0001685040-24-000007 | 10-K | XBRL Viewer | Brighthouse Financial INC

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Insurance Liabilities (Obligations Under Funding Agreements - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding funding agreements to certain SPEs	$ 5,500	$ 5,500
Outstanding funding agreements to certain SPEs - Inactive	525	525
Federal Home Loan Bank of Atlanta
Line of Credit Facility [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	4,400	3,900
Farmer Mac Funding Agreements [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 700	$ 700

Investments (Mortgage Loans in Nonaccrual Status by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 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	17	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	$ 90	$ 64

Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Net investment income									$ 4,664	$ 4,138	$ 4,881
Other revenues									483	478	450
Net investment gains (losses)									(246)	(248)	(59)
Net derivative gains (losses)									(3,907)	(592)	(3,983)
Total revenues	$ 1,400	$ 1,170	$ 263	$ 1,284	$ (127)	$ 1,121	$ 3,866	$ 2,013	4,117	6,873	4,976
Expenses
Debt repayment costs									0	0	75
Other expenses									1,977	2,085	2,449
Total expenses	2,574	580	500	1,937	(167)	609	1,689	10	5,591	2,141	2,967
Income (loss) before provision for income tax									(1,474)	4,732	2,009
Provision for income tax expense (benefit)									(367)	848	361
Net income (loss) attributable to Brighthouse Financial, Inc.	(917)	479	(175)	(499)	136	413	1,745	1,585	(1,112)	3,879	1,643
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (942)	$ 453	$ (200)	$ (525)	$ 110	$ 388	$ 1,719	$ 1,558	(1,214)	3,775	1,554
Comprehensive income (loss)									(252)	(2,274)	(97)
Parent Company
Condensed Income Statements, Captions [Line Items]
Net investment income									38	14	1
Other revenues									0	(3)	13
Net investment gains (losses)									0	(2)	2
Net derivative gains (losses)									10	(7)	2
Total revenues									48	2	18
Expenses
Debt repayment costs									0	0	77
Other expenses									192	168	179
Total expenses									192	168	256
Income (loss) before provision for income tax									(144)	(166)	(238)
Provision for income tax expense (benefit)									(30)	(35)	(50)
Income (loss) before equity in earnings (losses) of subsidiaries									(114)	(131)	(188)
Income (Loss) from Subsidiaries, Net of Tax									(998)	4,010	1,831
Net income (loss) attributable to Brighthouse Financial, Inc.									(1,112)	3,879	1,643
Dividends, Preferred Stock									102	104	89
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									(1,214)	3,775	1,554
Comprehensive income (loss)									$ (252)	$ (2,274)	$ (97)

Interim Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

The unaudited quarterly results of operations for 2023 and 2022, which include the impacts of LDTI, are summarized in the table below:


	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(In millions, except per share data)
2023
Total revenues	$	1,284	$	263	$	1,170	$	1,400
Total expenses	$	1,937	$	500	$	580	$	2,574
Net income (loss)	$	(497)	$	(175)	$	481	$	(916)
Less: Net income (loss) attributable to noncontrolling interests	$	2	$	—	$	2	$	1
Net income (loss) attributable to Brighthouse Financial, Inc.	$	(499)	$	(175)	$	479	$	(917)
Less: Preferred stock dividends	$	26	$	25	$	26	$	25
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(525)	$	(200)	$	453	$	(942)
Basic earnings per common share (1)	$	(7.72)	$	(3.01)	$	6.92	$	(14.70)
Diluted earnings per common share (1)	$	(7.72)	$	(3.01)	$	6.89	$	(14.70)
2022
Total revenues	$	2,013	$	3,866	$	1,121	$	(127)
Total expenses	$	10	$	1,689	$	609	$	(167)
Net income (loss)	$	1,587	$	1,745	$	415	$	137
Less: Net income (loss) attributable to noncontrolling interests	$	2	$	—	$	2	$	1
Net income (loss) attributable to Brighthouse Financial, Inc.	$	1,585	$	1,745	$	413	$	136
Less: Preferred stock dividends	$	27	$	26	$	25	$	26
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	1,558	$	1,719	$	388	$	110
Basic earnings per common share (1)	$	20.27	$	23.04	$	5.42	$	1.61
Diluted earnings per common share (1)	$	20.11	$	22.91	$	5.39	$	1.59

_______________

(1)See Note 17 for additional information on the calculation of EPS.

Financial Services, Insurance, ASU 2018-12 Transition

12 Months Ended

Dec. 31, 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

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 Consolidated Balance Sheets and Consolidated Statements of Operations. See Notes 4, 5, 6 and 7 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

- 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.

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+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred Stock Authorized, Issued and Outstanding

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


	December 31,
	2023			2022
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A	17,000	17,000	17,000	17,000	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B	16,100	16,100	16,100	16,100	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C	23,000	23,000	23,000	23,000	23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D	14,000	14,000	14,000	14,000	14,000	14,000
Not designated	99,929,900	—	—	99,929,900	—	—
Total	100,000,000	70,100	70,100	100,000,000	70,100	70,100

Preferred Stock Dividends Declared

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


	Years Ended December 31,
	2023				2022				2021
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	1,650.00	$	28	$	1,650.00	$	28	$	1,650.00	$	28
B	$	1,687.52	28		$	1,687.52	28		$	1,687.52	27
C	$	1,343.76	30		$	1,343.76	31		$	1,474.40	34
D	$	1,156.24	16		$	1,262.23	17		$	—	—
Total			$	102			$	104			$	89

Common Stock Outstanding Roll Forward

Changes in common shares outstanding were as follows:


	Years Ended December 31,
	2023	2022	2021
Shares outstanding at beginning of year	68,278,068	77,870,072	88,211,618
Shares issued	665,146	639,980	510,919
Shares repurchased (1)	(5,439,859)	(10,231,984)	(10,852,465)
Shares outstanding at end of year	63,503,355	68,278,068	77,870,072

_______________

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

Share-based Payment Arrangement, Cost by Plan

The following table presents total share-based compensation expense:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
RSUs	$	13	$	13	$	13
PSUs	15		8		9

Employee stock purchase plan	1		1		1
Total share-based compensation expense	$	29	$	22	$	23
Income tax benefit	$	6	$	5	$	5

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Options

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


	RSUs			PSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	628,870	$	43.18	808,549	$	42.30
Granted	243,136	$	56.35	225,738	$	58.35
Performance factor adjustment	—	$	—	27,829	$	35.84
Forfeited	(4,188)	$	46.15	—	$	—
Vested	(350,850)	$	41.37	(241,939)	$	35.84
Nonvested at December 31, 2023	516,968	$	50.57	820,177	$	48.40

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

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2023		2022		2021
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	(3,131)	$	1,373	$	(156)
New England Life Insurance Company	Massachusetts	$	41	$	83	$	40

Statutory capital and surplus was as follows at:


	December 31,
Company	2023		2022
	(In millions)
Brighthouse Life Insurance Company	$	4,623	$	6,349
New England Life Insurance Company	$	141	$	192

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


	2024		2023		2022		2021
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company (3)	$	—	$	266	$	—	$	550
New England Life Insurance Company	$	40	$	84	$	38	$	44

______________

(1)Reflects dividend amounts that may be paid during 2024 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2024, some or all of such dividends may require regulatory approval to the extent dividends were paid in 2023.

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

(3)Any payment of dividends in 2024 would be considered an extraordinary dividend subject to regulatory approval due to negative unassigned funds (surplus).

Components of Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		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, 2020	$	5,646	$	115	$	—	$	—	$	(45)	$	5,716
Cumulative effect to change in accounting principle, net of income tax (3)	1,980		—		(2,729)		(3,180)		—		(3,929)
Balance at January 1, 2021	7,626		115		(2,729)		(3,180)		(45)		1,787
OCI before reclassifications	(2,978)		171		(634)		1,242		(3)		(2,202)
Deferred income tax benefit (expense) (4)	625		(35)		133		(261)		1		463
AOCI before reclassifications, net of income tax	5,273		251		(3,230)		(2,199)		(47)		48
Amounts reclassified from AOCI	15		(15)		—		—		(1)		(1)
Deferred income tax benefit (expense) (4)	(3)		3		—		—		—		—
Amounts reclassified from AOCI, net of income tax	12		(12)		—		—		(1)		(1)
Balance at December 31, 2021	5,285		239		(3,230)		(2,199)		(48)		47
OCI before reclassifications	(14,741)		331		2,344		4,075		(16)		(8,007)
Deferred income tax benefit (expense) (4)	3,074		(48)		(492)		(856)		4		1,682
AOCI before reclassifications, net of income tax	(6,382)		522		(1,378)		1,020		(60)		(6,278)
Amounts reclassified from AOCI	238		(22)		—		—		2		218
Deferred income tax benefit (expense) (4)	(50)		4		—		—		—		(46)
Amounts reclassified from AOCI, net of income tax	188		(18)		—		—		2		172
Balance at December 31, 2022	(6,194)		504		(1,378)		1,020		(58)		(6,106)
OCI before reclassifications	2,149		(276)		(636)		(380)		9		866
Deferred income tax benefit (expense) (4)	(451)		58		133		80		(2)		(182)
AOCI before reclassifications, net of income tax	(4,496)		286		(1,881)		720		(51)		(5,422)
Amounts reclassified from AOCI	226		(11)		—		—		7		222
Deferred income tax benefit (expense) (4)	(47)		2		—		—		(1)		(46)
Amounts reclassified from AOCI, net of income tax	179		(9)		—		—		6		176
Balance at December 31, 2023	$	(4,317)	$	277	$	(1,881)	$	720	$	(45)	$	(5,246)

_______________

(1)See Note 9 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)See Notes 1 and 2 for information on the adoption of ASU 2018-12.

(4)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)

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


AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations Locations
	Years Ended December 31,
	2023		2022		2021
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(198)	$	(186)	$	(4)	Net investment gains (losses)

Net unrealized investment gains (losses)	(28)		(52)		(11)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(226)		(238)		(15)
Income tax (expense) benefit	47		50		3
Net unrealized investment gains (losses), net of income tax	(179)		(188)		(12)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	1		5		2		Net derivative gains (losses)
Interest rate swaps	3		4		3		Net investment income


Foreign currency swaps	7		13		10		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	11		22		15
Income tax (expense) benefit	(2)		(4)		(3)
Gains (losses) on cash flow hedges, net of income tax	9		18		12
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(7)		(2)		1

Amortization of defined benefit plans, before income tax	(7)		(2)		1
Income tax (expense) benefit	1		—		—
Amortization of defined benefit plans, net of income tax	(6)		(2)		1
Total reclassifications, net of income tax	$	(176)	$	(172)	$	1

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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 3: http://fasb.org/us-gaap/role/ref/legacyRef
-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 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 4
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

- Definition

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

+ References + Details

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gain (Loss) on Securities [Line Items]
Unrealized investment gains (losses), beginning of year	$ (5,690)	$ 5,524	$ 5,761
Unrealized investment gains (losses) during the year	2,353	(16,766)	(3,478)
Unrealized investment gains (losses) relating to: Future policy benefits	(265)	2,572	671
Deferred income tax benefit (expense)	(438)	2,980	590
Unrealized investment gains (losses), end of year	(4,040)	(5,690)	5,524
Change in net unrealized investment gains (losses)	1,650	(11,214)	(2,217)
Cumulative effect of change in accounting principle, net of income tax
Gain (Loss) on Securities [Line Items]
Unrealized investment gains (losses), beginning of year	0	0	1,980
Unrealized investment gains (losses), end of year		0	0
Cumulative Effect, Adjusted Balance
Gain (Loss) on Securities [Line Items]
Unrealized investment gains (losses), beginning of year	$ (5,690)	5,524	7,741
Unrealized investment gains (losses), end of year		$ (5,690)	$ 5,524

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Dec. 31, 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	$ 8,061	$ 52,375
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 585	$ 6,644
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	1,347	7,309
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 51,758	$ 11,944
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 6,571	$ 2,868
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	7,038	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	$ 4,554	$ 24,509
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	409	3,351
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	22,796	3,979
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	2,987	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	1,010	8,260
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	73	1,413
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	8,311	1,601
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	1,216	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	518	3,121
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	9	265
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	3,477	1,147
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	514	337
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	413	4,731
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	20	497
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	5,774	2,246
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	792	448
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	411	5,589
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	33	543
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	5,786	970
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	581	167
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	572	3,347
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	3	159
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	3,360	1,733
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	128	137
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	471	2,041
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	32	317
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,634	247
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	272	83
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	112	777
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	6	99
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	620	21
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 81	$ 7

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for income tax from continuing operations

The provision for income tax was as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Current:
Federal	$	7	$	(65)	$	32
State and local	12		12		12
Subtotal	19		(53)		44
Deferred:
Federal	(386)		901		317
Provision for income tax expense (benefit)	$	(367)	$	848	$	361

Income tax for continuing operations effective rate reconciliation

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


	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Tax provision at statutory rate	$	(310)		$	994		$	422
Tax effect of:



Resolution of prior years	—			(76)			(4)
Dividends received deduction	(34)			(36)			(37)
Tax credits	(9)			(20)			(16)
Change in uncertain tax benefits	—			(15)			7
Return to provision	(5)			(6)			14
Adjustments to deferred tax	—			(2)			(56)
Change in valuation allowance	(18)			—			18
State tax, net of federal benefit	9			10			9
Other, net	—			(1)			4
Provision for income tax expense (benefit)	$	(367)		$	848		$	361
Effective tax rate	25		%	18		%	18		%

Components of deferred tax assets and liabilities

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


	December 31,
	2023		2022
	(In millions)
Deferred income tax assets:
Net unrealized investment losses	$	1,074	$	1,513
Net operating loss carryforwards	1,845		1,247
Investments, including derivatives	213		360
Tax credit carryforwards	190		183
Employee benefits	29		13
Intangibles	64		52
Other	—		29
Total deferred income tax assets	3,415		3,397
Less: Valuation allowance	1		19
Total net deferred income tax assets	3,414		3,378
Deferred income tax liabilities:

Policyholder liabilities and receivables	863		954
DAC	657		688

Other	1		—
Total deferred income tax liabilities	1,521		1,642
Net deferred income tax asset (liability)	$	1,893	$	1,736

Summary of Operating Loss Carryforwards

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2023.


	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032-2037	$	2,011
Indefinite	6,774
	$	8,785

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2023.


	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2024-2028	$	—	$	44
2029-2033	—		122
2034-2038	20		—
2039-2043	5		—
Indefinite	—		—
	$	25	$	166

Reconciliation of unrecognized tax benefits

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	19	$	35	$	35
Additions for tax positions of prior years	—		6		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Reductions for tax positions of current year	—		—		—
Settlements with tax authorities	—		—		—
Lapses of statutes of limitations	—		(22)		—
Balance at December 31,	$	19	$	19	$	35
Unrecognized tax benefits that, if recognized would impact the effective rate	$	19	$	19	$	35

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 35	$ 36
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(6)	(9)	$ 1
Total realized/unrealized gains (losses) included in AOCI	(3)	17	12
Purchases (5)	4	1
Sales (5)	0	(9)
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	0	0
Transfers out of Level 3 (6)	(12)	(1)
Balance, end of period	18	35	36
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(5)	(1)	(11)
Changes in unrealized gains (losses) included in OCI	(3)	17	12
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	(3,932)	(6,641)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(4,097)	2,743	(2,855)
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (5)	0	0
Sales (5)	0	0
Issuances (5)	0	0
Settlements (5)	(157)	(34)
Transfers into Level 3 (6)	0	0
Transfers out of Level 3 (6)	0	0
Balance, end of period	(8,186)	(3,932)	(6,641)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(4,513)	2,485	(2,929)
Changes in unrealized gains (losses) included in OCI	0	0	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,787	1,399
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(11)	(5)	(1)
Total realized/unrealized gains (losses) included in AOCI	28	(266)	(7)
Purchases (5)	162	933
Sales (5)	(116)	(184)
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	188	94
Transfers out of Level 3 (6)	(718)	(184)
Balance, end of period	1,320	1,787	1,399
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(11)	3	(2)
Changes in unrealized gains (losses) included in OCI	11	(268)	(6)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	365	220
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	1	0
Total realized/unrealized gains (losses) included in AOCI	5	(23)	0
Purchases (5)	85	251
Sales (5)	(22)	(16)
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	3	33
Transfers out of Level 3 (6)	(56)	(101)
Balance, end of period	380	365	220
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI	4	(23)	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	38	26
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	3	(10)	0
Purchases (5)	0	5
Sales (5)	(2)	(2)
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	0	19
Transfers out of Level 3 (6)	(3)	0
Balance, end of period	36	38	26
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI	3	(10)	0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	27	13
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(3)	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (5)	2	14
Sales (5)	(1)	0
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	0	0
Transfers out of Level 3 (6)	0	0
Balance, end of period	25	27	13
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(2)	1	0
Changes in unrealized gains (losses) included in OCI	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	2
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0
Purchases (5)	0	0
Sales (5)	0	(2)
Issuances (5)	0	0
Settlements (5)	0	0
Transfers into Level 3 (6)	0	0
Transfers out of Level 3 (6)	0	0
Balance, end of period	0	0	2
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0
Changes in unrealized gains (losses) included in OCI	$ 0	$ 0	$ 0

Reinsurance (Reinsurance Introduction - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Excess Retention, Percentage	100.00%
Reinsurance Recoverables, Ceded	$ 18,900	$ 17,600
Maximum
Effects of Reinsurance [Line Items]
Reinsurance, Amount Retained, Per Life	$ 20
Participating whole life insurance (2)
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	90.00%
Accident & health insurance
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reinsured Risk, Percentage	100.00%
Ceded Credit Risk, Secured [Member] \| Accident & health insurance
Effects of Reinsurance [Line Items]
Reinsurance Recoverables, Ceded	$ 5,800

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)									$ (246)	$ (248)	$ (59)
Net derivative gains (losses)									(3,907)	(592)	(3,983)
Net investment income									4,664	4,138	4,881
Pre-tax adjusted earnings									(1,474)	4,732	2,009
Income tax (expense) benefit									367	(848)	(361)
Net income (loss)	$ (942)	$ 453	$ (200)	$ (525)	$ 110	$ 388	$ 1,719	$ 1,558	(1,214)	3,775	1,554
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									(176)	(172)	1
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)									(198)	(186)	(4)
Net derivative gains (losses)									(28)	(52)	(11)
Pre-tax adjusted earnings									(226)	(238)	(15)
Income tax (expense) benefit									47	50	3
Net income (loss)									(179)	(188)	(12)
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									11	22	15
Income tax (expense) benefit									(2)	(4)	(3)
Net income (loss)									9	18	12
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)									1	5	2
Net investment income									3	4	3
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)									7	13	10
Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pre-tax adjusted earnings									(7)	(2)	1
Income tax (expense) benefit									1	0	0
Amortization of net actuarial gains (losses)									(7)	(2)	1
Amortization of defined benefit plans, net of income tax									$ (6)	$ (2)	$ 1

Investments (PCD Mortgage Loans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased with credit deterioration, par value	$ 0	$ 69

Insurance Liabilities (Reconciliation of Policyholder Account Balances) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 81,068	$ 73,527
Rollforwards Total
Policyholder Account Balance [Line Items]
Policyholder Account Balance	68,861	61,685
Funding agreements classified as investment contracts
Policyholder Account Balance [Line Items]
Policyholder Account Balance	11,115	10,689
Other investment contract liabilities
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 1,092	$ 1,153

Equity (Statutory Capital and Surplus) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 4,623	$ 6,349
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 141	$ 192

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	15. Employee Benefit Plans BHF Active Defined Contribution Plans Brighthouse Services sponsors qualified and non-qualified defined contribution plans. For the years ended December 31, 2023, 2022 and 2021, the total employer contributions for the qualified defined contribution plan were $19 million, $18 million and $18 million, respectively, and the total (benefit) expense recognition for the non-qualified defined contribution plans were $9 million, ($2) million and $9 million, respectively, all of which are reported in other expenses. NELICO Legacy Pension and Other Unfunded Benefit Plans NELICO sponsors both a qualified and a non-qualified defined benefit pension plan, a postretirement plan and other unfunded benefit plans. These pension and other unfunded benefit plans were amended to cease benefit accruals and are closed to new entrants. The qualified defined benefit pension plan had an accumulated benefit obligation of $129 million and $128 million at December 31, 2023 and 2022, respectively. This plan was fully funded at December 31, 2023 and 2022 with assets in excess of the accumulated benefit obligation of $5 million and $3 million, respectively. The Company did not make any employer contributions to this qualified plan during 2023 or 2022. The non-qualified defined benefit pension plan and the postretirement plan had a combined accumulated benefit obligation totaling $83 million and $82 million at December 31, 2023 and 2022, respectively. These amounts are unfunded. The other unfunded benefit plans consist primarily of deferred compensation due to former agents which represent general unsecured liabilities of NELICO. The amounts due under these other unfunded benefit plans were $57 million and $56 million at December 31, 2023 and 2022, respectively. Although NELICO remains the legal obligor for these plans, an employee matters agreement (“EMA”) exists between BHF and MetLife, whereby MetLife has agreed to reimburse BHF for the obligations under the non-qualified and other unfunded plans as payments are made. BHF established a receivable in the amount of the unfunded obligations due under these plans. MetLife is required to annually reimburse BHF for each prior year’s benefit payments, claims and premiums under the NELICO plans that are listed in the EMA. The Company’s receivable under the EMA for future total estimated benefit payments, claims and premiums was $155 million and $174 million at December 31, 2023 and 2022, respectively. The receivable is reported in premiums, reinsurance and other receivables. Increases and decreases to the EMA receivable are reported in other revenues.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Equity (Preferred Stock) (Details) - shares		1 Months Ended			12 Months Ended
Equity (Preferred Stock) (Details) - shares	Mar. 25, 2019	Nov. 30, 2021	Nov. 30, 2020	May 31, 2020	Dec. 31, 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%	6.60%
Preferred stock, shares authorized					17,000	17,000
Preferred stock, shares issued	17,000				17,000	17,000
Preferred stock, shares outstanding					17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, annual dividend rate				6.75%	6.75%	6.75%
Preferred stock, shares authorized					16,100	16,100
Preferred stock, shares issued				16,100	16,100	16,100
Preferred stock, shares outstanding					16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, annual dividend rate			5.375%		5.375%	5.375%
Preferred stock, shares authorized					23,000	23,000
Preferred stock, shares issued			23,000		23,000	23,000
Preferred stock, shares outstanding					23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, annual dividend rate		4.625%			4.625%	4.625%
Preferred stock, shares authorized					14,000	14,000
Preferred stock, shares issued		14,000			14,000	14,000
Preferred stock, shares outstanding					14,000	14,000
Not designated
Class of Stock [Line Items]
Preferred stock, shares authorized					99,929,900	99,929,900
Preferred stock, shares issued					0	0
Preferred stock, shares outstanding					0	0

