0001685040-23-000056 | 10-Q | XBRL Viewer | Brighthouse Financial INC

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Preferred Stock Authorized, Issued and Outstanding

Preferred stock shares authorized, issued and outstanding were as follows at both June 30, 2023 and December 31, 2022:


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

Preferred Stock Dividends Declared

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)								(In millions, except per share data)
A	$	412.50	$	7	$	412.50	$	7	$	825.00	$	14	$	825.00	$	14
B	$	421.88	7		$	421.88	7		$	843.76	14		$	843.76	14
C	$	335.94	7		$	335.94	8		$	671.88	15		$	671.88	16
D	$	289.06	4		$	289.06	4		$	578.12	8		$	684.11	9
Total			$	25			$	26			$	51			$	53

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

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


	Three Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at March 31, 2023	$	(5,028)	$	472	$	(1,383)	$	706	$	(55)	$	(5,288)
OCI before reclassifications	(895)		(50)		(116)		251		1		(809)
Deferred income tax benefit (expense) (3)	187		11		24		(52)		—		170
AOCI before reclassifications, net of income tax	(5,736)		433		(1,475)		905		(54)		(5,927)
Amounts reclassified from AOCI	59		(4)		—		—		2		57
Deferred income tax benefit (expense) (3)	(12)		1		—		—		—		(11)
Amounts reclassified from AOCI, net of income tax	47		(3)		—		—		2		46



Balance at June 30, 2023	$	(5,689)	$	430	$	(1,475)	$	905	$	(52)	$	(5,881)


	Three Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at March 31, 2022	$	459	$	329	$	(2,496)	$	(776)	$	(57)	$	(2,541)
OCI before reclassifications	(5,380)		265		1,451		1,542		(25)		(2,147)
Deferred income tax benefit (expense) (3)	1,130		(55)		(305)		(325)		6		451
AOCI before reclassifications, net of income tax	(3,791)		539		(1,350)		441		(76)		(4,237)
Amounts reclassified from AOCI	81		(5)		—		—		2		78
Deferred income tax benefit (expense) (3)	(17)		—		—		—		—		(17)
Amounts reclassified from AOCI, net of income tax	64		(5)		—		—		2		61



Balance at June 30, 2022	$	(3,727)	$	534	$	(1,350)	$	441	$	(74)	$	(4,176)


	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at December 31, 2022	$	(6,194)	$	504	$	(1,378)	$	1,020	$	(58)	$	(6,106)
OCI before reclassifications	519		(90)		(123)		(146)		3		163
Deferred income tax benefit (expense) (3)	(109)		19		26		31		(1)		(34)
AOCI before reclassifications, net of income tax	(5,784)		433		(1,475)		905		(56)		(5,977)
Amounts reclassified from AOCI	120		(4)		—		—		5		121
Deferred income tax benefit (expense) (3)	(25)		1		—		—		(1)		(25)
Amounts reclassified from AOCI, net of income tax	95		(3)		—		—		4		96



Balance at June 30, 2023	$	(5,689)	$	430	$	(1,475)	$	905	$	(52)	$	(5,881)


	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at December 31, 2021	$	5,285	$	239	$	(3,230)	$	(2,199)	$	(48)	$	47


OCI before reclassifications	(11,435)		284		2,380		3,343		(36)		(5,464)
Deferred income tax benefit (expense) (3)	2,325		17		(500)		(703)		8		1,147
AOCI before reclassifications, net of income tax	(3,825)		540		(1,350)		441		(76)		(4,270)
Amounts reclassified from AOCI	124		(7)		—		—		2		119
Deferred income tax benefit (expense) (3)	(26)		1		—		—		—		(25)
Amounts reclassified from AOCI, net of income tax	98		(6)		—		—		2		94



Balance at June 30, 2022	$	(3,727)	$	534	$	(1,350)	$	441	$	(74)	$	(4,176)

__________________

(1)See Note 6 for information on offsets to investments related to future policy benefits.

(2)Includes OCI related to foreign currency translation and defined benefit plan gains and losses.

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

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

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


AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(46)	$	(55)	$	(114)	$	(94)	Net investment gains (losses)

Net unrealized investment gains (losses)	(13)		(26)		(6)		(30)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(59)		(81)		(120)		(124)
Income tax (expense) benefit	12		17		25		26
Net unrealized investment gains (losses), net of income tax	(47)		(64)		(95)		(98)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	(2)		3		(2)		4		Net derivative gains (losses)
Interest rate swaps	1		1		2		2		Net investment income


Foreign currency swaps	5		1		4		1		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	4		5		4		7
Income tax (expense) benefit	(1)		—		(1)		(1)
Gains (losses) on cash flow hedges, net of income tax	3		5		3		6
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		(2)		(5)		(2)
Amortization of defined benefit plans, before income tax	(2)		(2)		(5)		(2)
Income tax (expense) benefit	—		—		1		—
Amortization of defined benefit plans, net of income tax	(2)		(2)		(4)		(2)
Total reclassifications, net of income tax	$	(46)	$	(61)	$	(96)	$	(94)

- Definition

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

+ References

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+ Details

Investments, (Components of Net Investment Gains (Losses) - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (64)	$ (66)	$ (160)	$ (134)
Foreign Exchange
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (2)	$ (5)	$ (1)	$ (21)

Derivatives

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Accounting for Derivatives

See Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for a description of the Company’s accounting policies for derivatives and the fair value hierarchy for derivatives.

Types of Derivative Instruments and Derivative Strategies

The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to minimize its exposure to various market risks. Commonly used derivative instruments include, but are not necessarily limited to:

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

•Foreign currency exchange rate derivatives: forwards and swaps;

•Equity market derivatives: options, total return swaps and hybrid options; and

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

For detailed information on these contracts and the related strategies, see Note 7 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report.

Primary Risks Managed by Derivatives

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


		June 30, 2023						December 31, 2022
	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	$	20	$	—	$	4	$	60	$	—	$	12
Foreign currency swaps	Foreign currency exchange rate	3,954		508		19		4,026		596		8
Total qualifying hedges		3,974		508		23		4,086		596		20
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	14,853		90		70		3,145		98		46
Interest rate floors	Interest rate	3,000		4		1		3,250		12		3
Interest rate caps	Interest rate	5,800		94		34		6,350		137		43

Interest rate options	Interest rate	31,680		43		208		28,688		22		232
Interest rate forwards	Interest rate	17,939		47		1,941		18,168		35		2,466
Foreign currency swaps	Foreign currency exchange rate	777		128		1		822		148		—
Foreign currency forwards	Foreign currency exchange rate	491		11		—		487		1		10

Credit default swaps — written	Credit	1,530		24		1		1,757		18		2
Credit default swaptions	Credit	—		—		—		100		—		—

Equity index options	Equity market	15,528		626		495		17,229		697		351

Equity total return swaps	Equity market	46,739		1,438		1,113		32,909		520		747
Hybrid options	Equity market	630		4		—		—		—		—
Total non-designated or non-qualifying derivatives		138,967		2,509		3,864		112,905		1,688		3,900
Total		$	142,941	$	3,017	$	3,887	$	116,991	$	2,284	$	3,920

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2023 and December 31, 2022. 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 MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs 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:


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(2)	$	—	$	1	$	(1)
Foreign currency exchange rate	5		(5)		13		(49)
Total cash flow hedges	3		(5)		14		(50)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(551)		—		—		—
Foreign currency exchange rate	9		(6)		—		—
Credit	9		—		—		—
Equity market	433		—		—		—
Embedded	(1,703)		—		—		—
Total non-qualifying hedges	(1,803)		(6)		—		—
Total	$	(1,800)	$	(11)	$	14	$	(50)
Three Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	3	$	—	$	1	$	(20)
Foreign currency exchange rate	1		(2)		14		285
Total cash flow hedges	4		(2)		15		265
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,307)		—		—		—
Foreign currency exchange rate	93		(32)		—		—
Credit	(25)		—		—		—
Equity market	420		—		—		—
Embedded	2,826		—		—		—
Total non-qualifying hedges	2,007		(32)		—		—
Total	$	2,011	$	(34)	$	15	$	265


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Six Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(2)	$	—	$	2	$	1
Foreign currency exchange rate	4		(5)		27		(91)
Total cash flow hedges	2		(5)		29		(90)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	59		—		—		—
Foreign currency exchange rate	4		4		—		—
Credit	19		—		—		—
Equity market	324		—		—		—
Embedded	(2,793)		—		—		—
Total non-qualifying hedges	(2,387)		4		—		—
Total	$	(2,385)	$	(1)	$	29	$	(90)
Six Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	4	$	—	$	2	$	(41)
Foreign currency exchange rate	1		(2)		25		325
Total cash flow hedges	5		(2)		27		284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(2,438)		—		—		—
Foreign currency exchange rate	113		(39)		—		—
Credit	(32)		—		—		—
Equity market	728		—		—		—
Embedded	3,588		—		—		—
Total non-qualifying hedges	1,959		(39)		—		—
Total	$	1,964	$	(41)	$	27	$	284

At both June 30, 2023 and December 31, 2022, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions was less than one year.

At June 30, 2023 and December 31, 2022, the balance in AOCI associated with cash flow hedges was $544 million and $638 million, respectively.

Credit Derivatives

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

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


	June 30, 2023					December 31, 2022
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	1.7	$	7	$	544	2.2
Baa	15		958		5.0	8		1,185		5.0
Ba	2		24		3.5	2		24		4.0
Caa and Lower	(1)		4		2.5	(1)		4		3.0
Total	$	23	$	1,530	3.8	$	16	$	1,757	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)
June 30, 2023
Derivative assets	$	2,873	$	(2,106)	$	(516)	$	251	$	(231)	$	20
Derivative liabilities	$	3,746	$	(2,106)	$	—	$	1,640	$	(1,640)	$	—
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

_______________

(1)Represents amounts subject to an enforceable master netting agreement or similar agreement.

(2)The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.

(3)Securities collateral received from counterparties is not reported on the consolidated balance sheets and may not be sold or re-pledged unless the counterparty is in default. Amounts do not include excess of collateral pledged or received.

The Company’s collateral arrangements generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that counterparty reaches a minimum transfer amount. Certain of these arrangements also include credit-contingent provisions which permit the party with positive fair value to terminate the derivative at the current fair value or demand immediate full collateralization from the party in a net liability position, in the event that the financial strength or credit rating of the party in a net liability position falls below a certain level.

The aggregate estimated fair values of derivatives in a net liability position containing such credit-contingent provisions and the aggregate estimated fair value of assets posted as collateral for such instruments were as follows at:


	June 30, 2023		December 31, 2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,640	$	2,260
Estimated fair value of collateral provided (2):
Fixed maturity securities	$	4,432	$	4,894

_______________

(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 over-the-counter (“OTC”) bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions to third-party custodians.

Subsequent Events (Details) - Subsequent Event - BLIC Repurchase Facility $ in Millions	1 Months Ended
	Jul. 31, 2023 USD ($)
Subsequent Event [Line Items]
Credit facilities, maximum borrowing capacity	$ 500
Debt instrument, term (in years)	2 years

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 8,268	$ 7,999
Invested assets held in trust (reinsurance agreements)	5,695	5,621
Invested assets pledged as collateral	13,464	13,920
Total invested assets on deposit, held in trust and pledged as collateral	$ 27,427	$ 27,540

Fair Value (Assets and Liabilities Measured - Quantitative Information) (Details) - Level 3	Jun. 30, 2023	Dec. 31, 2022
Measurement Input, Mortality Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0004	0.0004
Embedded Derivative Liability, Measurement Input	0.0003	0.0003
Measurement Input, Mortality Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.1290	0.1290
Embedded Derivative Liability, Measurement Input	0.0924	0.0924
Measurement Input, Lapse Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0100	0.0100
Embedded Derivative Liability, Measurement Input	0.0100	0.0100
Measurement Input, Lapse Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.2411	0.2411
Embedded Derivative Liability, Measurement Input	0.6230	0.6230
Measurement Input, Utilization Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0000	0.0000
Measurement Input, Utilization Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.2500	0.2500
Measurement Input, Withdrawal Rate \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0000	0.0000
Embedded Derivative Liability, Measurement Input	0.0050	0.0050
Measurement Input, Withdrawal Rate \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.1000	0.1000
Embedded Derivative Liability, Measurement Input	0.0900	0.0900
Measurement Input, Long Term Equity Volatilities \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.1252	0.1999
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.2283	0.2845
Measurement Input, Entity Credit Risk \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0086	(0.0273)
Embedded Derivative Liability, Measurement Input	0.0054	0.0000
Measurement Input, Entity Credit Risk \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0208	0.0452
Embedded Derivative Liability, Measurement Input	0.0193	0.0198

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ (7,981)	$ (8,760)
Derivatives	544	638
Other	(16)	3
Subtotal	(7,453)	(8,119)
Amounts allocated from: Future policy benefits	796	917
Deferred income tax benefit (expense)	1,398	1,512
Net unrealized investment gains (losses)	$ (5,259)	$ (5,690)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ (628)	$ (40)
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	2,970	6,250
Sales, maturities and repayments of equity securities	10	41
Sales, maturities and repayments of mortgage loans	574	1,382
Sales, maturities and repayments of limited partnerships and limited liability companies	81	134
Purchases of fixed maturity securities	(4,186)	(10,653)
Purchases of equity securities	(6)	(20)
Purchases of mortgage loans	(342)	(3,098)
Purchases of limited partnerships and limited liability companies	(254)	(432)
Cash received in connection with freestanding derivatives	2,634	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: Deposits	11,670	14,162
Policyholder account balances: 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 activities	1,909	5,656
Change in cash, cash equivalents and restricted cash	(378)	597
Cash, cash equivalents and restricted cash, beginning of period	4,115	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
Net cash paid (received) for income tax	$ (3)	$ 106

Insurance (Net Amount at Risk and Cash Surrender Values) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	$ 78,643		$ 66,717
Separate account liabilities	88,392	$ 84,965	88,843
Universal Life Insurance
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	2,559	2,658	2,678	$ 2,694
Separate account liabilities	5,705		5,255
Total account balances	8,264		7,933
Net amount at risk	36,753		38,948
Cash surrender value	7,676		7,293
Variable Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	4,639	4,908	4,757	4,743
Separate account liabilities	80,423	77,653	81,487	105,023
Total account balances	85,062		86,244
Net amount at risk	13,672		15,537
Cash surrender value	84,644		86,099
Index-linked Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	38,549	33,897	30,926	32,000
Separate account liabilities	0		0
Total account balances	38,549		30,926
Cash surrender value	35,860		27,083
Fixed Rate Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	14,905	14,274	11,898	11,849
Separate account liabilities	0		0
Total account balances	14,905		11,898
Cash surrender value	14,281		11,158
ULSG
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	5,188	5,307	5,454	5,569
Separate account liabilities	0		0
Total account balances	5,188		5,454
Net amount at risk	69,602		71,683
Cash surrender value	6,160		6,363
Company-Owned Life Insurance
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	646	641	652	646
Separate account liabilities	2,093	$ 1,932	1,940	$ 2,384
Total account balances	2,739		2,592
Net amount at risk	2,647		3,305
Cash surrender value	$ 2,539		$ 2,363

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 263	$ 3,866	$ 1,547	$ 5,879	$ 6,873	$ 4,976
Annuities
Segment Reporting Information [Line Items]
Total revenues	1,246	1,129	2,416	2,331
Life
Segment Reporting Information [Line Items]
Total revenues	312	289	616	652
Run-off
Segment Reporting Information [Line Items]
Total revenues	448	487	828	1,022
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	155	59	294	100
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	$ (1,898)	$ 1,902	$ (2,607)	$ 1,774

- 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

+ Details

Investments (Mortgage Loans in Nonaccrual Status by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 107	$ 78
Commercial
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	29	11
Agricultural
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	0	3
Residential
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 78	$ 64

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	$ 8,268	$ 7,999
Invested assets held in trust (reinsurance agreements)	5,695	5,621
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	60	21
Invested assets held in trust (reinsurance agreements)	185	240
FHLB common stock	$ 216	$ 201

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 85,570	$ 84,344
Fixed maturity securities, allowance for credit losses	12	7
Fixed maturity securities, gross unrealized gains	860	752
Fixed maturity securities, gross unrealized losses	8,841	9,512
Fixed maturity securities, estimated fair value	77,577	75,577
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	37,732	36,926
Fixed maturity securities, allowance for credit losses	4	1
Fixed maturity securities, gross unrealized gains	237	203
Fixed maturity securities, gross unrealized losses	4,251	4,521
Fixed maturity securities, estimated fair value	33,714	32,607
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	12,587	12,471
Fixed maturity securities, allowance for credit losses	0	1
Fixed maturity securities, gross unrealized gains	44	38
Fixed maturity securities, gross unrealized losses	1,726	1,932
Fixed maturity securities, estimated fair value	10,905	10,576
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,374	8,318
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	336	300
Fixed maturity securities, gross unrealized losses	547	602
Fixed maturity securities, estimated fair value	8,163	8,016
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,330	8,431
Fixed maturity securities, allowance for credit losses	5	2
Fixed maturity securities, gross unrealized gains	42	44
Fixed maturity securities, gross unrealized losses	914	945
Fixed maturity securities, estimated fair value	7,453	7,528
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	7,202	7,324
Fixed maturity securities, allowance for credit losses	3	3
Fixed maturity securities, gross unrealized gains	1	0
Fixed maturity securities, gross unrealized losses	742	710
Fixed maturity securities, estimated fair value	6,458	6,611
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	4,012	4,074
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	150	125
Fixed maturity securities, gross unrealized losses	327	400
Fixed maturity securities, estimated fair value	3,835	3,799
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	6,252	5,652
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	9	3
Fixed maturity securities, gross unrealized losses	235	296
Fixed maturity securities, estimated fair value	6,026	5,359
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,081	1,148
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	41	39
Fixed maturity securities, gross unrealized losses	99	106
Fixed maturity securities, estimated fair value	$ 1,023	$ 1,081

Equity (Preferred Stock) (Details) - shares	6 Months Ended	12 Months Ended
Equity (Preferred Stock) (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	70,100	70,100
Preferred stock, shares outstanding	70,100	70,100
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.60%	6.60%
Preferred stock, shares authorized	17,000	17,000
Preferred stock, shares issued	17,000	17,000
Preferred stock, shares outstanding	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.75%	6.75%
Preferred stock, shares authorized	16,100	16,100
Preferred stock, shares issued	16,100	16,100
Preferred stock, shares outstanding	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, annual dividend rate	5.375%	5.375%
Preferred stock, shares authorized	23,000	23,000
Preferred stock, shares issued	23,000	23,000
Preferred stock, shares outstanding	23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, annual dividend rate	4.625%	4.625%
Preferred stock, shares authorized	14,000	14,000
Preferred stock, shares issued	14,000	14,000
Preferred stock, shares outstanding	14,000	14,000
Not designated
Class of Stock [Line Items]
Preferred stock, shares authorized	99,929,900	99,929,900
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Other Revenues and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Compensation	$	106	$	80	$	204	$	165
Contracted services and other labor costs	79		68		148		124
Transition services agreements	8		1		19		29
Establishment costs	—		11		—		26
Premium and other taxes, licenses and fees	20		15		34		28
Separate account fees	92		102		184		216
Volume related costs, excluding compensation, net of DAC capitalization	143		99		280		245
Interest expense on debt	38		38		76		76
Other	16		178		35		192
Total other expenses	$	502	$	592	$	980	$	1,101

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,390	$ 3,731
Reinvestment portfolio — estimated fair value	3,297	3,603
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	3,582	3,995
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 3,329	$ 3,638

Changes in liabilities classified as MRBs, ASU 2018-12 Transition (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefit [Line Items]
Market risk benefit liabilities		$ 9,783		$ 9,783		$ 10,389	$ 16,034
Change in market risk benefits		1,300	$ 62	1,106	$ 1,641	(4,104)	(4,134)
Previously Reported
Market Risk Benefit [Line Items]
Market risk benefit liabilities						0	0
Change in market risk benefits						0	0
Variable Annuities
Market Risk Benefit [Line Items]
Market risk benefit liabilities	$ 18,388
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change		7,360	10,305	7,360	10,305	8,230	11,611	$ 14,934
Market Risk Benefit, Reinsurance Recoverable, after Allowance	169	50	88	50	88	71	118
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	18,219	$ 9,178	$ 11,926	$ 9,178	$ 11,926	$ 9,903	$ 15,580
Variable Annuities \| Previously Reported
Market Risk Benefit [Line Items]
Market risk benefit liabilities								$ 8,924
Variable Annuities \| Revision of Prior Period, Accounting Standards Update, Adjustment
Market Risk Benefit [Line Items]
Change in market risk benefits	6,010
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	$ 3,454

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

9. Equity

Preferred Stock

Preferred stock shares authorized, issued and outstanding were as follows at both June 30, 2023 and December 31, 2022:


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

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)								(In millions, except per share data)
A	$	412.50	$	7	$	412.50	$	7	$	825.00	$	14	$	825.00	$	14
B	$	421.88	7		$	421.88	7		$	843.76	14		$	843.76	14
C	$	335.94	7		$	335.94	8		$	671.88	15		$	671.88	16
D	$	289.06	4		$	289.06	4		$	578.12	8		$	684.11	9
Total			$	25			$	26			$	51			$	53

Common Stock Repurchase Program

During the six months ended June 30, 2023 and 2022, BHF repurchased 2,684,792 and 5,152,415 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $126 million and $259 million, respectively. At June 30, 2023, BHF had $167 million remaining under its common stock repurchase program.

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at March 31, 2023	$	(5,028)	$	472	$	(1,383)	$	706	$	(55)	$	(5,288)
OCI before reclassifications	(895)		(50)		(116)		251		1		(809)
Deferred income tax benefit (expense) (3)	187		11		24		(52)		—		170
AOCI before reclassifications, net of income tax	(5,736)		433		(1,475)		905		(54)		(5,927)
Amounts reclassified from AOCI	59		(4)		—		—		2		57
Deferred income tax benefit (expense) (3)	(12)		1		—		—		—		(11)
Amounts reclassified from AOCI, net of income tax	47		(3)		—		—		2		46



Balance at June 30, 2023	$	(5,689)	$	430	$	(1,475)	$	905	$	(52)	$	(5,881)


	Three Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at March 31, 2022	$	459	$	329	$	(2,496)	$	(776)	$	(57)	$	(2,541)
OCI before reclassifications	(5,380)		265		1,451		1,542		(25)		(2,147)
Deferred income tax benefit (expense) (3)	1,130		(55)		(305)		(325)		6		451
AOCI before reclassifications, net of income tax	(3,791)		539		(1,350)		441		(76)		(4,237)
Amounts reclassified from AOCI	81		(5)		—		—		2		78
Deferred income tax benefit (expense) (3)	(17)		—		—		—		—		(17)
Amounts reclassified from AOCI, net of income tax	64		(5)		—		—		2		61



Balance at June 30, 2022	$	(3,727)	$	534	$	(1,350)	$	441	$	(74)	$	(4,176)


	Six Months Ended June 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at December 31, 2022	$	(6,194)	$	504	$	(1,378)	$	1,020	$	(58)	$	(6,106)
OCI before reclassifications	519		(90)		(123)		(146)		3		163
Deferred income tax benefit (expense) (3)	(109)		19		26		31		(1)		(34)
AOCI before reclassifications, net of income tax	(5,784)		433		(1,475)		905		(56)		(5,977)
Amounts reclassified from AOCI	120		(4)		—		—		5		121
Deferred income tax benefit (expense) (3)	(25)		1		—		—		(1)		(25)
Amounts reclassified from AOCI, net of income tax	95		(3)		—		—		4		96



Balance at June 30, 2023	$	(5,689)	$	430	$	(1,475)	$	905	$	(52)	$	(5,881)


	Six Months Ended June 30, 2022
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at December 31, 2021	$	5,285	$	239	$	(3,230)	$	(2,199)	$	(48)	$	47


OCI before reclassifications	(11,435)		284		2,380		3,343		(36)		(5,464)
Deferred income tax benefit (expense) (3)	2,325		17		(500)		(703)		8		1,147
AOCI before reclassifications, net of income tax	(3,825)		540		(1,350)		441		(76)		(4,270)
Amounts reclassified from AOCI	124		(7)		—		—		2		119
Deferred income tax benefit (expense) (3)	(26)		1		—		—		—		(25)
Amounts reclassified from AOCI, net of income tax	98		(6)		—		—		2		94



Balance at June 30, 2022	$	(3,727)	$	534	$	(1,350)	$	441	$	(74)	$	(4,176)

__________________

(1)See Note 6 for information on offsets to investments related to future policy benefits.

(2)Includes OCI related to foreign currency translation and defined benefit plan gains and losses.

