contracts, the Company updated its impacted accounting policies as described below. See Note 1 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for a description of the Company’s accounting policies that did not change.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
Insurance Contract Obligations
The Company has obligations under insurance contracts to pay benefits over an extended period of time. The Company establishes liabilities for future obligations under long-duration insurance contracts based on the accounting model appropriate for each type of contract or contract feature. Liabilities for insurance contract benefits are generally accrued over time as revenue is recognized, or established based on the balance that accrues to the contract holder. In addition, certain insurance contracts may contain features that are required to be measured at fair value separately from the base contracts, either as a market risk benefit or embedded derivative.
The discussion below provides an overview of the different accounting models for insurance contract obligations and the applicability of such models to the Company’s insurance products.
Liability for Future Policy Benefits
The Company establishes a liability for future policy benefits (“LFPB”) for non-participating term and whole life insurance and income annuities. LFPBs are accrued over time as revenue is recognized based on a net premium ratio. The net premium ratio is the portion of gross premiums required to provide for all future benefits. LFPBs are established using the Company’s current assumptions of future cash flows, discounted at a rate that approximates a single A corporate bond curve. The Company generally aggregates insurance contracts into groupings by issue year, product and segment for determining the net premium ratio and related LFPBs.
The Company reviews cash flow assumptions regularly, and if they change significantly, LFPBs are adjusted by determining a revised net premium ratio. The revised net premium ratio is calculated as of contract inception using both actual historical experience and updated future cash flow assumptions. The recalculated net premium ratio is applied to derive a remeasurement gain or loss recognized in the current period net income. For insurance policies in-force as of December 31, 2020, January 1, 2021 is considered the contract inception date. The net premium ratio is also updated quarterly for the difference between actual and expected experience.
The net premium ratio is not updated for changes in discount rate assumptions, as changes in the discount rate are updated quarterly and the impacts are reflected in other comprehensive income (loss) (“OCI”). The discount rate assumption is determined by developing a yield curve based on market observable yields for upper-medium fixed income instruments derived from an external index. The yield curve is applied to the expected future cash flows used in the measurement of LFPBs based on the duration characteristics of those liabilities.
The most significant cash flow assumptions used in the establishment of LFPBs are mortality, policy lapses and market interest rates. See Note 4 for more information on the effect of changes in assumptions on the measurement of LFPBs.
The Company also establishes an LFPB for participating term and whole life insurance using a net premium ratio and the Company’s current assumptions of future cash flows. Assumptions are determined at issuance of the policy and are not updated unless a premium deficiency exists. A premium deficiency exists when the LFPB 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. See Note 4 for more information on assumptions used in establishing LFPBs related to participating term and whole life insurance.
Policyholder Account Balances
The Company establishes a policyholder account balance liability for customer deposits on universal life insurance, universal life insurance with secondary guarantees (“ULSG”) and deferred annuity contracts. The policyholder account balance liability is equal to the sum of deposits, plus interest credited, less charges and withdrawals, excluding the impact of any applicable charge that may be incurred upon surrender. The Company also holds additional liabilities for certain product features including secondary guarantees on universal life insurance contracts and the crediting rates associated with index-linked annuities.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
Additional Liabilities for ULSG
The Company establishes a liability in addition to the account balance for secondary guarantees on universal life insurance. These liabilities 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 ULSG determined by projecting future earnings and establishing a liability to offset losses that are expected to occur in later years. Both ULSG liabilities are adjusted for the effects of unrealized investment gains and losses.
The Company reviews cash flow assumptions regularly, and, if they change significantly, the liability for secondary guarantees is adjusted by a cumulative charge or credit to net income. Liabilities for secondary guarantees are presented within future policy benefits with changes in the liabilities reported in policyholder benefits and claims, except for the effects of unrealized investment gains and losses, which are reported in OCI.
The most significant assumptions used in estimating liabilities for secondary guarantees are the general account rate of return, premium persistency, mortality and lapses. See Note 4 for more information on the effect of changes in assumptions on the measurement of liabilities for secondary guarantees.
Market Risk Benefits on Annuity Guarantees
Market risk benefits (“MRB”) are contracts or contract features that provide protection to the policyholder from capital markets risk by transferring such risks to the Company. MRBs are required to be separated from the deferred annuity host contract and measured at fair value. The Company establishes MRB assets and liabilities for guaranteed minimum benefits on variable annuity contracts including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”) and guaranteed minimum withdrawal benefits (“GMWB”). MRB assets are also established for reinsured benefits related to these guarantees. Certain index-linked annuity products may also have guaranteed minimum benefits classified as MRBs.
The measurement of fair value includes an adjustment for the risk that the Company fails to satisfy its obligations, which is referred to as nonperformance risk, as well as risk margin to capture the non-capital markets risks of the instrument, which represents the additional compensation a market participant would require to assume the risks related to the uncertainties in certain actuarial assumptions. MRBs are measured at estimated fair value, with changes reported in change in MRBs on the consolidated statements of operations, except for the change due to nonperformance risk, which is reported in OCI.
See Note 4 for more information on the effect of changes in inputs and assumptions on the measurement of MRBs and Note 8 for more information on the determination of fair value of MRBs.
Embedded Derivatives on Index-Linked Annuities
The Company issues, and assumes through reinsurance, index-linked annuities which allow the policyholder to participate in returns from certain specified equity indices. The crediting rates associated with these features are classified as embedded derivatives and measured at estimated fair value, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets.
Embedded derivative liabilities are required to be separated from the deferred annuity host contract and measured at fair value. 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. The estimate of fair value includes an adjustment for nonperformance risk, as well as a risk margin.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
Actuarial assumptions are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted through net income. Capital market inputs used in the measurement of index-linked crediting rate embedded derivatives are updated quarterly through net income. The reduction to the initial deposit is accreted back up to the initial deposit over the estimated life of the contract. Embedded derivatives related to index-linked annuities are presented within policyholder account balances while changes in the estimated fair value are reported in net derivative gains (losses).
For more information on the determination of estimated fair value of embedded derivatives, see Note 8.
Recognition of Revenues and Deposits on Insurance Contracts
Premiums related to traditional long-duration 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, the Company establishes a deferred profit liability (“DPL”) for the excess of the gross premium over the net premium. DPLs are amortized into net income in proportion to the amount of expected future benefit payments. Assumptions used in the measurement of the DPL are updated at the same time as the related LFPBs, with the updated estimates used to recalculate the DPL as of contract inception. The remeasurement gain or loss from updating DPLs is recognized in current period net income along with the related change in LFPBs.
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 by the establishment of an unearned revenue liability and amortized over the expected life of the contracts.
Premiums and policy fees are presented net of reinsurance.
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles
The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are directly related 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 in a manner that approximates a straight-line basis over the expected life of the related contracts. For life insurance contracts, amortization is based on projections of amounts of insurance in-force, while projections of policy counts are used for deferred annuity contracts and expected future benefits payments for income annuities. These assumptions are reviewed at least annually, and if they change significantly, updates are recognized through changes to future amortization. VOBA balances are tested annually to determine if the balance is deemed unrecoverable from expected future profits. All changes in DAC and VOBA balances are recorded to net income.
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 through 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, and unearned revenue liabilities, which are included in other poli