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									$ (1,474)	$ 4,732	$ 2,009
Provision for income tax expense (benefit)									(367)	848	361
Post-tax adjusted earnings	$ (916)	$ 481	$ (175)	$ (497)	$ 137	$ 415	$ 1,745	$ 1,587	(1,107)	3,884	1,648
Less: Net income (loss) attributable to noncontrolling interests	1	2	0	2	1	2	0	2	5	5	5
Less: Preferred stock dividends	25	26	25	26	26	25	26	27	102	104	89
Net investment gains (losses)									(246)	(248)	(59)
Investment Hedge Adjustment									(4,664)	(4,138)	(4,881)
Change in market risk benefits									1,507	4,104	4,134
Market value adjustments									1,825	1,338	1,269
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (942)	$ 453	$ (200)	$ (525)	$ 110	$ 388	$ 1,719	$ 1,558	(1,214)	3,775	1,554
Annuities
Segment Reporting Information [Line Items]
Interest revenue									2,568	2,261	2,217
Interest expense									0	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue									437	442	698
Interest expense									0	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue									1,141	1,166	1,910
Interest expense									0	0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue									623	340	77
Interest expense									153	153	163
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									1,289	1,452	1,921
Provision for income tax expense (benefit)									213	159	341
Post-tax adjusted earnings									1,076	1,293	1,580
Less: Net income (loss) attributable to noncontrolling interests									5	5	5
Less: Preferred stock dividends									102	104	89
Adjusted earnings									969	1,184	1,486
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									1,437	1,317	1,589
Provision for income tax expense (benefit)									268	247	303
Post-tax adjusted earnings									1,169	1,070	1,286
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Less: Preferred stock dividends									0	0	0
Adjusted earnings									1,169	1,070	1,286
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									(69)	94	422
Provision for income tax expense (benefit)									(16)	16	88
Post-tax adjusted earnings									(53)	78	334
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Less: Preferred stock dividends									0	0	0
Adjusted earnings									(53)	78	334
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									(100)	109	265
Provision for income tax expense (benefit)									(23)	22	59
Post-tax adjusted earnings									(77)	87	206
Less: Net income (loss) attributable to noncontrolling interests									0	0	0
Less: Preferred stock dividends									0	0	0
Adjusted earnings									(77)	87	206
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings									21	(68)	(355)
Provision for income tax expense (benefit)									(16)	(126)	(109)
Post-tax adjusted earnings									37	58	(246)
Less: Net income (loss) attributable to noncontrolling interests									5	5	5
Less: Preferred stock dividends									102	104	89
Adjusted earnings									(70)	(51)	(340)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)									580	(689)	(20)
Net investment gains (losses)									(246)	(248)	(59)
Net derivative gains (losses), excluding investment hedge adjustments									(4,012)	(663)	(4,004)
Investment Hedge Adjustment									(105)	(71)	(21)
Change in market risk benefits									1,507	4,104	4,134
Market value adjustments									$ (12)	$ 87	$ 17

Insurance Liabilities (Policyholder Account Balances) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	$ 73,527
Interest credited to policyholder account balances	1,825	$ 1,338	$ 1,269
Policyholder Account Balance, Ending Balance	81,068	73,527
Universal Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	2,658	2,694	2,674
Premiums and deposits	230	219	312
Surrenders and withdrawals	(163)	(88)	(94)
Benefit payments	(67)	(65)	(63)
Net transfers from (to) separate account	46	47	47
Interest credited to policyholder account balances	66	76	106
Policy charges	(220)	(225)	(288)
Changes related to embedded derivatives	0	0	0
Policyholder Account Balance, Ending Balance	$ 2,550	$ 2,658	$ 2,694
Weighted-average crediting rate (2)	2.56%	2.84%	3.96%
Variable Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	$ 4,908	$ 4,743	$ 4,895
Premiums and deposits	76	146	196
Surrenders and withdrawals	(693)	(495)	(644)
Benefit payments	(111)	(113)	(107)
Net transfers from (to) separate account	18	151	296
Interest credited to policyholder account balances	133	501	148
Policy charges	(24)	(25)	(41)
Changes related to embedded derivatives	0	0	0
Policyholder Account Balance, Ending Balance	$ 4,307	$ 4,908	$ 4,743
Weighted-average crediting rate (2)	2.90%	10.47%	3.06%
Index-linked Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	$ 33,897	$ 32,000	$ 23,274
Premiums and deposits	7,183	6,632	7,054
Surrenders and withdrawals	(3,732)	(2,220)	(1,419)
Benefit payments	(240)	(180)	(151)
Net transfers from (to) separate account	0	0	0
Interest credited to policyholder account balances	445	392	365
Policy charges	(11)	(8)	(6)
Changes related to embedded derivatives	4,085	(2,719)	2,883
Policyholder Account Balance, Ending Balance	$ 41,627	$ 33,897	$ 32,000
Weighted-average crediting rate (2)	1.47%	1.16%	1.12%
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	$ 14,274	$ 11,849	$ 12,349
Premiums and deposits	2,694	3,676	114
Surrenders and withdrawals	(2,405)	(904)	(610)
Benefit payments	(377)	(345)	(342)
Net transfers from (to) separate account	0	0	0
Interest credited to policyholder account balances	486	(2)	338
Policy charges	0	0	0
Changes related to embedded derivatives	0	0	0
Policyholder Account Balance, Ending Balance	$ 14,672	$ 14,274	$ 11,849
Weighted-average crediting rate (2)	3.31%	(0.02%)	2.79%
ULSG
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	$ 5,307	$ 5,569	$ 5,823
Premiums and deposits	660	697	687
Surrenders and withdrawals	(23)	(32)	(46)
Benefit payments	(85)	(84)	(77)
Net transfers from (to) separate account	0	0	0
Interest credited to policyholder account balances	208	197	186
Policy charges	(1,015)	(1,040)	(1,004)
Changes related to embedded derivatives	0	0	0
Policyholder Account Balance, Ending Balance	$ 5,052	$ 5,307	$ 5,569
Weighted-average crediting rate (2)	4.02%	3.62%	3.27%
Company-Owned Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance	$ 641	$ 646	$ 679
Premiums and deposits	0	0	0
Surrenders and withdrawals	0	0	1
Benefit payments	(8)	(8)	(10)
Net transfers from (to) separate account	1	(13)	(35)
Interest credited to policyholder account balances	28	23	24
Policy charges	(9)	(7)	(13)
Changes related to embedded derivatives	0	0	0
Policyholder Account Balance, Ending Balance	$ 653	$ 641	$ 646
Weighted-average crediting rate (2)	4.33%	3.41%	3.66%

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	$ 119	$ 123
Current period provision	23	19
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(5)	(23)
Financing receivable, allowance for credit losses, end of year	137	119
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	49	67
Current period provision	24	5
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(4)	(23)
Financing receivable, allowance for credit losses, end of year	69	49
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	15	12
Current period provision	5	3
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	(1)	0
Financing receivable, allowance for credit losses, end of year	19	15
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of year	55	44
Current period provision	(6)	11
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery	0	0
Financing receivable, allowance for credit losses, end of year	$ 49	$ 55

- Definition

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

+ References + Details

Effect of Transition Adjustments on Stockholders' Equity, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 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	$ 32,569	$ 31,497
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net	4,872	5,084
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 5,008	$ 5,598	$ 8,450		$ 18,088
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)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Charlotte, North Carolina

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Net investment income	$ 4,664	$ 4,138	$ 4,881
Other limited partnership interests
Net Investment Income [Line Items]
Net investment income	$ 187	$ 170	$ 1,300

Equity (Captive Dividend Restriction - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable
Statutory Accounting Practices [Line Items]
Payments of Dividends			$ 400
Investments
Statutory Accounting Practices [Line Items]
Payments of Dividends			197
Cash
Statutory Accounting Practices [Line Items]
Payments of Dividends			3
Brighthouse Reinsurance Company of Delaware
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 0	$ 0
Preferred Stock \| Brighthouse Reinsurance Company of Delaware
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 1	$ 1	$ 1

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 1,400	$ 1,170	$ 263	$ 1,284	$ (127)	$ 1,121	$ 3,866	$ 2,013	$ 4,117	$ 6,873	$ 4,976
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues									(4,258)	(911)	(4,063)
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Total revenues									4,878	4,526	4,903
Operating Segments \| Life
Segment Reporting Information [Line Items]
Total revenues									1,229	1,213	1,633
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Total revenues									1,643	1,705	2,426
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Total revenues									$ 625	$ 340	$ 77

- 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

Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Market Risk Benefit, Activity

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


	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance, beginning of year	$	9,974	$	15,698	$	18,388
Balance, beginning of year, before effect of changes in nonperformance risk	8,230		11,611		14,934
Decrements	(176)		16		(68)
Effect of changes in future expected assumptions	259		210		41
Effect of actual different from expected experience	187		(48)		(86)
Effect of changes in interest rates	(428)		(8,394)		(1,829)
Effect of changes in fund returns	(2,203)		3,807		(2,578)
Issuances	(7)		(47)		(96)
Effect of changes in risk margin	(34)		(152)		(128)
Aging of the block and other	1,498		1,227		1,421
Balance, end of year, before effect of changes in nonperformance risk	7,326		8,230		11,611
Effect of changes in nonperformance risk	2,375		1,744		4,087
Balance, end of year	9,701		9,974		15,698
Less: Reinsurance recoverable, end of year	43		71		118
Balance, end of year, net of reinsurance (1)	$	9,658	$	9,903	$	15,580
Weighted-average attained age of contract holder	72.9 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 December 31, 2023, 2022 and 2021, with the exception of $9 million, $3 million and $5 million, respectively, of index-linked annuities not included in this table.

Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums:
Direct premiums	$ 1,499	$ 1,359	$ 1,440
Reinsurance assumed	14	6	(12)
Reinsurance ceded	(685)	(703)	(721)
Net premiums	828	662	707
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	2,941	3,107	3,554
Reinsurance assumed	49	45	41
Reinsurance ceded	(695)	(717)	(615)
Net universal life and investment-type product policy fees	2,295	2,435	2,980
Other revenues
Direct other revenues	269	292	373
Reinsurance assumed	2	2	4
Reinsurance ceded	212	184	73
Net other revenues	483	478	450
Policyholder benefits and claims:
Direct policyholder benefits and claims	3,946	3,863	4,197
Reinsurance assumed	84	112	85
Reinsurance ceded	(1,354)	(1,782)	(1,536)
Net policyholder benefits and claims	2,676	2,193	2,746
Change in market risk benefits
Direct change in market risk benefits	(1,537)	(4,154)	(4,192)
Reinsurance assumed	(1)	(1)	1
Reinsurance ceded	31	51	57
Net change in market risk benefits	$ (1,507)	$ (4,104)	$ (4,134)

Changes in liabilities classified as MRBs, ASU 2018-12 Transition (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefit [Line Items]
Market risk benefit liabilities		$ 10,323	$ 10,389	$ 16,034
Change in market risk benefits		1,507	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		7,326	8,230	11,611	$ 14,934
Market Risk Benefit, Reinsurance Recoverable, after Allowance	169	43	71	118
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	18,219	$ 9,658	$ 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

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

12 Months Ended

Dec. 31, 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 consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation, Policy [Policy Text Block]

Consolidation

The accompanying consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.

Reclassifications

Certain amounts in the prior years’ consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2023 presentation as discussed throughout the Notes to the Consolidated Financial Statements. See “— Adoption of New Accounting Pronouncements” for discussion of the adoption of new guidance on long-duration contracts as of January 1, 2023, parts of which were retrospectively applied to prior periods presented in the consolidated financial statements.

Insurance, Long-Duration Contract [Policy Text Block]

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 (“MRB”) 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 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 grade 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 ULSG. 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.

Separate Accounts

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

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

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

Market Risk Benefit [Policy Text Block]

Market Risk Benefits on Annuity Guarantees

MRBs are contracts or contract features that provide protection to the policyholder from capital markets risks 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 5 for more information on the effect of changes in inputs and assumptions on the measurement of MRBs and Note 11 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 11.

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.

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

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

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.

Reinsurance Accounting Policy [Policy Text Block]

Reinsurance

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

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

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

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

Certain funds withheld arrangements may also contain embedded derivatives measured at fair value that are related to the investment return on the assets withheld. Embedded derivatives related to funds withheld arrangements are presented within policyholder account balances on the consolidated balance sheets, with changes in the estimated fair value reported in net derivative gains (losses).

Reinsurance arrangements may also contain features classified as MRBs, including reinsurance of guaranteed minimum benefits associated with variable annuity contracts.

The Company accounts for assumed reinsurance similar to directly written business.

Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 9.

Investments, Policy [Policy Text Block]

Investments

Net Investment Income and Net Investment Gains (Losses)

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

Fixed Maturity Securities Available-For-Sale

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

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

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

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

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

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

Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses).

Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses.

Mortgage Loans

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

Policy Loans

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

Limited Partnerships and LLCs

The Company uses the equity method of accounting for investments when it has more than a minor ownership interest or more than a minor influence over the investee’s operations; when the Company has virtually no influence over the investee’s operations the investment is carried at estimated fair value. The Company generally recognizes its share of the equity method investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period; while distributions on investments carried at estimated fair value are recognized as earned or received.

Short-term Investments

Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. The Company’s short-term investments generally involve large dollar amounts that turn over quickly and have short maturities.

For the years ended December 31, 2023, 2022 and 2021, cash proceeds from sales, maturities and repayments of short-term investments were $4.2 billion, $4.9 billion and $6.3 billion, respectively. For the years ended December 31, 2023, 2022 and 2021, cash payments on purchases of short-term investments were $4.2 billion, $4.1 billion and $4.9 billion, respectively.

Other Invested Assets

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

Securities Lending Program

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

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

Funding Agreements

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

Maturities of Fixed Maturity 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.

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.

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.

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]

Derivatives

Freestanding Derivatives

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

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

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

Hedge Accounting

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

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

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

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

Embedded Derivatives

The Company has index-linked annuities that are directly written or assumed through reinsurance contracts that contain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Certain funds withheld arrangements associated with reinsurance may also contain embedded derivatives. See “— Insurance Contract Obligations” and “— Reinsurance” for additional information on the accounting policies for embedded derivatives.

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 11 for information about the fair value hierarchy for derivatives.

Derivative Strategies

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

Interest rate swaps are used in non-qualifying hedging relationships. Interest rate caps are used in non-qualifying hedging relationships.Interest rate floors are used in non-qualifying hedging relationships.Interest rate swaptions are included in interest rate options. Interest rate forwards are used in cash flow and non-qualifying hedging relationships.Foreign currency swaps are used in cash flow and non-qualifying hedging relationships.Foreign currency forwards are used in non-qualifying hedging relationships.Credit default swaps are used in non-qualifying hedging relationships.Credit default swaptions are used in non-qualifying hedging relationships.Equity index options are used in non-qualifying hedging relationships.Equity total return swaps are used in non-qualifying hedging relationships.Equity variance swaps are used in non-qualifying hedging relationships.

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.

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

Fair Value

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

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

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


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


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


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

Income Tax, Policy [Policy Text Block]

Income Tax

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

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

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

The Inflation Reduction Act, which was enacted in 2022, established a 15% corporate alternative minimum tax (“CAMT”) for corporations whose average annual adjusted financial statement income for any consecutive three–tax year period ending after December 31, 2021, and preceding the tax year exceeds $1.0 billion. The Company elects not to consider any future effects resulting from applicability of the CAMT when assessing the valuation allowance for regular deferred tax assets.

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

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

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

The effects of income taxes on amounts recorded 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.

Commitments and Contingencies, Policy [Policy Text Block]

Litigation and Other Loss Contingencies

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

In matters where it is not probable, but it is reasonably possible that a loss will be incurred and the amount of loss can be reasonably estimated, such losses or range of losses are disclosed, and no accrual is made. In the absence of sufficient information to support an assessment of a reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

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

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

Employee Benefit Plans

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

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

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

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Except as noted below, there were no significant ASUs adopted during the year ended December 31, 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 AOCI. See Note 2 for more detailed information on the impacts of the ASU to the Company’s financial statements.

Future Adoption of New Accounting Pronouncements

In November 2023, the FASB issued new guidance on Segment Reporting Disclosures (ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures). This ASU updates reportable segment disclosures primarily through enhanced disclosures about significant segment expenses. This ASU does not change how a company identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for fiscal years starting January 1, 2024, and for interim periods starting January 1, 2025, and will be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance on its financial statements.

In December 2023, the FASB issued new guidance on Income Tax Disclosures (ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures). This ASU updates the required income tax disclosures to include disclosure of income taxes paid disaggregated by jurisdiction and greater disaggregation of information in the required rate reconciliation. This ASU is effective for fiscal years starting January 1, 2025, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its financial statements.

Minimum Guarantees, Policy [Policy Text Block]

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.

Share-based Payment Arrangement [Policy Text Block]

Restricted Stock Units

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

Performance Share Units

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

Other Revenues and Other Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Compensation	$	418	$	351	$	385
Contracted services and other labor costs	312		296		280
Transition services agreements	32		58		124
Establishment costs	—		66		98
Premium and other taxes, licenses and fees	61		54		52
Separate account fees	366		407		508
Volume related costs, excluding compensation, net of DAC capitalization	540		513		681
Interest expense on debt	153		153		163
Debt repayment costs	—		—		75
Other	95		187		83
Total other expenses	$	1,977	$	2,085	$	2,449

Condensed Financial Information (Parent Company) (Condensed Balance Sheets Insets) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 87,131	$ 84,344
Fixed maturity securities, allowance for credit losses	$ 21	$ 7	$ 11
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 1,753	$ 1,753
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	122,818,568	122,153,422
Common stock, shares outstanding	63,503,355	68,278,068	77,870,072	88,211,618
Treasury Stock, Common, Shares	59,315,213	53,875,354
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of fixed maturity securities available-for-sale	$ 106	$ 0
Fixed maturity securities, allowance for credit losses	$ 0	$ 0

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,107)	$ 3,884	$ 1,648
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets	2,375	(14,503)	(2,963)
Unrealized gains (losses) on derivatives	(287)	309	156
Changes in instrument-specific credit risk on market risk benefits	(636)	2,344	(634)
Changes in discount rates on the liability for future policy benefits	(380)	4,075	1,242
Foreign currency translation adjustments	18	(22)	1
Defined benefit plans adjustment	(2)	8	(5)
Other comprehensive income (loss), before income tax	1,088	(7,789)	(2,203)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(228)	1,636	463
Other comprehensive income (loss), net of income tax	860	(6,153)	(1,740)
Comprehensive income (loss)	(247)	(2,269)	(92)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	5	5	5
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ (252)	$ (2,274)	$ (97)

Fair Value (Tables)

12 Months Ended

Dec. 31, 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.


	December 31, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	34,760	$	995	$	35,755
Foreign corporate	—		11,340		325		11,665
U.S. government and agency	3,786		4,633		—		8,419
RMBS	—		7,415		15		7,430
CMBS	—		6,371		39		6,410
ABS	—		6,080		326		6,406
State and political subdivision	—		3,874		—		3,874
Foreign government	—		996		36		1,032
Total fixed maturity securities	3,786		75,469		1,736		80,991
Equity securities	55		22		25		102
Short-term investments	614		555		—		1,169

Derivative assets: (1)
Interest rate	—		245		—		245
Foreign currency exchange rate	—		437		12		449
Credit	—		21		6		27
Equity market	—		2,993		—		2,993
Total derivative assets	—		3,696		18		3,714
Market risk benefit assets	—		—		656		656
Separate account assets	20		88,251		—		88,271
Total assets	$	4,475	$	167,993	$	2,435	$	174,903
Liabilities
Market risk benefit liabilities	$	—	$	—	$	10,323	$	10,323
Derivative liabilities: (1)
Interest rate	—		2,209		—		2,209
Foreign currency exchange rate	—		55		—		55
Credit	—		—		—		—
Equity market	—		2,824		—		2,824
Total derivative liabilities	—		5,088		—		5,088
Embedded derivatives on index-linked annuities (2)	—		—		8,186		8,186

Total liabilities	$	—	$	5,088	$	18,509	$	23,597


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

Derivative assets: (1)
Interest rate	—		304		—		304
Foreign currency exchange rate	—		716		29		745
Credit	—		10		8		18
Equity market	—		1,217		—		1,217
Total derivative assets	—		2,247		37		2,284
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:


					December 31, 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%	-	22.80%	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	12.59%	-	22.50%	19.99%	-	28.45%	Increase (5)
			•	Nonperformance risk spread	0.76%	-	1.63%	(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	0.45%	-	1.74%	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 5) 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
	(In millions)
Balance, January 1, 2022	$	1,399	$	220	$	26	$	13	$	2	$	36	$	(6,641)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(5)		1		—		—		—		(9)		2,743
Total realized/unrealized gains (losses) included in AOCI	(266)		(23)		(10)		—		—		17		—
Purchases (5)	933		251		5		14		—		1		—
Sales (5)	(184)		(16)		(2)		—		(2)		(9)		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(34)
Transfers into Level 3 (6)	94		33		19		—		—		—		—
Transfers out of Level 3 (6)	(184)		(101)		—		—		—		(1)		—
Balance, December 31, 2022	1,787		365		38		27		—		35		(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(11)		—		—		(3)		—		(6)		(4,097)
Total realized/unrealized gains (losses) included in AOCI	28		5		3		—		—		(3)		—
Purchases (5)	162		85		—		2		—		4		—
Sales (5)	(116)		(22)		(2)		(1)		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(157)
Transfers into Level 3 (6)	188		3		—		—		—		—		—
Transfers out of Level 3 (6)	(718)		(56)		(3)		—		—		(12)		—
Balance, December 31, 2023	$	1,320	$	380	$	36	$	25	$	—	$	18	$	(8,186)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021 (7)	$	(2)	$	—	$	—	$	—	$	—	$	(11)	$	(2,929)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022 (7)	$	3	$	—	$	—	$	1	$	—	$	(1)	$	2,485
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023 (7)	$	(11)	$	—	$	—	$	(2)	$	—	$	(5)	$	(4,513)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2021 (7)	$	(6)	$	—	$	—	$	—	$	—	$	12	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2022 (7)	$	(268)	$	(23)	$	(10)	$	—	$	—	$	17	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2023 (7)	$	11	$	4	$	3	$	—	$	—	$	(3)	$	—
Gains (Losses) Data for the year ended December 31, 2021:
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	$	(1)	$	—	$	—	$	—	$	—	$	1	$	(2,855)
Total realized/unrealized gains (losses) included in AOCI	$	(7)	$	—	$	—	$	—	$	—	$	12	$	—

_______________

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

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

(3)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).