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


AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(46)	$	(55)	$	(114)	$	(94)	Net investment gains (losses)

Net unrealized investment gains (losses)	(13)		(26)		(6)		(30)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(59)		(81)		(120)		(124)
Income tax (expense) benefit	12		17		25		26
Net unrealized investment gains (losses), net of income tax	(47)		(64)		(95)		(98)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	(2)		3		(2)		4		Net derivative gains (losses)
Interest rate swaps	1		1		2		2		Net investment income


Foreign currency swaps	5		1		4		1		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	4		5		4		7
Income tax (expense) benefit	(1)		—		(1)		(1)
Gains (losses) on cash flow hedges, net of income tax	3		5		3		6
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		(2)		(5)		(2)
Amortization of defined benefit plans, before income tax	(2)		(2)		(5)		(2)
Income tax (expense) benefit	—		—		1		—
Amortization of defined benefit plans, net of income tax	(2)		(2)		(4)		(2)
Total reclassifications, net of income tax	$	(46)	$	(61)	$	(96)	$	(94)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Information Regarding DSI) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Variable Annuities
Deferred Sale Inducement Cost [Line Items]
Balance, beginning of period	$ 245	$ 272
Amortization	(13)	(14)
Balance, end of period	232	258
Fixed Rate Annuities
Deferred Sale Inducement Cost [Line Items]
Balance, beginning of period	9	10
Amortization	(1)	0
Balance, end of period	$ 8	$ 10

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insurance

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Insurance

4. Insurance

Liability for Future Policy Benefits

Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:


	Six Months Ended June 30,
	2023									2022
	Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of period	$	2,871		$	—		$	—		$	3,325		$	—		$	—
Beginning balance at original discount rate	3,212			—			—			3,051			—			—
Effect of model refinements	—			—			—			122			—			—
Effect of changes in cash flow assumptions	—			—			—			(1)			—			—
Effect of actual variances from expected experience	(8)			—			—			107			—			—
Adjusted beginning of period balance	3,204			—			—			3,279			—			—
Issuances	49			—			—			37			—			—
Interest accrual	55			—			—			57			—			—
Net premiums collected	(184)			—			—			(231)			—			—
Ending balance at original discount rate	3,124			—			—			3,142			—			—
Effect of changes in discount rate assumptions	(315)			—			—			(187)			—			—
Balance, end of period	$	2,809		$	—		$	—		$	2,955		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of period	$	5,279		$	3,512		$	6,793		$	6,426		$	4,333		$	10,171
Beginning balance at original discount rate	5,922			3,897			7,410			5,820			3,865			8,165
Effect of model refinements	—			—			—			135			—			—
Effect of changes in cash flow assumptions	—			—			—			—			—			—
Effect of actual variances from expected experience	(10)			(4)			(37)			123			(10)			(37)
Adjusted beginning of period balance	5,912			3,893			7,373			6,078			3,855			8,128
Issuances	50			182			—			41			102			—
Interest accrual	107			72			158			110			73			174
Benefit payments	(251)			(192)			(301)			(373)			(185)			(315)
Ending balance at original discount rate	5,818			3,955			7,230			5,856			3,845			7,987
Effect of changes in discount rate assumptions	(597)			(355)			(519)			(347)			(190)			(212)
Balance, end of period	$	5,221		$	3,600		$	6,711		$	5,509		$	3,655		$	7,775
Net liability for future policy benefits, end of period	$	2,412		$	3,600		$	6,711		$	2,554		$	3,655		$	7,775
Less: Reinsurance recoverable, end of period	41			25			66			55			24			75
Net liability for future policy benefits, after reinsurance recoverable	$	2,371		$	3,575		$	6,645		$	2,499		$	3,631		$	7,700
Weighted-average duration of liability	8.3 years			8.4 years			11.6 years			8.3 years			8.4 years			12.7 years
Weighted-average interest accretion rate	3.95		%	3.92		%	4.46		%	3.98		%	3.92		%	4.44		%
Gross premiums or assessments recognized during period	$	307		$	224		$	—		$	333		$	116		$	—
Expected future gross premiums, undiscounted	$	6,531		$	—		$	—		$	6,812		$	—		$	—
Expected future gross premiums, discounted	$	4,837		$	—		$	—		$	5,041		$	—		$	—
Expected future benefit payments, undiscounted	$	8,044		$	5,608		$	14,062		$	8,099		$	5,462		$	16,886
Expected future benefit payments, discounted	$	5,818		$	3,955		$	7,230		$	5,856		$	3,845		$	7,987

Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:


	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	6,935		$	7,168
Beginning balance before the effect of unrealized gains and losses	7,175			6,731
Effect of changes in cash flow assumptions	—			—
Effect of actual variances from expected experience	60			108
Adjusted beginning of period balance	7,235			6,839
Interest accrual	175			164
Net assessments collected	206			231
Benefit payments	(195)			(268)
Effect of realized capital gains (losses)	—			—
Ending balance before the effect of unrealized gains and losses	7,421			6,966
Effect of unrealized gains and losses	(211)			(98)
Balance, end of period	7,210			6,868
Less: Reinsurance recoverable, end of period	1,414			1,354
Net additional liability, after reinsurance recoverable	$	5,796		$	5,514
Weighted-average duration of liability	6.7 years			6.7 years
Weighted-average interest accretion rate	4.91		%	4.91		%
Gross premiums or assessments recognized during period	$	—		$	—

A reconciliation of the net LFPBs for nonparticipating traditional and limited-payment contracts and the additional insurance liabilities for universal life-type contracts with secondary guarantees reported in the preceding rollforward tables to LFPBs on the consolidated balance sheets was as follows at:


	June 30,
	2023		2022
	(In millions)
Liabilities reported in the preceding rollforward tables	$	19,933	$	20,852
Long-term care insurance (1)	5,606		6,093
ULSG liability for profits followed by losses	2,565		2,911
Participating whole life insurance (2)	3,031		2,851
Deferred profit liabilities	373		375
Other	391		410
Total liability for future policy benefits	$	31,899	$	33,492

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 3.

(2)Participating whole life insurance uses an interest assumption based on the non-forfeiture interest rate, ranging from 3.5% to 4.5%, 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 June 30, 2023 and 2022, and 41% of gross traditional life insurance premiums for both the six months ended June 30, 2023 and 2022.

Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:


	Years Ended December 31,
	2022						2021
	Term and Whole Life Insurance		Income Annuities		Structured Settlement and Pension Risk Transfer Annuities		Term and Whole Life Insurance		Income Annuities		Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of year	$	3,325	$	—	$	—	$	3,448	$	—	$	—
Beginning balance at original discount rate	3,051		—		—		2,994		—		—
Effect of model refinements	122		—		—		—		—		—
Effect of changes in cash flow assumptions	137		—		—		70		—		—
Effect of actual variances from expected experience	119		—		—		153		—		—
Adjusted beginning of year balance	3,429		—		—		3,217		—		—
Issuances	93		—		—		113		—		—
Interest accrual	116		—		—		111		—		—
Net premiums collected	(426)		—		—		(390)		—		—
Ending balance at original discount rate	3,212		—		—		3,051		—		—
Effect of changes in discount rate assumptions	(341)		—		—		274		—		—
Balance, end of year	$	2,871	$	—	$	—	$	3,325	$	—	$	—
Present value of expected future policy benefits:
Balance, beginning of year	$	6,426	$	4,333	$	10,171	$	6,852	$	4,691	$	11,301
Beginning balance at original discount rate	5,820		3,865		8,165		5,862		3,938		8,531
Effect of model refinements	135		—		(278)		—		—		—
Effect of changes in cash flow assumptions	157		56		(157)		70		(41)		(41)
Effect of actual variances from expected experience	155		(22)		(23)		153		(6)		(16)
Adjusted beginning of year balance	6,267		3,899		7,707		6,085		3,891		8,474
Issuances	101		224		—		128		198		—
Interest accrual	222		146		327		222		150		359
Benefit payments	(668)		(372)		(624)		(615)		(374)		(668)
Ending balance at original discount rate	5,922		3,897		7,410		5,820		3,865		8,165
Effect of changes in discount rate assumptions	(643)		(385)		(617)		606		468		2,006
Balance, end of year	$	5,279	$	3,512	$	6,793	$	6,426	$	4,333	$	10,171
Net liability for future policy benefits, end of year	$	2,408	$	3,512	$	6,793	$	3,101	$	4,333	$	10,171
Less: Reinsurance recoverable, end of year	45		24		68		64		27		93
Net liability for future policy benefits, after reinsurance recoverable	$	2,363	$	3,488	$	6,725	$	3,037	$	4,306	$	10,078

Policyholder Account Balances

Information regarding policyholder account balances was as follows:


	Universal Life Insurance			Variable Annuities (1)			Index-linked Annuities			Fixed Rate Annuities			ULSG			Company-Owned Life Insurance (1)
	(Dollars in millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	113			43			3,390			1,479			339			—
Surrenders and withdrawals	(90)			(326)			(1,613)			(874)			(12)			—
Benefit payments	(42)			(61)			(117)			(203)			(55)			(4)
Net transfers from (to) separate account	22			11			—			—			—			—
Interest credited	8			78			203			229			122			15
Policy charges	(110)			(14)			(4)			—			(513)			(6)
Changes related to embedded derivatives	—			—			2,793			—			—			—

Balance, end of period	$	2,559		$	4,639		$	38,549		$	14,905		$	5,188		$	646
Weighted-average crediting rate (2)	0.31		%	1.63		%	0.66		%	1.57		%	2.33		%	2.33		%
Six Months Ended June 30, 2022
Balance, beginning of period	$	2,694		$	4,743		$	32,000		$	11,849		$	5,569		$	646
Premiums and deposits	110			87			3,431			340			356			—
Surrenders and withdrawals	(41)			(233)			(999)			(276)			(15)			—
Benefit payments	(35)			(60)			(77)			(166)			(37)			(4)
Net transfers from (to) separate account	31			151			—			—			—			2
Interest credited	30			83			149			151			107			11
Policy charges	(111)			(14)			(3)			—			(526)			(3)
Changes related to embedded derivatives	—			—			(3,575)			—			—			—

Balance, end of period	$	2,678		$	4,757		$	30,926		$	11,898		$	5,454		$	652
Weighted-average crediting rate (2)	1.12		%	1.75		%	0.56		%	1.28		%	1.94		%	1.69		%

_______________

(1)Includes liabilities related to separate account products where the contract holder elected a general account investment option.

(2)Excludes the effects of embedded derivatives related to index-linked crediting rates.

A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:


	June 30,
	2023		2022
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	66,486	$	56,365
Funding agreements classified as investment contracts	11,041		9,104
Other investment contract liabilities	1,116		1,248
Total policyholder account balances	$	78,643	$	66,717

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums was as follows at:


Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 to 50 Basis Points Above		51 to 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(In millions)
June 30, 2023
Annuities (1) (3):
Less than 2.00%	$	771	$	275	$	437	$	7,163	$	8,646
2.00% to 3.99%	5,252		4,789		710		11		10,762
Greater than 3.99%	499		—		—		—		499
Total	$	6,522	$	5,064	$	1,147	$	7,174	$	19,907
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	199	$	199
2.00% to 3.99%	—		502		49		149		700
Greater than 3.99%	1,619		—		—		—		1,619
Total	$	1,619	$	502	$	49	$	348	$	2,518
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,179		1,526		1,692		262		4,659
Greater than 3.99%	517		—		—		—		517
Total	$	1,696	$	1,526	$	1,692	$	262	$	5,176
December 31, 2022
Annuities (1) (3):
Less than 2.00%	$	861	$	317	$	369	$	5,821	$	7,368
2.00% to 3.99%	6,119		4,872		596		10		11,597
Greater than 3.99%	525		—		—		—		525
Total	$	7,505	$	5,189	$	965	$	5,831	$	19,490
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	172	$	172
2.00% to 3.99%	—		510		87		154		751
Greater than 3.99%	1,657		—		—		—		1,657
Total	$	1,657	$	510	$	87	$	326	$	2,580
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,225		1,581		1,729		266		4,801
Greater than 3.99%	527		—		—		—		527
Total	$	1,752	$	1,581	$	1,729	$	266	$	5,328

_______________

(1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities.

(2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies.

(3)Amounts are gross of policy loans and net of excess interest reserves.

Market Risk Benefits

Information regarding MRB assets and liabilities associated with variable annuities was as follows:


	Six Months Ended June 30,				Years Ended December 31,
	2023		2022		2022		2021
	(Dollars in millions)
Balance, beginning of period	$	9,974	$	15,698	$	15,698	$	18,388
Balance, beginning of period, before effect of changes in nonperformance risk	8,230		11,611		11,611		14,934
Decrements	(54)		39		16		(68)
Effect of changes in future expected assumptions	—		—		210		41
Effect of actual different from expected experience	170		(333)		(48)		(86)
Effect of changes in interest rates	(147)		(5,937)		(8,394)		(1,829)
Effect of changes in fund returns	(1,529)		4,413		3,807		(2,578)
Issuances	(5)		(16)		(47)		(96)
Effect of changes in risk margin	(18)		(92)		(152)		(128)
Aging of the block and other	713		620		1,227		1,421
Balance, end of period, before effect of changes in nonperformance risk	7,360		10,305		8,230		11,611
Effect of changes in nonperformance risk	1,868		1,709		1,744		4,087
Balance, end of period	9,228		12,014		9,974		15,698
Less: Reinsurance recoverable, end of period	50		88		71		118
Balance, end of period, net of reinsurance (1)	$	9,178	$	11,926	$	9,903	$	15,580
Weighted-average attained age of contract holder	72.5 years		71.4 years		71.8 years		71.1 years

_______________

(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at June 30, 2023 and 2022, with the exception of $3 million and $3 million, respectively, of index-linked annuities not included in this table, and at December 31, 2022 and 2021, with the exception of $3 million and $5 million, respectively, of index-linked annuities not included in this table.

Separate Accounts

Information regarding separate account liabilities was as follows:


	Six Months Ended June 30,
	2023						2022
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	77,653	$	5,218	$	1,932	$	105,023	$	6,862	$	2,384
Premiums and deposits	408		83		—		795		87		—
Surrenders and withdrawals	(3,010)		(91)		(7)		(3,232)		(89)		(11)
Benefit payments	(740)		(33)		(16)		(711)		(30)		(17)
Investment performance	7,211		654		212		(19,105)		(1,443)		(385)
Policy charges	(1,076)		(104)		(24)		(1,170)		(105)		(34)
Net transfers from (to) general account	(11)		(22)		—		(151)		(31)		(2)
Other	(12)		—		(4)		38		4		5
Balance, end of period	$	80,423	$	5,705	$	2,093	$	81,487	$	5,255	$	1,940

A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:


	June 30,
	2023		2022
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	88,221	$	88,682
Variable income annuities	152		145
Pension risk transfer annuities	19		16
Total separate account liabilities	$	88,392	$	88,843

The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:



	June 30, 2023		December 31, 2022
	(In millions)
Equity securities	$	88,127	$	84,667

Fixed maturity securities	256		278
Cash and cash equivalents	1		9
Other assets	8		11
Total aggregate estimated fair value of assets	$	88,392	$	84,965

Net Amount at Risk and Cash Surrender Values

Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:


	Universal Life Insurance		Variable Annuities		Index-linked Annuities		Fixed Rate Annuities		ULSG		Company-Owned Life Insurance
	(In millions)
June 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,559	$	4,639	$	38,549	$	14,905	$	5,188	$	646
Separate account liabilities	5,705		80,423		—		—		—		2,093
Total account balances	$	8,264	$	85,062	$	38,549	$	14,905	$	5,188	$	2,739
Net amount at risk	$	36,753	$	13,672	N/A		N/A		$	69,602	$	2,647
Cash surrender value	$	7,676	$	84,644	$	35,860	$	14,281	$	6,160	$	2,539
June 30, 2022
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,678	$	4,757	$	30,926	$	11,898	$	5,454	$	652
Separate account liabilities	5,255		81,487		—		—		—		1,940
Total account balances	$	7,933	$	86,244	$	30,926	$	11,898	$	5,454	$	2,592
Net amount at risk	$	38,948	$	15,537	N/A		N/A		$	71,683	$	3,305
Cash surrender value	$	7,293	$	86,099	$	27,083	$	11,158	$	6,363	$	2,363

Products may contain both separate account and general account fund options; accordingly, net amount at risk and cash surrender value reported in the table above relate to the total account balance for each respective product grouping.

Insurance (Reconciliation of Policyholder Account Balances) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 78,643	$ 66,717
Rollforwards Total
Policyholder Account Balance [Line Items]
Policyholder Account Balance	66,486	56,365
Funding agreements classified as investment contracts
Policyholder Account Balance [Line Items]
Policyholder Account Balance	11,041	9,104
Other investment contract liabilities
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 1,116	$ 1,248

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	$ 119	$ 123
Current period provision	27	3
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(1)	(23)
Financing receivable, allowance for credit losses, end of period	145	103
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	49	67
Current period provision	26	0
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	0	(23)
Financing receivable, allowance for credit losses, end of period	75	44
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	15	12
Current period provision	0	3
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(1)	0
Financing receivable, allowance for credit losses, end of period	14	15
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	55	44
Current period provision	1	0
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	0	0
Financing receivable, allowance for credit losses, end of period	$ 56	$ 44

- Definition

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

+ References + Details

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 23	$ 16
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,530	$ 1,757
Weighted Average Years to Maturity (2)	3 years 9 months 18 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	$ 7
Maximum Amount of Future Payments under Credit Default Swaps	$ 544	$ 544
Weighted Average Years to Maturity (2)	1 year 8 months 12 days	2 years 2 months 12 days
Credit default swaps \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 15	$ 8
Maximum Amount of Future Payments under Credit Default Swaps	$ 958	$ 1,185
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	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 24	$ 24
Weighted Average Years to Maturity (2)	3 years 6 months	4 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)	2 years 6 months	3 years

Insurance (Future Policy Benefits - SOP) (Details) - ULSG - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Additional Liability, Long-Duration Insurance [Line Items]
Additional Liability, Long-Duration Insurance, before Reinsurance, after Discount Rate Change	$ 7,210	$ 6,868	$ 6,935	$ 7,168
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance	7,421	6,966	7,175	6,731
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) from Cash Flow Change			0	0
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			60	108
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change			$ 7,235	$ 6,839
Additional Liability, Long-Duration Insurance, Interest Income (Expense)	175	164
Additional Liability, Long-Duration Insurance, Net Premium Collected	206	231
Additional Liability, Long-Duration Insurance, Benefit Payment	(195)	(268)
Additional Liability, Long-Duration Insurance, Remeasurement Gain (Loss)	0	0
AOCI, Liability for Future Policy Benefit, before Tax	(211)	(98)
Additional Liability, Long-Duration Insurance, Reinsurance Recoverable, after Allowance	1,414	1,354
Additional Liability, Long-Duration Insurance, after Reinsurance	$ 5,796	$ 5,514
Additional Liability, Long-Duration Insurance, Weighted-Average Duration	6 years 8 months 12 days	6 years 8 months 12 days
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate	4.91%	4.91%
Additional Liability, Long-Duration Insurance, Gross Premium Income	$ 0	$ 0

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

3. 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, 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 business reinsured through 100% quota share reinsurance agreements and activities related to funding agreements associated with the Company’s institutional spread margin business.

In connection with the adoption of ASU 2018-12, the Company reclassified direct-to-consumer life insurance that is no longer sold from Corporate & Other to the Life segment. The segment information below reflects the direct-to consumer life insurance in the Life segment for all periods presented.

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); and

•Net derivative gains (losses), excluding 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 (“Investment Hedge Adjustments”).

The following are significant items excluded from total expenses in calculating adjusted earnings:

•Change in MRBs; and

•Change in fair value of the crediting rate on experience-rated contracts (“Market Value Adjustments”).

The provision for income tax related to adjusted earnings is calculated using the statutory tax rate of 21%, net of impacts related to the dividends received deduction, tax credits and current period non-recurring items.

The Company’s adjusted earnings definition and presentation has been updated for all periods presented to reflect the adoption of ASU 2018-12.

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

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

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


	Three Months Ended June 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	357	$	18	$	(21)	$	5	$	359
Provision for income tax expense (benefit)	66		3		(5)		(1)		63
Post-tax adjusted earnings	291		15		(16)		6		296
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		25		25
Adjusted earnings	$	291	$	15	$	(16)	$	(19)	271
Adjustments for:
Net investment gains (losses)									(64)
Net derivative gains (losses), excluding investment hedge adjustments of $23									(1,834)
Change in market risk benefits									1,300
Market value adjustments									2
Provision for income tax (expense) benefit									125
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(200)

Interest revenue	$	633	$	119	$	316	$	151
Interest expense	$	—	$	—	$	—	$	38


	Three Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	394	$	36	$	(200)	$	(49)	$	181
Provision for income tax expense (benefit)	74		7		(43)		(27)		11
Post-tax adjusted earnings	320		29		(157)		(22)		170
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings	$	320	$	29	$	(157)	$	(48)	144
Adjustments for:
Net investment gains (losses)									(66)
Net derivative gains (losses), excluding investment hedge adjustments of $9									1,968
Change in market risk benefits									62
Market value adjustments									32
Provision for income tax (expense) benefit									(421)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	1,719

Interest revenue	$	546	$	115	$	350	$	59
Interest expense	$	—	$	—	$	—	$	38


	Six Months Ended June 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	744	$	18	$	(155)	$	10	$	617
Provision for income tax expense (benefit)	139		2		(33)		(10)		98
Post-tax adjusted earnings	605		16		(122)		20		519
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		51		51
Adjusted earnings	$	605	$	16	$	(122)	$	(33)	466
Adjustments for:
Net investment gains (losses)									(160)
Net derivative gains (losses), excluding investment hedge adjustments of $61									(2,447)
Change in market risk benefits									1,106
Market value adjustments									(6)
Provision for income tax (expense) benefit									316
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(725)

Interest revenue	$	1,227	$	219	$	570	$	300
Interest expense	$	—	$	—	$	—	$	76


	Six Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	832	$	119	$	(169)	$	(87)	$	695
Provision for income tax expense (benefit)	158		24		(36)		(30)		116
Post-tax adjusted earnings	674		95		(133)		(57)		579
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		53		53
Adjusted earnings	$	674	$	95	$	(133)	$	(112)	524
Adjustments for:
Net investment gains (losses)									(134)
Net derivative gains (losses), excluding investment hedge adjustments of $15									1,908
Change in market risk benefits									1,641
Market value adjustments									70
Provision for income tax (expense) benefit									(732)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	3,277

Interest revenue	$	1,101	$	275	$	751	$	100
Interest expense	$	—	$	—	$	—	$	76

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Annuities	$	1,246	$	1,129	$	2,416	$	2,331
Life	312		289		616		652
Run-off	448		487		828		1,022
Corporate & Other	155		59		294		100
Adjustments	(1,898)		1,902		(2,607)		1,774
Total	$	263	$	3,866	$	1,547	$	5,879

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


	June 30, 2023		December 31, 2022
	(In millions)
Annuities	$	157,657	$	151,192
Life	22,836		22,057
Run-off	28,619		28,436
Corporate & Other	22,433		23,162
Total	$	231,545	$	224,847

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Insurance (Separate Accounts Liability) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	$ 84,965
Separate Account, Liability, Ending Balance	88,392	$ 88,843
Variable Annuities
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	77,653	105,023
Premiums and deposits	408	795
Surrenders and withdrawals	(3,010)	(3,232)
Benefit payments	(740)	(711)
Investment performance	7,211	(19,105)
Policy charges	(1,076)	(1,170)
Net transfers from (to) separate account	(11)	(151)
Other	(12)	38
Separate Account, Liability, Ending Balance	80,423	81,487
Universal Life Insurance
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	5,218	6,862
Premiums and deposits	83	87
Surrenders and withdrawals	(91)	(89)
Benefit payments	(33)	(30)
Investment performance	654	(1,443)
Policy charges	(104)	(105)
Net transfers from (to) separate account	(22)	(31)
Other	0	4
Separate Account, Liability, Ending Balance	5,705	5,255
Company-Owned Life Insurance
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	1,932	2,384
Premiums and deposits	0	0
Surrenders and withdrawals	(7)	(11)
Benefit payments	(16)	(17)
Investment performance	212	(385)
Policy charges	(24)	(34)
Net transfers from (to) separate account	0	(2)
Other	(4)	5
Separate Account, Liability, Ending Balance	$ 2,093	$ 1,940

Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

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, excluding embedded derivatives, held were as follows at:


		June 30, 2023						December 31, 2022
	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	$	20	$	—	$	4	$	60	$	—	$	12
Foreign currency swaps	Foreign currency exchange rate	3,954		508		19		4,026		596		8
Total qualifying hedges		3,974		508		23		4,086		596		20
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	14,853		90		70		3,145		98		46
Interest rate floors	Interest rate	3,000		4		1		3,250		12		3
Interest rate caps	Interest rate	5,800		94		34		6,350		137		43

Interest rate options	Interest rate	31,680		43		208		28,688		22		232
Interest rate forwards	Interest rate	17,939		47		1,941		18,168		35		2,466
Foreign currency swaps	Foreign currency exchange rate	777		128		1		822		148		—
Foreign currency forwards	Foreign currency exchange rate	491		11		—		487		1		10

Credit default swaps — written	Credit	1,530		24		1		1,757		18		2
Credit default swaptions	Credit	—		—		—		100		—		—

Equity index options	Equity market	15,528		626		495		17,229		697		351

Equity total return swaps	Equity market	46,739		1,438		1,113		32,909		520		747
Hybrid options	Equity market	630		4		—		—		—		—
Total non-designated or non-qualifying derivatives		138,967		2,509		3,864		112,905		1,688		3,900
Total		$	142,941	$	3,017	$	3,887	$	116,991	$	2,284	$	3,920

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:


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(2)	$	—	$	1	$	(1)
Foreign currency exchange rate	5		(5)		13		(49)
Total cash flow hedges	3		(5)		14		(50)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(551)		—		—		—
Foreign currency exchange rate	9		(6)		—		—
Credit	9		—		—		—
Equity market	433		—		—		—
Embedded	(1,703)		—		—		—
Total non-qualifying hedges	(1,803)		(6)		—		—
Total	$	(1,800)	$	(11)	$	14	$	(50)
Three Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	3	$	—	$	1	$	(20)
Foreign currency exchange rate	1		(2)		14		285
Total cash flow hedges	4		(2)		15		265
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,307)		—		—		—
Foreign currency exchange rate	93		(32)		—		—
Credit	(25)		—		—		—
Equity market	420		—		—		—
Embedded	2,826		—		—		—
Total non-qualifying hedges	2,007		(32)		—		—
Total	$	2,011	$	(34)	$	15	$	265


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Six Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(2)	$	—	$	2	$	1
Foreign currency exchange rate	4		(5)		27		(91)
Total cash flow hedges	2		(5)		29		(90)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	59		—		—		—
Foreign currency exchange rate	4		4		—		—
Credit	19		—		—		—
Equity market	324		—		—		—
Embedded	(2,793)		—		—		—
Total non-qualifying hedges	(2,387)		4		—		—
Total	$	(2,385)	$	(1)	$	29	$	(90)
Six Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	4	$	—	$	2	$	(41)
Foreign currency exchange rate	1		(2)		25		325
Total cash flow hedges	5		(2)		27		284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(2,438)		—		—		—
Foreign currency exchange rate	113		(39)		—		—
Credit	(32)		—		—		—
Equity market	728		—		—		—
Embedded	3,588		—		—		—
Total non-qualifying hedges	1,959		(39)		—		—
Total	$	1,964	$	(41)	$	27	$	284

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:


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(2)	$	—	$	1	$	(1)
Foreign currency exchange rate	5		(5)		13		(49)
Total cash flow hedges	3		(5)		14		(50)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(551)		—		—		—
Foreign currency exchange rate	9		(6)		—		—
Credit	9		—		—		—
Equity market	433		—		—		—
Embedded	(1,703)		—		—		—
Total non-qualifying hedges	(1,803)		(6)		—		—
Total	$	(1,800)	$	(11)	$	14	$	(50)
Three Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	3	$	—	$	1	$	(20)
Foreign currency exchange rate	1		(2)		14		285
Total cash flow hedges	4		(2)		15		265
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,307)		—		—		—
Foreign currency exchange rate	93		(32)		—		—
Credit	(25)		—		—		—
Equity market	420		—		—		—
Embedded	2,826		—		—		—
Total non-qualifying hedges	2,007		(32)		—		—
Total	$	2,011	$	(34)	$	15	$	265


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Six Months Ended June 30, 2023
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(2)	$	—	$	2	$	1
Foreign currency exchange rate	4		(5)		27		(91)
Total cash flow hedges	2		(5)		29		(90)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	59		—		—		—
Foreign currency exchange rate	4		4		—		—
Credit	19		—		—		—
Equity market	324		—		—		—
Embedded	(2,793)		—		—		—
Total non-qualifying hedges	(2,387)		4		—		—
Total	$	(2,385)	$	(1)	$	29	$	(90)
Six Months Ended June 30, 2022
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	4	$	—	$	2	$	(41)
Foreign currency exchange rate	1		(2)		25		325
Total cash flow hedges	5		(2)		27		284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(2,438)		—		—		—
Foreign currency exchange rate	113		(39)		—		—
Credit	(32)		—		—		—
Equity market	728		—		—		—
Embedded	3,588		—		—		—
Total non-qualifying hedges	1,959		(39)		—		—
Total	$	1,964	$	(41)	$	27	$	284

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

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


	June 30, 2023					December 31, 2022
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	1.7	$	7	$	544	2.2
Baa	15		958		5.0	8		1,185		5.0
Ba	2		24		3.5	2		24		4.0
Caa and Lower	(1)		4		2.5	(1)		4		3.0
Total	$	23	$	1,530	3.8	$	16	$	1,757	4.1

_______________

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

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

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


			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
June 30, 2023
Derivative assets	$	2,873	$	(2,106)	$	(516)	$	251	$	(231)	$	20
Derivative liabilities	$	3,746	$	(2,106)	$	—	$	1,640	$	(1,640)	$	—
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

_______________

(1)Represents amounts subject to an enforceable master netting agreement or similar agreement.

(2)The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.

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

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


			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
June 30, 2023
Derivative assets	$	2,873	$	(2,106)	$	(516)	$	251	$	(231)	$	20
Derivative liabilities	$	3,746	$	(2,106)	$	—	$	1,640	$	(1,640)	$	—
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

_______________

(1)Represents amounts subject to an enforceable master netting agreement or similar agreement.

(2)The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.

Schedule of Derivative Instruments


	June 30, 2023		December 31, 2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,640	$	2,260
Estimated fair value of collateral provided (2):
Fixed maturity securities	$	4,432	$	4,894

_______________

(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 + Details

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 2,081
Amortized cost, due after one year through five years	15,240
Amortized cost, due after five years through ten years	15,952
Amortized cost, due after ten years	30,513
Amortized cost, Structured Securities	21,784
Fixed maturity securities, amortized cost	85,570	$ 84,344
Estimated fair value, due in one year or less	2,043
Estimated fair value, due after one year through five years	14,451
Estimated fair value, due after five years through ten years	14,192
Estimated fair value, due after ten years	26,954
Estimated fair value, Structured Securities	19,937
Fixed maturity securities, estimated fair value	$ 77,577	$ 75,577

Equity (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Preferred stock, aggregate dividends declared	$ 25	$ 26	$ 26	$ 27	$ 51	$ 53
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 412.50		$ 412.50		$ 825.00	$ 825.00
Preferred stock, aggregate dividends declared	$ 7		$ 7		$ 14	$ 14
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 421.88		$ 421.88		$ 843.76	$ 843.76
Preferred stock, aggregate dividends declared	$ 7		$ 7		$ 14	$ 14
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 335.94		$ 335.94		$ 671.88	$ 671.88
Preferred stock, aggregate dividends declared	$ 7		$ 8		$ 15	$ 16
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 289.06		$ 289.06		$ 578.12	$ 684.11
Preferred stock, aggregate dividends declared	$ 4		$ 4		$ 8	$ 9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (5,288)	$ (2,541)	$ (6,106)	$ 47
OCI before reclassifications	(809)	(2,147)	163	(5,464)
Deferred income tax benefit (expense) (3)	170	451	(34)	1,147
AOCI before reclassifications, net of income tax	(5,927)	(4,237)	(5,977)	(4,270)
Amounts reclassified from AOCI	57	78	121	119
Deferred income tax benefit (expense) (2)	(11)	(17)	(25)	(25)
Amounts reclassified from AOCI, net of income tax	46	61	96	94
Balance, end of period	(5,881)	(4,176)	(5,881)	(4,176)
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(5,028)	459	(6,194)	5,285
OCI before reclassifications	(895)	(5,380)	519	(11,435)
Deferred income tax benefit (expense) (3)	187	1,130	(109)	2,325
AOCI before reclassifications, net of income tax	(5,736)	(3,791)	(5,784)	(3,825)
Amounts reclassified from AOCI	59	81	120	124
Deferred income tax benefit (expense) (2)	(12)	(17)	(25)	(26)
Amounts reclassified from AOCI, net of income tax	47	64	95	98
Balance, end of period	(5,689)	(3,727)	(5,689)	(3,727)
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	472	329	504	239
OCI before reclassifications	(50)	265	(90)	284
Deferred income tax benefit (expense) (3)	11	(55)	19	17
AOCI before reclassifications, net of income tax	433	539	433	540
Amounts reclassified from AOCI	(4)	(5)	(4)	(7)
Deferred income tax benefit (expense) (2)	1	0	1	1
Amounts reclassified from AOCI, net of income tax	(3)	(5)	(3)	(6)
Balance, end of period	430	534	430	534
Changes in Nonperformance Risk on Market Risk Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(1,383)	(2,496)	(1,378)	(3,230)
OCI before reclassifications	(116)	1,451	(123)	2,380
Deferred income tax benefit (expense) (3)	24	(305)	26	(500)
AOCI before reclassifications, net of income tax	(1,475)	(1,350)	(1,475)	(1,350)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense) (2)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	(1,475)	(1,350)	(1,475)	(1,350)
Changes in Discount Rates on the Liability for Future Policy Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	706	(776)	1,020	(2,199)
OCI before reclassifications	251	1,542	(146)	3,343
Deferred income tax benefit (expense) (3)	(52)	(325)	31	(703)
AOCI before reclassifications, net of income tax	905	441	905	441
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense) (2)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	905	441	905	441
Other Components of AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(55)	(57)	(58)	(48)
OCI before reclassifications	1	(25)	3	(36)
Deferred income tax benefit (expense) (3)	0	6	(1)	8
AOCI before reclassifications, net of income tax	(54)	(76)	(56)	(76)
Amounts reclassified from AOCI	2	2	5	2
Deferred income tax benefit (expense) (2)	0	0	(1)	0
Amounts reclassified from AOCI, net of income tax	2	2	4	2
Balance, end of period	$ (52)	$ (74)	$ (52)	$ (74)

Derivatives (Derivatives - Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum Length of Time Hedged in Cash Flow Hedge	1 year	1 year
Derivative AOCI associated with Cash Flow Hedges Pre Tax	$ 544	$ 638

Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business Brighthouse Financial, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial” or the “Company”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the U.S. through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 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. 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. 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. 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 policy-related balances. The Company defers sales inducements and unearned revenue and amortizes the balances using the same methodology and assumptions used to amortize DAC and VOBA. 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. Except as noted below, there were no significant ASUs adopted during the period ended June 30, 2023. In March 2022, the FASB issued new guidance on Troubled Debt Restructurings (“TDR”) (ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures). This ASU eliminates TDR recognition and measurement guidance and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The Company adopted this guidance on January 1, 2023. This ASU was applied prospectively and did not have a material impact on the consolidated financial statements upon adoption but could change the future recognition and measurement of modified loans and other receivables. 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 resulted 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 have been classified and presented separately on the consolidated balance sheets as MRBs. MRBs are now measured at estimated fair value through net income and reported separately on the consolidated statements of operations, except for nonperformance risk changes, which will be recognized in OCI. (2) Cash flow assumptions used to measure LFPBs on traditional long-duration contracts (including term and non-participating whole life insurance and immediate annuities) have been updated on an annual basis using a retrospective method. The resulting remeasurement gain or loss is now 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 is now 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 have been recognized as a revision to future amortization amounts. (5) There was a significant increase in required disclosures, including disaggregated rollforwards of insurance contract assets and liabilities supplemented by qualitative and quantitative information regarding the cash flows, assumptions, methods and judgements used to measure those balances. The transition date was January 1, 2021. MRB changes were required to be applied on a retrospective basis, while the changes for insurance liability assumption updates and DAC amortization were applied to existing carrying amounts on the transition date. The cumulative effect, on an after-tax basis, of the adoption of ASU 2018-12 as of the transition date was a $5.4 billion decrease to retained earnings and a $3.9 billion decrease to accumulated other comprehensive income (loss) (“AOCI”). See Note 2 for more detailed information on the impacts of the ASU to the Company’s financial statements.

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss)	Brighthouse Financial, Inc.’s Stockholders’ Equity	Noncontrolling Interests
Net income (loss)	$ 1,648
Ending Balance at Dec. 31, 2021	8,450	$ 0	$ 1	$ 14,154	$ (4,274)	$ (1,543)	$ 47	$ 8,385	$ 65
Treasury stock acquired in connection with share repurchases	(127)					(127)		(127)
Share-based compensation	(5)		0	6		(11)		(5)
Dividends on preferred stock	(27)			(27)				(27)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent					1,585			1,585
Net income (loss)	1,587								2
Other comprehensive income (loss), net of income tax	(2,588)						(2,588)	(2,588)
Ending Balance at Mar. 31, 2022	7,288	0	1	14,133	(2,689)	(1,681)	(2,541)	7,223	65
Beginning Balance at Dec. 31, 2021	8,450	0	1	14,154	(4,274)	(1,543)	47	8,385	65
Dividends on preferred stock	(53)
Net Income (Loss) Attributable to Parent	3,330
Net income (loss)	3,332
Ending Balance at Jun. 30, 2022	7,246	0	1	14,113	(944)	(1,813)	(4,176)	7,181	65
Beginning Balance at Dec. 31, 2021	8,450	0	1	14,154	(4,274)	(1,543)	47	8,385	65
Net income (loss)	3,884
Ending Balance at Dec. 31, 2022	5,598	0	1	14,075	(395)	(2,042)	(6,106)	5,533	65
Beginning Balance at Mar. 31, 2022	7,288	0	1	14,133	(2,689)	(1,681)	(2,541)	7,223	65
Treasury stock acquired in connection with share repurchases	(132)					(132)		(132)
Share-based compensation	6		0	6		0		6
Dividends on preferred stock	(26)			(26)				(26)
Change in noncontrolling interests	0							0	0
Net Income (Loss) Attributable to Parent	1,745				1,745			1,745
Net income (loss)	1,745								0
Other comprehensive income (loss), net of income tax	(1,635)						(1,635)	(1,635)
Ending Balance at Jun. 30, 2022	7,246	0	1	14,113	(944)	(1,813)	(4,176)	7,181	65
Beginning Balance at Dec. 31, 2022	5,598	0	1	14,075	(395)	(2,042)	(6,106)	5,533	65
Treasury stock acquired in connection with share repurchases	(62)					(62)		(62)
Share-based compensation	(10)		0	5		(15)		(10)
Dividends on preferred stock	(26)			(26)				(26)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent					(499)			(499)
Net income (loss)	(497)								2
Other comprehensive income (loss), net of income tax	818						818	818
Ending Balance at Mar. 31, 2023	5,819	0	1	14,054	(894)	(2,119)	(5,288)	5,754	65
Beginning Balance at Dec. 31, 2022	5,598	0	1	14,075	(395)	(2,042)	(6,106)	5,533	65
Dividends on preferred stock	(51)
Net Income (Loss) Attributable to Parent	(674)
Net income (loss)	(672)
Ending Balance at Jun. 30, 2023	4,972	0	1	14,039	(1,069)	(2,183)	(5,881)	4,907	65
Beginning Balance at Mar. 31, 2023	5,819	0	1	14,054	(894)	(2,119)	(5,288)	5,754	65
Treasury stock acquired in connection with share repurchases	(64)					(64)		(64)
Share-based compensation	10		0	10		0		10
Dividends on preferred stock	(25)			(25)				(25)
Change in noncontrolling interests	0							0	0
Net Income (Loss) Attributable to Parent	(175)				(175)			(175)
Net income (loss)	(175)								0
Other comprehensive income (loss), net of income tax	(593)						(593)	(593)
Ending Balance at Jun. 30, 2023	$ 4,972	$ 0	$ 1	$ 14,039	$ (1,069)	$ (2,183)	$ (5,881)	$ 4,907	$ 65

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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 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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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Insurance (Market Risk Benefit) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Variable Annuities
Market Risk Benefit [Line Items]
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk	$ 9,228	$ 12,014	$ 9,974	$ 15,698		$ 18,388
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	7,360	10,305	8,230	11,611		$ 14,934
Market Risk Benefit, Decrement	(54)	39	16	(68)
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption	0	0	210	41
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected	170	(333)	(48)	(86)
Market Risk Benefit, Increase (Decrease) from Interest Rate Change	(147)	(5,937)	(8,394)	(1,829)
Market Risk Benefit, Increase (Decrease) from Equity Market Change	(1,529)	4,413	3,807	(2,578)
Market Risk Benefit, Issuance	(5)	(16)	(47)	(96)
Market Risk Benefit, Effect of changes in risk margin	(18)	(92)	(152)	(128)
Market Risk Benefit, Aging of the Block and Other	713	620	1,227	1,421
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax	1,868	1,709	1,744	4,087
Market Risk Benefit, Reinsurance Recoverable, after Allowance	50	88	71	118	$ 169
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	$ 9,178	$ 11,926	$ 9,903	$ 15,580	$ 18,219
Market Risk Benefit, Weighted-Average Attained Age of Contract holder	72 years 6 months	71 years 4 months 24 days	71 years 9 months 18 days	71 years 1 month 6 days
Index-linked Annuities
Market Risk Benefit [Line Items]
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk	$ 3	$ 3	$ 3	$ 5

Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(200)	$	1,719	$	(725)	$	3,277

Weighted average common shares outstanding — basic	66,722,046		74,570,237		67,294,437		75,705,755
Dilutive effect of share-based awards	—		401,421		—		454,716
Weighted average common shares outstanding — diluted	66,722,046		74,971,658		67,294,437		76,160,471

Earnings per common share:
Basic	$	(3.01)	$	23.04	$	(10.77)	$	43.27
Diluted	$	(3.01)	$	22.91	$	(10.77)	$	43.01

For both the three months and six months ended June 30, 2023, basic loss per common share equaled diluted loss per common share. The diluted shares were not included in the per share calculation for these periods as the inclusion of such shares would have an antidilutive effect.

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

Derivatives (Derivatives Pertaining to Hedged Items) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (1,811)	$ 1,977	$ (2,386)	$ 1,923	$ (592)	$ (3,983)
Net Derivative Gains (Losses) Recognized for Hedged Items	(11)	(34)	(1)	(41)
Net Investment Income	1,196	1,061	2,255	2,212
Amount of Gains (Losses) Deferred in AOCI	(50)	265	(90)	284
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(6)	(32)	4	(39)
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(5)	(2)	(5)	(2)
Amount of Gains (Losses) Deferred in AOCI	(50)	265	(90)	284
Net Derivative Gains (Losses) Recognized for Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(1,800)	2,011	(2,385)	1,964
Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(1,803)	2,007	(2,387)	1,959
Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	3	4	2	5
Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	14	15	29	27
Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	14	15	29	27
Interest rate \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Interest rate \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	(1)	(20)	1	(41)
Interest rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(551)	(1,307)	59	(2,438)
Interest rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(2)	3	(2)	4
Interest rate \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Interest rate \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	1	1	2	2
Foreign currency exchange rate \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(6)	(32)	4	(39)
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Foreign currency exchange rate \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(5)	(2)	(5)	(2)
Amount of Gains (Losses) Deferred in AOCI	(49)	285	(91)	325
Foreign currency exchange rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	9	93	4	113
Foreign currency exchange rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	5	1	4	1
Foreign currency exchange rate \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Foreign currency exchange rate \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	13	14	27	25
Credit \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Credit \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	9	(25)	19	(32)
Credit \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Equity market \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Equity market \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	433	420	324	728
Equity market \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Embedded \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Embedded \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(1,703)	2,826	(2,793)	3,588
Embedded \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	$ 0	$ 0	$ 0	$ 0

Investments (Other Invested Assets - Narrative) (Details)	Jun. 30, 2023
Minimum
Derivative [Line Items]
Percentage of other invested assets comprised of freestanding derivatives with positive estimated fair values	80.00%

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 142,941	$ 116,991
Derivative assets: (1)	3,017	2,284
Derivative liabilities: (1)	3,887	3,920
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,974	4,086
Derivative assets: (1)	508	596
Derivative liabilities: (1)	23	20
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	138,967	112,905
Derivative assets: (1)	2,509	1,688
Derivative liabilities: (1)	3,864	3,900
Interest rate swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	14,853	3,145
Derivative assets: (1)	90	98
Derivative liabilities: (1)	70	46
Interest rate floors \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,000	3,250
Derivative assets: (1)	4	12
Derivative liabilities: (1)	1	3
Interest rate caps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	5,800	6,350
Derivative assets: (1)	94	137
Derivative liabilities: (1)	34	43
Interest rate options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	31,680	28,688
Derivative assets: (1)	43	22
Derivative liabilities: (1)	208	232
Interest rate forwards \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	17,939	18,168
Derivative assets: (1)	47	35
Derivative liabilities: (1)	1,941	2,466
Interest rate forwards \| Cash flow hedges: \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	20	60
Derivative assets: (1)	0	0
Derivative liabilities: (1)	4	12
Foreign currency swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	777	822
Derivative assets: (1)	128	148
Derivative liabilities: (1)	1	0
Foreign currency swaps \| Cash flow hedges: \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,954	4,026
Derivative assets: (1)	508	596
Derivative liabilities: (1)	19	8
Foreign currency forwards \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	491	487
Derivative assets: (1)	11	1
Derivative liabilities: (1)	0	10
Credit default swaps — written \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,530	1,757
Derivative assets: (1)	24	18
Derivative liabilities: (1)	1	2
Credit default swaptions \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	100
Derivative assets: (1)	0	0
Derivative liabilities: (1)	0	0
Equity index options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	15,528	17,229
Derivative assets: (1)	626	697
Derivative liabilities: (1)	495	351
Equity total return swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	46,739	32,909
Derivative assets: (1)	1,438	520
Derivative liabilities: (1)	1,113	747
Hybrid options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	630	0
Derivative assets: (1)	4	0
Derivative liabilities: (1)	$ 0	$ 0

Insurance (Aggregate FV of Assets Supporting Separate Accounts) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account assets	$ 88,392	$ 84,965
Equity securities
Separate Account, Liability [Line Items]
Separate account assets	88,127	84,667
Fixed maturity securities
Separate Account, Liability [Line Items]
Separate account assets	256	278
Cash and cash equivalents
Separate Account, Liability [Line Items]
Separate account assets	1	9
Other
Separate Account, Liability [Line Items]
Separate account assets	$ 8	$ 11

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Gross investment income	$ 1,288	$ 1,111	$ 2,438	$ 2,303
Less: Investment expenses	92	50	183	91
Net investment income	1,196	1,061	2,255	2,212
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	868	742	1,705	1,460
Equity securities
Net Investment Income [Line Items]
Gross investment income	1	1	1	1
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	237	205	476	408
Policy loans
Net Investment Income [Line Items]
Gross investment income	18	17	33	32
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	89	122	76	363
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	55	6	105	7
Other
Net Investment Income [Line Items]
Gross investment income	$ 20	$ 18	$ 42	$ 32

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Unearned Revenue) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Universal Life Insurance
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	$ 356	$ 358
Capitalization	20	20
Amortization	(20)	(20)
Balance, end of period	356	358
ULSG
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	488	344
Capitalization	88	91
Amortization	(23)	(17)
Balance, end of period	553	418
Variable Annuities
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	74	80
Capitalization	0	1
Amortization	(4)	(4)
Balance, end of period	$ 70	$ 77

ASU 2018-12 Transition IS (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
ASU 2018-12 Transition IS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Insurance Commissions and Fees	$ 601		$ 609		$ 1,207	$ 1,289	$ 2,435	$ 2,980
Net derivative gains (losses)	(1,811)		1,977		(2,386)	1,923	(592)	(3,983)
Total revenues	263		3,866		1,547	5,879	6,873	4,976
Policyholder Benefits and Claims Incurred, Net	689		717		1,376	1,392	2,193	2,746
Change in market risk benefits	1,300		62		1,106	1,641	(4,104)	(4,134)
Benefits, Losses and Expenses	500		1,689		2,437	1,699	2,141	2,967
Post-tax adjusted earnings	$ (175)	$ (497)	$ 1,745	$ 1,587	$ (672)	$ 3,332	3,884	1,648
Previously Reported
Condensed Income Statements, Captions [Line Items]
Insurance Commissions and Fees							3,141	3,636
Net derivative gains (losses)							304	(2,469)
Total revenues							8,473	7,142
Policyholder Benefits and Claims Incurred, Net							4,165	3,443
Change in market risk benefits							0	0
Benefits, Losses and Expenses							8,645	7,350
Post-tax adjusted earnings							10	(103)
Revision of Prior Period, Accounting Standards Update, Adjustment \| Accounting Standards Update 2018-12
Condensed Income Statements, Captions [Line Items]
Insurance Commissions and Fees							(706)	(656)
Net derivative gains (losses)							(896)	(1,514)
Total revenues							(1,600)	(2,166)
Policyholder Benefits and Claims Incurred, Net							(1,972)	(697)
Change in market risk benefits							(4,104)	(4,134)
Benefits, Losses and Expenses							(6,504)	(4,383)
Post-tax adjusted earnings							$ 3,874	$ 1,751

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (64)	$ (66)	$ (160)	$ (134)
Net derivative gains (losses)	(1,811)	1,977	(2,386)	1,923	$ (592)	$ (3,983)
Net investment income	1,196	1,061	2,255	2,212
Pre-tax adjusted earnings	(237)	2,177	(890)	4,180
Income tax (expense) benefit	62	(432)	218	(848)
Net income (loss)	(200)	1,719	(725)	3,277
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(46)	(61)	(96)	(94)
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)	(46)	(55)	(114)	(94)
Net derivative gains (losses)	(13)	(26)	(6)	(30)
Pre-tax adjusted earnings	(59)	(81)	(120)	(124)
Income tax (expense) benefit	12	17	25	26
Net income (loss)	(47)	(64)	(95)	(98)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax adjusted earnings	4	5	4	7
Income tax (expense) benefit	(1)	0	(1)	(1)
Net income (loss)	3	5	3	6
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	(2)	3	(2)	4
Net investment income	1	1	2	2
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	5	1	4	1
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax adjusted earnings	(2)	(2)	(5)	(2)
Income tax (expense) benefit	0	0	1	0
Amortization of net actuarial gains (losses)	(2)	(2)	(5)	(2)
Amortization of defined benefit plans, net of income tax	$ (2)	$ (2)	$ (4)	$ (2)