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

(5)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.

(6)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.

(7)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:


	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,508	$	—	$	—	$	20,609	$	20,609
Policy loans	$	1,331	$	—	$	518	$	937	$	1,455
Other invested assets	$	257	$	—	$	245	$	12	$	257
Premiums, reinsurance and other receivables	$	7,577	$	—	$	88	$	7,636	$	7,724
Liabilities
Policyholder account balances	$	31,471	$	—	$	—	$	30,606	$	30,606
Long-term debt	$	3,156	$	—	$	2,769	$	—	$	2,769
Other liabilities	$	1,142	$	—	$	463	$	679	$	1,142
Separate account liabilities	$	1,150	$	—	$	1,150	$	—	$	1,150


	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

Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

17. Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(1,214)	$	3,775	$	1,554

Weighted average common shares outstanding — basic	66,013,645		72,970,249		83,783,664
Dilutive effect of share-based awards	—		610,919		682,493
Weighted average common shares outstanding — diluted	66,013,645		73,581,168		84,466,157

Earnings per common share:
Basic	$	(18.39)	$	51.73	$	18.54
Diluted	$	(18.39)	$	51.30	$	18.39

For the year ended December 31, 2023, basic loss per common share equaled diluted loss per common share. The diluted shares were not included in the per share calculation for this period as the inclusion of such shares would have an antidilutive effect.

For the years ended December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021. See Note 13 for further information on share-based compensation plans.

Equity (Statutory Net Income/Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Net Income Amount	$ (3,131)	$ 1,373	$ (156)
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Net Income Amount	$ 41	$ 83	$ 40

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Cumulative effect of change in accounting principle, net of income tax	Cumulative effect, period of adoption, adjusted balance	Preferred Stock	Preferred Stock Cumulative effect, period of adoption, adjusted balance	Common Stock	Common Stock Cumulative effect, period of adoption, adjusted balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative effect, period of adoption, adjusted balance	Retained Earnings (Deficit)	Retained Earnings (Deficit) Cumulative effect of change in accounting principle, net of income tax	Retained Earnings (Deficit) Cumulative effect, period of adoption, adjusted balance	Treasury Stock, Common	Treasury Stock, Common Cumulative effect, period of adoption, adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative effect of change in accounting principle, net of income tax	Accumulated Other Comprehensive Income (Loss) Cumulative effect, period of adoption, adjusted balance	Brighthouse Financial, Inc.’s Stockholders’ Equity	Brighthouse Financial, Inc.’s Stockholders’ Equity Cumulative effect of change in accounting principle, net of income tax	Brighthouse Financial, Inc.’s Stockholders’ Equity Cumulative effect, period of adoption, adjusted balance	Noncontrolling Interests	Noncontrolling Interests Cumulative effect, period of adoption, adjusted balance
Beginning Balance at Dec. 31, 2020	$ 18,088	$ (9,312)	$ 8,776	$ 0	$ 0	$ 1	$ 1	$ 13,878	$ 13,878	$ (534)	$ (5,383)	$ (5,917)	$ (1,038)	$ (1,038)	$ 5,716	$ (3,929)	$ 1,787	$ 18,023	$ (9,312)	$ 8,711	$ 65	$ 65
Preferred stock issuances	339			0				339										339
Treasury stock acquired in connection with share repurchases	(499)												(499)					(499)
Share-based compensation	20					0		26					(6)					20
Dividends on preferred stock	(89)							(89)										(89)
Change in noncontrolling interests	(5)																	0			(5)
Net Income (Loss) Attributable to Parent	1,643									1,643								1,643
Net income (loss)	1,648																				5
Other comprehensive income (loss), net of income tax	(1,740)														(1,740)			(1,740)
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	(488)												(488)					(488)
Share-based compensation	14					0		25					(11)					14
Dividends on preferred stock	(104)							(104)										(104)
Change in noncontrolling interests	(5)																	0			(5)
Net Income (Loss) Attributable to Parent	3,879									3,879								3,879
Net income (loss)	3,884																				5
Other comprehensive income (loss), net of income tax	(6,153)														(6,153)			(6,153)
Ending 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	(250)												(250)					(250)
Share-based compensation	14					0		31					(17)					14
Dividends on preferred stock	(102)							(102)										(102)
Change in noncontrolling interests	(5)																	0			(5)
Net Income (Loss) Attributable to Parent	(1,112)									(1,112)								(1,112)
Net income (loss)	(1,107)																				5
Other comprehensive income (loss), net of income tax	860														860			860
Ending Balance at Dec. 31, 2023	$ 5,008			$ 0		$ 1		$ 14,004		$ (1,507)			$ (2,309)		$ (5,246)			$ 4,943			$ 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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-Name Accounting Standards Codification
-Section S99
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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 87,131	$ 84,344
Fixed maturity securities, allowance for credit losses	21	7
Mortgage loans valuation allowances	137	119
Leveraged leases, allowance for credit losses	13	13
Premiums, reinsurance and other, allowance for credit losses	$ 3	$ 10
Equity
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 1,753	$ 1,753
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	122,818,568	122,153,422
Common stock, shares outstanding	63,503,355	68,278,068
Treasury Stock, Common, Shares	59,315,213	53,875,354

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Unearned Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Universal Life Insurance
Deferred Revenue Arrangement [Line Items]
Balance, beginning of year	$ 357	$ 358	$ 350
Capitalization	38	39	49
Amortization	(39)	(40)	(41)
Balance, end of year	356	357	358
ULSG
Deferred Revenue Arrangement [Line Items]
Balance, beginning of year	488	344	184
Capitalization	174	181	185
Amortization	(50)	(37)	(25)
Balance, end of year	612	488	344
Variable Annuities
Deferred Revenue Arrangement [Line Items]
Balance, beginning of year	74	80	86
Capitalization	0	2	1
Amortization	(7)	(8)	(7)
Balance, end of year	$ 67	$ 74	$ 80

Equity (Preferred Stock & Common Stock - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended			12 Months Ended
	Mar. 25, 2019	Nov. 30, 2021	Nov. 30, 2020	May 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 16, 2023
Class of Stock [Line Items]
Preferred stock, shares issued					70,100	70,100
Preferred stock, stated amount per share					$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs					$ 0	$ 0	$ 339
Stock repurchase program, aggregate amount repurchased					$ 250	$ 488	499
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount							$ 1,200	$ 750
Stock repurchase program, shares repurchased					5,195,832	10,000,026	10,703,165
Stock repurchase program, aggregate amount repurchased					$ 250	$ 488	$ 499
Stock repurchase program, remaining authorized repurchase amount					$ 793
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, annual dividend rate		4.625%			4.625%	4.625%
Preferred stock, shares issued		14,000			14,000	14,000
Preferred stock, stated amount per share		$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs		$ 339
Preferred stock, issuance costs		$ 11
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, annual dividend rate			5.375%		5.375%	5.375%
Preferred stock, shares issued			23,000		23,000	23,000
Preferred stock, stated amount per share			$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs			$ 558
Preferred stock, issuance costs			$ 17
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, annual dividend rate				6.75%	6.75%	6.75%
Preferred stock, shares issued				16,100	16,100	16,100
Preferred stock, stated amount per share				$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs				$ 390
Preferred stock, issuance costs				$ 13
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.60%				6.60%	6.60%
Preferred stock, shares issued	17,000				17,000	17,000
Preferred stock, stated amount per share	$ 25,000
Preferred stock, proceeds from issuance, net of issuance costs	$ 412
Preferred stock, issuance costs	$ 13

Investments (Other Invested Assets And Leveraged Leases - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Leveraged leases by performance status as a percentage of leveraged leases	100.00%	100.00%
Leveraged leases, net of allowance for credit losses	$ 47	$ 48
Leveraged leases, allowance for credit losses	$ 13	$ 13
Minimum
Derivative [Line Items]
Percentage of other invested assets comprised of freestanding derivatives with positive estimated fair values	80.00%
Leveraged leased, term (in years)	1 year
Maximum
Derivative [Line Items]
Leveraged leased, term (in years)	9 years

Interim Reporting

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

19. Quarterly Results of Operations (Unaudited)

As described in Note 1, the Company adopted LDTI effective January 1, 2023. LDTI resulted in significant changes to the measurement, presentation and disclosure requirements for long-duration insurance contracts. 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 unaudited quarterly results of operations for 2023 and 2022, which include the impacts of LDTI, are summarized in the table below:


	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(In millions, except per share data)
2023
Total revenues	$	1,284	$	263	$	1,170	$	1,400
Total expenses	$	1,937	$	500	$	580	$	2,574
Net income (loss)	$	(497)	$	(175)	$	481	$	(916)
Less: Net income (loss) attributable to noncontrolling interests	$	2	$	—	$	2	$	1
Net income (loss) attributable to Brighthouse Financial, Inc.	$	(499)	$	(175)	$	479	$	(917)
Less: Preferred stock dividends	$	26	$	25	$	26	$	25
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(525)	$	(200)	$	453	$	(942)
Basic earnings per common share (1)	$	(7.72)	$	(3.01)	$	6.92	$	(14.70)
Diluted earnings per common share (1)	$	(7.72)	$	(3.01)	$	6.89	$	(14.70)
2022
Total revenues	$	2,013	$	3,866	$	1,121	$	(127)
Total expenses	$	10	$	1,689	$	609	$	(167)
Net income (loss)	$	1,587	$	1,745	$	415	$	137
Less: Net income (loss) attributable to noncontrolling interests	$	2	$	—	$	2	$	1
Net income (loss) attributable to Brighthouse Financial, Inc.	$	1,585	$	1,745	$	413	$	136
Less: Preferred stock dividends	$	27	$	26	$	25	$	26
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	1,558	$	1,719	$	388	$	110
Basic earnings per common share (1)	$	20.27	$	23.04	$	5.42	$	1.61
Diluted earnings per common share (1)	$	20.11	$	22.91	$	5.39	$	1.59

_______________

(1)See Note 17 for additional information on the calculation of EPS.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ (1,107)	$ 3,884	$ 1,648
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums and accretion of discounts associated with investments, net	(282)	(233)	(254)
(Gains) losses on investments, net	232	248	59
(Gains) losses on derivatives, net	2,620	169	3,080
(Income) loss from equity method investments, net of dividends and distributions	83	110	(987)
Interest credited to policyholder account balances	1,825	1,338	1,269
Universal life and investment-type product policy fees	(2,295)	(2,435)	(2,980)
Change in market risk benefits, net	(875)	(3,335)	(3,271)
Change in accrued investment income	(215)	(113)	(44)
Change in premiums, reinsurance and other receivables	(1,280)	(1,374)	495
Change in deferred policy acquisition costs and value of business acquired, net	211	205	142
Change in income tax	(371)	796	255
Change in other assets	1,132	1,264	1,612
Change in future policy benefits and other policy-related balances	51	(1,960)	(338)
Change in other liabilities	95	176	(153)
Other, net	39	32	108
Net cash provided by (used in) operating activities	(137)	(1,228)	641
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	6,028	10,728	12,616
Sales, maturities and repayments of equity securities	33	53	129
Sales, maturities and repayments of mortgage loans	1,232	2,079	2,900
Sales, maturities and repayments of limited partnerships and limited liability companies	205	252	271
Purchases of fixed maturity securities	(8,866)	(15,799)	(21,158)
Purchases of equity securities	(14)	(37)	(18)
Purchases of mortgage loans	(813)	(5,321)	(6,913)
Purchases of limited partnerships and limited liability companies	(453)	(814)	(837)
Cash received in connection with freestanding derivatives	5,079	4,480	3,965
Cash paid in connection with freestanding derivatives	(5,428)	(4,275)	(4,592)
Net change in policy loans	(49)	(18)	27
Net change in short-term investments	(38)	772	1,397
Net change in other invested assets	(112)	(376)	(25)
Net cash provided by (used in) investing activities	(3,196)	(8,276)	(12,238)
Cash flows from financing activities
Policyholder account balances: Deposits	21,989	31,693	16,118
Policyholder account balances: Withdrawals	(17,747)	(20,043)	(4,189)
Net change in payables for collateral under securities loaned and other transactions	(890)	(1,709)	1,017
Long-term debt issued	0	0	400
Long-term debt repaid	(2)	(3)	(680)
Preferred stock issued, net of issuance costs	0	0	339
Dividends on preferred stock	(102)	(104)	(89)
Treasury stock acquired in connection with share repurchases	(250)	(488)	(499)
Financing element on certain derivative instruments and other derivative related transactions, net	90	(185)	(368)
Other, net	(19)	(16)	(86)
Net cash provided by (used in) financing activities	3,069	9,145	11,963
Change in cash, cash equivalents and restricted cash	(264)	(359)	366
Cash, cash equivalents and restricted cash, beginning of year	4,115	4,474	4,108
Cash, cash equivalents and restricted cash, end of year	3,851	4,115	4,474
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	151	152	160
Net cash paid (received) for income tax	7	44	103
Non-cash transactions:
Transfer of mortgage loans to affiliates	0	95	0
Transfer of limited partnerships and limited liability companies from affiliates	$ 0	$ 99	$ 0

Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits
Balance at January 1,	$ 19	$ 35	$ 35
Additions for tax positions of prior years	0	6	0
Reductions for tax positions of prior years	0	0	0
Additions for tax positions of current year	0	0	0
Reductions for tax positions of current year	0	0	0
Settlements with tax authorities	0	0	0
Lapses of statutes of limitations	0	(22)	0
Balance at December 31,	19	19	35
Unrecognized tax benefits that, if recognized would impact the effective rate	$ 19	$ 19	$ 35

Segment Information (Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Major Product Group) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 3,606	$ 3,575	$ 4,137
Annuity products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	2,319	2,268	2,691
Life insurance products
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	1,280	1,298	1,436
Accident & health insurance
Segment Reporting Information [Line Items]
Total premiums, universal life and investment-type product policy fees and other revenues	$ 7	$ 9	$ 10

Income Tax (Rate Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax expense benefit continuing operations income tax reconciliation
Tax provision at statutory rate	$ (310)	$ 994	$ 422
Resolution of prior years	0	(76)	(4)
Dividends received deduction	(34)	(36)	(37)
Tax credits	(9)	(20)	(16)
Change in uncertain tax benefits	0	(15)	7
Return to provision	(5)	(6)	14
Adjustments to deferred tax	0	(2)	(56)
Change in valuation allowance	(18)	0	18
State tax, net of federal benefit	9	10	9
Other, net	0	(1)	4
Provision for income tax expense (benefit)	$ (367)	$ 848	$ 361
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.00%	18.00%	18.00%

Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Brighthouse Life Insurance Company
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 266	$ 0	$ 550
Brighthouse Life Insurance Company \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 0
New England Life Insurance Company [Member]
Statutory Accounting Practices [Line Items]
Payments of Dividends	$ 84	$ 38	$ 44
New England Life Insurance Company [Member] \| Scenario, Forecast
Statutory Accounting Practices [Line Items]
Permitted w/o Approval				$ 40

Separate Accounts

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Separate Accounts

6. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Years Ended December 31,
	2023						2022						2021
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of year	$	77,653	$	5,218	$	1,932	$	105,023	$	6,862	$	2,384	$	103,315	$	6,229	$	2,269
Premiums and deposits	766		162		—		1,207		175		—		2,089		188		3
Surrenders and withdrawals	(6,346)		(180)		(19)		(6,256)		(159)		(18)		(8,481)		(207)		(68)
Benefit payments	(1,434)		(68)		(28)		(1,337)		(67)		(33)		(1,632)		(70)		(38)
Investment performance	11,549		1,041		328		(18,583)		(1,342)		(358)		12,609		986		235
Policy charges	(2,160)		(206)		(49)		(2,292)		(203)		(61)		(2,559)		(214)		(46)
Net transfers from (to) general account	(18)		(46)		(1)		(151)		(47)		13		(296)		(47)		35
Other	(20)		—		(1)		42		(1)		5		(22)		(3)		(6)
Balance, end of year	$	79,990	$	5,921	$	2,162	$	77,653	$	5,218	$	1,932	$	105,023	$	6,862	$	2,384

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:


	December 31,
	2023		2022
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	88,073	$	84,803
Variable income annuities	179		145
Pension risk transfer annuities	19		17

Total separate account liabilities	$	88,271	$	84,965

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


	December 31,
	2023		2022
	(In millions)
Equity securities	$	87,999	$	84,667
Fixed maturity securities	258		278


Cash and cash equivalents	7		9
Other assets	7		11
Total aggregate estimated fair value of assets	$	88,271	$	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)
December 31, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,550	$	4,307	$	41,627	$	14,672	$	5,052	$	653
Separate account liabilities	5,921		79,990		—		—		—		2,162
Total account balances	$	8,471	$	84,297	$	41,627	$	14,672	$	5,052	$	2,815
Net amount at risk	$	35,583	$	13,240	N/A		N/A		$	65,299	$	2,659
Cash surrender value	$	7,881	$	83,852	$	39,270	$	14,068	$	4,498	$	2,593
December 31, 2022
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,658	$	4,908	$	33,897	$	14,274	$	5,307	$	641
Separate account liabilities	5,218		77,653		—		—		—		1,932
Total account balances	$	7,876	$	82,561	$	33,897	$	14,274	$	5,307	$	2,573
Net amount at risk	$	38,146	$	16,504	N/A		N/A		$	66,926	$	3,382
Cash surrender value	$	7,225	$	82,125	$	31,293	$	13,723	$	4,671	$	2,357
December 31, 2021
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,694	$	4,743	$	32,000	$	11,849	$	5,569	$	646
Separate account liabilities	6,862		105,023		—		—		—		2,384
Total account balances	$	9,556	$	109,766	$	32,000	$	11,849	$	5,569	$	3,030
Net amount at risk	$	39,549	$	6,361	N/A		N/A		$	68,905	$	3,678
Cash surrender value	$	8,884	$	109,592	$	29,848	$	11,112	$	4,821	$	2,811

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.

Investments (Past Due Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 22,645	$ 23,055
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	22,520	22,961
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	2	11
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	30	16
90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	23	34
180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	70	33
Commercial
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,193	13,574
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,176	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	0	0
Commercial \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	17	0
Agricultural
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,445	4,365
Agricultural \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,429	4,346
Agricultural \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Agricultural \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
Agricultural \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	3
Agricultural \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	16	16
Residential
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	5,007	5,116
Residential \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,915	5,041
Residential \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	2	11
Residential \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	30	16
Residential \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	23	31
Residential \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 37	$ 17

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	20. Subsequent Event Preferred Stock Dividend On February 15, 2024, BHF declared a dividend of $412.50 per share on its Series A Preferred Stock, $421.88 per share on its Series B Preferred Stock, $335.94 per share on its Series C Preferred Stock and $289.06 per share on its Series D Preferred Stock for a total of $26 million, which will be paid on March 25, 2024 to stockholders of record as of March 10, 2024.