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Net investment income	$ 1,196	$ 1,061	$ 2,255	$ 2,212
Other limited partnership interests
Net Investment Income [Line Items]
Net investment income	$ 93	$ 93	$ 92	$ 305

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates, Policy [Policy Text Block]	Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation, Policy [Policy Text Block]	Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 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.
Liability for Future Policy Benefit [Policy Text Block]	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 Accounts, Policy [Policy Text Block]	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. 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 Benefit [Policy Text Block]	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.
Derivatives, Embedded Derivatives [Policy Text Block]	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. 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.
Insurance Premiums Revenue Recognition, Policy [Policy Text Block]	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, Policy [Policy Text Block]	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.
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, and unearned revenue liabilities, which are included in other policy-related balances. The Company defers sales inducements and unearned revenue and amortizes the balances using the same methodology and assumptions used to amortize DAC and VOBA.
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. Except as noted below, there were no significant ASUs adopted during the period ended June 30, 2023. In March 2022, the FASB issued new guidance on Troubled Debt Restructurings (“TDR”) (ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures). This ASU eliminates TDR recognition and measurement guidance and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The Company adopted this guidance on January 1, 2023. This ASU was applied prospectively and did not have a material impact on the consolidated financial statements upon adoption but could change the future recognition and measurement of modified loans and other receivables. 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 resulted 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 have been classified and presented separately on the consolidated balance sheets as MRBs. MRBs are now measured at estimated fair value through net income and reported separately on the consolidated statements of operations, except for nonperformance risk changes, which will be recognized in OCI. (2) Cash flow assumptions used to measure LFPBs on traditional long-duration contracts (including term and non-participating whole life insurance and immediate annuities) have been updated on an annual basis using a retrospective method. The resulting remeasurement gain or loss is now 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 is now 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 have been recognized as a revision to future amortization amounts. (5) There was a significant increase in required disclosures, including disaggregated rollforwards of insurance contract assets and liabilities supplemented by qualitative and quantitative information regarding the cash flows, assumptions, methods and judgements used to measure those balances. The transition date was January 1, 2021. MRB changes were required to be applied on a retrospective basis, while the changes for insurance liability assumption updates and DAC amortization were applied to existing carrying amounts on the transition date. The cumulative effect, on an after-tax basis, of the adoption of ASU 2018-12 as of the transition date was a $5.4 billion decrease to retained earnings and a $3.9 billion decrease to accumulated other comprehensive income (loss) (“AOCI”). See Note 2 for more detailed information on the impacts of the ASU to the Company’s financial statements.
Investments, Policy [Policy Text Block]	For fixed maturity securities in an unrealized loss position, management first assesses whether the Company intends to sell, or whether it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to estimated fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the allowance for credit loss evaluation process include, but are not limited to: (i) the extent to which estimated fair value is less than amortized cost; (ii) any changes to the rating of the security by a rating agency; (iii) adverse conditions specifically related to the security, industry or geographic area; and (iv) payment structure of the fixed maturity security and the likelihood of the issuer being able to make payments in the future or the issuer’s failure to make scheduled interest and principal payments. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss is deemed to exist and an allowance for credit losses is recorded, limited by the amount that the estimated fair value is less than the amortized cost basis, with a corresponding charge to net investment gains (losses). Any unrealized losses that have not been recorded through an allowance for credit losses are recognized in OCI. Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses). Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Accrued interest receivables are presented separate from the amortized cost basis of fixed maturity securities. An allowance for credit losses is not estimated on an accrued interest receivable, rather receivable balances 90-days past due are deemed uncollectible and are written off with a corresponding reduction to net investment income. Fixed maturity securities are also evaluated to determine if they qualify as purchased financial assets with credit deterioration (“PCD”). To determine if the credit deterioration experienced since origination is more than insignificant, both (i) the extent of the credit deterioration and (ii) any rating agency downgrades are evaluated. For securities categorized as PCD assets, the present value of cash flows expected to be collected from the security are compared to the par value of the security. If the present value of cash flows expected to be collected is less than the par value, credit losses are embedded in the purchase price of the PCD asset. In this situation, both an allowance for credit losses and amortized cost gross-up is recorded, limited by the amount that the estimated fair value is less than the grossed-up amortized cost basis. Any difference between the purchase price and the present value of cash flows is amortized or accreted into net investment income over the life of the PCD asset. Any subsequent PCD asset allowance for credit losses is evaluated in a manner similar to the process described above for fixed maturity securities.The allowance for credit losses is a valuation account that is deducted from the mortgage loan’s amortized cost basis to present the net amount expected to be collected on the mortgage loan. The loan balance, or a portion of the loan balance, is written-off against the allowance when management believes this amount is uncollectible. Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. 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, modifications, 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 non-credit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments. Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days.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.
Derivatives, Policy [Policy Text Block]	Types of Derivative Instruments and Derivative Strategies The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to minimize its exposure to various market risks. Commonly used derivative instruments include, but are not necessarily limited to: •Interest rate derivatives: swaps, floors, caps, swaptions and forwards; •Foreign currency exchange rate derivatives: forwards and swaps; •Equity market derivatives: options, total return swaps and hybrid options; and •Credit derivatives: single and index reference credit default swaps and swaptions. Counterparty Credit RiskGenerally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.
Income Tax, Policy [Policy Text Block]	The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 2,873	$ 2,308
Derivative Asset, Not Offset, Policy Election Deduction	(2,106)	(1,659)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(516)	(640)
Derivative Asset, Fair Value, Amount Offset Against Collateral	251	9
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(231)	(6)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	20	3
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	3,746	3,919
Derivative Liability, Not Offset, Policy Election Deduction	(2,106)	(1,659)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	(7)
Derivative Liability, Fair Value, Amount Offset Against Collateral	1,640	2,253
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(1,640)	(2,251)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 0	$ 2

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

6 Months Ended

Jun. 30, 2023

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

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

5. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding DAC and VOBA was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Six Months Ended June 30, 2023
DAC:
Balance, beginning of period	$	2,508	$	107	$	1,213	$	405	$	392
Capitalization	19		7		165		—		6
Amortization	(124)		(5)		(111)		(27)		(23)
Balance, end of period	2,403		109		1,267		378		375
VOBA:
Balance, beginning of period	341		65		—		5		48
Amortization	(17)		(2)		—		(1)		(3)
Balance, end of period	324		63		—		4		45
Total DAC and VOBA:
Balance, end of period	$	2,727	$	172	$	1,267	$	382	$	420
Six Months Ended June 30, 2022
DAC:
Balance, beginning of period	$	2,718	$	89	$	1,081	$	462	$	431
Capitalization	37		11		170		—		5
Amortization	(134)		(7)		(94)		(30)		(25)
Balance, end of period	2,621		93		1,157		432		411
VOBA:
Balance, beginning of period	377		70		—		6		54
Amortization	(18)		(3)		—		(1)		(3)
Balance, end of period	359		67		—		5		51
Total DAC and VOBA:
Balance, end of period	$	2,980	$	160	$	1,157	$	437	$	462


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
DAC:
Adjusted balance at January 1, 2021 (1)	$	2,912	$	64	$	886	$	527	$	469
Capitalization	90		37		354		(3)		16
Amortization	(284)		(12)		(159)		(62)		(54)
Balance at December 31, 2021	2,718		89		1,081		462		431
Capitalization	55		30		330		(1)		11
Amortization	(265)		(12)		(198)		(56)		(50)
Balance at December 31, 2022	$	2,508	$	107	$	1,213	$	405	$	392
VOBA:
Adjusted balance at January 1, 2021 (1)	$	428	$	76	$	—	$	8	$	61
Amortization	(51)		(6)		—		(2)		(7)
Balance at December 31, 2021	377		70		—		6		54
Amortization	(36)		(5)		—		(1)		(6)
Balance at December 31, 2022	341		65		—		5		48
Total DAC and VOBA:
Balance at December 31, 2022	$	2,849	$	172	$	1,213	$	410	$	440
Balance at December 31, 2021	$	3,095	$	159	$	1,081	$	468	$	485

_______________

(1)Includes an adjustment to eliminate balances included in AOCI related to the adoption of ASU 2018-12 (see Note 2).

Deferred Sales Inducements

Information regarding DSI, included in other assets, was as follows:


	Six Months Ended June 30, 2023
	2023				2022
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	245	$	9	$	272	$	10
Amortization	(13)		(1)		(14)		—
Balance, end of period	$	232	$	8	$	258	$	10

Unearned Revenue

Information regarding unearned revenue, included in other policy-related balances, was as follows:


	Six Months Ended June 30, 2023
	2023						2022
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	356	$	488	$	74	$	358	$	344	$	80
Capitalization	20		88		—		20		91		1
Amortization	(20)		(23)		(4)		(20)		(17)		(4)
Balance, end of period	$	356	$	553	$	70	$	358	$	418	$	77

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Premiums	$ 211	$ 167	$ 408	$ 333
Universal life and investment-type product policy fees	601	609	1,207	1,289
Net investment income	1,196	1,061	2,255	2,212
Other revenues	130	118	223	256
Net investment gains (losses)	(64)	(66)	(160)	(134)
Net derivative gains (losses)	(1,811)	1,977	(2,386)	1,923
Total revenues	263	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 balances	452	284	874	532
Amortization of deferred policy acquisition costs and value of business acquired	157	158	313	315
Change in market risk benefits	(1,300)	(62)	(1,106)	(1,641)
Other expenses	502	592	980	1,101
Total expenses	500	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	0	0	2	2
Net income (loss) attributable to Brighthouse Financial, Inc.	(175)	1,745	(674)	3,330
Less: Preferred stock dividends	25	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	0	0	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

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (237)		$ 2,177		$ (890)	$ 4,180
Provision for income tax expense (benefit)	(62)		432		(218)	848
Post-tax adjusted earnings	(175)	$ (497)	1,745	$ 1,587	(672)	3,332	$ 3,884	$ 1,648
Less: Net income (loss) attributable to noncontrolling interests	0		0		2	2
Less: Preferred stock dividends	25		26		51	53
Net investment gains (losses)	(64)		(66)		(160)	(134)
Investment Hedge Adjustment	(23)		(9)		(61)	(15)
Change in market risk benefits	1,300		62		1,106	1,641	$ (4,104)	$ (4,134)
Market value adjustments	130		118		223	256
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	(200)		1,719		(725)	3,277
Annuities
Segment Reporting Information [Line Items]
Interest revenue	633		546		1,227	1,101
Interest expense	0		0		0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	119		115		219	275
Interest expense	0		0		0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	316		350		570	751
Interest expense	0		0		0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	151		59		300	100
Interest expense	38		38		76	76
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	359		181		617	695
Provision for income tax expense (benefit)	63		11		98	116
Post-tax adjusted earnings	296		170		519	579
Less: Net income (loss) attributable to noncontrolling interests	0		0		2	2
Less: Preferred stock dividends	25		26		51	53
Adjusted earnings	271		144		466	524
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	357		394		744	832
Provision for income tax expense (benefit)	66		74		139	158
Post-tax adjusted earnings	291		320		605	674
Less: Net income (loss) attributable to noncontrolling interests	0		0		0	0
Less: Preferred stock dividends	0		0		0	0
Adjusted earnings	291		320		605	674
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	18		36		18	119
Provision for income tax expense (benefit)	3		7		2	24
Post-tax adjusted earnings	15		29		16	95
Less: Net income (loss) attributable to noncontrolling interests	0		0		0	0
Less: Preferred stock dividends	0		0		0	0
Adjusted earnings	15		29		16	95
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	(21)		(200)		(155)	(169)
Provision for income tax expense (benefit)	(5)		(43)		(33)	(36)
Post-tax adjusted earnings	(16)		(157)		(122)	(133)
Less: Net income (loss) attributable to noncontrolling interests	0		0		0	0
Less: Preferred stock dividends	0		0		0	0
Adjusted earnings	(16)		(157)		(122)	(133)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	5		(49)		10	(87)
Provision for income tax expense (benefit)	(1)		(27)		(10)	(30)
Post-tax adjusted earnings	6		(22)		20	(57)
Less: Net income (loss) attributable to noncontrolling interests	0		0		2	2
Less: Preferred stock dividends	25		26		51	53
Adjusted earnings	(19)		(48)		(33)	(112)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	125		(421)		316	(732)
Net investment gains (losses)	(64)		(66)		(160)	(134)
Net derivative gains (losses), excluding investment hedge adjustments	(1,834)		1,968		(2,447)	1,908
Change in market risk benefits	1,300		62		1,106	1,641
Market value adjustments	$ 2		$ 32		$ (6)	$ 70

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased from third parties	$ 0	$ 415	$ 32	$ 1,300
Accrued interest receivable	114		114		$ 115
Financing receivables in nonaccrual status with no allowance for credit losses	$ 0		$ 0		$ 0
Minimum \| Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses by performance status as a percentage of financing receivables, before allowance for credit losses	99.00%		99.00%		99.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables in nonaccrual status, investment income			$ 1	$ 1

Financial Services, Insurance, ASU 2018-12 Transition (Tables)

6 Months Ended

Jun. 30, 2023

ASU 2018-12 Transition [Abstract]

Accounting Standards Update and Change in Accounting Principle

The effect of transition adjustments on stockholders’ equity at January 1, 2021 due to the adoption of ASU 2018-12 was as follows:


	Retained Earnings (Deficit)		AOCI
	(In millions)
Liability for future policy benefits	$	(436)	$	(2,073)
Market risk benefits and related adjustments	(6,237)		(3,454)
DAC and VOBA	—		520
Reinsurance recoverables	(141)		34
Deferred income tax asset	1,431		1,044
Total	$	(5,383)	$	(3,929)

The balances of and changes in LFPBs at January 1, 2021 due to the adoption of ASU 2018-12 were as follows:


	Term and Whole Life Insurance		Income Annuities		Structured Settlement and Pension Risk Transfer Annuities
	(In millions)
Balance at December 31, 2020	$	2,854	$	4,311	$	10,115
Removal of related balances in AOCI	—		(203)		(1,784)
Change in cash flow assumptions	14		(171)		200
Initial recognition of deferred profit liabilities	—		176		217
Change in discount rate assumptions	536		754		2,770
Adjusted balance at January 1, 2021	3,404		4,867		11,518
Less: Reinsurance recoverable	85		29		102
Adjusted balance at January 1, 2021, net of reinsurance	$	3,319	$	4,838	$	11,416

The balance of and changes in liabilities classified as MRBs at January 1, 2021 due to the adoption of ASU 2018-12 were as follows:


	Variable Annuities
	(In millions)
Balance at December 31, 2020	$	8,924
Adjustment for the difference between carrying amount and estimated fair value, except for the difference due to nonperformance risk	6,010
Adjustment for cumulative effect of changes in nonperformance risk since issuance	3,454
Adjusted balance at January 1, 2021	18,388
Less: Reinsurance recoverable	169
Adjusted balance at January 1, 2021, net of reinsurance	$	18,219

The balances of and changes in DAC and VOBA on January 1, 2021 due to the adoption of ASU 2018-12 were as follows:


	Variable Annuities		Fixed Rate Annuities		Index-Linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
DAC:
Balance at December 31, 2020	$	2,440	$	64	$	886	$	527	$	492
Removal of related amounts in AOCI	472		—		—		—		(23)
Adjusted balance at January 1, 2021	$	2,912	$	64	$	886	$	527	$	469
VOBA:
Balance at December 31, 2020	$	363	$	76	$	—	$	8	$	55
Removal of related amounts in AOCI	65		—		—		—		6
Adjusted balance at January 1, 2021	$	428	$	76	$	—	$	8	$	61

The following tables present amounts previously reported in 2022 and 2021, the effect on those amounts of the change due to the adoption of ASU 2018-12 as described in Note 1, and the currently reported amounts in the Unaudited Interim Consolidated Balance Sheets and Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). See Notes 4 and 5 for more information.


	December 31, 2022						December 31, 2021
	As Previously Reported		Effect of Change		As Currently Reported		As Previously Reported		Effect of Change		As Currently Reported
	(In millions)
Total assets	$	225,580	$	(733)	$	224,847	$	259,840	$	2,417	$	262,257
Future policy benefits	$	41,569	$	(10,072)	$	31,497	$	43,807	$	(3,817)	$	39,990
Policyholder account balances	$	74,836	$	(1,309)	$	73,527	$	66,851	$	(1,602)	$	65,249
Market risk benefit liabilities	$	—	$	10,389	$	10,389	$	—	$	16,034	$	16,034
Total liabilities	$	219,542	$	(293)	$	219,249	$	243,633	$	10,174	$	253,807
Retained earnings (deficit)	$	(637)	$	242	$	(395)	$	(642)	$	(3,632)	$	(4,274)
Accumulated other comprehensive income (loss)	$	(5,424)	$	(682)	$	(6,106)	$	4,172	$	(4,125)	$	47
Total equity	$	6,038	$	(440)	$	5,598	$	16,207	$	(7,757)	$	8,450
Total liabilities and equity	$	225,580	$	(733)	$	224,847	$	259,840	$	2,417	$	262,257


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Previously Reported		Effect of Change		As Currently Reported		As Previously Reported		Effect of Change		As Currently Reported
	(In millions)
Universal life and investment-type product policy fees	$	3,141	$	(706)	$	2,435	$	3,636	$	(656)	$	2,980
Net derivative gains (losses)	$	304	$	(896)	$	(592)	$	(2,469)	$	(1,514)	$	(3,983)
Total revenues	$	8,473	$	(1,600)	$	6,873	$	7,142	$	(2,166)	$	4,976
Policyholder benefits and claims	$	4,165	$	(1,972)	$	2,193	$	3,443	$	(697)	$	2,746
Change in market risk benefits	$	—	$	(4,104)	$	(4,104)	$	—	$	(4,134)	$	(4,134)
Total expenses	$	8,645	$	(6,504)	$	2,141	$	7,350	$	(4,383)	$	2,967
Net income (loss)	$	10	$	3,874	$	3,884	$	(103)	$	1,751	$	1,648

Insurance (Future Policy Benefits - Reconciliation) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 31,899	$ 33,492
Liabilities reported in the preceding rollforward tables
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	19,933	20,852
Long-term care insurance (1)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	5,606	6,093
ULSG liability for profits followed by losses
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	2,565	2,911
Participating whole life insurance (2)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 3,031	$ 2,851
Participating Insurance, Percentage of Gross Insurance in Force	3.00%	3.00%
Participating Insurance, Percentage of Premium Income	41.00%	41.00%
Participating whole life insurance (2) \| Minimum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefits, Interest Rate	3.50%
Participating whole life insurance (2) \| Maximum
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefits, Interest Rate	4.50%
Deferred profit liabilities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 373	$ 375
Other
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 391	$ 410

Changes in DAC and VOBA, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Variable Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost	$ 2,403	$ 2,508	$ 2,621	$ 2,718		$ 2,912
Present Value of Future Insurance Profits, Net	324	341	359	377		428
Variable Annuities \| Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					$ 2,912
Present Value of Future Insurance Profits, Net					428
Variable Annuities \| Accounting Standards Update 2018-12 \| Previously Reported
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost						2,440
Present Value of Future Insurance Profits, Net						363
Variable Annuities \| AOCI Attributable to Parent \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					472
Present Value of Future Insurance Profits, Net					65
Fixed Rate Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost	109	107	93	89		64
Present Value of Future Insurance Profits, Net	63	65	67	70		76
Fixed Rate Annuities \| Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					64
Present Value of Future Insurance Profits, Net					76
Fixed Rate Annuities \| Accounting Standards Update 2018-12 \| Previously Reported
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost						64
Present Value of Future Insurance Profits, Net						76
Fixed Rate Annuities \| AOCI Attributable to Parent \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					0
Present Value of Future Insurance Profits, Net					0
Index-linked Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost	1,267	1,213	1,157	1,081		886
Present Value of Future Insurance Profits, Net	0	0	0	0		0
Index-linked Annuities \| Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					886
Present Value of Future Insurance Profits, Net					0
Index-linked Annuities \| Accounting Standards Update 2018-12 \| Previously Reported
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost						886
Present Value of Future Insurance Profits, Net						0
Index-linked Annuities \| AOCI Attributable to Parent \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					0
Present Value of Future Insurance Profits, Net					0
Term and Whole Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost	378	405	432	462		527
Present Value of Future Insurance Profits, Net	4	5	5	6		8
Term and Whole Life Insurance \| Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					527
Present Value of Future Insurance Profits, Net					8
Term and Whole Life Insurance \| Accounting Standards Update 2018-12 \| Previously Reported
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost						527
Present Value of Future Insurance Profits, Net						8
Term and Whole Life Insurance \| AOCI Attributable to Parent \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					0
Present Value of Future Insurance Profits, Net					0
Universal Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost	375	392	411	431		469
Present Value of Future Insurance Profits, Net	$ 45	$ 48	$ 51	$ 54		61
Universal Life Insurance \| Accounting Standards Update 2018-12
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					469
Present Value of Future Insurance Profits, Net					61
Universal Life Insurance \| Accounting Standards Update 2018-12 \| Previously Reported
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost						492
Present Value of Future Insurance Profits, Net						$ 55
Universal Life Insurance \| AOCI Attributable to Parent \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Deferred Policy Acquisition Cost					(23)
Present Value of Future Insurance Profits, Net					$ 6

ASU 2018-12 Transition BS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	$ 231,545		$ 224,847			$ 262,257
Future policy benefits	31,899		31,497			39,990
Policyholder Contract Deposit	78,643		73,527			65,249
Market risk benefit liabilities	9,783		10,389			16,034
Total liabilities	226,573		219,249			253,807
Retained earnings (deficit)	(1,069)		(395)			(4,274)
Accumulated other comprehensive income (loss)	(5,881)	$ (5,288)	(6,106)	$ (4,176)	$ (2,541)	47
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	4,972	$ 5,819	5,598	$ 7,246	$ 7,288	8,450
Liabilities and Equity	$ 231,545		224,847			262,257
Previously Reported
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets			225,580			259,840
Future policy benefits			41,569			43,807
Policyholder Contract Deposit			74,836			66,851
Market risk benefit liabilities			0			0
Total liabilities			219,542			243,633
Retained earnings (deficit)			(637)			(642)
Accumulated other comprehensive income (loss)			(5,424)			4,172
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest			6,038			16,207
Liabilities and Equity			225,580			259,840
Revision of Prior Period, Accounting Standards Update, Adjustment \| Accounting Standards Update 2018-12
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets			(733)			2,417
Future policy benefits			(10,072)			(3,817)
Policyholder Contract Deposit			(1,309)			(1,602)
Market risk benefit liabilities			10,389			16,034
Total liabilities			(293)			10,174
Retained earnings (deficit)			242			(3,632)
Accumulated other comprehensive income (loss)			(682)			(4,125)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest			(440)			(7,757)
Liabilities and Equity			$ (733)			$ 2,417

Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

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


	June 30, 2023
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	32,387	$	1,327	$	33,714
Foreign corporate	—		10,301		604		10,905
U.S. government and agency	3,552		4,611		—		8,163
RMBS	—		7,439		14		7,453
CMBS	—		6,422		36		6,458
ABS	—		5,705		321		6,026
State and political subdivision	—		3,835		—		3,835
Foreign government	—		985		38		1,023
Total fixed maturity securities	3,552		71,685		2,340		77,577
Equity securities	40		26		25		91
Short-term investments	873		252		—		1,125




Derivative assets: (1)
Interest rate	—		278		—		278
Foreign currency exchange rate	—		630		17		647
Credit	—		17		7		24
Equity market	—		2,064		4		2,068
Total derivative assets	—		2,989		28		3,017
Market risk benefit assets	—		—		602		602
Separate account assets	10		88,382		—		88,392
Total assets	$	4,475	$	163,334	$	2,995	$	170,804
Liabilities
Market risk benefit liabilities	$	—	$	—	$	9,783	$	9,783
Derivative liabilities: (1)
Interest rate	—		2,258		—		2,258
Foreign currency exchange rate	—		20		—		20
Credit	—		—		1		1
Equity market	—		1,608		—		1,608
Total derivative liabilities	—		3,886		1		3,887
Embedded derivatives on index-linked annuities (2)	—		—		6,886		6,886

Total liabilities	$	—	$	3,886	$	16,670	$	20,556


	December 31, 2022
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(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
Market risk benefit assets	—		—		483		483
Separate account assets	29		84,936		—		84,965
Total assets	$	4,352	$	157,390	$	2,737	$	164,479
Liabilities
Market risk benefit liabilities	$	—	$	—	$	10,389	$	10,389
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 on index-linked annuities (2)	—		—		3,932		3,932
Total liabilities	$	—	$	3,918	$	14,323	$	18,241

_______________

(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 derivative liabilities on index-linked annuities are reported in policyholder account balances.

Fair Value Measurement Inputs and Valuation Techniques

Certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows at:


					June 30, 2023			December 31, 2022			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range
Market Risk Benefits
Variable annuity guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates	0.04%	-	12.90%	0.04%	-	12.90%	Decrease (1)
			•	Lapse rates	1.00%	-	24.11%	1.00%	-	24.11%	Decrease (2)
			•	Utilization rates	0.00%	-	25.00%	0.00%	-	25.00%	Increase (3)
			•	Withdrawal rates	0.00%	-	10.00%	0.00%	-	10.00%	(4)
			•	Long-term equity volatilities	12.52%	-	22.83%	19.99%	-	28.45%	Increase (5)
			•	Nonperformance risk spread	0.86%	-	2.08%	(2.73)%	-	4.52%	Decrease (6)
Embedded Derivatives
Index-linked annuity crediting rates	•	Option pricing techniques	•	Mortality rates	0.03%	-	9.24%	0.03%	-	9.24%	Decrease (1)
			•	Lapse rates	1.00%	-	62.30%	1.00%	-	62.30%	Decrease (2)

			•	Withdrawal rates	0.50%	-	9.00%	0.50%	-	9.00%	(4)

			•	Nonperformance risk spread	0.54%	-	1.93%	0.00%	-	1.98%	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. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.