Separate Accounts (Reconciliation of Separate Account Liability) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account liabilities	$ 88,271	$ 84,965
Variable income annuities	179	145
Pension risk transfer annuities	19	17
Rollforwards Total
Separate Account, Liability [Line Items]
Separate account liabilities	$ 88,073	$ 84,803

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Information Regarding DAC and VOBA) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	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	$ 4,872	$ 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	$ 2,912
Capitalization	36	55	90
Amortization	(243)	(265)	(284)
Balance, end of period, DAC	2,301	2,508	2,718
Balance, beginning of period, VOBA	341	377	428
Amortization	(32)	(36)	(51)
Balance, end of period, VOBA	309	341	377
Balance, end of period, Total DAC and VOBA	2,610	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	64
Capitalization	14	30	37
Amortization	(11)	(12)	(12)
Balance, end of period, DAC	110	107	89
Balance, beginning of period, VOBA	65	70	76
Amortization	(5)	(5)	(6)
Balance, end of period, VOBA	60	65	70
Balance, end of period, Total DAC and VOBA	170	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	886
Capitalization	343	330	354
Amortization	(225)	(198)	(159)
Balance, end of period, DAC	1,331	1,213	1,081
Balance, beginning of period, VOBA	0	0	0
Amortization	0	0	0
Balance, end of period, VOBA	0	0	0
Balance, end of period, Total DAC and VOBA	1,331	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	527
Capitalization	2	(1)	(3)
Amortization	(53)	(56)	(62)
Balance, end of period, DAC	354	405	462
Balance, beginning of period, VOBA	5	6	8
Amortization	(1)	(1)	(2)
Balance, end of period, VOBA	4	5	6
Balance, end of period, Total DAC and VOBA	358	410	468
Universal Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	392	431	469
Capitalization	13	11	16
Amortization	(45)	(50)	(54)
Balance, end of period, DAC	360	392	431
Balance, beginning of period, VOBA	48	54	61
Amortization	(5)	(6)	(7)
Balance, end of period, VOBA	43	48	54
Balance, end of period, Total DAC and VOBA	$ 403	$ 440	$ 485

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Policy loans	$ 1,331	$ 1,282
Liabilities
Separate account liabilities	88,271	84,965
Carrying Value
Assets
Mortgage loans	22,508	22,936
Policy loans	1,331	1,282
Other invested assets	257	213
Premiums, reinsurance and other receivables	7,577	6,080
Liabilities
Policyholder account balances	31,471	31,887
Long-term debt	3,156	3,156
Other liabilities	1,142	943
Separate account liabilities	1,150	1,024
Estimated Fair Value
Assets
Mortgage loans	20,609	20,816
Policy loans	1,455	1,393
Other invested assets	257	213
Premiums, reinsurance and other receivables	7,724	6,230
Liabilities
Policyholder account balances	30,606	30,942
Long-term debt	2,769	2,703
Other liabilities	1,142	943
Separate account liabilities	1,150	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	518	515
Other invested assets	245	201
Premiums, reinsurance and other receivables	88	89
Liabilities
Policyholder account balances	0	0
Long-term debt	2,769	2,703
Other liabilities	463	248
Separate account liabilities	1,150	1,024
Estimated Fair Value \| Level 3
Assets
Mortgage loans	20,609	20,816
Policy loans	937	878
Other invested assets	12	12
Premiums, reinsurance and other receivables	7,636	6,141
Liabilities
Policyholder account balances	30,606	30,942
Long-term debt	0	0
Other liabilities	679	695
Separate account liabilities	$ 0	$ 0

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Gross investment income	$ 5,024	$ 4,390	$ 5,031
Less: Investment expenses	360	252	150
Net investment income	4,664	4,138	4,881
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	3,516	3,077	2,832
Equity securities
Net Investment Income [Line Items]
Gross investment income	3	3	5
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	958	842	689
Policy loans
Net Investment Income [Line Items]
Gross investment income	67	64	65
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	168	263	1,391
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	225	72	5
Other
Net Investment Income [Line Items]
Gross investment income	$ 87	$ 69	$ 44

Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Net unrealized investment losses	$ 1,074	$ 1,513
Net operating loss carryforwards	1,845	1,247
Investments, including derivatives	213	360
Tax credit carryforwards	190	183
Employee benefits	29	13
Intangibles	64	52
Other	0	29
Total deferred income tax assets	3,415	3,397
Less: Valuation allowance	1	19
Total net deferred income tax assets	3,414	3,378
Deferred income tax liabilities:
Policyholder liabilities and receivables	863	954
DAC	657	688
Other	1	0
Total deferred income tax liabilities	1,521	1,642
Net deferred income tax asset (liability)	$ 1,893	$ 1,736

Investments (Fixed Maturity Securities by Sector) - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, non-income producing	$ 80,991	$ 75,577
Non-Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, non-income producing	$ 52	$ 0

- 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

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

9. Investments

See Notes 1 and 11 for a description of the Company’s accounting policies for investments and the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	December 31, 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	$	38,778	$	15	$	388	$	3,396	$	35,755	$	36,926	$	1	$	203	$	4,521	$	32,607
Foreign corporate	12,865		—		89		1,289		11,665		12,471		1		38		1,932		10,576
U.S. government and agency	8,656		—		286		523		8,419		8,318		—		300		602		8,016
RMBS	8,199		5		48		812		7,430		8,431		2		44		945		7,528
CMBS	7,023		1		2		614		6,410		7,324		3		—		710		6,611
ABS	6,514		—		23		131		6,406		5,652		—		3		296		5,359
State and political subdivision	4,019		—		159		304		3,874		4,074		—		125		400		3,799
Foreign government	1,077		—		42		87		1,032		1,148		—		39		106		1,081
Total fixed maturity securities	$	87,131	$	21	$	1,037	$	7,156	$	80,991	$	84,344	$	7	$	752	$	9,512	$	75,577

The Company held non-income producing fixed maturity securities with an estimated fair value of $52 million at December 31, 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 December 31, 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		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	2,861	$	17,277	$	15,153	$	30,104	$	21,736	$	87,131
Estimated fair value	$	2,826	$	16,809	$	13,910	$	27,200	$	20,246	$	80,991

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector

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


	December 31, 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	$	4,554	$	409	$	22,796	$	2,987	$	24,509	$	3,351	$	3,979	$	1,170
Foreign corporate	1,010		73		8,311		1,216		8,260		1,413		1,601		519
U.S. government and agency	518		9		3,477		514		3,121		265		1,147		337
RMBS	413		20		5,774		792		4,731		497		2,246		448
CMBS	411		33		5,786		581		5,589		543		970		167
ABS	572		3		3,360		128		3,347		159		1,733		137
State and political subdivision	471		32		1,634		272		2,041		317		247		83
Foreign government	112		6		620		81		777		99		21		7
Total fixed maturity securities	$	8,061	$	585	$	51,758	$	6,571	$	52,375	$	6,644	$	11,944	$	2,868
Total number of securities in an unrealized loss position	1,347				7,038				7,309				2,049

Allowance for Credit Losses for Fixed Maturity Securities

Evaluation and Measurement Methodologies

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 $655 million and $602 million at December 31, 2023 and 2022, respectively, and is included in accrued investment income.

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 $21 million, relating to 17 securities at December 31, 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.

Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector

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


	U.S. Corporate		RMBS		CMBS		Foreign Corporate		Total
	(In millions)
Balance at December 31, 2021	$	2	$	—	$	2	$	7	$	11
Allowance on securities where credit losses were not previously recorded	—		2		—		—		2

Reductions for securities sold	(1)		—		—		—		(1)

Change in allowance on securities with an allowance recorded in a previous period	—		—		1		—		1
Write-offs charged against allowance (1)	—		—		—		(6)		(6)
Balance at December 31, 2022	1		2		3		1		7
Allowance on securities where credit losses were not previously recorded	15		3		—		—		18

Reductions for securities sold	(1)		—		(1)		—		(2)

Change in allowance on securities with an allowance recorded in a previous period	—		—		(1)		—		(1)
Write-offs charged against allowance (1)	—		—		—		(1)		(1)
Balance at December 31, 2023	$	15	$	5	$	1	$	—	$	21

_______________

(1)The Company recorded total write-offs of $8 million and $10 million for the years ended December 31, 2023 and 2022, respectively.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,193	58.6	%	$	13,574	59.2	%
Agricultural	4,445		19.8		4,365		19.0
Residential	5,007		22.2		5,116		22.3
Total mortgage loans (1)	22,645		100.6		23,055		100.5
Allowance for credit losses	(137)		(0.6)		(119)		(0.5)
Total mortgage loans, net	$	22,508	100.0	%	$	22,936	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $311 million and $2.2 billion for the years ended December 31, 2023 and 2022, respectively, and were primarily comprised of residential mortgage loans.

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

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 $123 million and $115 million at December 31, 2023 and 2022, respectively.

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

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


	Commercial		Agricultural		Residential		Total
	(In millions)
Balance at December 31, 2021	$	67	$	12	$	44	$	123
Current period provision	5		3		11		19
Charge-offs, net of recoveries	(23)		—		—		(23)
Balance at December 31, 2022	49		15		55		119
Current period provision	24		5		(6)		23
Charge-offs, net of recoveries	(4)		(1)		—		(5)

Balance at December 31, 2023	$	69	$	19	$	49	$	137

PCD Mortgage Loans

There were no new purchases of PCD mortgage loans during the year ended December 31, 2023. Purchases of PCD mortgage loans were $69 million at December 31, 2022.

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)
December 31, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	206	$	655	$	1,823	$	177	$	1,239	$	2,630	$	6,730
65% to 75%	—		935		1,079		222		261		1,158		3,655
76% to 80%	—		427		76		39		209		564		1,315
Greater than 80%	—		400		227		—		150		716		1,493
Total commercial mortgage loans	206		2,417		3,205		438		1,859		5,068		13,193
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	202		571		1,132		454		505		1,292		4,156
65% to 75%	1		127		108		6		30		17		289

Greater than 80%	—		—		—		—		—		—		—
Total agricultural mortgage loans	203		698		1,240		460		535		1,309		4,445
Residential mortgage loans
Performing	105		1,286		1,669		145		204		1,508		4,917
Nonperforming	—		22		22		1		2		43		90
Total residential mortgage loans	105		1,308		1,691		146		206		1,551		5,007
Total	$	514	$	4,423	$	6,136	$	1,044	$	2,600	$	7,928	$	22,645


	2022		2021		2020		2019		2017		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:


	December 31,
	2023				2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,086	91.6	%	$	12,157	89.6	%
1.00x - 1.20x	702		5.3		590		4.3
Less than 1.00x	405		3.1		827		6.1
Total	$	13,193	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 December 31, 2023 and 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:


	December 31,
	2023								2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,176	$	4,429	$	4,915	$	22,520	$	13,574	$	4,346	$	5,041	$	22,961
30-59 days past due	—		—		2		2		—		—		11		11
60-89 days past due	—		—		30		30		—		—		16		16
90-179 days past due	—		—		23		23		—		3		31		34
180+ days past due	17		16		37		70		—		16		17		33
Total	$	13,193	$	4,445	$	5,007	$	22,645	$	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)
December 31, 2023	$	17	$	—	$	90	$	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 December 31, 2023 and 2022.

Current period investment income on mortgage loans in nonaccrual status was $2 million for both years ended December 31, 2023 and 2022.

Modified Mortgage Loans by Portfolio Segment

Under certain circumstances, modifications are granted to nonperforming mortgage loans. Generally, the types of concessions may include interest rate reduction, term extension, principal forgiveness, or a combination of all three. The Company did not have a significant amount of mortgage loans modified during both years ended December 31, 2023 and 2022.

Other Invested Assets

Over 80% of other invested assets is comprised of freestanding derivatives with positive estimated fair values. See Note 10 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes the Company’s investment in company-owned life insurance, FHLB stock, tax credit and renewable energy partnerships and leveraged leases.

Leveraged Leases

The carrying value of leveraged leases was $47 million and $48 million at December 31, 2023 and 2022, respectively. The allowance for credit losses was $13 million at both December 31, 2023 and 2022. Rental receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to nine years. For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or nonperforming, which is assessed monthly. Nonperforming rental receivables are generally defined as those that are 90 days or more past due. At both December 31, 2023 and 2022, all leveraged leases were performing.

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:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Fixed maturity securities	$	(6,119)	$	(8,760)	$	8,347

Derivatives	351		638		329
Other	2		3		(29)
Subtotal	(5,766)		(8,119)		8,647
Amounts allocated from:
Future policy benefits	652		917		(1,655)
Deferred income tax benefit (expense)	1,074		1,512		(1,468)
Net unrealized investment gains (losses)	$	(4,040)	$	(5,690)	$	5,524

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at December 31,	$	(5,690)	$	5,524	$	5,761
Unrealized investment gains (losses) change due to cumulative effect, net of income tax	—		—		1,980
Balance at January 1,	$	(5,690)	$	5,524	$	7,741
Unrealized investment gains (losses) during the year	2,353		(16,766)		(3,478)
Unrealized investment gains (losses) relating to:
Future policy benefits	(265)		2,572		671
Deferred income tax benefit (expense)	(438)		2,980		590
Balance at December 31,	$	(4,040)	$	(5,690)	$	5,524
Change in net unrealized investment gains (losses)	$	1,650	$	(11,214)	$	(2,217)

Concentrations of Credit Risk

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

Securities Lending

Elements of the securities lending program are presented below at:


	December 31,
	2023		2022
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,420	$	3,995
Estimated fair value	$	3,194	$	3,638
Cash collateral received from counterparties (2)	$	3,277	$	3,731

Reinvestment portfolio — estimated fair value	$	3,246	$	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:


	December 31, 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	$	647	$	655	$	1,584	$	2,886	$	640	$	1,527	$	984	$	3,151
U.S. corporate	—		252		—		252		2		410		—		412

Foreign corporate	—		130		—		130		—		152		—		152
Foreign government	—		9		—		9		—		16		—		16
Total	$	647	$	1,046	$	1,584	$	3,277	$	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 December 31, 2023 was $631 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 agency RMBS, ABS, U.S. government and agency securities, U.S. and foreign corporate securities, non-agency RMBS and CMBS) with 56% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at December 31, 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:


	December 31,
	2023		2022
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,593	$	7,999
Invested assets held in trust (reinsurance agreements) (2)	7,142		5,621
Invested assets pledged as collateral (3)	13,979		13,920
Total invested assets on deposit, held in trust and pledged as collateral	$	29,714	$	27,540

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $102 million and $21 million of the assets on deposit represents restricted cash and cash equivalents at December 31, 2023 and 2022, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $120 million and $240 million of the assets held in trust balance represents restricted cash and cash equivalents at December 31, 2023 and 2022, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4) and derivative transactions (see Note 10).

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 $245 million and $201 million at redemption value at December 31, 2023 and 2022, respectively.

Collectively Significant Equity Method Investments

The Company holds investments in limited partnerships and LLCs consisting of leveraged buy-out funds, private equity funds, joint ventures and other funds. The portion of these investments accounted for under the equity method had a carrying value of $5.0 billion at December 31, 2023. The Company’s maximum exposure to loss related to these equity method investments is the carrying value of these investments plus unfunded commitments of $1.2 billion at December 31, 2023. The Company’s investments in limited partnerships and LLCs are generally of a passive nature in that the Company does not participate in the management of the entities.

As described in Note 1, the Company generally records its share of earnings in its equity method investments using a three-month lag methodology and within net investment income. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) for each of the years ended December 31, 2023, 2022 and 2021. This aggregated summarized financial data does not represent the Company’s proportionate share of the assets, liabilities or earnings of such entities.

The aggregated summarized financial data presented below reflects the latest available financial information and is as of and for the years ended December 31, 2023, 2022 and 2021. Aggregate total assets of these entities totaled $799.2 billion and $880.1 billion at December 31, 2023 and 2022, respectively. Aggregate total liabilities of these entities totaled $56.8 billion and $109.3 billion at December 31, 2023 and 2022, respectively. Aggregate net income (loss) of these entities totaled $24.8 billion, ($12.8) billion and $22.6 billion for the years ended December 31, 2023, 2022 and 2021, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income and realized and unrealized investment gains (losses).

Variable Interest Entities

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

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

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


	December 31,
	2023				2022
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,526	$	16,771	$	15,896	$	17,471
Limited partnerships and LLCs	4,233		5,255		4,136		5,491
Total	$	19,759	$	22,026	$	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 18.

Net Investment Income

The components of net investment income were as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Investment income:
Fixed maturity securities	$	3,516	$	3,077	$	2,832
Equity securities	3		3		5
Mortgage loans	958		842		689
Policy loans	67		64		65
Limited partnerships and LLCs (1)	168		263		1,391
Cash, cash equivalents and short-term investments	225		72		5

Other	87		69		44
Total investment income	5,024		4,390		5,031
Less: Investment expenses	360		252		150

Net investment income	$	4,664	$	4,138	$	4,881

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $187 million, $170 million and $1.3 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Fixed maturity securities	$	(224)	$	(192)	$	(21)
Equity securities	5		(14)		—
Mortgage loans	(24)		(20)		(27)
Limited partnerships and LLCs	(1)		(20)		—
Other	(2)		(2)		(11)
Total net investment gains (losses)	$	(246)	$	(248)	$	(59)

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($2) million, ($17) million and $1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Sales or Disposals of Fixed Maturity Securities

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Proceeds	$	2,301	$	6,640	$	6,329
Gross investment gains	$	15	$	52	$	99
Gross investment losses	(216)		(236)		(103)
Net investment gains (losses)	$	(201)	$	(184)	$	(4)

Contingencies, Commitments and Guarantees	12 Months Ended
Contingencies, Commitments and Guarantees	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	18. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from various state and federal regulators, agencies and officials. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at December 31, 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 December 31, 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. MOVEit Data Security Incident Litigation Kennedy v. Progress Software Corporation, et al. (U.S. District Court, District of Massachusetts, filed October 3, 2023). BHF has been named as a defendant in a purported class action lawsuit. The action relates to a data security incident at an alleged third-party vendor, PBI Research Services (“PBI”), and allegedly involves the MOVEit file transfer system that PBI uses in its provision of services (“MOVEit Incident”). As it relates to BHF, plaintiff seeks to certify a subclass of persons whose private information was allegedly maintained by BHF and accessed or acquired in connection with the MOVEit Incident. Plaintiff alleges, among other things, that BHF negligently chose to utilize PBI to store and transfer plaintiff’s and purported class members’ private information despite PBI’s use of the MOVEit software which plaintiff contends contained security vulnerabilities. The complaint asserts claims against BHF for negligence, negligence per se, and unjust enrichment, and plaintiff seeks declaratory and injunctive relief, damages, attorneys’ fees and prejudgment interest. BHF 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. 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. In the matters where the Company’s subsidiaries are acting as the reinsured or the reinsurer, such matters have involved 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. For tax-related matters, this has involved disputes with taxing authorities, ongoing audits, evaluation of filing positions and any potential assessments related thereto. As of December 31, 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 $200 million for the aforementioned matters. 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 $377 million and $247 million at December 31, 2023 and 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 $1.4 billion and $1.9 billion at December 31, 2023 and 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 December 31, 2023 and 2022 for indemnities, guarantees and commitments.

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased from third parties	$ 311	$ 2,200
Accrued interest receivable	123	115
Financing receivables purchased with credit deterioration, par value	0	69
Financing receivables in nonaccrual status, investment income	2	2
Financing Receivable, Troubled Debt Restructuring	$ 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%

Reinsurance (Reinsurance Recoverables - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 18,900	$ 17,600
Premiums, reinsurance and other, allowance for credit losses	3	10
Reinsurance Recoverables on Unpaid Losses, Allowance	3
Reinsurance, Loss on Uncollectible Accounts in Period, Amount	10
Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 16,800	$ 15,400
Ceded Credit Risk, Reinsurance Recoverables, Percentage	89.00%	88.00%
Ceded Credit Risk, Unsecured [Member]
Ceded Credit Risk [Line Items]
Reinsurance Recoverables, Ceded	$ 6,100	$ 6,200
Ceded Credit Risk, Unsecured [Member] \| Five Largest Ceded Reinsurers [Member]
Ceded Credit Risk [Line Items]
Ceded Credit Risk, Reinsurance Recoverables, Net	$ 4,300	$ 4,300

Derivatives (Derivatives Pertaining to Hedged Items) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	$ (3,907)	$ (592)	$ (3,983)
Net Derivative Gains (Losses) Recognized for Hedged Items	(21)	(60)	(11)
Net Investment Income	4,664	4,138	4,881
Amount of Gains (Losses) Deferred in AOCI	(276)	331	171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(13)	(48)	(7)
Amount of Gains (Losses) Deferred in AOCI	0	0	0
Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(8)	(12)	(4)
Amount of Gains (Losses) Deferred in AOCI	(276)	331	171
Net Derivative Gains (Losses) Recognized for Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	(3,886)	(532)	(3,972)
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)	(3,894)	(550)	(3,984)
Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	8	18	12
Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	55	57	39
Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0
Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	55	57	39
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
Amount of Gains (Losses) Deferred in AOCI	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
Amount of Gains (Losses) Deferred in AOCI	(1)	(50)	(20)
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)	(384)	(4,001)	(717)
Interest rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	1	5	2
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
Interest rate \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	3	4	3
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	(13)	(48)	(7)
Amount of Gains (Losses) Deferred in AOCI	0	0	0
Foreign currency exchange rate \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(8)	(12)	(4)
Amount of Gains (Losses) Deferred in AOCI	(275)	381	191
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)	(15)	120	57
Foreign currency exchange rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	7	13	10
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
Foreign currency exchange rate \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	52	53	36
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
Amount of Gains (Losses) Deferred in AOCI	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)	32	(2)	17
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
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
Amount of Gains (Losses) Deferred in AOCI	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)	570	590	(486)
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
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
Amount of Gains (Losses) Deferred in AOCI	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)	(4,097)	2,743	(2,855)
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

Insurance Liabilities (Future Policy Benefits - SOP) (Details) - ULSG - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Additional Liability, Long-Duration Insurance [Line Items]
Additional Liability, Long-Duration Insurance, before Reinsurance, after Discount Rate Change	$ 7,607	$ 6,935	$ 7,168	$ 6,743
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance	7,784	7,175	6,731	6,203
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) from Cash Flow Change		52	(37)	153
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		145	179	(124)
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change		7,372	6,873	$ 6,232
Additional Liability, Long-Duration Insurance, Interest Income (Expense)	357	333	308
Additional Liability, Long-Duration Insurance, Net Premium Collected	414	416	475
Additional Liability, Long-Duration Insurance, Benefit Payment	(359)	(447)	(286)
Additional Liability, Long-Duration Insurance, Remeasurement Gain (Loss)	0	0	2
AOCI, Liability for Future Policy Benefit, before Tax	(177)	(240)	437
Additional Liability, Long-Duration Insurance, Reinsurance Recoverable, after Allowance	1,438	1,384	1,294
Additional Liability, Long-Duration Insurance, after Reinsurance	$ 6,169	$ 5,551	$ 5,874
Additional Liability, Long-Duration Insurance, Weighted-Average Duration	6 years 8 months 12 days	6 years 8 months 12 days	6 years 8 months 12 days
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate	4.92%	4.90%	4.90%
Additional Liability, Long-Duration Insurance, Gross Premium Income	$ 1,064	$ 1,070	$ 1,255

Condensed Financial Information (Parent Company) (Investment in Subsidiary Footnote) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Brighthouse Life Insurance Company
Condensed Financial Statements, Captions [Line Items]
Payments of Dividends	$ 266	$ 0	$ 550
Brighthouse Services, LLC
Condensed Financial Statements, Captions [Line Items]
Short-Term Intercompany Loans	50	250
BH Holdings
Condensed Financial Statements, Captions [Line Items]
Short-Term Intercompany Loans	50	100
Parent Company
Condensed Financial Statements, Captions [Line Items]
Distributions from BH Holdings	350	0	$ 310
Non-Cash Distributions, Receivable	$ 100	$ 350

Subsequent Event (Subsequent Events - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 15, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Preferred stock, aggregate dividends declared		$ 102	$ 104	$ 89
6.600% Non-Cumulative Preferred Stock, Series A
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,650	$ 1,650	$ 1,650
Preferred stock, aggregate dividends declared		$ 28	$ 28	$ 28
6.750% Non-Cumulative Preferred Stock, Series B
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,687.52	$ 1,687.52	$ 1,687.52
Preferred stock, aggregate dividends declared		$ 28	$ 28	$ 27
5.375% Non-Cumulative Preferred Stock, Series C
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,343.76	$ 1,343.76	$ 1,474.4
Preferred stock, aggregate dividends declared		$ 30	$ 31	$ 34
4.625% Non-Cumulative Preferred Stock, Series D
Subsequent Event [Line Items]
Preferred stock, dividends declared per share		$ 1,156.24	$ 1,262.23	$ 0
Preferred stock, aggregate dividends declared		$ 16	$ 17	$ 0
Subsequent Event
Subsequent Event [Line Items]
Preferred stock, aggregate dividends declared	$ 26
Subsequent Event \| 6.600% Non-Cumulative Preferred Stock, Series A
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	$ 412.50
Subsequent Event \| 6.750% Non-Cumulative Preferred Stock, Series B
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	421.88
Subsequent Event \| 5.375% Non-Cumulative Preferred Stock, Series C
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	335.94
Subsequent Event \| 4.625% Non-Cumulative Preferred Stock, Series D
Subsequent Event [Line Items]
Preferred stock, dividends declared per share	$ 289.06

Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

14. 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 $266 million, $292 million and $360 million for the years ended December 31, 2023, 2022 and 2021, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Compensation	$	418	$	351	$	385
Contracted services and other labor costs	312		296		280
Transition services agreements	32		58		124
Establishment costs	—		66		98
Premium and other taxes, licenses and fees	61		54		52
Separate account fees	366		407		508
Volume related costs, excluding compensation, net of DAC capitalization	540		513		681
Interest expense on debt	153		153		163
Debt repayment costs	—		—		75
Other	95		187		83
Total other expenses	$	1,977	$	2,085	$	2,449

Capitalization of DAC

See Note 7 for additional information on the capitalization of DAC.