(2)The lapse rate range reflects base lapse rates for major product categories for duration 1-20. 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. For variable annuity guarantees, 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 for variable annuity guarantees 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 variable annuity GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For variable annuity 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 MRBs.

(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 MRB or embedded derivative.

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 (excluding MRBs disclosed in Note 4) 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)		Embedded Derivatives on Index-Linked Annuities		Separate Account Assets (3)
	(In millions)
Three Months Ended June 30, 2023
Balance, beginning of period	$	1,936	$	350	$	39	$	25	$	—	$	33	$	(5,164)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(4)		—		—		(1)		—		(5)		(1,703)		—
Total realized/unrealized gains (losses) included in AOCI	(22)		(1)		—		—		—		—		—		—
Purchases (6)	68		36		—		1		—		9		—		—
Sales (6)	(42)		(3)		(1)		—		—		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		(19)		—
Transfers into Level 3 (7)	26		2		—		—		—		—		—		—
Transfers out of Level 3 (7)	(31)		(13)		—		—		—		(10)		—		—
Balance, end of period	$	1,931	$	371	$	38	$	25	$	—	$	27	$	(6,886)	$	—
Three Months Ended June 30, 2022
Balance, beginning of period	$	1,618	$	194	$	23	$	13	$	—	$	30	$	(5,674)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(6)		—		—		1		—		(5)		2,826		—
Total realized/unrealized gains (losses) included in AOCI	(110)		3		(5)		—		—		12		—		—
Purchases (6)	330		201		—		13		—		1		—		—
Sales (6)	(56)		(11)		—		—		—		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		17		—
Transfers into Level 3 (7)	90		34		22		—		—		—		—		—
Transfers out of Level 3 (7)	(156)		(76)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(2,831)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (8)	$	(3)	$	—	$	—	$	(2)	$	—	$	(5)	$	(1,802)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2023 (8)	$	(24)	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (8)	$	—	$	—	$	—	$	1	$	—	$	(5)	$	2,756	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (8)	$	(117)	$	2	$	(5)	$	—	$	—	$	12	$	—	$	—


	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)		Embedded Derivatives on Index-Linked Annuities		Separate Account Assets (3)
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	1,787	$	365	$	38	$	27	$	—	$	35	$	(3,932)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(3)		—		—		(3)		—		(5)		(2,793)		—
Total realized/unrealized gains (losses) included in AOCI	7		1		1		—		—		—		—		—
Purchases (6)	210		52		—		1		—		9		—		—
Sales (6)	(73)		(7)		(1)		—		—		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		(161)		—
Transfers into Level 3 (7)	56		2		—		—		—		—		—		—
Transfers out of Level 3 (7)	(53)		(42)		—		—		—		(12)		—		—
Balance, end of period	$	1,931	$	371	$	38	$	25	$	—	$	27	$	(6,886)	$	—
Six Months Ended June 30, 2022
Balance, beginning of period	$	1,399	$	220	$	26	$	13	$	2	$	36	$	(6,641)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(6)		—		—		1		—		(15)		3,588		(1)
Total realized/unrealized gains (losses) included in AOCI	(216)		(12)		(9)		—		—		16		—		—
Purchases (6)	648		229		5		13		—		1		—		—
Sales (6)	(140)		(14)		(1)		—		(2)		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		222		—
Transfers into Level 3 (7)	148		23		19		—		—		—		—		1
Transfers out of Level 3 (7)	(123)		(101)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(2,831)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (8)	$	(2)	$	(1)	$	—	$	(3)	$	—	$	(5)	$	(2,968)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2023 (8)	$	1	$	—	$	1	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (8)	$	—	$	—	$	—	$	1	$	—	$	(15)	$	3,443	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (8)	$	(218)	$	(12)	$	(9)	$	—	$	—	$	16	$	—	$	—

_______________

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

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

(3)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 recorded in net investment gains (losses) and not net income (loss).

(4)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).

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

(6)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.

(7)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 out of Level 3 in the same period are excluded from the rollforward.

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


	June 30, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,614	$	—	$	—	$	20,452	$	20,452
Policy loans	$	1,288	$	—	$	503	$	911	$	1,414
Other invested assets	$	228	$	—	$	216	$	12	$	228
Premiums, reinsurance and other receivables	$	7,163	$	—	$	154	$	7,145	$	7,299
Liabilities
Policyholder account balances	$	31,657	$	—	$	—	$	30,584	$	30,584
Long-term debt	$	3,156	$	—	$	2,685	$	—	$	2,685
Other liabilities	$	1,099	$	—	$	407	$	693	$	1,100
Separate account liabilities	$	1,135	$	—	$	1,135	$	—	$	1,135


	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

Contingencies, Commitments and Guarantees (Contingencies, Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Settlement for reinsurance-related matter	$ 16	$ 178	$ 35	$ 192
Cumulative maximum indemnities and guarantees contractual limitation	98		98
Liabilities for indemnities, guarantees and commitments	1		1		$ 1
Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Settlement for reinsurance-related matter		$ 140
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities and guarantees contractual limitation range	1		1
Minimum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued	0		0
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued	10		10
Indemnities and guarantees contractual limitation range	92		92
Maximum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued	125		125
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	294		294		247
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	$ 1,500		$ 1,500		$ 1,900

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 22,759	$ 23,055
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	100.60%	100.50%
Financing receivable, allowance for credit losses	$ (145)	$ (119)	$ (103)	$ (123)
Financing receivable, allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	(0.60%)	(0.50%)
Financing receivable, net of allowance for credit losses	$ 22,614	$ 22,936
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	$ 13,392	$ 13,574
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	59.20%	59.20%
Financing receivable, allowance for credit losses	$ (75)	$ (49)	(44)	(67)
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,432	$ 4,365
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	19.60%	19.00%
Financing receivable, allowance for credit losses	$ (14)	$ (15)	(15)	(12)
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,935	$ 5,116
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	21.80%	22.30%
Financing receivable, allowance for credit losses	$ (56)	$ (55)	$ (44)	$ (44)

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

6 Months Ended

Jun. 30, 2023

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

Deferred Policy Acquisition Costs

Information regarding DAC and VOBA was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Six Months Ended June 30, 2023
DAC:
Balance, beginning of period	$	2,508	$	107	$	1,213	$	405	$	392
Capitalization	19		7		165		—		6
Amortization	(124)		(5)		(111)		(27)		(23)
Balance, end of period	2,403		109		1,267		378		375
VOBA:
Balance, beginning of period	341		65		—		5		48
Amortization	(17)		(2)		—		(1)		(3)
Balance, end of period	324		63		—		4		45
Total DAC and VOBA:
Balance, end of period	$	2,727	$	172	$	1,267	$	382	$	420
Six Months Ended June 30, 2022
DAC:
Balance, beginning of period	$	2,718	$	89	$	1,081	$	462	$	431
Capitalization	37		11		170		—		5
Amortization	(134)		(7)		(94)		(30)		(25)
Balance, end of period	2,621		93		1,157		432		411
VOBA:
Balance, beginning of period	377		70		—		6		54
Amortization	(18)		(3)		—		(1)		(3)
Balance, end of period	359		67		—		5		51
Total DAC and VOBA:
Balance, end of period	$	2,980	$	160	$	1,157	$	437	$	462


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
DAC:
Adjusted balance at January 1, 2021 (1)	$	2,912	$	64	$	886	$	527	$	469
Capitalization	90		37		354		(3)		16
Amortization	(284)		(12)		(159)		(62)		(54)
Balance at December 31, 2021	2,718		89		1,081		462		431
Capitalization	55		30		330		(1)		11
Amortization	(265)		(12)		(198)		(56)		(50)
Balance at December 31, 2022	$	2,508	$	107	$	1,213	$	405	$	392
VOBA:
Adjusted balance at January 1, 2021 (1)	$	428	$	76	$	—	$	8	$	61
Amortization	(51)		(6)		—		(2)		(7)
Balance at December 31, 2021	377		70		—		6		54
Amortization	(36)		(5)		—		(1)		(6)
Balance at December 31, 2022	341		65		—		5		48
Total DAC and VOBA:
Balance at December 31, 2022	$	2,849	$	172	$	1,213	$	410	$	440
Balance at December 31, 2021	$	3,095	$	159	$	1,081	$	468	$	485

_______________

(1)Includes an adjustment to eliminate balances included in AOCI related to the adoption of ASU 2018-12 (see Note 2).

Present Value of Future Insurance Profits

Information regarding DAC and VOBA was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Six Months Ended June 30, 2023
DAC:
Balance, beginning of period	$	2,508	$	107	$	1,213	$	405	$	392
Capitalization	19		7		165		—		6
Amortization	(124)		(5)		(111)		(27)		(23)
Balance, end of period	2,403		109		1,267		378		375
VOBA:
Balance, beginning of period	341		65		—		5		48
Amortization	(17)		(2)		—		(1)		(3)
Balance, end of period	324		63		—		4		45
Total DAC and VOBA:
Balance, end of period	$	2,727	$	172	$	1,267	$	382	$	420
Six Months Ended June 30, 2022
DAC:
Balance, beginning of period	$	2,718	$	89	$	1,081	$	462	$	431
Capitalization	37		11		170		—		5
Amortization	(134)		(7)		(94)		(30)		(25)
Balance, end of period	2,621		93		1,157		432		411
VOBA:
Balance, beginning of period	377		70		—		6		54
Amortization	(18)		(3)		—		(1)		(3)
Balance, end of period	359		67		—		5		51
Total DAC and VOBA:
Balance, end of period	$	2,980	$	160	$	1,157	$	437	$	462


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
DAC:
Adjusted balance at January 1, 2021 (1)	$	2,912	$	64	$	886	$	527	$	469
Capitalization	90		37		354		(3)		16
Amortization	(284)		(12)		(159)		(62)		(54)
Balance at December 31, 2021	2,718		89		1,081		462		431
Capitalization	55		30		330		(1)		11
Amortization	(265)		(12)		(198)		(56)		(50)
Balance at December 31, 2022	$	2,508	$	107	$	1,213	$	405	$	392
VOBA:
Adjusted balance at January 1, 2021 (1)	$	428	$	76	$	—	$	8	$	61
Amortization	(51)		(6)		—		(2)		(7)
Balance at December 31, 2021	377		70		—		6		54
Amortization	(36)		(5)		—		(1)		(6)
Balance at December 31, 2022	341		65		—		5		48
Total DAC and VOBA:
Balance at December 31, 2022	$	2,849	$	172	$	1,213	$	410	$	440
Balance at December 31, 2021	$	3,095	$	159	$	1,081	$	468	$	485

_______________

(1)Includes an adjustment to eliminate balances included in AOCI related to the adoption of ASU 2018-12 (see Note 2).

Deferred Sale Inducement Cost

Information regarding DSI, included in other assets, was as follows:


	Six Months Ended June 30, 2023
	2023				2022
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	245	$	9	$	272	$	10
Amortization	(13)		(1)		(14)		—
Balance, end of period	$	232	$	8	$	258	$	10

Unearned Revenue

Information regarding unearned revenue, included in other policy-related balances, was as follows:


	Six Months Ended June 30, 2023
	2023						2022
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	356	$	488	$	74	$	358	$	344	$	80
Capitalization	20		88		—		20		91		1
Amortization	(20)		(23)		(4)		(20)		(17)		(4)
Balance, end of period	$	356	$	553	$	70	$	358	$	418	$	77

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Segment	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 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	$ (4,972)	$ (5,819)	$ (5,598)	$ (7,246)	$ (7,288)	$ (8,450)
Retained Earnings (Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 5,400
AOCI Attributable to Parent
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ 3,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (64)	$ (66)	$ (160)	$ (134)
Fixed maturity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(55)	(60)	(131)	(102)
Equity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	2	(6)	(1)	(12)
Mortgage loans
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(10)	1	(27)	(3)
Limited partnerships and LLCs
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	0	(1)	0	(17)
Other
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (1)	$ 0	$ (1)	$ 0

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
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 value	91	89
Mortgage loans (net of allowance for credit losses of $145 and $119, respectively)	22,614	22,936
Policy loans	1,288	1,282
Limited partnerships and limited liability companies	4,914	4,775
Short-term investments, principally at estimated fair value	1,125	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 investments	111,286	108,592
Cash and cash equivalents	3,737	4,115
Accrued investment income	1,027	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 acquired	4,968	5,084
Current income tax recoverable	31	38
Deferred income tax asset	1,897	1,736
Market risk benefit assets	602	483
Other assets	382	401
Separate account assets	88,392	84,965
Total assets	231,545	224,847
Liabilities
Future policy benefits	31,899	31,497
Policyholder account balances	78,643	73,527
Market risk benefit liabilities	9,783	10,389
Other policy-related balances	3,784	4,098
Payables for collateral under securities loaned and other transactions	4,133	4,560
Long-term debt	3,156	3,156
Other liabilities	6,783	7,057
Separate account liabilities	88,392	84,965
Total liabilities	226,573	219,249
Contingencies, Commitments and Guarantees (Note 12)
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; 122,758,837 and 122,153,422 shares issued, respectively; 65,956,660 and 68,278,068 shares outstanding, respectively	1	1
Additional paid-in capital	14,039	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’ equity	4,907	5,533
Noncontrolling interests	65	65
Total equity	4,972	5,598
Total liabilities and equity	$ 231,545	$ 224,847

Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

See Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report for a description of the Company’s accounting policies for investments and the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	June 30, 2023										December 31, 2022
	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	$	37,732	$	4	$	237	$	4,251	$	33,714	$	36,926	$	1	$	203	$	4,521	$	32,607
Foreign corporate	12,587		—		44		1,726		10,905		12,471		1		38		1,932		10,576
U.S. government and agency	8,374		—		336		547		8,163		8,318		—		300		602		8,016
RMBS	8,330		5		42		914		7,453		8,431		2		44		945		7,528
CMBS	7,202		3		1		742		6,458		7,324		3		—		710		6,611
ABS	6,252		—		9		235		6,026		5,652		—		3		296		5,359
State and political subdivision	4,012		—		150		327		3,835		4,074		—		125		400		3,799
Foreign government	1,081		—		41		99		1,023		1,148		—		39		106		1,081
Total fixed maturity securities	$	85,570	$	12	$	860	$	8,841	$	77,577	$	84,344	$	7	$	752	$	9,512	$	75,577

The Company held non-income producing fixed maturity securities with an estimated fair value of $14 million at June 30, 2023. The Company did not hold non-income producing fixed maturity securities at December 31, 2022.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at June 30, 2023:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	2,081	$	15,240	$	15,952	$	30,513	$	21,784	$	85,570
Estimated fair value	$	2,043	$	14,451	$	14,192	$	26,954	$	19,937	$	77,577

_______________

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

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector

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


	June 30, 2023								December 31, 2022
	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	$	10,440	$	762	$	18,523	$	3,489	$	24,509	$	3,351	$	3,979	$	1,170
Foreign corporate	2,995		161		7,038		1,565		8,260		1,413		1,601		519
U.S. government and agency	951		28		3,238		519		3,121		265		1,147		337
RMBS	2,248		183		4,457		731		4,731		497		2,246		448
CMBS	2,130		188		4,204		554		5,589		543		970		167
ABS	1,666		33		3,397		202		3,347		159		1,733		137
State and political subdivision	919		65		1,236		262		2,041		317		247		83
Foreign government	209		12		525		87		777		99		21		7
Total fixed maturity securities	$	21,558	$	1,432	$	42,618	$	7,409	$	52,375	$	6,644	$	11,944	$	2,868
Total number of securities in an unrealized loss position	3,354				6,246				7,309				2,049

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 $626 million and $602 million at June 30, 2023 and December 31, 2022, 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 $12 million, relating to 19 securities at June 30, 2023. 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 $12 million and $7 million at June 30, 2023 and December 31, 2022, respectively. For both the six months ended June 30, 2023 and 2022, the change in the allowance for fixed maturity securities by sector was not significant. The Company recorded total write-offs of $7 million and $10 million for the six months ended June 30, 2023 and 2022, respectively.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	June 30, 2023				December 31, 2022
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,392	59.2	%	$	13,574	59.2	%
Agricultural	4,432		19.6		4,365		19.0
Residential	4,935		21.8		5,116		22.3
Total mortgage loans (1)	22,759		100.6		23,055		100.5
Allowance for credit losses	(145)		(0.6)		(119)		(0.5)
Total mortgage loans, net	$	22,614	100.0	%	$	22,936	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $0 and $32 million for the three months and six months ended June 30, 2023, respectively, and $415 million and $1.3 billion for the three months and six months ended June 30, 2022, respectively, and were primarily comprised of residential mortgage loans.

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

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

Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $114 million and $115 million at June 30, 2023 and December 31, 2022, 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, modifications, 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 non-credit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments.

Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment

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


	Commercial		Agricultural		Residential		Total
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	49	$	15	$	55	$	119
Current period provision	26		—		1		27
Charge-offs, net of recoveries	—		(1)		—		(1)

Balance, end of period	$	75	$	14	$	56	$	145
Six Months Ended June 30, 2022
Balance, beginning of period	$	67	$	12	$	44	$	123
Current period provision	—		3		—		3
Charge-offs, net of recoveries	(23)		—		—		(23)

Balance, end of period	$	44	$	15	$	44	$	103

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:


	2023		2022		2021		2020		2019		Prior		Total
	(In millions)
June 30, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	79	$	1,877	$	2,672	$	225	$	1,290	$	2,965	$	9,108
65% to 75%	50		529		523		178		269		1,157		2,706
76% to 80%	—		11		18		39		210		536		814
Greater than 80%	—		—		—		—		96		668		764
Total commercial mortgage loans	129		2,417		3,213		442		1,865		5,326		13,392
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	108		562		1,136		434		511		1,349		4,100
65% to 75%	—		139		112		32		31		18		332

Greater than 80%	—		—		—		—		—		—		—
Total agricultural mortgage loans	108		701		1,248		466		542		1,367		4,432
Residential mortgage loans
Performing	2		1,195		1,717		155		212		1,576		4,857
Nonperforming	—		9		16		—		2		51		78
Total residential mortgage loans	2		1,204		1,733		155		214		1,627		4,935
Total	$	239	$	4,322	$	6,194	$	1,063	$	2,621	$	8,320	$	22,759


	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

The loan-to-value ratio is a measure commonly used to assess the quality of commercial and agricultural mortgage loans. The loan-to-value ratio compares the amount of the loan to the estimated fair value of the underlying property collateralizing the loan and is commonly expressed as a percentage. A loan-to-value ratio less than 100% indicates an excess of collateral value over the loan amount. Loan-to-value ratios greater than 100% indicate that the loan amount exceeds the collateral value. Performing status is a measure commonly used to assess the quality of residential mortgage loans. A loan is considered performing when the borrower makes consistent and timely payments.

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


	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,464	93.1	%	$	12,157	89.6	%
1.00x - 1.20x	431		3.2		590		4.3
Less than 1.00x	497		3.7		827		6.1
Total	$	13,392	100.0	%	$	13,574	100.0	%

The debt-service coverage ratio compares a property’s net operating income to its debt-service payments. Debt-service coverage ratios less than 1.00 times indicate that property operations do not generate enough income to cover the loan’s current debt payments. A debt-service coverage ratio greater than 1.00 times indicates an excess of net operating income over the debt-service payments.

Past Due Mortgage Loans by Portfolio Segment

The Company has a high-quality, well-performing mortgage loan portfolio, with over 99% of all mortgage loans classified as performing at both June 30, 2023 and December 31, 2022. 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:


	June 30, 2023								December 31, 2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,375	$	4,407	$	4,788	$	22,570	$	13,574	$	4,346	$	5,041	$	22,961
30-59 days past due	—		3		69		72		—		—		11		11
60-89 days past due	—		—		21		21		—		—		16		16
90-179 days past due	17		22		25		64		—		3		31		34
180+ days past due	—		—		32		32		—		16		17		33
Total	$	13,392	$	4,432	$	4,935	$	22,759	$	13,574	$	4,365	$	5,116	$	23,055

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)
June 30, 2023	$	29	$	—	$	78	$	107
December 31, 2022	$	11	$	3	$	64	$	78

_______________

(1)The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both June 30, 2023 and December 31, 2022.

Current period investment income on mortgage loans in nonaccrual status was less than $1 million for both the six months ended June 30, 2023 and 2022

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

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities and the effect on 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 at:


	June 30, 2023		December 31, 2022
	(In millions)
Fixed maturity securities	$	(7,981)	$	(8,760)

Derivatives	544		638

Other	(16)		3
Subtotal	(7,453)		(8,119)
Amounts allocated from:
Future policy benefits	796		917
Deferred income tax benefit (expense)	1,398		1,512
Net unrealized investment gains (losses)	$	(5,259)	$	(5,690)

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


	Six Months Ended June 30, 2023
	(In millions)
Balance at December 31, 2022	$	(5,690)
Unrealized investment gains (losses) during the period	666
Unrealized investment gains (losses) relating to:
Future policy benefits	(121)
Deferred income tax benefit (expense)	(114)
Balance at June 30, 2023	$	(5,259)
Change in net unrealized investment gains (losses)	$	431

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both June 30, 2023 and December 31, 2022.

Securities Lending

Elements of the securities lending program are presented below at:


	June 30, 2023		December 31, 2022
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,582	$	3,995
Estimated fair value	$	3,329	$	3,638
Cash collateral received from counterparties (2)	$	3,390	$	3,731

Reinvestment portfolio — estimated fair value	$	3,297	$	3,603

_______________

(1)Included in fixed maturity securities.

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

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


	June 30, 2023						December 31, 2022
	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	$	678	$	512	$	1,705	$	2,895	$	640	$	1,527	$	984	$	3,151
U.S. corporate	—		321		—		321		2		410		—		412

Foreign corporate	—		166		—		166		—		152		—		152
Foreign government	—		8		—		8		—		16		—		16
Total	$	678	$	1,007	$	1,705	$	3,390	$	642	$	2,105	$	984	$	3,731

_______________

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

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized in normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at June 30, 2023 was $666 million, primarily comprised of U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including ABS, agency RMBS, U.S. government and agency securities, U.S. and foreign corporate securities, non-agency RMBS and CMBS) with 54% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at June 30, 2023. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

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

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


	June 30, 2023		December 31, 2022
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,268	$	7,999
Invested assets held in trust (reinsurance agreements) (2)	5,695		5,621
Invested assets pledged as collateral (3)	13,464		13,920
Total invested assets on deposit, held in trust and pledged as collateral	$	27,427	$	27,540

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $60 million and $21 million of the assets on deposit represents restricted cash and cash equivalents at June 30, 2023 and December 31, 2022, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $185 million and $240 million of the assets held in trust balance represents restricted cash and cash equivalents at June 30, 2023 and December 31, 2022, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2022 Annual Report) 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 $216 million and $201 million at redemption value at June 30, 2023 and December 31, 2022, respectively.

Variable Interest Entities

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

The Company enters into various arrangements with VIEs in the normal course of business and has invested in legal entities that are VIEs. VIEs are consolidated when it is determined that the Company is the primary beneficiary. A primary beneficiary is the variable interest holder in a VIE with both (i) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In addition, the evaluation of whether a legal entity is a VIE and if the Company is a primary beneficiary includes a review of the capital structure of the VIE, the related contractual relationships and terms, the nature of the operations and purpose of the VIE, the nature of the VIE interests issued and the Company’s involvement with the entity.

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at either June 30, 2023 or December 31, 2022.

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


	June 30, 2023				December 31, 2022
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,666	$	17,207	$	15,896	$	17,471
Limited partnerships and LLCs	4,316		5,475		4,136		5,491
Total	$	19,982	$	22,682	$	20,032	$	22,962

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 12.

Net Investment Income

The components of net investment income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Investment income:
Fixed maturity securities	$	868	$	742	$	1,705	$	1,460
Equity securities	1		1		1		1
Mortgage loans	237		205		476		408
Policy loans	18		17		33		32
Limited partnerships and LLCs (1)	89		122		76		363
Cash, cash equivalents and short-term investments	55		6		105		7
Other	20		18		42		32
Total investment income	1,288		1,111		2,438		2,303
Less: Investment expenses	92		50		183		91
Net investment income	$	1,196	$	1,061	$	2,255	$	2,212

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $93 million and $92 million for the three months and six months ended June 30, 2023, respectively, and $93 million and $305 million for the three months and six months ended June 30, 2022, respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Fixed maturity securities	$	(55)	$	(60)	$	(131)	$	(102)
Equity securities	2		(6)		(1)		(12)
Mortgage loans	(10)		1		(27)		(3)
Limited partnerships and LLCs	—		(1)		—		(17)
Other	(1)		—		(1)		—
Total net investment gains (losses)	$	(64)	$	(66)	$	(160)	$	(134)

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($2) million and less than ($1) million for the three months and six months ended June 30, 2023, respectively, and ($5) million and ($21) million for the three months and six months ended June 30, 2022, respectively.

Sales or Disposals of Fixed Maturity Securities

Investment gains and losses on sales of securities are determined on a specific identification basis. Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Proceeds	$	505	$	1,576	$	1,277	$	4,115
Gross investment gains	$	8	$	2	$	11	$	46
Gross investment losses	(56)		(60)		(129)		(143)
Net investment gains (losses)	$	(48)	$	(58)	$	(118)	$	(97)

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Information regarding DAC and VOBA) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, end of period, Total DAC and VOBA	$ 4,968		$ 5,084
Variable Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	2,508	$ 2,718	2,718	$ 2,912
Capitalization	19	37	55	90
Amortization	(124)	(134)	(265)	(284)
Balance, end of period, DAC	2,403	2,621	2,508	2,718
Balance, beginning of period, VOBA	341	377	377	428
Amortization	(17)	(18)	(36)	(51)
Balance, end of period, VOBA	324	359	341	377
Balance, end of period, Total DAC and VOBA	2,727	2,980	2,849	3,095
Fixed Rate Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	107	89	89	64
Capitalization	7	11	30	37
Amortization	(5)	(7)	(12)	(12)
Balance, end of period, DAC	109	93	107	89
Balance, beginning of period, VOBA	65	70	70	76
Amortization	(2)	(3)	(5)	(6)
Balance, end of period, VOBA	63	67	65	70
Balance, end of period, Total DAC and VOBA	172	160	172	159
Index-linked Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	1,213	1,081	1,081	886
Capitalization	165	170	330	354
Amortization	(111)	(94)	(198)	(159)
Balance, end of period, DAC	1,267	1,157	1,213	1,081
Balance, beginning of period, VOBA	0	0	0	0
Amortization	0	0	0	0
Balance, end of period, VOBA	0	0	0	0
Balance, end of period, Total DAC and VOBA	1,267	1,157	1,213	1,081
Term and Whole Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	405	462	462	527
Capitalization	0	0	(1)	(3)
Amortization	(27)	(30)	(56)	(62)
Balance, end of period, DAC	378	432	405	462
Balance, beginning of period, VOBA	5	6	6	8
Amortization	(1)	(1)	(1)	(2)
Balance, end of period, VOBA	4	5	5	6
Balance, end of period, Total DAC and VOBA	382	437	410	468
Universal Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	392	431	431	469
Capitalization	6	5	11	16
Amortization	(23)	(25)	(50)	(54)
Balance, end of period, DAC	375	411	392	431
Balance, beginning of period, VOBA	48	54	54	61
Amortization	(3)	(3)	(6)	(7)
Balance, end of period, VOBA	45	51	48	54
Balance, end of period, Total DAC and VOBA	$ 420	$ 462	$ 440	$ 485

Investments (Past Due Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 22,759	$ 23,055
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	22,570	22,961
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	72	11
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	21	16
90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	64	34
180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	32	33
Commercial
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,392	13,574
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,375	13,574
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	17	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	4,432	4,365
Agricultural \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,407	4,346
Agricultural \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	3	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	22	3
Agricultural \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	16
Residential
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,935	5,116
Residential \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,788	5,041
Residential \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	69	11
Residential \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	21	16
Residential \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	25	31
Residential \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 32	$ 17

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 66	$ 74	$ 133	$ 156

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Event Repurchase Facility In July 2023, Brighthouse Life Insurance Company entered into an additional secured committed repurchase facility (the “Repurchase Facility”) under which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $500 million for a term of up to two years, which is available to the Company under certain market conditions. Under the Repurchase Facility, 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.

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	$ 21,558	$ 52,375
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 1,432	$ 6,644
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	3,354	7,309
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 42,618	$ 11,944
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 7,409	$ 2,868
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	6,246	2,049
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	$ 10,440	$ 24,509
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	762	3,351
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	18,523	3,979
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	3,489	1,170
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	2,995	8,260
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	161	1,413
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	7,038	1,601
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	1,565	519
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	951	3,121
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	28	265
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	3,238	1,147
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	519	337
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	2,248	4,731
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	183	497
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	4,457	2,246
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	731	448
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	2,130	5,589
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	188	543
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	4,204	970
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	554	167
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	919	2,041
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	65	317
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,236	247
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	262	83
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	1,666	3,347
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	33	159
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	3,397	1,733
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	202	137
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	209	777
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	12	99
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	525	21
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 87	$ 7

Insurance (Future Policy Benefits Information by Product) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 31,899	$ 33,492
Future policy benefits	31,899		$ 31,497	$ 39,990
Term and Whole Life Insurance
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change	2,809	2,955	2,871	3,325			$ 3,448
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	3,124	3,142	3,212	3,051			2,994
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements			0	122	$ 122	$ 0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	(1)	137	70
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(8)	107	119	153
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change			3,204	3,279	3,429	3,217
Liability for Future Policy Benefit, Expected Net Premium, Issuance	49	37	93	113
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	55	57	116	111
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	(184)	(231)	(426)	(390)
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	(315)	(187)	(341)	274
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	5,221	5,509	5,279	6,426			6,852
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	5,818	5,856	5,922	5,820			5,862
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements	0	135	135	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			0	0	157	70
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(10)	123	155	153
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			5,912	6,078	6,267	6,085
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	50	41	101	128
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	107	110	222	222
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(251)	(373)	(668)	(615)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(597)	(347)	(643)	606
Liability for Future Policy Benefit, before Reinsurance	2,412	2,554	2,408	3,101
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	41	55	45	64
Future policy benefits	$ 2,371	$ 2,499	2,363	3,037
Liability for Future Policy Benefit, Weighted-Average Duration	8 years 3 months 18 days	8 years 3 months 18 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.95%	3.98%
Liability for Future Policy Benefit, Gross Premium Income	$ 307	$ 333
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	6,531	6,812
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	4,837	5,041
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	8,044	8,099
Income Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change	0	0	0	0			0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	0	0	0	0			0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Issuance	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	0	0	0	0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	0	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	3,600	3,655	3,512	4,333			4,691
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	3,955	3,845	3,897	3,865			3,938
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements	0	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			0	0	56	(41)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(4)	(10)	(22)	(6)
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			3,893	3,855	3,899	3,891
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	182	102	224	198
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	72	73	146	150
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(192)	(185)	(372)	(374)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(355)	(190)	(385)	468
Liability for Future Policy Benefit, before Reinsurance	3,600	3,655	3,512	4,333
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	25	24	24	27
Future policy benefits	$ 3,575	$ 3,631	3,488	4,306
Liability for Future Policy Benefit, Weighted-Average Duration	8 years 4 months 24 days	8 years 4 months 24 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.92%	3.92%
Liability for Future Policy Benefit, Gross Premium Income	$ 224	$ 116
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	5,608	5,462
Structured Settlement and Pension Risk Transfer Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change	0	0	0	0			0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	0	0	0	0			0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change			0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Issuance	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	0	0	0	0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	0	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	6,711	7,775	6,793	10,171			11,301
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	7,230	7,987	7,410	8,165			$ 8,531
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements	0	0	(278)	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			0	0	(157)	(41)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(37)	(37)	(23)	(16)
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			7,373	8,128	$ 7,707	$ 8,474
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	0	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	158	174	327	359
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(301)	(315)	(624)	(668)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(519)	(212)	(617)	2,006
Liability for Future Policy Benefit, before Reinsurance	6,711	7,775	6,793	10,171
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	66	75	68	93
Future policy benefits	$ 6,645	$ 7,700	$ 6,725	$ 10,078
Liability for Future Policy Benefit, Weighted-Average Duration	11 years 7 months 6 days	12 years 8 months 12 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	4.46%	4.44%
Liability for Future Policy Benefit, Gross Premium Income	$ 0	$ 0
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	$ 14,062	$ 16,886

Investments (Fixed Maturity Securities - Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 77,577		$ 75,577
Fixed maturity securities, allowance for credit losses	$ 12		7
Fixed maturity securities with allowance for credit losses, number of securities	19
Fixed maturity securities, total write-offs	$ 7	$ 10
Non-Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	14		0
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 626		$ 602

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	June 30, 2023										December 31, 2022
	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	$	37,732	$	4	$	237	$	4,251	$	33,714	$	36,926	$	1	$	203	$	4,521	$	32,607
Foreign corporate	12,587		—		44		1,726		10,905		12,471		1		38		1,932		10,576
U.S. government and agency	8,374		—		336		547		8,163		8,318		—		300		602		8,016
RMBS	8,330		5		42		914		7,453		8,431		2		44		945		7,528
CMBS	7,202		3		1		742		6,458		7,324		3		—		710		6,611
ABS	6,252		—		9		235		6,026		5,652		—		3		296		5,359
State and political subdivision	4,012		—		150		327		3,835		4,074		—		125		400		3,799
Foreign government	1,081		—		41		99		1,023		1,148		—		39		106		1,081
Total fixed maturity securities	$	85,570	$	12	$	860	$	8,841	$	77,577	$	84,344	$	7	$	752	$	9,512	$	75,577

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at June 30, 2023:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	2,081	$	15,240	$	15,952	$	30,513	$	21,784	$	85,570
Estimated fair value	$	2,043	$	14,451	$	14,192	$	26,954	$	19,937	$	77,577

_______________

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	June 30, 2023								December 31, 2022
	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	$	10,440	$	762	$	18,523	$	3,489	$	24,509	$	3,351	$	3,979	$	1,170
Foreign corporate	2,995		161		7,038		1,565		8,260		1,413		1,601		519
U.S. government and agency	951		28		3,238		519		3,121		265		1,147		337
RMBS	2,248		183		4,457		731		4,731		497		2,246		448
CMBS	2,130		188		4,204		554		5,589		543		970		167
ABS	1,666		33		3,397		202		3,347		159		1,733		137
State and political subdivision	919		65		1,236		262		2,041		317		247		83
Foreign government	209		12		525		87		777		99		21		7
Total fixed maturity securities	$	21,558	$	1,432	$	42,618	$	7,409	$	52,375	$	6,644	$	11,944	$	2,868
Total number of securities in an unrealized loss position	3,354				6,246				7,309				2,049

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	June 30, 2023				December 31, 2022
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,392	59.2	%	$	13,574	59.2	%
Agricultural	4,432		19.6		4,365		19.0
Residential	4,935		21.8		5,116		22.3
Total mortgage loans (1)	22,759		100.6		23,055		100.5
Allowance for credit losses	(145)		(0.6)		(119)		(0.5)
Total mortgage loans, net	$	22,614	100.0	%	$	22,936	100.0	%

_______________

Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment

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


	Commercial		Agricultural		Residential		Total
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	49	$	15	$	55	$	119
Current period provision	26		—		1		27
Charge-offs, net of recoveries	—		(1)		—		(1)

Balance, end of period	$	75	$	14	$	56	$	145
Six Months Ended June 30, 2022
Balance, beginning of period	$	67	$	12	$	44	$	123
Current period provision	—		3		—		3
Charge-offs, net of recoveries	(23)		—		—		(23)

Balance, end of period	$	44	$	15	$	44	$	103

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:


	2023		2022		2021		2020		2019		Prior		Total
	(In millions)
June 30, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	79	$	1,877	$	2,672	$	225	$	1,290	$	2,965	$	9,108
65% to 75%	50		529		523		178		269		1,157		2,706
76% to 80%	—		11		18		39		210		536		814
Greater than 80%	—		—		—		—		96		668		764
Total commercial mortgage loans	129		2,417		3,213		442		1,865		5,326		13,392
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	108		562		1,136		434		511		1,349		4,100
65% to 75%	—		139		112		32		31		18		332

Greater than 80%	—		—		—		—		—		—		—
Total agricultural mortgage loans	108		701		1,248		466		542		1,367		4,432
Residential mortgage loans
Performing	2		1,195		1,717		155		212		1,576		4,857
Nonperforming	—		9		16		—		2		51		78
Total residential mortgage loans	2		1,204		1,733		155		214		1,627		4,935
Total	$	239	$	4,322	$	6,194	$	1,063	$	2,621	$	8,320	$	22,759


	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

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


	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,464	93.1	%	$	12,157	89.6	%
1.00x - 1.20x	431		3.2		590		4.3
Less than 1.00x	497		3.7		827		6.1
Total	$	13,392	100.0	%	$	13,574	100.0	%

Past Due Mortgage Loans by Portfolio Segment

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


	June 30, 2023								December 31, 2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,375	$	4,407	$	4,788	$	22,570	$	13,574	$	4,346	$	5,041	$	22,961
30-59 days past due	—		3		69		72		—		—		11		11
60-89 days past due	—		—		21		21		—		—		16		16
90-179 days past due	17		22		25		64		—		3		31		34
180+ days past due	—		—		32		32		—		16		17		33
Total	$	13,392	$	4,432	$	4,935	$	22,759	$	13,574	$	4,365	$	5,116	$	23,055

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)
June 30, 2023	$	29	$	—	$	78	$	107
December 31, 2022	$	11	$	3	$	64	$	78

_______________

(1)The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both June 30, 2023 and December 31, 2022.

Net Unrealized Investment Gains (Losses)

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


	June 30, 2023		December 31, 2022
	(In millions)
Fixed maturity securities	$	(7,981)	$	(8,760)

Derivatives	544		638

Other	(16)		3
Subtotal	(7,453)		(8,119)
Amounts allocated from:
Future policy benefits	796		917
Deferred income tax benefit (expense)	1,398		1,512
Net unrealized investment gains (losses)	$	(5,259)	$	(5,690)

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


	Six Months Ended June 30, 2023
	(In millions)
Balance at December 31, 2022	$	(5,690)
Unrealized investment gains (losses) during the period	666
Unrealized investment gains (losses) relating to:
Future policy benefits	(121)
Deferred income tax benefit (expense)	(114)
Balance at June 30, 2023	$	(5,259)
Change in net unrealized investment gains (losses)	$	431

Securities Lending

Elements of the securities lending program are presented below at:


	June 30, 2023		December 31, 2022
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,582	$	3,995
Estimated fair value	$	3,329	$	3,638
Cash collateral received from counterparties (2)	$	3,390	$	3,731

Reinvestment portfolio — estimated fair value	$	3,297	$	3,603

_______________

(1)Included in fixed maturity securities.

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

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


	June 30, 2023						December 31, 2022
	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	$	678	$	512	$	1,705	$	2,895	$	640	$	1,527	$	984	$	3,151
U.S. corporate	—		321		—		321		2		410		—		412

Foreign corporate	—		166		—		166		—		152		—		152
Foreign government	—		8		—		8		—		16		—		16
Total	$	678	$	1,007	$	1,705	$	3,390	$	642	$	2,105	$	984	$	3,731

_______________

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

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

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


	June 30, 2023		December 31, 2022
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,268	$	7,999
Invested assets held in trust (reinsurance agreements) (2)	5,695		5,621
Invested assets pledged as collateral (3)	13,464		13,920
Total invested assets on deposit, held in trust and pledged as collateral	$	27,427	$	27,540

_______________

Variable Interest Entities

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


	June 30, 2023				December 31, 2022
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,666	$	17,207	$	15,896	$	17,471
Limited partnerships and LLCs	4,316		5,475		4,136		5,491
Total	$	19,982	$	22,682	$	20,032	$	22,962

Components of Net Investment Income

The components of net investment income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Investment income:
Fixed maturity securities	$	868	$	742	$	1,705	$	1,460
Equity securities	1		1		1		1
Mortgage loans	237		205		476		408
Policy loans	18		17		33		32
Limited partnerships and LLCs (1)	89		122		76		363
Cash, cash equivalents and short-term investments	55		6		105		7
Other	20		18		42		32
Total investment income	1,288		1,111		2,438		2,303
Less: Investment expenses	92		50		183		91
Net investment income	$	1,196	$	1,061	$	2,255	$	2,212

_______________

Components of Net Investment Gains (Losses)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Fixed maturity securities	$	(55)	$	(60)	$	(131)	$	(102)
Equity securities	2		(6)		(1)		(12)
Mortgage loans	(10)		1		(27)		(3)
Limited partnerships and LLCs	—		(1)		—		(17)
Other	(1)		—		(1)		—
Total net investment gains (losses)	$	(64)	$	(66)	$	(160)	$	(134)

Sales or Disposals of Fixed Maturity Securities

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Proceeds	$	505	$	1,576	$	1,277	$	4,115
Gross investment gains	$	8	$	2	$	11	$	46
Gross investment losses	(56)		(60)		(129)		(143)
Net investment gains (losses)	$	(48)	$	(58)	$	(118)	$	(97)

Segment Information (Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 231,545	$ 224,847	$ 262,257
Annuities
Segment Reporting Information [Line Items]
Total assets	157,657	151,192
Life
Segment Reporting Information [Line Items]
Total assets	22,836	22,057
Run-off
Segment Reporting Information [Line Items]
Total assets	28,619	28,436
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 22,433	$ 23,162

- 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.

+ References

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-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Fair Value

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

8. Fair Value

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

Recurring Fair Value Measurements


	June 30, 2023
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	32,387	$	1,327	$	33,714
Foreign corporate	—		10,301		604		10,905
U.S. government and agency	3,552		4,611		—		8,163
RMBS	—		7,439		14		7,453
CMBS	—		6,422		36		6,458
ABS	—		5,705		321		6,026
State and political subdivision	—		3,835		—		3,835
Foreign government	—		985		38		1,023
Total fixed maturity securities	3,552		71,685		2,340		77,577
Equity securities	40		26		25		91
Short-term investments	873		252		—		1,125




Derivative assets: (1)
Interest rate	—		278		—		278
Foreign currency exchange rate	—		630		17		647
Credit	—		17		7		24
Equity market	—		2,064		4		2,068
Total derivative assets	—		2,989		28		3,017
Market risk benefit assets	—		—		602		602
Separate account assets	10		88,382		—		88,392
Total assets	$	4,475	$	163,334	$	2,995	$	170,804
Liabilities
Market risk benefit liabilities	$	—	$	—	$	9,783	$	9,783
Derivative liabilities: (1)
Interest rate	—		2,258		—		2,258
Foreign currency exchange rate	—		20		—		20
Credit	—		—		1		1
Equity market	—		1,608		—		1,608
Total derivative liabilities	—		3,886		1		3,887
Embedded derivatives on index-linked annuities (2)	—		—		6,886		6,886

Total liabilities	$	—	$	3,886	$	16,670	$	20,556


	December 31, 2022
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(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
Market risk benefit assets	—		—		483		483
Separate account assets	29		84,936		—		84,965
Total assets	$	4,352	$	157,390	$	2,737	$	164,479
Liabilities
Market risk benefit liabilities	$	—	$	—	$	10,389	$	10,389
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 on index-linked annuities (2)	—		—		3,932		3,932
Total liabilities	$	—	$	3,918	$	14,323	$	18,241

_______________

(2)Embedded derivative liabilities on index-linked annuities 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 six months ended June 30, 2023.

Determination of Fair Value

Fixed Maturity Securities

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

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

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

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

Equity Securities and Short-term Investments

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

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

Derivatives

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

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

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

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

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

Market Risk Benefits

MRBs principally include guaranteed minimum benefits on variable annuity contracts including benefits reinsured related to these guarantees.

The estimated fair value of variable annuity guarantees accounted for as MRBs is determined based on the present value of projected future benefits less the present value of projected future fees attributable to the guarantees. At policy inception, the Company determines an attributed fee ratio by solving for a percentage of projected future rider fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. To the extent the rider fees are insufficient, the Company may also include fees related to mortality and expense charges in the attributed fee ratio, provided the total fees included in the calculation do not exceed total contract fees and assessments collected from the contract holder. Any additional fees not included in the attributed fee ratio are considered revenue and reported in universal life and investment-type product policy fees. The attributed fee ratio is not updated in subsequent periods.

The Company updates the estimated fair value of variable annuity guarantees in subsequent periods by projecting future benefits using capital markets inputs 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. The reported estimated fair value is then determined by taking the present value of these 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.

The valuation of MRBs includes an adjustment for the risk that the Company fails to satisfy its obligations, which is referred to as nonperformance risk. The nonperformance risk adjustment is captured as an additional spread applied to the risk-free rate in determining the rate to discount the cash flows of the liability. The spread over the risk-free rate is based on the Company’s creditworthiness taking into consideration publicly available information relating to spreads in the secondary market for Brighthouse Financial’s debt. These observable spreads are then adjusted, as necessary, to reflect the financial strength ratings of the issuing insurance subsidiaries as compared to the credit rating of Brighthouse Financial.

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 in certain actuarial assumptions. The establishment of risk margins requires the use of significant actuarial judgment, including assumptions of the amount needed to cover the guarantees.

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 variable annuity guarantees are updated quarterly through net income, except for the change attributable to the Company’s nonperformance risk, which is reported in OCI.

Embedded Derivatives

Embedded derivatives include crediting rates associated with index-linked annuity contracts. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The crediting rates associated with these features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract. These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets.

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

Actuarial assumptions including policyholder behavior and expectations for renewals at the end of the term period 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 crediting rate embedded derivatives are updated quarterly through net income.

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)


					June 30, 2023			December 31, 2022			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range
Market Risk Benefits
Variable annuity guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates	0.04%	-	12.90%	0.04%	-	12.90%	Decrease (1)
			•	Lapse rates	1.00%	-	24.11%	1.00%	-	24.11%	Decrease (2)
			•	Utilization rates	0.00%	-	25.00%	0.00%	-	25.00%	Increase (3)
			•	Withdrawal rates	0.00%	-	10.00%	0.00%	-	10.00%	(4)
			•	Long-term equity volatilities	12.52%	-	22.83%	19.99%	-	28.45%	Increase (5)
			•	Nonperformance risk spread	0.86%	-	2.08%	(2.73)%	-	4.52%	Decrease (6)
Embedded Derivatives
Index-linked annuity crediting rates	•	Option pricing techniques	•	Mortality rates	0.03%	-	9.24%	0.03%	-	9.24%	Decrease (1)
			•	Lapse rates	1.00%	-	62.30%	1.00%	-	62.30%	Decrease (2)

			•	Withdrawal rates	0.50%	-	9.00%	0.50%	-	9.00%	(4)

			•	Nonperformance risk spread	0.54%	-	1.93%	0.00%	-	1.98%	Decrease (6)

_______________

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 (excluding MRBs disclosed in Note 4) 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)		Embedded Derivatives on Index-Linked Annuities		Separate Account Assets (3)
	(In millions)
Three Months Ended June 30, 2023
Balance, beginning of period	$	1,936	$	350	$	39	$	25	$	—	$	33	$	(5,164)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(4)		—		—		(1)		—		(5)		(1,703)		—
Total realized/unrealized gains (losses) included in AOCI	(22)		(1)		—		—		—		—		—		—
Purchases (6)	68		36		—		1		—		9		—		—
Sales (6)	(42)		(3)		(1)		—		—		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		(19)		—
Transfers into Level 3 (7)	26		2		—		—		—		—		—		—
Transfers out of Level 3 (7)	(31)		(13)		—		—		—		(10)		—		—
Balance, end of period	$	1,931	$	371	$	38	$	25	$	—	$	27	$	(6,886)	$	—
Three Months Ended June 30, 2022
Balance, beginning of period	$	1,618	$	194	$	23	$	13	$	—	$	30	$	(5,674)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(6)		—		—		1		—		(5)		2,826		—
Total realized/unrealized gains (losses) included in AOCI	(110)		3		(5)		—		—		12		—		—
Purchases (6)	330		201		—		13		—		1		—		—
Sales (6)	(56)		(11)		—		—		—		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		17		—
Transfers into Level 3 (7)	90		34		22		—		—		—		—		—
Transfers out of Level 3 (7)	(156)		(76)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(2,831)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (8)	$	(3)	$	—	$	—	$	(2)	$	—	$	(5)	$	(1,802)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2023 (8)	$	(24)	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (8)	$	—	$	—	$	—	$	1	$	—	$	(5)	$	2,756	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (8)	$	(117)	$	2	$	(5)	$	—	$	—	$	12	$	—	$	—


	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)		Embedded Derivatives on Index-Linked Annuities		Separate Account Assets (3)
	(In millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	1,787	$	365	$	38	$	27	$	—	$	35	$	(3,932)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(3)		—		—		(3)		—		(5)		(2,793)		—
Total realized/unrealized gains (losses) included in AOCI	7		1		1		—		—		—		—		—
Purchases (6)	210		52		—		1		—		9		—		—
Sales (6)	(73)		(7)		(1)		—		—		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		(161)		—
Transfers into Level 3 (7)	56		2		—		—		—		—		—		—
Transfers out of Level 3 (7)	(53)		(42)		—		—		—		(12)		—		—
Balance, end of period	$	1,931	$	371	$	38	$	25	$	—	$	27	$	(6,886)	$	—
Six Months Ended June 30, 2022
Balance, beginning of period	$	1,399	$	220	$	26	$	13	$	2	$	36	$	(6,641)	$	—
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(6)		—		—		1		—		(15)		3,588		(1)
Total realized/unrealized gains (losses) included in AOCI	(216)		(12)		(9)		—		—		16		—		—
Purchases (6)	648		229		5		13		—		1		—		—
Sales (6)	(140)		(14)		(1)		—		(2)		—		—		—
Issuances (6)	—		—		—		—		—		—		—		—
Settlements (6)	—		—		—		—		—		—		222		—
Transfers into Level 3 (7)	148		23		19		—		—		—		—		1
Transfers out of Level 3 (7)	(123)		(101)		—		—		—		—		—		—
Balance, end of period	$	1,710	$	345	$	40	$	27	$	—	$	38	$	(2,831)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2023 (8)	$	(2)	$	(1)	$	—	$	(3)	$	—	$	(5)	$	(2,968)	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2023 (8)	$	1	$	—	$	1	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2022 (8)	$	—	$	—	$	—	$	1	$	—	$	(15)	$	3,443	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at June 30, 2022 (8)	$	(218)	$	(12)	$	(9)	$	—	$	—	$	16	$	—	$	—