Interest Expense on Debt

See Note 12 for attribution of interest expense by debt issuance.

Equity (Statutory Equity and Income - Narrative) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Statutory Accounting Practices [Line Items]
Description of Regulatory Capital Requirements under Insurance Regulations	400

Separate Accounts (Separate Account Liability) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	$ 84,965
Separate Account, Liability, Ending Balance	88,271	$ 84,965
Variable Annuities
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	77,653	105,023	$ 103,315
Premiums and deposits	766	1,207	2,089
Surrenders and withdrawals	(6,346)	(6,256)	(8,481)
Benefit payments	(1,434)	(1,337)	(1,632)
Investment performance	11,549	(18,583)	12,609
Policy charges	(2,160)	(2,292)	(2,559)
Net transfers from (to) general account	(18)	(151)	(296)
Other	(20)	42	(22)
Separate Account, Liability, Ending Balance	79,990	77,653	105,023
Universal Life Insurance
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	5,218	6,862	6,229
Premiums and deposits	162	175	188
Surrenders and withdrawals	(180)	(159)	(207)
Benefit payments	(68)	(67)	(70)
Investment performance	1,041	(1,342)	986
Policy charges	(206)	(203)	(214)
Net transfers from (to) general account	(46)	(47)	(47)
Other	0	(1)	(3)
Separate Account, Liability, Ending Balance	5,921	5,218	6,862
Company-Owned Life Insurance
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	1,932	2,384	2,269
Premiums and deposits	0	0	3
Surrenders and withdrawals	(19)	(18)	(68)
Benefit payments	(28)	(33)	(38)
Investment performance	328	(358)	235
Policy charges	(49)	(61)	(46)
Net transfers from (to) general account	(1)	13	35
Other	(1)	5	(6)
Separate Account, Liability, Ending Balance	$ 2,162	$ 1,932	$ 2,384

Derivatives (Derivatives - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum Length of Time Hedged in Cash Flow Hedge	1 year
Derivative AOCI associated with Cash Flow Hedges Pre Tax	$ 638	$ 351

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

12 Months Ended

Dec. 31, 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

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

Deferred Policy Acquisition Costs and Value of Business Acquired

See Note 1 for a description of capitalized 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)
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
Capitalization	36		14		343		2		13
Amortization	(243)		(11)		(225)		(53)		(45)
Balance at December 31, 2023	$	2,301	$	110	$	1,331	$	354	$	360
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
Amortization	(32)		(5)		—		(1)		(5)
Balance at December 31, 2023	$	309	$	60	$	—	$	4	$	43
Total DAC and VOBA:
Balance at December 31, 2023	$	2,610	$	170	$	1,331	$	358	$	403
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:


	December 31,
	2023				2022				2021
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of year	$	245	$	9	$	272	$	10	$	298	$	12
Capitalization	1		—		1		—		1		—
Amortization	(26)		(1)		(28)		(1)		(27)		(2)
Balance, end of year	$	220	$	8	$	245	$	9	$	272	$	10

Unearned Revenue

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


	December 31,
	2023						2022						2021
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of year	$	357	$	488	$	74	$	358	$	344	$	80	$	350	$	184	$	86
Capitalization	38		174		—		39		181		2		49		185		1
Amortization	(39)		(50)		(7)		(40)		(37)		(8)		(41)		(25)		(7)
Balance, end of year	$	356	$	612	$	67	$	357	$	488	$	74	$	358	$	344	$	80

Investments (Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of year	$ 7	$ 11
Allowance on securities where credit losses were not previously recorded	18	2
Reductions for securities sold	(2)	(1)
Change in allowance on securities with an allowance recorded in a previous period	(1)	1
Write-offs charged against allowance	(1)	(6)
Fixed maturity securities, allowance for credit losses, end of year	21	7
U.S. corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of year	1	2
Allowance on securities where credit losses were not previously recorded	15	0
Reductions for securities sold	(1)	(1)
Change in allowance on securities with an allowance recorded in a previous period	0	0
Write-offs charged against allowance	0	0
Fixed maturity securities, allowance for credit losses, end of year	15	1
RMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of year	2	0
Allowance on securities where credit losses were not previously recorded	3	2
Reductions for securities sold	0	0
Change in allowance on securities with an allowance recorded in a previous period	0	0
Write-offs charged against allowance	0	0
Fixed maturity securities, allowance for credit losses, end of year	5	2
CMBS
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of year	3	2
Allowance on securities where credit losses were not previously recorded	0	0
Reductions for securities sold	(1)	0
Change in allowance on securities with an allowance recorded in a previous period	(1)	1
Write-offs charged against allowance	0	0
Fixed maturity securities, allowance for credit losses, end of year	1	3
Foreign corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fixed maturity securities, allowance for credit losses, beginning of year	1	7
Allowance on securities where credit losses were not previously recorded	0	0
Reductions for securities sold	0	0
Change in allowance on securities with an allowance recorded in a previous period	0	0
Write-offs charged against allowance	(1)	(6)
Fixed maturity securities, allowance for credit losses, end of year	$ 0	$ 1

Separate Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Separate Account, Liability

Information regarding separate account liabilities was as follows:


	Years Ended December 31,
	2023						2022						2021
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of year	$	77,653	$	5,218	$	1,932	$	105,023	$	6,862	$	2,384	$	103,315	$	6,229	$	2,269
Premiums and deposits	766		162		—		1,207		175		—		2,089		188		3
Surrenders and withdrawals	(6,346)		(180)		(19)		(6,256)		(159)		(18)		(8,481)		(207)		(68)
Benefit payments	(1,434)		(68)		(28)		(1,337)		(67)		(33)		(1,632)		(70)		(38)
Investment performance	11,549		1,041		328		(18,583)		(1,342)		(358)		12,609		986		235
Policy charges	(2,160)		(206)		(49)		(2,292)		(203)		(61)		(2,559)		(214)		(46)
Net transfers from (to) general account	(18)		(46)		(1)		(151)		(47)		13		(296)		(47)		35
Other	(20)		—		(1)		42		(1)		5		(22)		(3)		(6)
Balance, end of year	$	79,990	$	5,921	$	2,162	$	77,653	$	5,218	$	1,932	$	105,023	$	6,862	$	2,384

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:


	December 31,
	2023		2022
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	88,073	$	84,803
Variable income annuities	179		145
Pension risk transfer annuities	19		17

Total separate account liabilities	$	88,271	$	84,965

Fair Value, Separate Account Investment [Table Text Block]

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


	December 31,
	2023		2022
	(In millions)
Equity securities	$	87,999	$	84,667
Fixed maturity securities	258		278


Cash and cash equivalents	7		9
Other assets	7		11
Total aggregate estimated fair value of assets	$	88,271	$	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)
December 31, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,550	$	4,307	$	41,627	$	14,672	$	5,052	$	653
Separate account liabilities	5,921		79,990		—		—		—		2,162
Total account balances	$	8,471	$	84,297	$	41,627	$	14,672	$	5,052	$	2,815
Net amount at risk	$	35,583	$	13,240	N/A		N/A		$	65,299	$	2,659
Cash surrender value	$	7,881	$	83,852	$	39,270	$	14,068	$	4,498	$	2,593
December 31, 2022
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,658	$	4,908	$	33,897	$	14,274	$	5,307	$	641
Separate account liabilities	5,218		77,653		—		—		—		1,932
Total account balances	$	7,876	$	82,561	$	33,897	$	14,274	$	5,307	$	2,573
Net amount at risk	$	38,146	$	16,504	N/A		N/A		$	66,926	$	3,382
Cash surrender value	$	7,225	$	82,125	$	31,293	$	13,723	$	4,671	$	2,357
December 31, 2021
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,694	$	4,743	$	32,000	$	11,849	$	5,569	$	646
Separate account liabilities	6,862		105,023		—		—		—		2,384
Total account balances	$	9,556	$	109,766	$	32,000	$	11,849	$	5,569	$	3,030
Net amount at risk	$	39,549	$	6,361	N/A		N/A		$	68,905	$	3,678
Cash surrender value	$	8,884	$	109,592	$	29,848	$	11,112	$	4,821	$	2,811

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ (234)	$ 137	$ (50)

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Premiums									$ 828	$ 662	$ 707
Universal life and investment-type product policy fees									2,295	2,435	2,980
Net investment income									4,664	4,138	4,881
Other revenues									483	478	450
Net investment gains (losses)									(246)	(248)	(59)
Net derivative gains (losses)									(3,907)	(592)	(3,983)
Total revenues	$ 1,400	$ 1,170	$ 263	$ 1,284	$ (127)	$ 1,121	$ 3,866	$ 2,013	4,117	6,873	4,976
Expenses
Policyholder benefits and claims (including liability remeasurement gains (losses) of ($234), $137, ($50), respectively)									2,676	2,193	2,746
Interest credited to policyholder account balances									1,825	1,338	1,269
Amortization of deferred policy acquisition costs and value of business acquired									620	629	637
Change in market risk benefits									(1,507)	(4,104)	(4,134)
Other expenses									1,977	2,085	2,449
Total expenses	2,574	580	500	1,937	(167)	609	1,689	10	5,591	2,141	2,967
Income (loss) before provision for income tax									(1,474)	4,732	2,009
Provision for income tax expense (benefit)									(367)	848	361
Net income (loss)	(916)	481	(175)	(497)	137	415	1,745	1,587	(1,107)	3,884	1,648
Less: Net income (loss) attributable to noncontrolling interests	1	2	0	2	1	2	0	2	5	5	5
Net income (loss) attributable to Brighthouse Financial, Inc.	(917)	479	(175)	(499)	136	413	1,745	1,585	(1,112)	3,879	1,643
Less: Preferred stock dividends	25	26	25	26	26	25	26	27	102	104	89
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (942)	$ 453	$ (200)	$ (525)	$ 110	$ 388	$ 1,719	$ 1,558	$ (1,214)	$ 3,775	$ 1,554
Earnings per common share
Basic	$ (14.70)	$ 6.92	$ (3.01)	$ (7.72)	$ 1.61	$ 5.42	$ 23.04	$ 20.27	$ (18.39)	$ 51.73	$ 18.54
Diluted	$ (14.70)	$ 6.89	$ (3.01)	$ (7.72)	$ 1.59	$ 5.39	$ 22.91	$ 20.11	$ (18.39)	$ 51.30	$ 18.39

Equity (Common Stock) (Details) - shares	12 Months Ended
Equity (Common Stock) (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding at beginning of year	68,278,068	77,870,072	88,211,618
Common stock, shares issued	665,146	639,980	510,919
Common stock, shares repurchased	(5,439,859)	(10,231,984)	(10,852,465)
Common stock, shares outstanding at end of year	63,503,355	68,278,068	77,870,072

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	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	$ 5,008	$ 5,598	$ 8,450	$ 18,088
Proceeds from Sale of Short-Term Investments	4,200	4,900	6,300
Payments to Acquire Short-Term Investments	$ 4,200	$ 4,100	$ 4,900
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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-Publisher FASB
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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

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (6,106)	$ 47	$ 5,716
OCI before reclassifications	866	(8,007)	(2,202)
Deferred income tax benefit (expense) (4)	(182)	1,682	463
AOCI before reclassifications, net of income tax	(5,422)	(6,278)	48
Amounts reclassified from AOCI	222	218	(1)
Deferred income tax benefit (expense) (4)	(46)	(46)	0
Amounts reclassified from AOCI, net of income tax	176	172	(1)
Balance, end of period	(5,246)	(6,106)	47
Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(3,929)
Cumulative Effect, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			1,787
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(6,194)	5,285	5,646
OCI before reclassifications	2,149	(14,741)	(2,978)
Deferred income tax benefit (expense) (4)	(451)	3,074	625
AOCI before reclassifications, net of income tax	(4,496)	(6,382)	5,273
Amounts reclassified from AOCI	226	238	15
Deferred income tax benefit (expense) (4)	(47)	(50)	(3)
Amounts reclassified from AOCI, net of income tax	179	188	12
Balance, end of period	(4,317)	(6,194)	5,285
Unrealized Investment Gains (Losses), Net of Related Offsets (1) \| Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			1,980
Unrealized Investment Gains (Losses), Net of Related Offsets (1) \| Cumulative Effect, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			7,626
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	504	239	115
OCI before reclassifications	(276)	331	171
Deferred income tax benefit (expense) (4)	58	(48)	(35)
AOCI before reclassifications, net of income tax	286	522	251
Amounts reclassified from AOCI	(11)	(22)	(15)
Deferred income tax benefit (expense) (4)	2	4	3
Amounts reclassified from AOCI, net of income tax	(9)	(18)	(12)
Balance, end of period	277	504	239
Unrealized Gains (Losses) on Derivatives \| Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			0
Unrealized Gains (Losses) on Derivatives \| Cumulative Effect, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			115
Changes in Nonperformance Risk on Market Risk Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(1,378)	(3,230)	0
OCI before reclassifications	(636)	2,344	(634)
Deferred income tax benefit (expense) (4)	133	(492)	133
AOCI before reclassifications, net of income tax	(1,881)	(1,378)	(3,230)
Amounts reclassified from AOCI	0	0	0
Deferred income tax benefit (expense) (4)	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0
Balance, end of period	(1,881)	(1,378)	(3,230)
Changes in Nonperformance Risk on Market Risk Benefits \| Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(2,729)
Changes in Nonperformance Risk on Market Risk Benefits \| Cumulative Effect, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(2,729)
Changes in Discount Rates on the Liability for Future Policy Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,020	(2,199)	0
OCI before reclassifications	(380)	4,075	1,242
Deferred income tax benefit (expense) (4)	80	(856)	(261)
AOCI before reclassifications, net of income tax	720	1,020	(2,199)
Amounts reclassified from AOCI	0	0	0
Deferred income tax benefit (expense) (4)	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0
Balance, end of period	720	1,020	(2,199)
Changes in Discount Rates on the Liability for Future Policy Benefits \| Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(3,180)
Changes in Discount Rates on the Liability for Future Policy Benefits \| Cumulative Effect, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			(3,180)
Other (2)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(58)	(48)	(45)
OCI before reclassifications	9	(16)	(3)
Deferred income tax benefit (expense) (4)	(2)	4	1
AOCI before reclassifications, net of income tax	(51)	(60)	(47)
Amounts reclassified from AOCI	7	2	(1)
Deferred income tax benefit (expense) (4)	(1)	0	0
Amounts reclassified from AOCI, net of income tax	6	2	(1)
Balance, end of period	$ (45)	$ (58)	(48)
Other (2) \| Cumulative effect of change in accounting principle, net of income tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			0
Other (2) \| Cumulative Effect, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period			$ (45)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $87,131 and $84,344, respectively; allowance for credit losses of $21 and $7, respectively)	$ 80,991	$ 75,577
Equity securities, at estimated fair value	102	89
Mortgage loans (net of allowance for credit losses of $137 and $119, respectively)	22,508	22,936
Policy loans	1,331	1,282
Limited partnerships and limited liability companies	4,946	4,775
Short-term investments, principally at estimated fair value	1,169	1,081
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)	4,409	2,852
Total investments	115,456	108,592
Cash and cash equivalents	3,851	4,115
Accrued investment income	1,183	885
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $10, respectively)	19,761	18,548
Deferred policy acquisition costs and value of business acquired	4,872	5,084
Current income tax recoverable	27	38
Deferred income tax asset	1,893	1,736
Market risk benefit assets	656	483
Other assets	370	401
Separate account assets	88,271	84,965
Total assets	236,340	224,847
Liabilities
Future policy benefits	32,569	31,497
Policyholder account balances	81,068	73,527
Market risk benefit liabilities	10,323	10,389
Other policy-related balances	3,836	4,098
Payables for collateral under securities loaned and other transactions	3,670	4,560
Long-term debt	3,156	3,156
Other liabilities	8,439	7,057
Separate account liabilities	88,271	84,965
Total liabilities	231,332	219,249
Contingencies, Commitments and Guarantees (Note 18)
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; 122,818,568 and 122,153,422 shares issued, respectively; 63,503,355 and 68,278,068 shares outstanding, respectively	1	1
Additional paid-in capital	14,004	14,075
Retained earnings (deficit)	(1,507)	(395)
Treasury stock, at cost; 59,315,213 and 53,875,354 shares, respectively	(2,309)	(2,042)
Accumulated other comprehensive income (loss)	(5,246)	(6,106)
Total Brighthouse Financial, Inc.’s stockholders’ equity	4,943	5,533
Noncontrolling interests	65	65
Total equity	5,008	5,598
Total liabilities and equity	$ 236,340	$ 224,847

Insurance Liabilities

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Insurance Liabilities

4. Insurance Liabilities

Liability for Future Policy Benefits

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


	Years Ended December 31,
	2023									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			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	$	2,871		$	—		$	—		$	3,325		$	—		$	—		$	3,448		$	—		$	—
Beginning balance at original discount rate	3,212			—			—			3,051			—			—			2,994			—			—
Effect of model refinements	—			—			—			122			—			—			—			—			—
Effect of changes in cash flow assumptions	215			—			—			137			—			—			70			—			—
Effect of actual variances from expected experience	(14)			—			—			119			—			—			153			—			—
Adjusted beginning of year balance	3,413			—			—			3,429			—			—			3,217			—			—
Issuances	93			—			—			93			—			—			113			—			—
Interest accrual	112			—			—			116			—			—			111			—			—
Net premiums collected	(384)			—			—			(426)			—			—			(390)			—			—
Ending balance at original discount rate	3,234			—			—			3,212			—			—			3,051			—			—
Effect of changes in discount rate assumptions	(260)			—			—			(341)			—			—			274			—			—
Balance, end of year	$	2,974		$	—		$	—		$	2,871		$	—		$	—		$	3,325		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of year	$	5,279		$	3,512		$	6,793		$	6,426		$	4,333		$	10,171		$	6,852		$	4,691		$	11,301
Beginning balance at original discount rate	5,922			3,897			7,410			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	309			—			—			157			56			(157)			70			(41)			(41)
Effect of actual variances from expected experience	(15)			(34)			(47)			155			(22)			(23)			153			(6)			(16)
Adjusted beginning of year balance	6,216			3,863			7,363			6,267			3,899			7,707			6,085			3,891			8,474
Issuances	99			374			—			101			224			—			128			198			—
Interest accrual	217			140			314			222			146			327			222			150			359
Benefit payments	(509)			(346)			(592)			(668)			(372)			(624)			(615)			(374)			(668)
Ending balance at original discount rate	6,023			4,031			7,085			5,922			3,897			7,410			5,820			3,865			8,165
Effect of changes in discount rate assumptions	(516)			(277)			(388)			(643)			(385)			(617)			606			468			2,006
Balance, end of year	$	5,507		$	3,754		$	6,697		$	5,279		$	3,512		$	6,793		$	6,426		$	4,333		$	10,171
Net liability for future policy benefits, end of year	$	2,533		$	3,754		$	6,697		$	2,408		$	3,512		$	6,793		$	3,101		$	4,333		$	10,171
Less: Reinsurance recoverable, end of year	42			31			65			45			24			68			64			27			93
Net liability for future policy benefits, after reinsurance recoverable	$	2,491		$	3,723		$	6,632		$	2,363		$	3,488		$	6,725		$	3,037		$	4,306		$	10,078
Weighted-average duration of liability	8.7 years			8.2 years			11.6 years			8.4 years			8.5 years			11.6 years			8.4 years			8.5 years			12.7 years
Weighted-average interest accretion rate	3.94		%	3.97		%	4.46		%	3.97		%	3.87		%	4.45		%	3.97		%	3.96		%	4.45		%
Current discount rate	4.94		%	4.95		%	5.03		%	5.26		%	5.27		%	5.32		%	2.53		%	2.55		%	2.81		%
Gross premiums or assessments recognized during period	$	611		$	488		$	—		$	639		$	257		$	—		$	666		$	253		$	—
Expected future gross premiums, undiscounted	$	6,172		$	—		$	—		$	6,734		$	—		$	—		$	7,027		$	—		$	—
Expected future gross premiums, discounted	$	4,642		$	—		$	—		$	4,991		$	—		$	—		$	5,179		$	—		$	—
Expected future benefit payments, undiscounted	$	8,332		$	5,710		$	13,767		$	8,184		$	5,520		$	14,418		$	8,103		$	5,523		$	17,241
Expected future benefit payments, discounted	$	6,023		$	4,031		$	7,085		$	5,922		$	3,897		$	7,410		$	5,820		$	3,865		$	8,165

The measurement of LFPBs can be significantly impacted by changes in assumptions for policyholder behavior. As part of the 2023 and 2022 annual actuarial review (“AAR”), the Company updated assumptions regarding mortality and lapses for term and non-participating whole life insurance. The impact from changes in assumptions is presented in effect of changes in cash flow assumptions in the table above.