_______________

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

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

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

(6)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 following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income and payables for collateral under securities loaned and other transactions. The estimated fair value of the excluded financial instruments, which are primarily classified in Level 2, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

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


	June 30, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,614	$	—	$	—	$	20,452	$	20,452
Policy loans	$	1,288	$	—	$	503	$	911	$	1,414
Other invested assets	$	228	$	—	$	216	$	12	$	228
Premiums, reinsurance and other receivables	$	7,163	$	—	$	154	$	7,145	$	7,299
Liabilities
Policyholder account balances	$	31,657	$	—	$	—	$	30,584	$	30,584
Long-term debt	$	3,156	$	—	$	2,685	$	—	$	2,685
Other liabilities	$	1,099	$	—	$	407	$	693	$	1,100
Separate account liabilities	$	1,135	$	—	$	1,135	$	—	$	1,135


	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

- 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

Segment Information (Narrative) (Details)	6 Months Ended
Segment Information (Narrative) (Details)	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of segments	3

Equity (Common Stock Repurchase Program - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Stock repurchase program, aggregate amount repurchased	$ 64	$ 62	$ 132	$ 127
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, shares repurchased					2,684,792	5,152,415
Stock repurchase program, aggregate amount repurchased					$ 126	$ 259
Stock repurchase program, remaining authorized repurchase amount	$ 167				$ 167

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Changes in LFPBs, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Accumulated other comprehensive income (loss)	$ (5,881)	$ (5,288)	$ (6,106)	$ (4,176)	$ (2,541)		$ 47
Future policy benefits	31,899		31,497				39,990
Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Accumulated other comprehensive income (loss)			(5,424)				4,172
Future policy benefits			41,569				43,807
Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Liability for Future Policy Benefit, Activity [Line Items]
Accumulated other comprehensive income (loss)			(682)				(4,125)
Future policy benefits			(10,072)				(3,817)
Term and Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	8,044			8,099
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			0			$ 157	0	$ 70
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	5,221		5,279	5,509			6,426		$ 6,852
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	41		45	55			64
Future policy benefits	$ 2,371		$ 2,363	$ 2,499			$ 3,037
Term and Whole Life Insurance \| Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance								3,404
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance								85
Future policy benefits								3,319
Term and Whole Life Insurance \| Accounting Standards Update 2018-12 \| Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance									2,854
Term and Whole Life Insurance \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Liability for Future Policy Benefit, Activity [Line Items]
Accumulated other comprehensive income (loss)								0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change								14
Deferred Profit Liabilities								0
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change								536
Income Annuity [Domain] \| Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance								4,867
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance								29
Future policy benefits								4,838
Income Annuity [Domain] \| Accounting Standards Update 2018-12 \| Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance									4,311
Income Annuity [Domain] \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Liability for Future Policy Benefit, Activity [Line Items]
Accumulated other comprehensive income (loss)								(203)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change								(171)
Deferred Profit Liabilities								176
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change								754
Structured Settlement and Pension Risk Transfer Annuities [Domain] \| Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance								11,518
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance								102
Future policy benefits								11,416
Structured Settlement and Pension Risk Transfer Annuities [Domain] \| Accounting Standards Update 2018-12 \| Previously Reported
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance									$ 10,115
Structured Settlement and Pension Risk Transfer Annuities [Domain] \| Accounting Standards Update 2018-12 \| Revision of Prior Period, Accounting Standards Update, Adjustment
Liability for Future Policy Benefit, Activity [Line Items]
Accumulated other comprehensive income (loss)								(1,784)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change								200
Deferred Profit Liabilities								217
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change								$ 2,770

Financial Services, Insurance, ASU 2018-12 Transition

6 Months Ended

Jun. 30, 2023

ASU 2018-12 Transition [Abstract]

ASU 2018-12 Transition

2. ASU 2018-12 Transition

The Company adopted ASU 2018-12 for LFPBs, DAC and other balances amortized on a basis consistent with DAC by applying the guidance to contracts in-force on the basis of their existing carrying amounts at the transition date. The Company adopted ASU 2018-12 for MRBs on a fully retrospective basis.

The effect of transition adjustments on stockholders’ equity at January 1, 2021 due to the adoption of ASU 2018-12 was as follows:


	Retained Earnings (Deficit)		AOCI
	(In millions)
Liability for future policy benefits	$	(436)	$	(2,073)
Market risk benefits and related adjustments	(6,237)		(3,454)
DAC and VOBA	—		520
Reinsurance recoverables	(141)		34
Deferred income tax asset	1,431		1,044
Total	$	(5,383)	$	(3,929)

For LFPBs, the transition adjustment to retained earnings relates to instances where net premiums exceed gross premiums resulting in LFPBs being increased to eliminate the premium deficiency. The premium deficiency primarily relates to structured settlement annuities. The transition adjustment related to AOCI represents the effect of the requirement to discount LFPBs based on an upper-medium grade fixed income rate as well as the removal of amounts previously recorded in AOCI for the effects of unrealized investment gains and losses.

For MRBs, the transition adjustment to AOCI relates to the cumulative effect of changes in the nonperformance risk between contract issue date and transition date. In aggregate, the additional spread applied to the risk-free rate decreased from contract inception to the transition date, which had a negative impact on equity. The remaining difference between the estimated fair value and carrying amount of MRBs at transition, excluding the amounts recorded in AOCI, was recorded as an adjustment to retained earnings as of the transition date.

For DAC and VOBA, the Company removed amounts previously recorded in AOCI for the effect of unrealized investment gains and losses.

For reinsurance, the adjustments to both retained earnings and AOCI were made to align the measurement of reinsurance recoverables with the related LFPBs.

The balances of and changes in LFPBs at January 1, 2021 due to the adoption of ASU 2018-12 were as follows:


	Term and Whole Life Insurance		Income Annuities		Structured Settlement and Pension Risk Transfer Annuities
	(In millions)
Balance at December 31, 2020	$	2,854	$	4,311	$	10,115
Removal of related balances in AOCI	—		(203)		(1,784)
Change in cash flow assumptions	14		(171)		200
Initial recognition of deferred profit liabilities	—		176		217
Change in discount rate assumptions	536		754		2,770
Adjusted balance at January 1, 2021	3,404		4,867		11,518
Less: Reinsurance recoverable	85		29		102
Adjusted balance at January 1, 2021, net of reinsurance	$	3,319	$	4,838	$	11,416

The balance of and changes in liabilities classified as MRBs at January 1, 2021 due to the adoption of ASU 2018-12 were as follows:


	Variable Annuities
	(In millions)
Balance at December 31, 2020	$	8,924
Adjustment for the difference between carrying amount and estimated fair value, except for the difference due to nonperformance risk	6,010
Adjustment for cumulative effect of changes in nonperformance risk since issuance	3,454
Adjusted balance at January 1, 2021	18,388
Less: Reinsurance recoverable	169
Adjusted balance at January 1, 2021, net of reinsurance	$	18,219

The balances of and changes in DAC and VOBA on January 1, 2021 due to the adoption of ASU 2018-12 were as follows:


	Variable Annuities		Fixed Rate Annuities		Index-Linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
DAC:
Balance at December 31, 2020	$	2,440	$	64	$	886	$	527	$	492
Removal of related amounts in AOCI	472		—		—		—		(23)
Adjusted balance at January 1, 2021	$	2,912	$	64	$	886	$	527	$	469
VOBA:
Balance at December 31, 2020	$	363	$	76	$	—	$	8	$	55
Removal of related amounts in AOCI	65		—		—		—		6
Adjusted balance at January 1, 2021	$	428	$	76	$	—	$	8	$	61


	December 31, 2022						December 31, 2021
	As Previously Reported		Effect of Change		As Currently Reported		As Previously Reported		Effect of Change		As Currently Reported
	(In millions)
Total assets	$	225,580	$	(733)	$	224,847	$	259,840	$	2,417	$	262,257
Future policy benefits	$	41,569	$	(10,072)	$	31,497	$	43,807	$	(3,817)	$	39,990
Policyholder account balances	$	74,836	$	(1,309)	$	73,527	$	66,851	$	(1,602)	$	65,249
Market risk benefit liabilities	$	—	$	10,389	$	10,389	$	—	$	16,034	$	16,034
Total liabilities	$	219,542	$	(293)	$	219,249	$	243,633	$	10,174	$	253,807
Retained earnings (deficit)	$	(637)	$	242	$	(395)	$	(642)	$	(3,632)	$	(4,274)
Accumulated other comprehensive income (loss)	$	(5,424)	$	(682)	$	(6,106)	$	4,172	$	(4,125)	$	47
Total equity	$	6,038	$	(440)	$	5,598	$	16,207	$	(7,757)	$	8,450
Total liabilities and equity	$	225,580	$	(733)	$	224,847	$	259,840	$	2,417	$	262,257


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Previously Reported		Effect of Change		As Currently Reported		As Previously Reported		Effect of Change		As Currently Reported
	(In millions)
Universal life and investment-type product policy fees	$	3,141	$	(706)	$	2,435	$	3,636	$	(656)	$	2,980
Net derivative gains (losses)	$	304	$	(896)	$	(592)	$	(2,469)	$	(1,514)	$	(3,983)
Total revenues	$	8,473	$	(1,600)	$	6,873	$	7,142	$	(2,166)	$	4,976
Policyholder benefits and claims	$	4,165	$	(1,972)	$	2,193	$	3,443	$	(697)	$	2,746
Change in market risk benefits	$	—	$	(4,104)	$	(4,104)	$	—	$	(4,134)	$	(4,134)
Total expenses	$	8,645	$	(6,504)	$	2,141	$	7,350	$	(4,383)	$	2,967
Net income (loss)	$	10	$	3,874	$	3,884	$	(103)	$	1,751	$	1,648

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (175)	$ 1,745	$ (674)	$ 3,330

- Definition

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

+ References

+ Details

Effect of Transition Adjustments on Stockholders’ Equity, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 31,899			$ 33,492
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net	4,968		$ 5,084
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 4,972	$ 5,819	$ 5,598	$ 7,246	$ 7,288	$ 8,450
Retained Earnings (Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest								$ (5,400)
Retained Earnings (Deficit) \| Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, before Reinsurance							$ (436)
Market risk benefits and related adjustments							(6,237)
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net							0
Reinsurance Recoverables, Including Reinsurance Premium Paid							(141)
Deferred income tax liability							1,431
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							(5,383)
AOCI Attributable to Parent
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest								$ (3,900)
AOCI Attributable to Parent \| Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, before Reinsurance							(2,073)
Market risk benefits and related adjustments							(3,454)
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net							520
Reinsurance Recoverables, Including Reinsurance Premium Paid							34
Deferred income tax liability							1,044
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest							$ (3,929)

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 239	$ 4,369
Financing receivable, originated in FY before latest FY	4,322	6,197
Financing receivable, originated two years before latest FY	6,194	1,091
Financing receivable, originated three years before latest FY	1,063	2,648
Financing receivable, originated four years before latest FY	2,621	2,191
Financing receivable, originated five or more years before latest FY	8,320	6,559
Financing receivable, before allowance for credit losses	22,759	23,055
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	129	2,419
Financing receivable, originated in FY before latest FY	2,417	3,191
Financing receivable, originated two years before latest FY	3,213	445
Financing receivable, originated three years before latest FY	442	1,879
Financing receivable, originated four years before latest FY	1,865	1,377
Financing receivable, originated five or more years before latest FY	5,326	4,263
Financing receivable, before allowance for credit losses	$ 13,392	$ 13,574
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	$ 12,464	$ 12,157
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	93.10%	89.60%
Commercial \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 431	$ 590
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	3.20%	4.30%
Commercial \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 497	$ 827
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	3.70%	6.10%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 79	$ 1,916
Financing receivable, originated in FY before latest FY	1,877	2,819
Financing receivable, originated two years before latest FY	2,672	405
Financing receivable, originated three years before latest FY	225	1,493
Financing receivable, originated four years before latest FY	1,290	888
Financing receivable, originated five or more years before latest FY	2,965	3,627
Financing receivable, before allowance for credit losses	9,108	11,148
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	50	503
Financing receivable, originated in FY before latest FY	529	354
Financing receivable, originated two years before latest FY	523	0
Financing receivable, originated three years before latest FY	178	271
Financing receivable, originated four years before latest FY	269	367
Financing receivable, originated five or more years before latest FY	1,157	425
Financing receivable, before allowance for credit losses	2,706	1,920
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	11	18
Financing receivable, originated two years before latest FY	18	40
Financing receivable, originated three years before latest FY	39	90
Financing receivable, originated four years before latest FY	210	65
Financing receivable, originated five or more years before latest FY	536	48
Financing receivable, before allowance for credit losses	814	261
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	0	25
Financing receivable, originated four years before latest FY	96	57
Financing receivable, originated five or more years before latest FY	668	163
Financing receivable, before allowance for credit losses	764	245
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	108	680
Financing receivable, originated in FY before latest FY	701	1,253
Financing receivable, originated two years before latest FY	1,248	479
Financing receivable, originated three years before latest FY	466	552
Financing receivable, originated four years before latest FY	542	645
Financing receivable, originated five or more years before latest FY	1,367	756
Financing receivable, before allowance for credit losses	4,432	4,365
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	108	532
Financing receivable, originated in FY before latest FY	562	1,163
Financing receivable, originated two years before latest FY	1,136	420
Financing receivable, originated three years before latest FY	434	496
Financing receivable, originated four years before latest FY	511	643
Financing receivable, originated five or more years before latest FY	1,349	740
Financing receivable, before allowance for credit losses	4,100	3,994
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	148
Financing receivable, originated in FY before latest FY	139	90
Financing receivable, originated two years before latest FY	112	59
Financing receivable, originated three years before latest FY	32	56
Financing receivable, originated four years before latest FY	31	1
Financing receivable, originated five or more years before latest FY	18	16
Financing receivable, before allowance for credit losses	332	370
Agricultural \| 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	0	0
Financing receivable, originated four years before latest FY	0	1
Financing receivable, originated five or more years before latest FY	0	0
Financing receivable, before allowance for credit losses	0	1
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	2	1,270
Financing receivable, originated in FY before latest FY	1,204	1,753
Financing receivable, originated two years before latest FY	1,733	167
Financing receivable, originated three years before latest FY	155	217
Financing receivable, originated four years before latest FY	214	169
Financing receivable, originated five or more years before latest FY	1,627	1,540
Financing receivable, before allowance for credit losses	4,935	5,116
Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	2	1,266
Financing receivable, originated in FY before latest FY	1,195	1,745
Financing receivable, originated two years before latest FY	1,717	167
Financing receivable, originated three years before latest FY	155	215
Financing receivable, originated four years before latest FY	212	168
Financing receivable, originated five or more years before latest FY	1,576	1,491
Financing receivable, before allowance for credit losses	4,857	5,052
Residential \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	4
Financing receivable, originated in FY before latest FY	9	8
Financing receivable, originated two years before latest FY	16	0
Financing receivable, originated three years before latest FY	0	2
Financing receivable, originated four years before latest FY	2	1
Financing receivable, originated five or more years before latest FY	51	49
Financing receivable, before allowance for credit losses	$ 78	$ 64

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets
Policy loans	$ 1,288	$ 1,282
Liabilities
Separate account liabilities	88,392	84,965	$ 88,843
Carrying Value
Assets
Mortgage loans	22,614	22,936
Policy loans	1,288	1,282
Other invested assets	228	213
Premiums, reinsurance and other receivables	7,163	6,080
Liabilities
Policyholder account balances	31,657	31,887
Long-term debt	3,156	3,156
Other liabilities	1,099	943
Separate account liabilities	1,135	1,024
Estimated Fair Value
Assets
Mortgage loans	20,452	20,816
Policy loans	1,414	1,393
Other invested assets	228	213
Premiums, reinsurance and other receivables	7,299	6,230
Liabilities
Policyholder account balances	30,584	30,942
Long-term debt	2,685	2,703
Other liabilities	1,100	943
Separate account liabilities	1,135	1,024
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	503	515
Other invested assets	216	201
Premiums, reinsurance and other receivables	154	89
Liabilities
Policyholder account balances	0	0
Long-term debt	2,685	2,703
Other liabilities	407	248
Separate account liabilities	1,135	1,024
Estimated Fair Value \| Level 3
Assets
Mortgage loans	20,452	20,816
Policy loans	911	878
Other invested assets	12	12
Premiums, reinsurance and other receivables	7,145	6,141
Liabilities
Policyholder account balances	30,584	30,942
Long-term debt	0	0
Other liabilities	693	695
Separate account liabilities	$ 0	$ 0

Contingencies, Commitments and Guarantees	6 Months Ended
Contingencies, Commitments and Guarantees	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from various state and federal regulators, agencies and officials. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at June 30, 2023. Matters as to Which an Estimate Can Be Made For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. In addition to amounts accrued for probable and reasonably estimable losses, as of June 30, 2023, 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 persons who own or owned life insurance policies issued in Georgia. The motion was granted on January 23, 2023, and the third amended class action 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 June 30, 2023, 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 $294 million and $247 million at June 30, 2023 and December 31, 2022, 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 $1.5 billion and $1.9 billion at June 30, 2023 and December 31, 2022, 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 $92 million, with a cumulative maximum of $98 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and bylaws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company’s recorded liabilities were $1 million at both June 30, 2023 and December 31, 2022 for indemnities, guarantees and commitments.

Insurance (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:


	Six Months Ended June 30,
	2023									2022
	Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of period	$	2,871		$	—		$	—		$	3,325		$	—		$	—
Beginning balance at original discount rate	3,212			—			—			3,051			—			—
Effect of model refinements	—			—			—			122			—			—
Effect of changes in cash flow assumptions	—			—			—			(1)			—			—
Effect of actual variances from expected experience	(8)			—			—			107			—			—
Adjusted beginning of period balance	3,204			—			—			3,279			—			—
Issuances	49			—			—			37			—			—
Interest accrual	55			—			—			57			—			—
Net premiums collected	(184)			—			—			(231)			—			—
Ending balance at original discount rate	3,124			—			—			3,142			—			—
Effect of changes in discount rate assumptions	(315)			—			—			(187)			—			—
Balance, end of period	$	2,809		$	—		$	—		$	2,955		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of period	$	5,279		$	3,512		$	6,793		$	6,426		$	4,333		$	10,171
Beginning balance at original discount rate	5,922			3,897			7,410			5,820			3,865			8,165
Effect of model refinements	—			—			—			135			—			—
Effect of changes in cash flow assumptions	—			—			—			—			—			—
Effect of actual variances from expected experience	(10)			(4)			(37)			123			(10)			(37)
Adjusted beginning of period balance	5,912			3,893			7,373			6,078			3,855			8,128
Issuances	50			182			—			41			102			—
Interest accrual	107			72			158			110			73			174
Benefit payments	(251)			(192)			(301)			(373)			(185)			(315)
Ending balance at original discount rate	5,818			3,955			7,230			5,856			3,845			7,987
Effect of changes in discount rate assumptions	(597)			(355)			(519)			(347)			(190)			(212)
Balance, end of period	$	5,221		$	3,600		$	6,711		$	5,509		$	3,655		$	7,775
Net liability for future policy benefits, end of period	$	2,412		$	3,600		$	6,711		$	2,554		$	3,655		$	7,775
Less: Reinsurance recoverable, end of period	41			25			66			55			24			75
Net liability for future policy benefits, after reinsurance recoverable	$	2,371		$	3,575		$	6,645		$	2,499		$	3,631		$	7,700
Weighted-average duration of liability	8.3 years			8.4 years			11.6 years			8.3 years			8.4 years			12.7 years
Weighted-average interest accretion rate	3.95		%	3.92		%	4.46		%	3.98		%	3.92		%	4.44		%
Gross premiums or assessments recognized during period	$	307		$	224		$	—		$	333		$	116		$	—
Expected future gross premiums, undiscounted	$	6,531		$	—		$	—		$	6,812		$	—		$	—
Expected future gross premiums, discounted	$	4,837		$	—		$	—		$	5,041		$	—		$	—
Expected future benefit payments, undiscounted	$	8,044		$	5,608		$	14,062		$	8,099		$	5,462		$	16,886
Expected future benefit payments, discounted	$	5,818		$	3,955		$	7,230		$	5,856		$	3,845		$	7,987

Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:


	Six Months Ended June 30,
	2023			2022
	(Dollars in millions)
Balance, beginning of period	$	6,935		$	7,168
Beginning balance before the effect of unrealized gains and losses	7,175			6,731
Effect of changes in cash flow assumptions	—			—
Effect of actual variances from expected experience	60			108
Adjusted beginning of period balance	7,235			6,839
Interest accrual	175			164
Net assessments collected	206			231
Benefit payments	(195)			(268)
Effect of realized capital gains (losses)	—			—
Ending balance before the effect of unrealized gains and losses	7,421			6,966
Effect of unrealized gains and losses	(211)			(98)
Balance, end of period	7,210			6,868
Less: Reinsurance recoverable, end of period	1,414			1,354
Net additional liability, after reinsurance recoverable	$	5,796		$	5,514
Weighted-average duration of liability	6.7 years			6.7 years
Weighted-average interest accretion rate	4.91		%	4.91		%
Gross premiums or assessments recognized during period	$	—		$	—


	June 30,
	2023		2022
	(In millions)
Liabilities reported in the preceding rollforward tables	$	19,933	$	20,852
Long-term care insurance (1)	5,606		6,093
ULSG liability for profits followed by losses	2,565		2,911
Participating whole life insurance (2)	3,031		2,851
Deferred profit liabilities	373		375
Other	391		410
Total liability for future policy benefits	$	31,899	$	33,492

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 3.

Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:


	Years Ended December 31,
	2022						2021
	Term and Whole Life Insurance		Income Annuities		Structured Settlement and Pension Risk Transfer Annuities		Term and Whole Life Insurance		Income Annuities		Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of year	$	3,325	$	—	$	—	$	3,448	$	—	$	—
Beginning balance at original discount rate	3,051		—		—		2,994		—		—
Effect of model refinements	122		—		—		—		—		—
Effect of changes in cash flow assumptions	137		—		—		70		—		—
Effect of actual variances from expected experience	119		—		—		153		—		—
Adjusted beginning of year balance	3,429		—		—		3,217		—		—
Issuances	93		—		—		113		—		—
Interest accrual	116		—		—		111		—		—
Net premiums collected	(426)		—		—		(390)		—		—
Ending balance at original discount rate	3,212		—		—		3,051		—		—
Effect of changes in discount rate assumptions	(341)		—		—		274		—		—
Balance, end of year	$	2,871	$	—	$	—	$	3,325	$	—	$	—
Present value of expected future policy benefits:
Balance, beginning of year	$	6,426	$	4,333	$	10,171	$	6,852	$	4,691	$	11,301
Beginning balance at original discount rate	5,820		3,865		8,165		5,862		3,938		8,531
Effect of model refinements	135		—		(278)		—		—		—
Effect of changes in cash flow assumptions	157		56		(157)		70		(41)		(41)
Effect of actual variances from expected experience	155		(22)		(23)		153		(6)		(16)
Adjusted beginning of year balance	6,267		3,899		7,707		6,085		3,891		8,474
Issuances	101		224		—		128		198		—
Interest accrual	222		146		327		222		150		359
Benefit payments	(668)		(372)		(624)		(615)		(374)		(668)
Ending balance at original discount rate	5,922		3,897		7,410		5,820		3,865		8,165
Effect of changes in discount rate assumptions	(643)		(385)		(617)		606		468		2,006
Balance, end of year	$	5,279	$	3,512	$	6,793	$	6,426	$	4,333	$	10,171
Net liability for future policy benefits, end of year	$	2,408	$	3,512	$	6,793	$	3,101	$	4,333	$	10,171
Less: Reinsurance recoverable, end of year	45		24		68		64		27		93
Net liability for future policy benefits, after reinsurance recoverable	$	2,363	$	3,488	$	6,725	$	3,037	$	4,306	$	10,078

Policyholder Account Balance

Information regarding policyholder account balances was as follows:


	Universal Life Insurance			Variable Annuities (1)			Index-linked Annuities			Fixed Rate Annuities			ULSG			Company-Owned Life Insurance (1)
	(Dollars in millions)
Six Months Ended June 30, 2023
Balance, beginning of period	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	113			43			3,390			1,479			339			—
Surrenders and withdrawals	(90)			(326)			(1,613)			(874)			(12)			—
Benefit payments	(42)			(61)			(117)			(203)			(55)			(4)
Net transfers from (to) separate account	22			11			—			—			—			—
Interest credited	8			78			203			229			122			15
Policy charges	(110)			(14)			(4)			—			(513)			(6)
Changes related to embedded derivatives	—			—			2,793			—			—			—

Balance, end of period	$	2,559		$	4,639		$	38,549		$	14,905		$	5,188		$	646
Weighted-average crediting rate (2)	0.31		%	1.63		%	0.66		%	1.57		%	2.33		%	2.33		%
Six Months Ended June 30, 2022
Balance, beginning of period	$	2,694		$	4,743		$	32,000		$	11,849		$	5,569		$	646
Premiums and deposits	110			87			3,431			340			356			—
Surrenders and withdrawals	(41)			(233)			(999)			(276)			(15)			—
Benefit payments	(35)			(60)			(77)			(166)			(37)			(4)
Net transfers from (to) separate account	31			151			—			—			—			2
Interest credited	30			83			149			151			107			11
Policy charges	(111)			(14)			(3)			—			(526)			(3)
Changes related to embedded derivatives	—			—			(3,575)			—			—			—

Balance, end of period	$	2,678		$	4,757		$	30,926		$	11,898		$	5,454		$	652
Weighted-average crediting rate (2)	1.12		%	1.75		%	0.56		%	1.28		%	1.94		%	1.69		%

_______________

(1)Includes liabilities related to separate account products where the contract holder elected a general account investment option.