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


	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Balance, beginning of year	$	6,935		$	7,168		$	6,743
Beginning balance before the effect of unrealized gains and losses	7,175			6,731			6,203
Effect of changes in cash flow assumptions	52			(37)			153
Effect of actual variances from expected experience	145			179			(124)
Adjusted beginning of year balance	7,372			6,873			6,232
Interest accrual	357			333			308
Net assessments collected	414			416			475
Benefit payments	(359)			(447)			(286)
Effect of realized capital gains (losses)	—			—			2
Ending balance before the effect of unrealized gains and losses	7,784			7,175			6,731
Effect of unrealized gains and losses	(177)			(240)			437
Balance, end of year	7,607			6,935			7,168
Less: Reinsurance recoverable, end of year	1,438			1,384			1,294
Net additional liability, after reinsurance recoverable	$	6,169		$	5,551		$	5,874
Weighted-average duration of liability	6.7 years			6.7 years			6.7 years
Weighted-average interest accretion rate	4.92		%	4.90		%	4.90		%
Gross assessments recognized during period	$	1,064		$	1,070		$	1,255

The measurement of liabilities for secondary guarantees can be significantly impacted by changes in the expected general account rate of return, which is driven by the Company’s assumption for long-term treasury yields. The Company’s practice of projecting treasury yields uses a mean reversion approach that assumes that long-term interest rates are less influenced by short-term fluctuations and are only changed when sustained interim deviations are expected. As part of the 2023 AAR, the Company increased the long-term general account earned rate, driven by an increase in the mean reversion rate from 3.50% to 3.75%. The Company also updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses, withdrawals and maintenance expenses. As part of the 2022 AAR, the Company increased the long-term general account earned rate, driven by an increase in the mean reversion rate from 3.00% to 3.50%. Both period assumption updates are reflected in the table above.

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:


	December 31,
	2023		2022
	(In millions)
Liabilities reported in the preceding rollforward tables	$	20,591	$	19,648
Long-term care insurance (1)	5,581		5,686
ULSG liabilities, including liability for profits followed by losses	2,427		2,449
Participating whole life insurance (2)	3,102		2,949
Deferred profit liabilities	479		373
Other	389		392
Total liability for future policy benefits	$	32,569	$	31,497

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 8.

(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 December 31, 2023 and 2022, and 40% and 41% of gross traditional life insurance premiums for the years ended December 31, 2023 and 2022, respectively.

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)
Year Ended December 31, 2023
Balance, beginning of year	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	230			76			7,183			2,694			660			—
Surrenders and withdrawals	(163)			(693)			(3,732)			(2,405)			(23)			—
Benefit payments	(67)			(111)			(240)			(377)			(85)			(8)
Net transfers from (to) separate account	46			18			—			—			—			1
Interest credited	66			133			445			486			208			28
Policy charges	(220)			(24)			(11)			—			(1,015)			(9)
Changes related to embedded derivatives	—			—			4,085			—			—			—

Balance, end of year	$	2,550		$	4,307		$	41,627		$	14,672		$	5,052		$	653
Weighted-average crediting rate (2)	2.56		%	2.90		%	1.47		%	3.31		%	4.02		%	4.33		%
Year Ended December 31, 2022
Balance, beginning of year	$	2,694		$	4,743		$	32,000		$	11,849		$	5,569		$	646
Premiums and deposits	219			146			6,632			3,676			697			—
Surrenders and withdrawals	(88)			(495)			(2,220)			(904)			(32)			—
Benefit payments	(65)			(113)			(180)			(345)			(84)			(8)
Net transfers from (to) separate account	47			151			—			—			—			(13)
Interest credited	76			501			392			(2)			197			23
Policy charges	(225)			(25)			(8)			—			(1,040)			(7)
Changes related to embedded derivatives	—			—			(2,719)			—			—			—

Balance, end of year	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Weighted-average crediting rate (2)	2.84		%	10.47		%	1.16		%	(0.02)		%	3.62		%	3.41		%
Year Ended December 31, 2021
Balance, beginning of year	$	2,674		$	4,895		$	23,274		$	12,349		$	5,823		$	679
Premiums and deposits	312			196			7,054			114			687			—
Surrenders and withdrawals	(94)			(644)			(1,419)			(610)			(46)			1
Benefit payments	(63)			(107)			(151)			(342)			(77)			(10)
Net transfers from (to) separate account	47			296			—			—			—			(35)
Interest credited	106			148			365			338			186			24
Policy charges	(288)			(41)			(6)			—			(1,004)			(13)
Changes related to embedded derivatives	—			—			2,883			—			—			—

Balance, end of year	$	2,694		$	4,743		$	32,000		$	11,849		$	5,569		$	646
Weighted-average crediting rate (2)	3.96		%	3.06		%	1.12		%	2.79		%	3.27		%	3.66		%

_______________

(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:


	December 31,
	2023		2022
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	68,861	$	61,685
Funding agreements classified as investment contracts	11,115		10,689
Other investment contract liabilities	1,092		1,153
Total policyholder account balances	$	81,068	$	73,527

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)
December 31, 2023
Annuities (1):
Less than 2.00%	$	697	$	223	$	310	$	7,652	$	8,882
2.00% to 3.99%	8,827		242		225		356		9,650
Greater than 3.99%	874		—		—		—		874
Total	$	10,398	$	465	$	535	$	8,008	$	19,406
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	236	$	236
2.00% to 3.99%	—		492		49		136		677
Greater than 3.99%	1,595		—		—		—		1,595
Total	$	1,595	$	492	$	49	$	372	$	2,508
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,135		1,485		1,663		254		4,537
Greater than 3.99%	506		—		—		—		506
Total	$	1,641	$	1,485	$	1,663	$	254	$	5,043
December 31, 2022
Annuities (1):
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.

See Note 6 for information regarding net amount at risk and cash surrender values.

Obligations Under Funding Agreements

Institutional Spread Margin Business

Brighthouse Life Insurance Company has issued unsecured fixed and floating rate funding agreements to certain special purpose entities that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. The Company had obligations outstanding under these funding agreements of $5.5 billion at both December 31, 2023 and 2022.

Brighthouse Life Insurance Company has a secured funding agreement program with the Federal Home Loan Bank (“FHLB”) of Atlanta. The Company had obligations outstanding under this program of $4.4 billion and $3.9 billion at December 31, 2023 and 2022, respectively. Funding agreements are issued to FHLBs in exchange for cash, for which the FHLBs have been granted liens on certain assets, some of which are in their custody to collateralize the Company’s obligations under the funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of the FHLBs as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, the FHLBs’ recovery on the collateral is limited to the amount of the Company’s liabilities to the FHLBs. See Note 9 for information on invested assets pledged as collateral in connection with funding agreements.

Brighthouse Life Insurance Company has a secured funding agreement program with the Federal Agricultural Mortgage Corporation and its affiliate Farmer Mac Mortgage Securities Corporation (“Farmer Mac”). The Company had obligations outstanding under this program of $700 million at both December 31, 2023 and 2022. Funding agreements are issued to Farmer Mac in exchange for cash, for which Farmer Mac have been granted liens on certain assets to collateralize the Company’s obligations under the funding agreements. Upon any event of default by the Company, Farmer Mac’s recovery on the collateral is limited to the amount of the Company’s liabilities to Farmer Mac. See Note 9 for information on invested assets pledged as collateral in connection with funding agreements.

Inactive Funding Agreement Programs

Brighthouse Life Insurance Company has obligations outstanding under inactive funding agreement programs of $525 million at both December 31, 2023 and 2022.

Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

12. Long-term Debt

Long-term debt outstanding was as follows at:


			December 31,
			2023				2022
	Stated Interest Rate	Maturity	Face Value		Carrying Value		Face Value		Carrying Value
			(In millions)
Senior notes (1)	3.700%	2027	$	757	$	756	$	757	$	755
Senior notes (1)	5.625%	2030	615		614		615		614
Senior notes (1)	4.700%	2047	1,014		1,001		1,014		1,001
Senior notes (1)	3.850%	2051	400		397		400		396
Junior subordinated debentures (1)	6.250%	2058	375		364		375		364
Other long-term debt (2)	7.028%	2030	24		24		26		26
Total long-term debt (3)			$	3,185	$	3,156	$	3,187	$	3,156

_______________

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

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

(3)Includes unamortized debt issuance costs, discounts and premiums, as applicable, totaling net $30 million and $32 million for the senior notes and junior subordinated debentures on a combined basis at December 31, 2023 and 2022, respectively.

The aggregate maturities of long-term debt at December 31, 2023 were $2 million in 2024, $3 million in each of 2025 and 2026, $761 million in 2027, $3 million in 2028, and $2.4 billion thereafter.

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

Interest expense related to long-term debt of $153 million, $153 million and $163 million for the years ended December 31, 2023, 2022 and 2021, respectively, is included in other expenses.

The Company’s debt instruments and credit and committed facilities contain certain administrative, reporting and legal covenants. Additionally, the Revolving Credit Facility (as defined below) contain financial covenants, including requirements to maintain a specified minimum adjusted consolidated net worth, to maintain a ratio of total indebtedness to total capitalization not in excess of a specified percentage and that place limitations on the dollar amount of indebtedness that may be incurred by the Company’ subsidiaries. At December 31, 2023, the Company was in compliance with these financial covenants.

Senior Notes

In November 2021, BHF used the net proceeds from the issuances of the Series D Depositary Shares (as defined in Note 13) and the 2051 Senior Notes (as defined below) to repurchase $543 million principal amount of senior notes due 2027 and $136 million principal amount of senior notes due 2047. In connection with this repurchase, BHF recorded a premium of $71 million paid in excess of the debt principal and wrote off $4 million of unamortized debt issuance costs, which is included in other expenses.

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

Credit Facilities

Revolving Credit Facility

On April 15, 2022, BHF entered into a new revolving credit agreement with respect to a new $1.0 billion senior unsecured revolving credit facility maturing April 15, 2027 (the “2022 Revolving Credit Facility”), all of which may be used for revolving loans or letters of credit. The 2022 Revolving Credit Facility refinanced and replaced BHF’s former $1.0 billion senior unsecured revolving credit facility that was scheduled to mature May 7, 2024. At December 31, 2023, there were no borrowings or letters of credit outstanding under the 2022 Revolving Credit Facility.

Committed Facilities

Reinsurance Financing Arrangement

Brighthouse Reinsurance Company of Delaware (“BRCD”) maintains a $15.0 billion financing arrangement with a pool of highly rated third-party reinsurers consisting of credit-linked notes that each mature in 2039. At December 31, 2023, there were no borrowings and there was $15.0 billion of funding available under this financing arrangement. For the years ended December 31, 2023, 2022 and 2021, the Company recognized commitment fees of $21 million, $26 million and $34 million, respectively, in other expenses associated with this financing arrangement.

Repurchase Facilities

At December 31, 2023, Brighthouse Life Insurance Company maintains secured committed repurchase facilities (the “Repurchase Facilities”) with terms of up to three years under which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $2.5 billion. Under the Repurchase Facilities, Brighthouse Life Insurance Company may sell certain eligible securities at a purchase price based on the market value of the securities less an applicable margin based on the types of securities sold, with a concurrent agreement to repurchase such securities at a predetermined future date (up to three months) and at a price which represents the original purchase price plus interest. At December 31, 2023, there were no borrowings under the Repurchase Facilities.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insurance Liabilities (Future Policy Benefits Information by Product) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Liability for Future Policy Benefit, before Reinsurance	$ 32,569	$ 31,497
Future policy benefits	32,569	31,497	$ 39,990
Term and Whole Life Insurance
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change	2,974	2,871	3,325	$ 3,448
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	3,234	3,212	3,051	2,994
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements		0	122	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change		215	137	70
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		(14)	119	153
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change		3,413	3,429	3,217
Liability for Future Policy Benefit, Expected Net Premium, Issuance	93	93	113
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	112	116	111
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	(384)	(426)	(390)
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	(260)	(341)	274
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	5,507	5,279	6,426	6,852
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	6,023	5,922	5,820	5,862
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements		0	135	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change		309	157	70
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		(15)	155	153
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change		6,216	6,267	6,085
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	99	101	128
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	217	222	222
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(509)	(668)	(615)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(516)	(643)	606
Liability for Future Policy Benefit, before Reinsurance	2,533	2,408	3,101
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	42	45	64
Future policy benefits	$ 2,491	$ 2,363	$ 3,037
Liability for Future Policy Benefit, Weighted-Average Duration	8 years 8 months 12 days	8 years 4 months 24 days	8 years 4 months 24 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.94%	3.97%	3.97%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	4.94%	5.26%	2.53%
Liability for Future Policy Benefit, Gross Premium Income	$ 611	$ 639	$ 666
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	6,172	6,734	7,027
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	4,642	4,991	5,179
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	8,332	8,184	8,103
Liability for Future Policy Benefit, Expected Future Policy Benefit, Discounted, before Reinsurance	6,023	5,922	5,820
Income Annuities
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Issuance	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	0	0	0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	3,754	3,512	4,333	4,691
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	4,031	3,897	3,865	3,938
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements		0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change		0	56	(41)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		(34)	(22)	(6)
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change		3,863	3,899	3,891
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	374	224	198
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	140	146	150
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(346)	(372)	(374)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(277)	(385)	468
Liability for Future Policy Benefit, before Reinsurance	3,754	3,512	4,333
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	31	24	27
Future policy benefits	$ 3,723	$ 3,488	$ 4,306
Liability for Future Policy Benefit, Weighted-Average Duration	8 years 2 months 12 days	8 years 6 months	8 years 6 months
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.97%	3.87%	3.96%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	4.95%	5.27%	2.55%
Liability for Future Policy Benefit, Gross Premium Income	$ 488	$ 257	$ 253
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	0	0	0
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	5,710	5,520	5,523
Liability for Future Policy Benefit, Expected Future Policy Benefit, Discounted, before Reinsurance	4,031	3,897	3,865
Structured Settlement and Pension Risk Transfer Annuities
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	0	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change		0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Issuance	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	0	0	0
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	0	0	0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	6,697	6,793	10,171	11,301
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	7,085	7,410	8,165	8,531
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements		0	(278)	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change		0	(157)	(41)
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience		(47)	(23)	(16)
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change		7,363	7,707	$ 8,474
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	314	327	359
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(592)	(624)	(668)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(388)	(617)	2,006
Liability for Future Policy Benefit, before Reinsurance	6,697	6,793	10,171
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	65	68	93
Future policy benefits	$ 6,632	$ 6,725	$ 10,078
Liability for Future Policy Benefit, Weighted-Average Duration	11 years 7 months 6 days	11 years 7 months 6 days	12 years 8 months 12 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	4.46%	4.45%	4.45%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.03%	5.32%	2.81%
Liability for Future Policy Benefit, Gross Premium Income	$ 0	$ 0	$ 0
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	0	0	0
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	0	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	13,767	14,418	17,241
Liability for Future Policy Benefit, Expected Future Policy Benefit, Discounted, before Reinsurance	$ 7,085	$ 7,410	$ 8,165

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 173,236	$ 116,991
Derivative assets	3,714	2,284
Derivative liabilities	5,088	3,920
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,939	4,086
Derivative assets	348	596
Derivative liabilities	45	20
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	169,297	112,905
Derivative assets	3,366	1,688
Derivative liabilities	5,043	3,900
Interest rate swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	31,252	3,145
Derivative assets	140	98
Derivative liabilities	103	46
Interest rate floors \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,500	3,250
Derivative assets	7	12
Derivative liabilities	1	3
Interest rate cap \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	7,050	6,350
Derivative assets	19	137
Derivative liabilities	1	43
Interest rate options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	33,680	28,688
Derivative assets	47	22
Derivative liabilities	167	232
Interest rate forwards \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	17,017	18,168
Derivative assets	32	35
Derivative liabilities	1,937	2,466
Interest rate forwards \| Cash flow hedges: \| Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	60
Derivative assets	0	0
Derivative liabilities	0	12
Foreign currency swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	747	822
Derivative assets	101	148
Derivative liabilities	1	0
Foreign currency swaps \| Cash flow hedges: \| Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,939	4,026
Derivative assets	348	596
Derivative liabilities	45	8
Foreign currency forwards \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	535	487
Derivative assets	0	1
Derivative liabilities	9	10
Credit default swaps — written \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,405	1,757
Derivative assets	27	18
Derivative liabilities	0	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	0	0
Derivative liabilities	0	0
Equity index options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	20,099	17,229
Derivative assets	757	697
Derivative liabilities	687	351
Equity total return swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	53,742	32,909
Derivative assets	2,236	520
Derivative liabilities	2,137	747
Hybrid options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	270	0
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 2,301	$ 6,640	$ 6,329
Fixed maturity securities, gross investment gains	15	52	99
Fixed maturity securities, gross investment losses	(216)	(236)	(103)
Fixed maturity securities, net investment gains (losses)	$ (201)	$ (184)	$ (4)

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Entity Listings [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity File Number	001-37905
Entity Central Index Key	0001685040
Entity Registrant Name	Brighthouse Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3846992
Entity Address, Address Line One	11225 North Community House Road
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	(980)
Local Phone Number	365-7100
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3,100
Entity Common Stock, Shares Outstanding		62,882,143
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

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (942)	$ 453	$ (200)	$ (525)	$ 110	$ 388	$ 1,719	$ 1,558	$ (1,214)	$ 3,775	$ 1,554
Weighted average common shares outstanding - basic									66,013,645	72,970,249	83,783,664
Dilutive effect of share-based awards									0	610,919	682,493
Weighted average common shares outstanding - diluted									66,013,645	73,581,168	84,466,157
Earnings per common share - basic	$ (14.70)	$ 6.92	$ (3.01)	$ (7.72)	$ 1.61	$ 5.42	$ 23.04	$ 20.27	$ (18.39)	$ 51.73	$ 18.54
Earnings per common share - diluted	$ (14.70)	$ 6.89	$ (3.01)	$ (7.72)	$ 1.59	$ 5.39	$ 22.91	$ 20.11	$ (18.39)	$ 51.30	$ 18.39
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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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- Definition

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

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

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+ Details

Interim Reporting (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 1,400	$ 1,170	$ 263	$ 1,284	$ (127)	$ 1,121	$ 3,866	$ 2,013	$ 4,117	$ 6,873	$ 4,976
Total expenses	2,574	580	500	1,937	(167)	609	1,689	10	5,591	2,141	2,967
Net income (loss)	(916)	481	(175)	(497)	137	415	1,745	1,587	(1,107)	3,884	1,648
Less: Net income (loss) attributable to noncontrolling interests	1	2	0	2	1	2	0	2	5	5	5
Net Income (Loss) Attributable to Parent	(917)	479	(175)	(499)	136	413	1,745	1,585	(1,112)	3,879	1,643
Less: Preferred stock dividends	25	26	25	26	26	25	26	27	102	104	89
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ (942)	$ 453	$ (200)	$ (525)	$ 110	$ 388	$ 1,719	$ 1,558	$ (1,214)	$ 3,775	$ 1,554
Earnings per common share - basic	$ (14.70)	$ 6.92	$ (3.01)	$ (7.72)	$ 1.61	$ 5.42	$ 23.04	$ 20.27	$ (18.39)	$ 51.73	$ 18.54
Earnings per common share - diluted	$ (14.70)	$ 6.89	$ (3.01)	$ (7.72)	$ 1.59	$ 5.39	$ 22.91	$ 20.11	$ (18.39)	$ 51.30	$ 18.39

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,277	$ 3,731
Reinvestment portfolio — estimated fair value	3,246	3,603
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	3,420	3,995
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 3,194	$ 3,638

Equity (RSUs and PSUs) (Details) - $ / shares	12 Months Ended
Equity (RSUs and PSUs) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested awards, beginning of year, number	628,870
Nonvested awards, beginning of year, weighted average grant date fair value	$ 43.18
Awards granted, number	243,136
Awards granted, weighted average grant date fair value	$ 56.35	$ 47.72	$ 41.81
Awards granted, performance factor adjustments, number	0
Awards granted, performance factor adjustments, weighted average grant date fair value	$ 0
Awards forfeited, number	(4,188)
Awards forfeited, weighted average grant date fair value	$ 46.15
Awards vested, number	(350,850)
Awards vested, weighted average grant date fair value	$ 41.37
Nonvested awards, end of year, number	516,968	628,870
Nonvested awards, end of year, weighted average grant date fair value	$ 50.57	$ 43.18
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested awards, beginning of year, number	808,549
Nonvested awards, beginning of year, weighted average grant date fair value	$ 42.30
Awards granted, number	225,738
Awards granted, weighted average grant date fair value	$ 58.35	$ 48.06	$ 41.26
Awards granted, performance factor adjustments, number	27,829
Awards granted, performance factor adjustments, weighted average grant date fair value	$ 35.84
Awards forfeited, number	0
Awards forfeited, weighted average grant date fair value	$ 0
Awards vested, number	(241,939)
Awards vested, weighted average grant date fair value	$ 35.84
Nonvested awards, end of year, number	820,177	808,549
Nonvested awards, end of year, weighted average grant date fair value	$ 48.40	$ 42.30

Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	$ 4,872	$ 5,084
Future Policy Benefits and Other Policy-Related Balances	36,405	35,595
Policyholder account balances	81,068	73,527	$ 65,249
Unearned Premiums	16	15
Unearned Revenue	1,035	918
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	4,111	4,234
Future Policy Benefits and Other Policy-Related Balances	4,024	3,780
Policyholder account balances	60,929	53,410
Unearned Premiums	0	0
Unearned Revenue	67	74
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	758	846
Future Policy Benefits and Other Policy-Related Balances	6,549	6,266
Policyholder account balances	2,856	3,021
Unearned Premiums	11	10
Unearned Revenue	356	356
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	3	4
Future Policy Benefits and Other Policy-Related Balances	19,421	18,688
Policyholder account balances	6,694	6,933
Unearned Premiums	0	0
Unearned Revenue	612	488
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	0	0
Future Policy Benefits and Other Policy-Related Balances	6,411	6,861
Policyholder account balances	10,589	10,163
Unearned Premiums	5	5
Unearned Revenue	$ 0	$ 0

Segment Information (Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 236,340	$ 224,847	$ 262,257
Annuities
Segment Reporting Information [Line Items]
Total assets	160,775	151,192
Life
Segment Reporting Information [Line Items]
Total assets	25,504	22,057
Run-off
Segment Reporting Information [Line Items]
Total assets	26,828	28,436
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 23,233	$ 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.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: 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 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Insurance Liabilities (Future Policy Benefits - Reconciliation) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 32,569	$ 31,497
Liabilities reported in the preceding rollforward tables
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	20,591	19,648
Long-term care insurance (1)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	5,581	5,686
ULSG liabilities, including liability for profits followed by losses
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	2,427	2,449
Participating whole life insurance (2)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	3,102	2,949
Deferred profit liabilities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	479	373
Other
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 389	$ 392

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Effect of reinsurance

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Premiums
Direct premiums	$	1,499	$	1,359	$	1,440
Reinsurance assumed	14		6		(12)
Reinsurance ceded	(685)		(703)		(721)
Net premiums	$	828	$	662	$	707
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	2,941	$	3,107	$	3,554
Reinsurance assumed	49		45		41
Reinsurance ceded	(695)		(717)		(615)
Net universal life and investment-type product policy fees	$	2,295	$	2,435	$	2,980
Other revenues
Direct other revenues	$	269	$	292	$	373
Reinsurance assumed	2		2		4
Reinsurance ceded	212		184		73
Net other revenues	$	483	$	478	$	450
Policyholder benefits and claims
Direct policyholder benefits and claims	$	3,946	$	3,863	$	4,197
Reinsurance assumed	84		112		85
Reinsurance ceded	(1,354)		(1,782)		(1,536)
Net policyholder benefits and claims	$	2,676	$	2,193	$	2,746
Change in market risk benefits
Direct change in market risk benefits	$	(1,537)	$	(4,154)	$	(4,192)
Reinsurance assumed	(1)		(1)		1
Reinsurance ceded	31		51		57
Net change in market risk benefits	$	(1,507)	$	(4,104)	$	(4,134)

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


	December 31,
	2023								2022
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	463	$	4	$	19,294	$	19,761	$	417	$	—	$	18,131	$	18,548
Market risk benefit assets	$	613	$	—	$	43	$	656	$	412	$	—	$	71	$	483
Liabilities
Future policy benefits	$	32,456	$	113	$	—	$	32,569	$	31,402	$	95	$	—	$	31,497
Policyholder account balances	$	76,768	$	4,300	$	—	$	81,068	$	69,334	$	4,193	$	—	$	73,527
Market risk benefit liabilities	$	10,318	$	5	$	—	$	10,323	$	10,386	$	3	$	—	$	10,389
Other policy-related balances	$	2,253	$	1,583	$	—	$	3,836	$	2,477	$	1,621	$	—	$	4,098
Other liabilities	$	7,138	$	15	$	1,286	$	8,439	$	5,568	$	10	$	1,479	$	7,057

Separate Accounts (Net Amount at Risk and Cash Surrender Value) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	$ 81,068	$ 73,527
Separate account liabilities	88,271	84,965
Universal Life Insurance
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	2,550	2,658	$ 2,694	$ 2,674
Separate account liabilities	5,921	5,218	6,862
Total account balances	8,471	7,876	9,556
Net amount at risk	35,583	38,146	39,549
Cash surrender value	7,881	7,225	8,884
Variable Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	4,307	4,908	4,743	4,895
Separate account liabilities	79,990	77,653	105,023	103,315
Total account balances	84,297	82,561	109,766
Net amount at risk	13,240	16,504	6,361
Cash surrender value	83,852	82,125	109,592
Index-linked Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	41,627	33,897	32,000	23,274
Separate account liabilities	0	0	0
Total account balances	41,627	33,897	32,000
Cash surrender value	39,270	31,293	29,848
Fixed Rate Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	14,672	14,274	11,849	12,349
Separate account liabilities	0	0	0
Total account balances	14,672	14,274	11,849
Cash surrender value	14,068	13,723	11,112
ULSG
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	5,052	5,307	5,569	5,823
Separate account liabilities	0	0	0
Total account balances	5,052	5,307	5,569
Net amount at risk	65,299	66,926	68,905
Cash surrender value	4,498	4,671	4,821
Company-Owned Life Insurance
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	653	641	646	679
Separate account liabilities	2,162	1,932	2,384	$ 2,269
Total account balances	2,815	2,573	3,030
Net amount at risk	2,659	3,382	3,678
Cash surrender value	$ 2,593	$ 2,357	$ 2,811

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 87,131	$ 84,344
Fixed maturity securities, allowance for credit losses	21	7	$ 11
Fixed maturity securities, gross unrealized gains	1,037	752
Fixed maturity securities, gross unrealized losses	7,156	9,512
Fixed maturity securities, estimated fair value	80,991	75,577
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	38,778	36,926
Fixed maturity securities, allowance for credit losses	15	1	2
Fixed maturity securities, gross unrealized gains	388	203
Fixed maturity securities, gross unrealized losses	3,396	4,521
Fixed maturity securities, estimated fair value	35,755	32,607
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	12,865	12,471
Fixed maturity securities, allowance for credit losses	0	1	7
Fixed maturity securities, gross unrealized gains	89	38
Fixed maturity securities, gross unrealized losses	1,289	1,932
Fixed maturity securities, estimated fair value	11,665	10,576
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,656	8,318
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	286	300
Fixed maturity securities, gross unrealized losses	523	602
Fixed maturity securities, estimated fair value	8,419	8,016
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,199	8,431
Fixed maturity securities, allowance for credit losses	5	2	0
Fixed maturity securities, gross unrealized gains	48	44
Fixed maturity securities, gross unrealized losses	812	945
Fixed maturity securities, estimated fair value	7,430	7,528
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	7,023	7,324
Fixed maturity securities, allowance for credit losses	1	3	$ 2
Fixed maturity securities, gross unrealized gains	2	0
Fixed maturity securities, gross unrealized losses	614	710
Fixed maturity securities, estimated fair value	6,410	6,611
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	6,514	5,652
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	23	3
Fixed maturity securities, gross unrealized losses	131	296
Fixed maturity securities, estimated fair value	6,406	5,359
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	4,019	4,074
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	159	125
Fixed maturity securities, gross unrealized losses	304	400
Fixed maturity securities, estimated fair value	3,874	3,799
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,077	1,148
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	42	39
Fixed maturity securities, gross unrealized losses	87	106
Fixed maturity securities, estimated fair value	$ 1,032	$ 1,081

Consolidated Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2023

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

Consolidated Summary of Investments - Other Than Investments in Related Parties

Schedule I

Consolidated Summary of Investments —

Other Than Investments in Related Parties

December 31, 2023

(In millions)


Types of Investments	Cost or Amortized Cost (1)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities:
Bonds:
U.S. government and agency	$	8,656	$	8,419	$	8,419
State and political subdivision	4,019		3,874		3,874
Public utilities	3,795		3,470		3,470
Foreign government	1,077		1,032		1,032
All other corporate bonds	47,426		43,569		43,569
Total bonds	64,973		60,364		60,364
Mortgage-backed and asset-backed securities	21,736		20,246		20,246
Redeemable preferred stock	422		381		381
Total fixed maturity securities	87,131		80,991		80,991

Equity securities:
Non-redeemable preferred stock	33		33		33
Common stock:
Industrial, miscellaneous and all other	63		67		67
Banks, trust and insurance companies	—		—		—
Public utilities	—		2		2
Total equity securities	96		102		102
Mortgage loans	22,508				22,508


Policy loans	1,331				1,331
Limited partnerships and LLCs	4,946				4,946
Short-term investments	1,169				1,169
Other invested assets	4,409				4,409
Total investments	$	121,590			$	115,456

_______________

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

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 3,506	$ 2,308
Derivative Asset, Not Offset, Policy Election Deduction	(3,112)	(1,659)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(164)	(640)
Derivative Asset, Fair Value, Amount Offset Against Collateral	230	9
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(194)	(6)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	36	3
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	4,925	3,919
Derivative Liability, Not Offset, Policy Election Deduction	(3,112)	(1,659)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	(8)	(7)
Derivative Liability, Fair Value, Amount Offset Against Collateral	1,805	2,253
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(1,805)	(2,251)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 0	$ 2

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (246)	$ (248)	$ (59)
Fixed maturity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(224)	(192)	(21)
Equity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	5	(14)	0
Mortgage loans
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(24)	(20)	(27)
Limited partnerships and LLCs
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(1)	(20)	0
Other
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (2)	$ (2)	$ (11)

Insurance Liabilities (Tables)

12 Months Ended

Dec. 31, 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:


	Years Ended December 31,
	2023									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			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	$	2,871		$	—		$	—		$	3,325		$	—		$	—		$	3,448		$	—		$	—
Beginning balance at original discount rate	3,212			—			—			3,051			—			—			2,994			—			—
Effect of model refinements	—			—			—			122			—			—			—			—			—
Effect of changes in cash flow assumptions	215			—			—			137			—			—			70			—			—
Effect of actual variances from expected experience	(14)			—			—			119			—			—			153			—			—
Adjusted beginning of year balance	3,413			—			—			3,429			—			—			3,217			—			—
Issuances	93			—			—			93			—			—			113			—			—
Interest accrual	112			—			—			116			—			—			111			—			—
Net premiums collected	(384)			—			—			(426)			—			—			(390)			—			—
Ending balance at original discount rate	3,234			—			—			3,212			—			—			3,051			—			—
Effect of changes in discount rate assumptions	(260)			—			—			(341)			—			—			274			—			—
Balance, end of year	$	2,974		$	—		$	—		$	2,871		$	—		$	—		$	3,325		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of year	$	5,279		$	3,512		$	6,793		$	6,426		$	4,333		$	10,171		$	6,852		$	4,691		$	11,301
Beginning balance at original discount rate	5,922			3,897			7,410			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	309			—			—			157			56			(157)			70			(41)			(41)
Effect of actual variances from expected experience	(15)			(34)			(47)			155			(22)			(23)			153			(6)			(16)
Adjusted beginning of year balance	6,216			3,863			7,363			6,267			3,899			7,707			6,085			3,891			8,474
Issuances	99			374			—			101			224			—			128			198			—
Interest accrual	217			140			314			222			146			327			222			150			359
Benefit payments	(509)			(346)			(592)			(668)			(372)			(624)			(615)			(374)			(668)
Ending balance at original discount rate	6,023			4,031			7,085			5,922			3,897			7,410			5,820			3,865			8,165
Effect of changes in discount rate assumptions	(516)			(277)			(388)			(643)			(385)			(617)			606			468			2,006
Balance, end of year	$	5,507		$	3,754		$	6,697		$	5,279		$	3,512		$	6,793		$	6,426		$	4,333		$	10,171
Net liability for future policy benefits, end of year	$	2,533		$	3,754		$	6,697		$	2,408		$	3,512		$	6,793		$	3,101		$	4,333		$	10,171
Less: Reinsurance recoverable, end of year	42			31			65			45			24			68			64			27			93
Net liability for future policy benefits, after reinsurance recoverable	$	2,491		$	3,723		$	6,632		$	2,363		$	3,488		$	6,725		$	3,037		$	4,306		$	10,078
Weighted-average duration of liability	8.7 years			8.2 years			11.6 years			8.4 years			8.5 years			11.6 years			8.4 years			8.5 years			12.7 years
Weighted-average interest accretion rate	3.94		%	3.97		%	4.46		%	3.97		%	3.87		%	4.45		%	3.97		%	3.96		%	4.45		%
Current discount rate	4.94		%	4.95		%	5.03		%	5.26		%	5.27		%	5.32		%	2.53		%	2.55		%	2.81		%
Gross premiums or assessments recognized during period	$	611		$	488		$	—		$	639		$	257		$	—		$	666		$	253		$	—
Expected future gross premiums, undiscounted	$	6,172		$	—		$	—		$	6,734		$	—		$	—		$	7,027		$	—		$	—
Expected future gross premiums, discounted	$	4,642		$	—		$	—		$	4,991		$	—		$	—		$	5,179		$	—		$	—
Expected future benefit payments, undiscounted	$	8,332		$	5,710		$	13,767		$	8,184		$	5,520		$	14,418		$	8,103		$	5,523		$	17,241
Expected future benefit payments, discounted	$	6,023		$	4,031		$	7,085		$	5,922		$	3,897		$	7,410		$	5,820		$	3,865		$	8,165

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


	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Balance, beginning of year	$	6,935		$	7,168		$	6,743
Beginning balance before the effect of unrealized gains and losses	7,175			6,731			6,203
Effect of changes in cash flow assumptions	52			(37)			153
Effect of actual variances from expected experience	145			179			(124)
Adjusted beginning of year balance	7,372			6,873			6,232
Interest accrual	357			333			308
Net assessments collected	414			416			475
Benefit payments	(359)			(447)			(286)
Effect of realized capital gains (losses)	—			—			2
Ending balance before the effect of unrealized gains and losses	7,784			7,175			6,731
Effect of unrealized gains and losses	(177)			(240)			437
Balance, end of year	7,607			6,935			7,168
Less: Reinsurance recoverable, end of year	1,438			1,384			1,294
Net additional liability, after reinsurance recoverable	$	6,169		$	5,551		$	5,874
Weighted-average duration of liability	6.7 years			6.7 years			6.7 years
Weighted-average interest accretion rate	4.92		%	4.90		%	4.90		%
Gross assessments recognized during period	$	1,064		$	1,070		$	1,255


	December 31,
	2023		2022
	(In millions)
Liabilities reported in the preceding rollforward tables	$	20,591	$	19,648
Long-term care insurance (1)	5,581		5,686
ULSG liabilities, including liability for profits followed by losses	2,427		2,449
Participating whole life insurance (2)	3,102		2,949
Deferred profit liabilities	479		373
Other	389		392
Total liability for future policy benefits	$	32,569	$	31,497

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 8.

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)
Year Ended December 31, 2023
Balance, beginning of year	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	230			76			7,183			2,694			660			—
Surrenders and withdrawals	(163)			(693)			(3,732)			(2,405)			(23)			—
Benefit payments	(67)			(111)			(240)			(377)			(85)			(8)
Net transfers from (to) separate account	46			18			—			—			—			1
Interest credited	66			133			445			486			208			28
Policy charges	(220)			(24)			(11)			—			(1,015)			(9)
Changes related to embedded derivatives	—			—			4,085			—			—			—

Balance, end of year	$	2,550		$	4,307		$	41,627		$	14,672		$	5,052		$	653
Weighted-average crediting rate (2)	2.56		%	2.90		%	1.47		%	3.31		%	4.02		%	4.33		%
Year Ended December 31, 2022
Balance, beginning of year	$	2,694		$	4,743		$	32,000		$	11,849		$	5,569		$	646
Premiums and deposits	219			146			6,632			3,676			697			—
Surrenders and withdrawals	(88)			(495)			(2,220)			(904)			(32)			—
Benefit payments	(65)			(113)			(180)			(345)			(84)			(8)
Net transfers from (to) separate account	47			151			—			—			—			(13)
Interest credited	76			501			392			(2)			197			23
Policy charges	(225)			(25)			(8)			—			(1,040)			(7)
Changes related to embedded derivatives	—			—			(2,719)			—			—			—

Balance, end of year	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Weighted-average crediting rate (2)	2.84		%	10.47		%	1.16		%	(0.02)		%	3.62		%	3.41		%
Year Ended December 31, 2021
Balance, beginning of year	$	2,674		$	4,895		$	23,274		$	12,349		$	5,823		$	679
Premiums and deposits	312			196			7,054			114			687			—
Surrenders and withdrawals	(94)			(644)			(1,419)			(610)			(46)			1
Benefit payments	(63)			(107)			(151)			(342)			(77)			(10)
Net transfers from (to) separate account	47			296			—			—			—			(35)
Interest credited	106			148			365			338			186			24
Policy charges	(288)			(41)			(6)			—			(1,004)			(13)
Changes related to embedded derivatives	—			—			2,883			—			—			—

Balance, end of year	$	2,694		$	4,743		$	32,000		$	11,849		$	5,569		$	646
Weighted-average crediting rate (2)	3.96		%	3.06		%	1.12		%	2.79		%	3.27		%	3.66		%

_______________

(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:


	December 31,
	2023		2022
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	68,861	$	61,685
Funding agreements classified as investment contracts	11,115		10,689
Other investment contract liabilities	1,092		1,153
Total policyholder account balances	$	81,068	$	73,527

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)
December 31, 2023
Annuities (1):
Less than 2.00%	$	697	$	223	$	310	$	7,652	$	8,882
2.00% to 3.99%	8,827		242		225		356		9,650
Greater than 3.99%	874		—		—		—		874
Total	$	10,398	$	465	$	535	$	8,008	$	19,406
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	236	$	236
2.00% to 3.99%	—		492		49		136		677
Greater than 3.99%	1,595		—		—		—		1,595
Total	$	1,595	$	492	$	49	$	372	$	2,508
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,135		1,485		1,663		254		4,537
Greater than 3.99%	506		—		—		—		506
Total	$	1,641	$	1,485	$	1,663	$	254	$	5,043
December 31, 2022
Annuities (1):
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.

Long-term Debt (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 15, 2022	May 07, 2019
Debt Instrument [Line Items]
Debt instrument, unamortized debt issuance costs and debt discount		$ 30	$ 32
Long-term debt maturities, year one		2
Long-term debt maturities, year two		3
Long-term debt maturities, year three		3
Long-term debt maturities, year four		761
Long-term debt maturities, year five		3
Long-term debt maturities, after year five		2,400
Interest expense on long-term debt		153	153	$ 163
Debt instrument, premium paid in excess of debt principal upon repurchase	$ 71
Debt instrument, unamortized debt issuance costs written off	4
Debt instrument, face value		3,185	3,187
Long-term debt repaid		2	3	680
Revolving Credit Facility Maturing 2027
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,000
Credit facilities, outstanding balance		0
Credit facilities, letters of credit outstanding		0
BHF Revolving Credit Facility Due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 1,000
BRCD Reinsurance Financing Arrangement
Debt Instrument [Line Items]
Maximum borrowing capacity		15,000
Credit facilities, outstanding balance		0
Credit facilities, remaining borrowing capacity		15,000
Credit facilities, commitment fee amount		21	26	$ 34
BLIC Repurchase Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		2,500
Credit facilities, outstanding balance		0
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, principal amount repurchased	543
Debt instrument, face value		$ 757	$ 757
Debt instrument, stated interest rate		3.70%	3.70%
Senior Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, face value		$ 615	$ 615
Debt instrument, stated interest rate		5.625%	5.625%
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, principal amount repurchased	136
Debt instrument, face value		$ 1,014	$ 1,014
Debt instrument, stated interest rate		4.70%	4.70%
Senior Notes Due 2051
Debt Instrument [Line Items]
Debt instrument, face value	400	$ 400	$ 400
Proceeds from debt issued, net of issuance costs	$ 396
Debt instrument, stated interest rate	3.85%	3.85%	3.85%

Derivatives (Tables)

12 Months Ended

Dec. 31, 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:


		December 31,
		2023						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	$	—	$	—	$	—	$	60	$	—	$	12
Foreign currency swaps	Foreign currency exchange rate	3,939		348		45		4,026		596		8
Total qualifying hedges		3,939		348		45		4,086		596		20
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	31,252		140		103		3,145		98		46
Interest rate floors	Interest rate	3,500		7		1		3,250		12		3
Interest rate caps	Interest rate	7,050		19		1		6,350		137		43

Interest rate options	Interest rate	33,680		47		167		28,688		22		232
Interest rate forwards	Interest rate	17,017		32		1,937		18,168		35		2,466
Foreign currency swaps	Foreign currency exchange rate	747		101		1		822		148		—
Foreign currency forwards	Foreign currency exchange rate	535		—		9		487		1		10

Credit default swaps — written	Credit	1,405		27		—		1,757		18		2
Credit default swaptions	Credit	—		—		—		100		—		—
Equity index options	Equity market	20,099		757		687		17,229		697		351

Equity total return swaps	Equity market	53,742		2,236		2,137		32,909		520		747
Hybrid options	Equity market	270		—		—		—		—		—
Total non-designated or non-qualifying derivatives		169,297		3,366		5,043		112,905		1,688		3,900
Total		$	173,236	$	3,714	$	5,088	$	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:


	Year Ended December 31, 2023
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	1	$	—	$	3	$	(1)
Foreign currency exchange rate	7		(8)		52		(275)
Total cash flow hedges	8		(8)		55		(276)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(384)		—		—		—
Foreign currency exchange rate	(15)		(13)		—		—
Credit	32		—		—		—
Equity market	570		—		—		—
Embedded	(4,097)		—		—		—
Total non-qualifying hedges	(3,894)		(13)		—		—
Total	$	(3,886)	$	(21)	$	55	$	(276)


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



Cash flow hedges:
Interest rate	$	5	$	—	$	4	$	(50)
Foreign currency exchange rate	13		(12)		53		381
Total cash flow hedges	18		(12)		57		331
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(4,001)		—		—		—
Foreign currency exchange rate	120		(48)		—		—
Credit	(2)		—		—		—
Equity market	590		—		—		—
Embedded	2,743		—		—		—
Total non-qualifying hedges	(550)		(48)		—		—
Total	$	(532)	$	(60)	$	57	$	331


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



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	(20)
Foreign currency exchange rate	10		(4)		36		191
Total cash flow hedges	12		(4)		39		171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(717)		—		—		—
Foreign currency exchange rate	57		(7)		—		—
Credit	17		—		—		—
Equity market	(486)		—		—		—
Embedded	(2,855)		—		—		—
Total non-qualifying hedges	(3,984)		(7)		—		—
Total	$	(3,972)	$	(11)	$	39	$	171

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

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


	Year Ended December 31, 2023
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	1	$	—	$	3	$	(1)
Foreign currency exchange rate	7		(8)		52		(275)
Total cash flow hedges	8		(8)		55		(276)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(384)		—		—		—
Foreign currency exchange rate	(15)		(13)		—		—
Credit	32		—		—		—
Equity market	570		—		—		—
Embedded	(4,097)		—		—		—
Total non-qualifying hedges	(3,894)		(13)		—		—
Total	$	(3,886)	$	(21)	$	55	$	(276)


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



Cash flow hedges:
Interest rate	$	5	$	—	$	4	$	(50)
Foreign currency exchange rate	13		(12)		53		381
Total cash flow hedges	18		(12)		57		331
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(4,001)		—		—		—
Foreign currency exchange rate	120		(48)		—		—
Credit	(2)		—		—		—
Equity market	590		—		—		—
Embedded	2,743		—		—		—
Total non-qualifying hedges	(550)		(48)		—		—
Total	$	(532)	$	(60)	$	57	$	331


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



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	(20)
Foreign currency exchange rate	10		(4)		36		191
Total cash flow hedges	12		(4)		39		171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(717)		—		—		—
Foreign currency exchange rate	57		(7)		—		—
Credit	17		—		—		—
Equity market	(486)		—		—		—
Embedded	(2,855)		—		—		—
Total non-qualifying hedges	(3,984)		(7)		—		—
Total	$	(3,972)	$	(11)	$	39	$	171

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

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


	December 31,
	2023					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	$	6	$	419	1.6	$	7	$	544	2.2
Baa	19		958		4.9	8		1,185		5.0
Ba	2		24		3.0	2		24		4.0
Caa and Lower	—		4		2.0	(1)		4		3.0
Total	$	27	$	1,405	3.9	$	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.