(2)Excludes the effects of embedded derivatives related to index-linked crediting rates.

A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:


	June 30,
	2023		2022
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	66,486	$	56,365
Funding agreements classified as investment contracts	11,041		9,104
Other investment contract liabilities	1,116		1,248
Total policyholder account balances	$	78,643	$	66,717

Policyholder Account Balance, Guaranteed Minimum Crediting Rate


Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 to 50 Basis Points Above		51 to 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(In millions)
June 30, 2023
Annuities (1) (3):
Less than 2.00%	$	771	$	275	$	437	$	7,163	$	8,646
2.00% to 3.99%	5,252		4,789		710		11		10,762
Greater than 3.99%	499		—		—		—		499
Total	$	6,522	$	5,064	$	1,147	$	7,174	$	19,907
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	199	$	199
2.00% to 3.99%	—		502		49		149		700
Greater than 3.99%	1,619		—		—		—		1,619
Total	$	1,619	$	502	$	49	$	348	$	2,518
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,179		1,526		1,692		262		4,659
Greater than 3.99%	517		—		—		—		517
Total	$	1,696	$	1,526	$	1,692	$	262	$	5,176
December 31, 2022
Annuities (1) (3):
Less than 2.00%	$	861	$	317	$	369	$	5,821	$	7,368
2.00% to 3.99%	6,119		4,872		596		10		11,597
Greater than 3.99%	525		—		—		—		525
Total	$	7,505	$	5,189	$	965	$	5,831	$	19,490
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	172	$	172
2.00% to 3.99%	—		510		87		154		751
Greater than 3.99%	1,657		—		—		—		1,657
Total	$	1,657	$	510	$	87	$	326	$	2,580
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,225		1,581		1,729		266		4,801
Greater than 3.99%	527		—		—		—		527
Total	$	1,752	$	1,581	$	1,729	$	266	$	5,328

_______________

(1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities.

(2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies.

(3)Amounts are gross of policy loans and net of excess interest reserves.

Market Risk Benefit, Activity

Information regarding MRB assets and liabilities associated with variable annuities was as follows:


	Six Months Ended June 30,				Years Ended December 31,
	2023		2022		2022		2021
	(Dollars in millions)
Balance, beginning of period	$	9,974	$	15,698	$	15,698	$	18,388
Balance, beginning of period, before effect of changes in nonperformance risk	8,230		11,611		11,611		14,934
Decrements	(54)		39		16		(68)
Effect of changes in future expected assumptions	—		—		210		41
Effect of actual different from expected experience	170		(333)		(48)		(86)
Effect of changes in interest rates	(147)		(5,937)		(8,394)		(1,829)
Effect of changes in fund returns	(1,529)		4,413		3,807		(2,578)
Issuances	(5)		(16)		(47)		(96)
Effect of changes in risk margin	(18)		(92)		(152)		(128)
Aging of the block and other	713		620		1,227		1,421
Balance, end of period, before effect of changes in nonperformance risk	7,360		10,305		8,230		11,611
Effect of changes in nonperformance risk	1,868		1,709		1,744		4,087
Balance, end of period	9,228		12,014		9,974		15,698
Less: Reinsurance recoverable, end of period	50		88		71		118
Balance, end of period, net of reinsurance (1)	$	9,178	$	11,926	$	9,903	$	15,580
Weighted-average attained age of contract holder	72.5 years		71.4 years		71.8 years		71.1 years

_______________

Separate Account, Liability

Information regarding separate account liabilities was as follows:


	Six Months Ended June 30,
	2023						2022
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	77,653	$	5,218	$	1,932	$	105,023	$	6,862	$	2,384
Premiums and deposits	408		83		—		795		87		—
Surrenders and withdrawals	(3,010)		(91)		(7)		(3,232)		(89)		(11)
Benefit payments	(740)		(33)		(16)		(711)		(30)		(17)
Investment performance	7,211		654		212		(19,105)		(1,443)		(385)
Policy charges	(1,076)		(104)		(24)		(1,170)		(105)		(34)
Net transfers from (to) general account	(11)		(22)		—		(151)		(31)		(2)
Other	(12)		—		(4)		38		4		5
Balance, end of period	$	80,423	$	5,705	$	2,093	$	81,487	$	5,255	$	1,940

A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:


	June 30,
	2023		2022
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	88,221	$	88,682
Variable income annuities	152		145
Pension risk transfer annuities	19		16
Total separate account liabilities	$	88,392	$	88,843

Fair Value, Separate Account Investment

The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:



	June 30, 2023		December 31, 2022
	(In millions)
Equity securities	$	88,127	$	84,667

Fixed maturity securities	256		278
Cash and cash equivalents	1		9
Other assets	8		11
Total aggregate estimated fair value of assets	$	88,392	$	84,965

Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:


	Universal Life Insurance		Variable Annuities		Index-linked Annuities		Fixed Rate Annuities		ULSG		Company-Owned Life Insurance
	(In millions)
June 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,559	$	4,639	$	38,549	$	14,905	$	5,188	$	646
Separate account liabilities	5,705		80,423		—		—		—		2,093
Total account balances	$	8,264	$	85,062	$	38,549	$	14,905	$	5,188	$	2,739
Net amount at risk	$	36,753	$	13,672	N/A		N/A		$	69,602	$	2,647
Cash surrender value	$	7,676	$	84,644	$	35,860	$	14,281	$	6,160	$	2,539
June 30, 2022
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,678	$	4,757	$	30,926	$	11,898	$	5,454	$	652
Separate account liabilities	5,255		81,487		—		—		—		1,940
Total account balances	$	7,933	$	86,244	$	30,926	$	11,898	$	5,454	$	2,592
Net amount at risk	$	38,948	$	15,537	N/A		N/A		$	71,683	$	3,305
Cash surrender value	$	7,293	$	86,099	$	27,083	$	11,158	$	6,363	$	2,363

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ 0	$ 0	$ 0	$ 0

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 1,640	$ 2,260
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated fair value of collateral provided (2):	$ 4,432	$ 4,894

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized investment gains (losses), beginning of period	$ (5,690)
Unrealized investment gains (losses) during the period	666
Unrealized investment gains (losses) relating to: Future policy benefits	(121)
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	(114)
Unrealized investment gains (losses), end of period	(5,259)
Change in net unrealized investment gains (losses)	$ 431

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Compensation	$ 106	$ 80	$ 204	$ 165
Contracted services and other labor costs	79	68	148	124
Transition services agreements	8	1	19	29
Establishment costs	0	11	0	26
Premium and other taxes, licenses and fees	20	15	34	28
Separate account fees	92	102	184	216
Volume related costs, excluding compensation, net of DAC capitalization	143	99	280	245
Interest expense on debt	38	38	76	76
Other	16	178	35	192
Total other expenses	$ 502	$ 592	$ 980	$ 1,101

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Three Months Ended June 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	357	$	18	$	(21)	$	5	$	359
Provision for income tax expense (benefit)	66		3		(5)		(1)		63
Post-tax adjusted earnings	291		15		(16)		6		296
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		25		25
Adjusted earnings	$	291	$	15	$	(16)	$	(19)	271
Adjustments for:
Net investment gains (losses)									(64)
Net derivative gains (losses), excluding investment hedge adjustments of $23									(1,834)
Change in market risk benefits									1,300
Market value adjustments									2
Provision for income tax (expense) benefit									125
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(200)

Interest revenue	$	633	$	119	$	316	$	151
Interest expense	$	—	$	—	$	—	$	38


	Three Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	394	$	36	$	(200)	$	(49)	$	181
Provision for income tax expense (benefit)	74		7		(43)		(27)		11
Post-tax adjusted earnings	320		29		(157)		(22)		170
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—		—
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings	$	320	$	29	$	(157)	$	(48)	144
Adjustments for:
Net investment gains (losses)									(66)
Net derivative gains (losses), excluding investment hedge adjustments of $9									1,968
Change in market risk benefits									62
Market value adjustments									32
Provision for income tax (expense) benefit									(421)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	1,719

Interest revenue	$	546	$	115	$	350	$	59
Interest expense	$	—	$	—	$	—	$	38


	Six Months Ended June 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	744	$	18	$	(155)	$	10	$	617
Provision for income tax expense (benefit)	139		2		(33)		(10)		98
Post-tax adjusted earnings	605		16		(122)		20		519
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		51		51
Adjusted earnings	$	605	$	16	$	(122)	$	(33)	466
Adjustments for:
Net investment gains (losses)									(160)
Net derivative gains (losses), excluding investment hedge adjustments of $61									(2,447)
Change in market risk benefits									1,106
Market value adjustments									(6)
Provision for income tax (expense) benefit									316
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(725)

Interest revenue	$	1,227	$	219	$	570	$	300
Interest expense	$	—	$	—	$	—	$	76


	Six Months Ended June 30, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	832	$	119	$	(169)	$	(87)	$	695
Provision for income tax expense (benefit)	158		24		(36)		(30)		116
Post-tax adjusted earnings	674		95		(133)		(57)		579
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		53		53
Adjusted earnings	$	674	$	95	$	(133)	$	(112)	524
Adjustments for:
Net investment gains (losses)									(134)
Net derivative gains (losses), excluding investment hedge adjustments of $15									1,908
Change in market risk benefits									1,641
Market value adjustments									70
Provision for income tax (expense) benefit									(732)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	3,277

Interest revenue	$	1,101	$	275	$	751	$	100
Interest expense	$	—	$	—	$	—	$	76

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


	June 30, 2023		December 31, 2022
	(In millions)
Annuities	$	157,657	$	151,192
Life	22,836		22,057
Run-off	28,619		28,436
Corporate & Other	22,433		23,162
Total	$	231,545	$	224,847

Reconciliation of Revenue from Segments to Consolidated

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Annuities	$	1,246	$	1,129	$	2,416	$	2,331
Life	312		289		616		652
Run-off	448		487		828		1,022
Corporate & Other	155		59		294		100
Adjustments	(1,898)		1,902		(2,607)		1,774
Total	$	263	$	3,866	$	1,547	$	5,879

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying amount	$ 231,545	$ 224,847	$ 262,257
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount	19,982	20,032
Maximum exposure to loss	22,682	22,962
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	15,666	15,896
Maximum exposure to loss	17,207	17,471
VIE, Not Primary Beneficiary \| Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying amount	4,316	4,136
Maximum exposure to loss	$ 5,475	$ 5,491

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 04, 2023
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-37905
Entity Central Index Key	0001685040
Entity Registrant Name	Brighthouse Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3846992
Entity Address, Address Line One	11225 North Community House Road
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	365-7100
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,502,448
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

Investments (Securities Lending - Narrative) (Details) $ in Millions	Jun. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Cash collateral on deposit from counterparties	$ 666
Percentage of reinvestment portfolio invested in liquid assets	54.00%

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 85,570	$ 84,344
Fixed maturity securities, allowance for credit losses	12	7
Mortgage loans valuation allowances	145	119
Leveraged leases, allowance for credit losses	13	13
Premiums, reinsurance and other, allowance for credit losses	$ 10	$ 10
Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 1,753	$ 1,753
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	122,758,837	122,153,422
Common stock, shares outstanding	65,956,660	68,278,068
Treasury Stock, Common, Shares	56,802,177	53,875,354

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 33	$ 30	$ 35	$ 36
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(5)	(5)	(5)	(15)
Total realized/unrealized gains (losses) included in AOCI	0	12	0	16
Purchases (6)	9	1	9	1
Sales (6)	0	0	0	0
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	0	0	0	0
Transfers out of Level 3 (7)	(10)	0	(12)	0
Balance, end of period	27	38	27	38
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	(5)	(5)	(15)
Changes in unrealized gains (losses) included in OCI	0	12	0	16
Embedded Derivatives on Index-Linked Annuities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(5,164)	(5,674)	(3,932)	(6,641)
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(1,703)	2,826	(2,793)	3,588
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (6)	0	0	0	0
Sales (6)	0	0	0	0
Issuances (6)	0	0	0	0
Settlements (6)	(19)	17	(161)	222
Transfers into Level 3 (7)	0	0	0	0
Transfers out of Level 3 (7)	0	0	0	0
Balance, end of period	(6,886)	(2,831)	(6,886)	(2,831)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1,802)	2,756	(2,968)	3,443
Changes in unrealized gains (losses) included in OCI	0	0	0	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,936	1,618	1,787	1,399
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(4)	(6)	(3)	(6)
Total realized/unrealized gains (losses) included in AOCI	(22)	(110)	7	(216)
Purchases (6)	68	330	210	648
Sales (6)	(42)	(56)	(73)	(140)
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	26	90	56	148
Transfers out of Level 3 (7)	(31)	(156)	(53)	(123)
Balance, end of period	1,931	1,710	1,931	1,710
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(3)	0	(2)	0
Changes in unrealized gains (losses) included in OCI	(24)	(117)	1	(218)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	350	194	365	220
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	(1)	3	1	(12)
Purchases (6)	36	201	52	229
Sales (6)	(3)	(11)	(7)	(14)
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	2	34	2	23
Transfers out of Level 3 (7)	(13)	(76)	(42)	(101)
Balance, end of period	371	345	371	345
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	(1)	0
Changes in unrealized gains (losses) included in OCI	(1)	2	0	(12)
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	39	23	38	26
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	(5)	1	(9)
Purchases (6)	0	0	0	5
Sales (6)	(1)	0	(1)	(1)
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	0	22	0	19
Transfers out of Level 3 (7)	0	0	0	0
Balance, end of period	38	40	38	40
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI	0	(5)	1	(9)
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	25	13	27	13
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	(1)	1	(3)	1
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (6)	1	13	1	13
Sales (6)	0	0	0	0
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	0	0	0	0
Transfers out of Level 3 (7)	0	0	0	0
Balance, end of period	25	27	25	27
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(2)	1	(3)	1
Changes in unrealized gains (losses) included in OCI	0	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	2
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (6)	0	0	0	0
Sales (6)	0	0	0	(2)
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	0	0	0	0
Transfers out of Level 3 (7)	0	0	0	0
Balance, end of period	0	0	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI	0	0	0	0
Separate account assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	0
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)	0	0	0	(1)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (6)	0	0	0	0
Sales (6)	0	0	0	0
Issuances (6)	0	0	0	0
Settlements (6)	0	0	0	0
Transfers into Level 3 (7)	0	0	0	1
Transfers out of Level 3 (7)	0	0	0	0
Balance, end of period	0	0	0	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI	$ 0	$ 0	$ 0	$ 0

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(200)	$	1,719	$	(725)	$	3,277

Weighted average common shares outstanding — basic	66,722,046		74,570,237		67,294,437		75,705,755
Dilutive effect of share-based awards	—		401,421		—		454,716
Weighted average common shares outstanding — diluted	66,722,046		74,971,658		67,294,437		76,160,471

Earnings per common share:
Basic	$	(3.01)	$	23.04	$	(10.77)	$	43.27
Diluted	$	(3.01)	$	22.91	$	(10.77)	$	43.01

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 505	$ 1,576	$ 1,277	$ 4,115
Fixed maturity securities, gross investment gains	8	2	11	46
Fixed maturity securities, gross investment losses	(56)	(60)	(129)	(143)
Fixed maturity securities, net investment gains (losses)	$ (48)	$ (58)	$ (118)	$ (97)

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 77,577	$ 75,577
Equity securities	91	89
Short-term investments	1,125	1,081
Derivative assets: (1)	3,017	2,284
Market risk benefit assets	602	483
Separate account assets	88,392	84,965
Liabilities [Abstract]
Market risk benefit liabilities	9,783	10,389	$ 16,034
Derivative liabilities: (1)	3,887	3,920
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	77,577	75,577
Equity securities	91	89
Short-term investments	1,125	1,081
Derivative assets: (1)	3,017	2,284
Market risk benefit assets	602	483
Separate account assets	88,392	84,965
Total assets	170,804	164,479
Liabilities [Abstract]
Market risk benefit liabilities	9,783	10,389
Derivative liabilities: (1)	3,887	3,920
Embedded derivatives on index-linked annuities (2)	6,886	3,932
Total liabilities	20,556	18,241
Recurring \| Interest rate
Assets [Abstract]
Derivative assets: (1)	278	304
Liabilities [Abstract]
Derivative liabilities: (1)	2,258	2,802
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	647	745
Liabilities [Abstract]
Derivative liabilities: (1)	20	18
Recurring \| Credit
Assets [Abstract]
Derivative assets: (1)	24	18
Liabilities [Abstract]
Derivative liabilities: (1)	1	2
Recurring \| Equity market
Assets [Abstract]
Derivative assets: (1)	2,068	1,217
Liabilities [Abstract]
Derivative liabilities: (1)	1,608	1,098
Recurring \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	33,714	32,607
Recurring \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	10,905	10,576
Recurring \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	8,163	8,016
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,453	7,528
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,458	6,611
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,026	5,359
Recurring \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,835	3,799
Recurring \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,023	1,081
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,552	3,566
Equity securities	40	35
Short-term investments	873	722
Derivative assets: (1)	0	0
Market risk benefit assets	0	0
Separate account assets	10	29
Total assets	4,475	4,352
Liabilities [Abstract]
Market risk benefit liabilities	0	0
Derivative liabilities: (1)	0	0
Embedded derivatives on index-linked annuities (2)	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	3,552	3,566
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 \| ABS
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 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 2
Assets [Abstract]
Fixed maturity securities, estimated fair value	71,685	69,821
Equity securities	26	27
Short-term investments	252	359
Derivative assets: (1)	2,989	2,247
Market risk benefit assets	0	0
Separate account assets	88,382	84,936
Total assets	163,334	157,390
Liabilities [Abstract]
Market risk benefit liabilities	0	0
Derivative liabilities: (1)	3,886	3,918
Embedded derivatives on index-linked annuities (2)	0	0
Total liabilities	3,886	3,918
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets: (1)	278	304
Liabilities [Abstract]
Derivative liabilities: (1)	2,258	2,802
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets: (1)	630	716
Liabilities [Abstract]
Derivative liabilities: (1)	20	18
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets: (1)	17	10
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets: (1)	2,064	1,217
Liabilities [Abstract]
Derivative liabilities: (1)	1,608	1,098
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	32,387	31,418
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	10,301	9,978
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,611	4,450
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,439	7,514
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,422	6,578
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	5,705	5,041
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,835	3,799
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	985	1,043
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,340	2,190
Equity securities	25	27
Short-term investments	0	0
Derivative assets: (1)	28	37
Market risk benefit assets	602	483
Separate account assets	0	0
Total assets	2,995	2,737
Liabilities [Abstract]
Market risk benefit liabilities	9,783	10,389
Derivative liabilities: (1)	1	2
Embedded derivatives on index-linked annuities (2)	6,886	3,932
Total liabilities	16,670	14,323
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)	17	29
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets: (1)	7	8
Liabilities [Abstract]
Derivative liabilities: (1)	1	2
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets: (1)	4	0
Liabilities [Abstract]
Derivative liabilities: (1)	0	0
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,327	1,189
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	604	598
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	14
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	36	33
Recurring \| Level 3 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	321	318
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	0	0
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 38	$ 38

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (200)	$ 1,719	$ (725)	$ 3,277
Weighted average common shares outstanding - basic	66,722,046	74,570,237	67,294,437	75,705,755
Dilutive effect of share-based awards	0	401,421	0	454,716
Weighted average common shares outstanding - diluted	66,722,046	74,971,658	67,294,437	76,160,471
Earnings per common share - basic	$ (3.01)	$ 23.04	$ (10.77)	$ 43.27
Earnings per common share - diluted	$ (3.01)	$ 22.91	$ (10.77)	$ 43.01
Antidilutive stock options excluded from the computation of earnings per common share		187,371		187,371

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Publisher FASB
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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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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

Insurance (Policyholder Account Balances) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Policyholder Account Balance [Line Items]
Interest credited	$ 452	$ 284	$ 874	$ 532
Policyholder Account Balance, Ending Balance	78,643	66,717	78,643	66,717
Universal Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			2,658	2,694
Premiums and deposits			113	110
Surrenders and withdrawals			(90)	(41)
Benefit payments			(42)	(35)
Net transfers from (to) separate account			22	31
Interest credited			8	30
Policy charges			(110)	(111)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 2,559	$ 2,678	$ 2,559	$ 2,678
Weighted-average crediting rate (2)	0.31%	1.12%	0.31%	1.12%
Variable Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 4,908	$ 4,743
Premiums and deposits			43	87
Surrenders and withdrawals			(326)	(233)
Benefit payments			(61)	(60)
Net transfers from (to) separate account			11	151
Interest credited			78	83
Policy charges			(14)	(14)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 4,639	$ 4,757	$ 4,639	$ 4,757
Weighted-average crediting rate (2)	1.63%	1.75%	1.63%	1.75%
Index-linked Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 33,897	$ 32,000
Premiums and deposits			3,390	3,431
Surrenders and withdrawals			(1,613)	(999)
Benefit payments			(117)	(77)
Net transfers from (to) separate account			0	0
Interest credited			203	149
Policy charges			(4)	(3)
Changes related to embedded derivatives			2,793	(3,575)
Policyholder Account Balance, Ending Balance	$ 38,549	$ 30,926	$ 38,549	$ 30,926
Weighted-average crediting rate (2)	0.66%	0.56%	0.66%	0.56%
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 14,274	$ 11,849
Premiums and deposits			1,479	340
Surrenders and withdrawals			(874)	(276)
Benefit payments			(203)	(166)
Net transfers from (to) separate account			0	0
Interest credited			229	151
Policy charges			0	0
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 14,905	$ 11,898	$ 14,905	$ 11,898
Weighted-average crediting rate (2)	1.57%	1.28%	1.57%	1.28%
ULSG
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 5,307	$ 5,569
Premiums and deposits			339	356
Surrenders and withdrawals			(12)	(15)
Benefit payments			(55)	(37)
Net transfers from (to) separate account			0	0
Interest credited			122	107
Policy charges			(513)	(526)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 5,188	$ 5,454	$ 5,188	$ 5,454
Weighted-average crediting rate (2)	2.33%	1.94%	2.33%	1.94%
Company-Owned Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 641	$ 646
Premiums and deposits			0	0
Surrenders and withdrawals			0	0
Benefit payments			(4)	(4)
Net transfers from (to) separate account			0	2
Interest credited			15	11
Policy charges			(6)	(3)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 646	$ 652	$ 646	$ 652
Weighted-average crediting rate (2)	2.33%	1.69%	2.33%	1.69%

Insurance (Reconciliation of Separate Account Liability) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Separate Account, Liability [Line Items]
Separate account liabilities	$ 88,392	$ 84,965	$ 88,843
Variable income annuities	152		145
Pension risk transfer annuities	19		16
Rollforwards Total
Separate Account, Liability [Line Items]
Separate account liabilities	$ 88,221		$ 88,682

Other Revenues and Other Expenses

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

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 $66 million and $133 million for the three months and six months ended June 30, 2023, respectively, and $74 million and $156 million for the three months and six months ended June 30, 2022, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Compensation	$	106	$	80	$	204	$	165
Contracted services and other labor costs	79		68		148		124
Transition services agreements	8		1		19		29
Establishment costs	—		11		—		26
Premium and other taxes, licenses and fees	20		15		34		28
Separate account fees	92		102		184		216
Volume related costs, excluding compensation, net of DAC capitalization	143		99		280		245
Interest expense on debt	38		38		76		76
Other	16		178		35		192
Total other expenses	$	502	$	592	$	980	$	1,101

Capitalization of DAC

See Note 5 for additional information on the capitalization of DAC.

Insurance (Balance of Account Values by range of guaranteed minimum crediting rates) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	$ 19,907	$ 19,490
Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	2,518	2,580
ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	5,176	5,328
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	8,646	7,368
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	199	172
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	10,762	11,597
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	700	751
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	4,659	4,801
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	499	525
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,619	1,657
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	517	527
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	6,522	7,505
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,619	1,657
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,696	1,752
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	771	861
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	5,252	6,119
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,179	1,225
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	499	525
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,619	1,657
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	517	527
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	5,064	5,189
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	502	510
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,526	1,581
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	275	317
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	4,789	4,872
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	502	510
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,526	1,581
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,147	965
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	49	87
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,692	1,729
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	437	369
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	710	596
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	49	87
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	1,692	1,729
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	7,174	5,831
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	348	326
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	262	266
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	7,163	5,821
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	199	172
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 0200 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	11	10
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	149	154
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0200 to 0399 \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	262	266
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	0	0
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	$ 0	$ 0