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

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


			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
December 31, 2023
Derivative assets	$	3,506	$	(3,112)	$	(164)	$	230	$	(194)	$	36
Derivative liabilities	$	4,925	$	(3,112)	$	(8)	$	1,805	$	(1,805)	$	—
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.

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

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


			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
December 31, 2023
Derivative assets	$	3,506	$	(3,112)	$	(164)	$	230	$	(194)	$	36
Derivative liabilities	$	4,925	$	(3,112)	$	(8)	$	1,805	$	(1,805)	$	—
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

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


	December 31,
	2023		2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,813	$	2,260
Estimated fair value of collateral provided (2):
Fixed maturity securities	$	4,811	$	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 OTC-bilateral derivative transactions to third-party custodians.

- 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

Income Tax (Net Operating Loss Carryforwards) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 8,785
Expiration Period Fourth Four Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	2,011
Expiration Period For Indefinite Number Of Years By Deferred Tax Asset [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 6,774

Equity (Captive Equity and Income - Narrative) (Details) - Brighthouse Reinsurance Company of Delaware - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 11,000	$ 10,700
Statutory Accounting Practices, Statutory Net Income Amount	(300)	(208)	$ 543
Statutory Accounting Practices, Prescribed Practice, Amount	$ 661	$ 696

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 8,593	$ 7,999
Invested assets held in trust (reinsurance agreements)	7,142	5,621
Invested assets pledged as collateral	13,979	13,920
Total invested assets on deposit, held in trust and pledged as collateral	$ 29,714	$ 27,540

Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ (917)	$ 479	$ (175)	$ (499)	$ 136	$ 413	$ 1,745	$ 1,585	$ (1,112)	$ 3,879	$ 1,643
Other, net									39	32	108
Net cash provided by (used in) operating activities									(137)	(1,228)	641
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities									6,028	10,728	12,616
Purchases of fixed maturity securities									(8,866)	(15,799)	(21,158)
Cash received in connection with freestanding derivatives									5,079	4,480	3,965
Cash paid in connection with freestanding derivatives									(5,428)	(4,275)	(4,592)
Net change in short-term investments									(38)	772	1,397
Net cash provided by (used in) investing activities									(3,196)	(8,276)	(12,238)
Cash flows from financing activities
Preferred stock issued, net of issuance costs									0	0	339
Dividends on preferred stock									(102)	(104)	(89)
Treasury stock acquired in connection with share repurchases									(250)	(488)	(499)
Financing element on certain derivative instruments and other derivative related transactions, net									90	(185)	(368)
Other, net									(19)	(16)	(86)
Net cash provided by (used in) financing activities									3,069	9,145	11,963
Change in cash and cash equivalents									(264)	(359)	366
Cash, cash equivalents and restricted cash, beginning of year				4,115				4,474	4,115	4,474	4,108
Cash, cash equivalents and restricted cash, end of year	3,851				4,115				3,851	4,115	4,474
Supplemental disclosures of cash flow information
Net cash paid (received) for interest									151	152	160
Net cash paid (received) for income tax									7	44	103
Parent Company
Cash flows from operating activities
Net income (loss)									(1,112)	3,879	1,643
Equity in (earnings) losses of subsidiaries									998	(4,010)	(1,831)
Distributions from subsidiary									350	0	310
Other, net									(24)	2	122
Net cash provided by (used in) operating activities									212	(129)	244
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities									0	0	46
Purchases of fixed maturity securities									(106)	0	0
Cash received in connection with freestanding derivatives									30	41	7
Cash paid in connection with freestanding derivatives									(6)	(5)	(2)
Net change in short-term investments									211	408	162
Net cash provided by (used in) investing activities									129	444	213
Cash flows from financing activities
Long-term and short-term debt issued									753	961	1,464
Long-term and short-term debt repaid									(439)	(811)	(1,484)
Debt repayment costs									0	0	(71)
Preferred stock issued, net of issuance costs									0	0	339
Dividends on preferred stock									(102)	(104)	(89)
Treasury stock acquired in connection with share repurchases									(250)	(488)	(499)
Financing element on certain derivative instruments and other derivative related transactions, net									(1)	(7)	0
Other, net									(14)	(14)	(7)
Net cash provided by (used in) financing activities									(53)	(463)	(347)
Change in cash and cash equivalents									288	(148)	110
Cash, cash equivalents and restricted cash, beginning of year				$ 224				$ 372	224	372	262
Cash, cash equivalents and restricted cash, end of year	$ 512				$ 224				512	224	372
Supplemental disclosures of cash flow information
Net cash paid (received) for interest									176	155	158
Net cash paid (received) for income tax									$ (6)	$ (24)	$ (86)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ (917)	$ 479	$ (175)	$ (499)	$ 136	$ 413	$ 1,745	$ 1,585	$ (1,112)	$ 3,879	$ 1,643

- Definition

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

+ References

+ Details

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt outstanding was as follows at:


			December 31,
			2023				2022
	Stated Interest Rate	Maturity	Face Value		Carrying Value		Face Value		Carrying Value
			(In millions)
Senior notes (1)	3.700%	2027	$	757	$	756	$	757	$	755
Senior notes (1)	5.625%	2030	615		614		615		614
Senior notes (1)	4.700%	2047	1,014		1,001		1,014		1,001
Senior notes (1)	3.850%	2051	400		397		400		396
Junior subordinated debentures (1)	6.250%	2058	375		364		375		364
Other long-term debt (2)	7.028%	2030	24		24		26		26
Total long-term debt (3)			$	3,185	$	3,156	$	3,187	$	3,156

_______________

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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+ Details

ASU 2018-12 Transition BS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	$ 236,340	$ 224,847	$ 262,257
Future policy benefits	32,569	31,497	39,990
Policyholder Contract Deposit	81,068	73,527	65,249
Market risk benefit liabilities	10,323	10,389	16,034
Total liabilities	231,332	219,249	253,807
Retained earnings (deficit)	(1,507)	(395)	(4,274)
Accumulated other comprehensive income (loss)	(5,246)	(6,106)	47	$ 5,716
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	5,008	5,598	8,450	$ 18,088
Liabilities and Equity	$ 236,340	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

Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

8. Reinsurance

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

Annuities and Life

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

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

Corporate & Other

The Company reinsures, through 100% quota share reinsurance agreements, certain run-off long-term care and workers’ compensation business written by the Company. At December 31, 2023, the Company had $5.8 billion of reinsurance recoverables associated with its reinsured long-term care business. The reinsurer has established trust accounts for the Company’s benefit to secure their obligations under the reinsurance agreements. Additionally, the Company is indemnified for losses and certain other payment obligations it might incur with respect to such reinsured long-term care insurance business.

Catastrophe Coverage

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

Reinsurance Recoverables

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

The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at both December 31, 2023 and 2022 were not significant. The Company had $6.1 billion and $6.2 billion of unsecured reinsurance recoverable balances with third-party reinsurers at December 31, 2023 and 2022, respectively.

The Company records an allowance for credit losses which is a valuation account that reduces reinsurance recoverable balances to present the net amount expected to be collected from reinsurers. When assessing the creditworthiness of the Company’s reinsurance recoverable balances, beyond the analysis of individual claims disputes, the Company considers the financial strength of its reinsurers using public ratings and ratings reports, current existing credit enhancements to reinsurance agreements and the statutory and GAAP financial statements of the reinsurers. Impairments are then determined based on probable and estimable defaults. The Company had an allowance for credit losses of $3 million and $10 million on its reinsurance recoverable balances at December 31, 2023 and 2022, respectively. In 2023, the Company had $3 million of additions to the allowance and $10 million of impairments charged against the allowance.

At December 31, 2023, the Company had $18.9 billion of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $16.8 billion, or 89%, were with the Company’s five largest ceded reinsurers, including $4.3 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2022, the Company had $17.6 billion of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $15.4 billion, or 88%, were with the Company’s five largest ceded reinsurers, including $4.3 billion of net ceded reinsurance recoverables which were unsecured.

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Premiums
Direct premiums	$	1,499	$	1,359	$	1,440
Reinsurance assumed	14		6		(12)
Reinsurance ceded	(685)		(703)		(721)
Net premiums	$	828	$	662	$	707
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	2,941	$	3,107	$	3,554
Reinsurance assumed	49		45		41
Reinsurance ceded	(695)		(717)		(615)
Net universal life and investment-type product policy fees	$	2,295	$	2,435	$	2,980
Other revenues
Direct other revenues	$	269	$	292	$	373
Reinsurance assumed	2		2		4
Reinsurance ceded	212		184		73
Net other revenues	$	483	$	478	$	450
Policyholder benefits and claims
Direct policyholder benefits and claims	$	3,946	$	3,863	$	4,197
Reinsurance assumed	84		112		85
Reinsurance ceded	(1,354)		(1,782)		(1,536)
Net policyholder benefits and claims	$	2,676	$	2,193	$	2,746
Change in market risk benefits
Direct change in market risk benefits	$	(1,537)	$	(4,154)	$	(4,192)
Reinsurance assumed	(1)		(1)		1
Reinsurance ceded	31		51		57
Net change in market risk benefits	$	(1,507)	$	(4,104)	$	(4,134)

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


	December 31,
	2023								2022
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	463	$	4	$	19,294	$	19,761	$	417	$	—	$	18,131	$	18,548
Market risk benefit assets	$	613	$	—	$	43	$	656	$	412	$	—	$	71	$	483
Liabilities
Future policy benefits	$	32,456	$	113	$	—	$	32,569	$	31,402	$	95	$	—	$	31,497
Policyholder account balances	$	76,768	$	4,300	$	—	$	81,068	$	69,334	$	4,193	$	—	$	73,527
Market risk benefit liabilities	$	10,318	$	5	$	—	$	10,323	$	10,386	$	3	$	—	$	10,389
Other policy-related balances	$	2,253	$	1,583	$	—	$	3,836	$	2,477	$	1,621	$	—	$	4,098
Other liabilities	$	7,138	$	15	$	1,286	$	8,439	$	5,568	$	10	$	1,479	$	7,057

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $7.5 billion and $6.0 billion at December 31, 2023 and 2022, respectively. The deposit liabilities on reinsurance were $3.9 billion and $3.8 billion at December 31, 2023 and 2022, respectively.

Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2023 and 2022

(In millions, except share and per share data)


	2023		2022
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $106 and $0, respectively; allowance for credit losses of $0 and $0, respectively)	$	106	$	—
Short-term investments, principally at estimated fair value	580		763

Investment in subsidiary	7,710		8,297
Total investments	8,396		9,060
Cash and cash equivalents	512		224
Premiums and other receivables	175		200
Current income tax recoverable	78		3
Deferred income tax asset	—		33
Other assets	5		5
Total assets	$	9,166	$	9,525
Liabilities and Stockholders’ Equity
Liabilities
Long-term and short-term debt	$	3,859	$	3,643

Deferred income tax liability	17		—
Other liabilities	347		349
Total liabilities	4,223		3,992
Stockholders’ Equity
Preferred stock, par value $0.01 per share; 1,753 aggregate liquidation preference	—		—
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 122,818,568 and 122,153,422 shares issued, respectively; 63,503,355 and 68,278,068 shares outstanding, respectively	1		1
Additional paid-in capital	14,004		14,075
Retained earnings (deficit)	(1,507)		(395)
Treasury stock, at cost; 59,315,213 and 53,875,354 shares, respectively	(2,309)		(2,042)
Accumulated other comprehensive income (loss)	(5,246)		(6,106)
Total stockholders’ equity	4,943		5,533
Total liabilities and stockholders’ equity	$	9,166	$	9,525

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2023, 2022 and 2021

(In millions)


	2023		2022		2021
Condensed Statements of Operations
Revenues
Net investment income	$	38	$	14	$	1
Other revenues	—		(3)		13
Net investment gains (losses)	—		(2)		2
Net derivative gains (losses)	10		(7)		2
Total revenues	48		2		18
Expenses
Debt repayment costs	—		—		77
Other expenses	192		168		179
Total expenses	192		168		256
Income (loss) before provision for income tax and equity in earnings (losses) of subsidiaries	(144)		(166)		(238)
Provision for income tax expense (benefit)	(30)		(35)		(50)
Income (loss) before equity in earnings (losses) of subsidiaries	(114)		(131)		(188)
Equity in earnings (losses) of subsidiaries	(998)		4,010		1,831
Net income (loss)	(1,112)		3,879		1,643
Less: Preferred stock dividends	102		104		89
Net income (loss) available to common shareholders	$	(1,214)	$	3,775	$	1,554
Comprehensive income (loss)	$	(252)	$	(2,274)	$	(97)

See accompanying notes to the condensed financial information.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2023, 2022 and 2021

(In millions)


	2023		2022		2021
Condensed Statements of Cash Flows
Cash flows from operating activities
Net income (loss)	$	(1,112)	$	3,879	$	1,643
Equity in (earnings) losses of subsidiaries	998		(4,010)		(1,831)
Distributions from subsidiary	350		—		310
Other, net	(24)		2		122
Net cash provided by (used in) operating activities	212		(129)		244
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	—		—		46
Purchases of fixed maturity securities	(106)		—		—
Cash received in connection with freestanding derivatives	30		41		7
Cash paid in connection with freestanding derivatives	(6)		(5)		(2)

Net change in short-term investments	211		408		162

Net cash provided by (used in) investing activities	129		444		213
Cash flows from financing activities
Long-term and short-term debt issued	753		961		1,464
Long-term and short-term debt repaid	(439)		(811)		(1,484)
Debt repayment costs	—		—		(71)
Preferred stock issued, net of issuance costs	—		—		339
Dividends on preferred stock	(102)		(104)		(89)
Treasury stock acquired in connection with share repurchases	(250)		(488)		(499)
Financing element on certain derivative instruments and other derivative related transactions, net	(1)		(7)		—
Other, net	(14)		(14)		(7)
Net cash provided by (used in) financing activities	(53)		(463)		(347)
Change in cash and cash equivalents	288		(148)		110
Cash and cash equivalents, beginning of year	224		372		262
Cash and cash equivalents, end of year	$	512	$	224	$	372
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	176	$	155	$	158
Income tax	$	(6)	$	(24)	$	(86)

See accompanying notes to the condensed financial information.

1. Basis of Presentation

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

Certain amounts in the prior years’ condensed financial statements of the Parent Company have changed. See Note 1 of the Notes to the Consolidated Financial Statements for information regarding the adoption of new guidance on long-duration contracts as of January 1, 2023.

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

2. Investment in Subsidiary

During the year ended December 31, 2023, BHF received cash distributions of $350 million and non-cash distributions of $100 million from Brighthouse Holdings, LLC (“BH Holdings”) and did not make any capital contributions to BH Holdings. Cash distributions received during the year ended December 31, 2023 primarily related to $266 million of ordinary cash dividends paid by Brighthouse Life Insurance Company to BH Holdings. The non-cash distributions received related to reductions of short-term intercompany loans of $50 million from Brighthouse Services, LLC to BH Holdings (which was then contributed to BHF) and an additional $50 million from BH Holdings to BHF.

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

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

3. Long-term and Short-term Debt

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


			December 31,
	Stated Interest Rate	Maturity	2023		2022
			(In millions)
Senior notes — unaffiliated	3.700%	2027	$	756	$	755
Senior notes — unaffiliated	5.625%	2030	614		614
Senior notes — unaffiliated	4.700%	2047	1,001		1,001
Senior notes — unaffiliated	3.850%	2051	397		396
Junior subordinated debentures — unaffiliated	6.250%	2058	364		364
Total long-term debt (1)			3,132		3,130
Short-term intercompany loans			727		513
Total long-term and short-term debt (1)			$	3,859	$	3,643

_______________

(1)Includes unamortized debt issuance costs, discounts and premiums, as applicable, totaling net $30 million and $32 million for the senior notes and junior subordinated debentures on a combined basis at December 31, 2023 and 2022, respectively.

Brighthouse Financial, Inc.

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

The aggregate maturities of long-term and short-term debt at December 31, 2023 were $727 million in 2024, $0 in each of 2025 and 2026, $757 million in 2027, $0 in 2028, and $2.4 billion thereafter.

Interest expense related to long-term and short-term debt of $178 million, $155 million and $159 million for the years ended December 31, 2023, 2022 and 2021, respectively, is included in other expenses.

Senior Notes and Junior Subordinated Debentures

See Note 12 of the Notes to the Consolidated Financial Statements for information regarding the unaffiliated senior notes and junior subordinated debentures.

Credit Facilities

See Note 12 of the Notes to the Consolidated Financial Statements for information regarding BHF’s credit facilities.

Short-term Intercompany Loans

BHF, as borrower, has a short-term intercompany loan agreement with certain of its non-insurance subsidiaries, as lenders, for the purposes of facilitating the management of the available cash of the borrower and the lenders on a short-term and consolidated basis. Such intercompany loan agreement allows management to optimize the efficient use of and maximize the yield on cash between BHF and its subsidiary lenders. Each loan entered into under this intercompany loan agreement has a term not more than 364 days and bears interest on the unpaid principal amount at a variable rate, payable monthly. During the years ended December 31, 2023, 2022 and 2021, BHF borrowed $753 million, $1.0 billion and $1.1 billion, respectively, from certain of its non-insurance subsidiaries and repaid $439 million, $811 million and $805 million of such borrowings during the years ended December 31, 2023, 2022 and 2021, respectively. The weighted average interest rate on short-term intercompany loans outstanding at December 31, 2023, 2022 and 2021 was 4.73%, 3.73% and 0.05%, respectively.

Intercompany Liquidity Facilities

BHF has established intercompany liquidity facilities with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under these facilities, which are comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term of up to 364 days, depending on the agreement. During the years ended December 31, 2023, 2022 and 2021, there were no borrowings or repayments by BHF under these facilities.

Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2023 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 121,590
Amount at Which Shown on Balance Sheet	115,456
U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	8,656
Estimated Fair Value	8,419
Amount at Which Shown on Balance Sheet	8,419
State and political subdivision
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,019
Estimated Fair Value	3,874
Amount at Which Shown on Balance Sheet	3,874
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,795
Estimated Fair Value	3,470
Amount at Which Shown on Balance Sheet	3,470
Foreign government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,077
Estimated Fair Value	1,032
Amount at Which Shown on Balance Sheet	1,032
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	47,426
Estimated Fair Value	43,569
Amount at Which Shown on Balance Sheet	43,569
Total bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	64,973
Estimated Fair Value	60,364
Amount at Which Shown on Balance Sheet	60,364
Mortgage-backed and asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	21,736
Estimated Fair Value	20,246
Amount at Which Shown on Balance Sheet	20,246
Redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	422
Estimated Fair Value	381
Amount at Which Shown on Balance Sheet	381
Total fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	87,131
Estimated Fair Value	80,991
Amount at Which Shown on Balance Sheet	80,991
Non-redeemable preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	33
Estimated Fair Value	33
Amount at Which Shown on Balance Sheet	33
Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	63
Estimated Fair Value	67
Amount at Which Shown on Balance Sheet	67
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	0
Estimated Fair Value	2
Amount at Which Shown on Balance Sheet	2
Total equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	96
Estimated Fair Value	102
Amount at Which Shown on Balance Sheet	102
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	22,508
Amount at Which Shown on Balance Sheet	22,508
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,331
Amount at Which Shown on Balance Sheet	1,331
Limited partnerships and LLCs
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,946
Amount at Which Shown on Balance Sheet	4,946
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,169
Amount at Which Shown on Balance Sheet	1,169
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,409
Amount at Which Shown on Balance Sheet	4,409
Banks, Trust and Insurance, Equities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	0
Estimated Fair Value	0
Amount at Which Shown on Balance Sheet	$ 0

Changes in LFPBs, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity
Accumulated other comprehensive income (loss)	$ (5,246)	$ (6,106)	$ 47		$ 5,716
Future policy benefits	32,569	31,497	39,990
Previously Reported
Liability for Future Policy Benefit, Activity
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
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
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	8,332	8,184	8,103
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change		309	157		70
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change	5,507	5,279	6,426		6,852
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	42	45	64
Future policy benefits	$ 2,491	$ 2,363	$ 3,037
Term and Whole Life Insurance \| Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity
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
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
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
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
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
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
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
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
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

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Information Regarding DSI) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Annuities
Deferred Sale Inducement Cost [Line Items]
Balance, beginning of year	$ 245	$ 272	$ 298
Capitalization	1	1	1
Amortization	(26)	(28)	(27)
Balance, end of year	220	245	272
Fixed Rate Annuities
Deferred Sale Inducement Cost [Line Items]
Balance, beginning of year	9	10	12
Capitalization	0	0	0
Amortization	(1)	(1)	(2)
Balance, end of year	$ 8	$ 9	$ 10

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 1,813	$ 2,260
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated fair value of collateral provided (2):	$ 4,811	$ 4,894

Fair Value (Assets and Liabilities Measured - Quantitative Information) (Details) - Level 3	Dec. 31, 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	0.2280	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	0.1259	0.1999
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.2250	0.2845
Measurement Input, Entity Credit Risk \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0076	(0.0273)
Embedded Derivative Liability, Measurement Input	0.0045	0.0000
Measurement Input, Entity Credit Risk \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0163	0.0452
Embedded Derivative Liability, Measurement Input	0.0174	0.0198

Market Risk Benefits

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Market Risk Benefits

5. Market Risk Benefits

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


	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance, beginning of year	$	9,974	$	15,698	$	18,388
Balance, beginning of year, before effect of changes in nonperformance risk	8,230		11,611		14,934
Decrements	(176)		16		(68)
Effect of changes in future expected assumptions	259		210		41
Effect of actual different from expected experience	187		(48)		(86)
Effect of changes in interest rates	(428)		(8,394)		(1,829)
Effect of changes in fund returns	(2,203)		3,807		(2,578)
Issuances	(7)		(47)		(96)
Effect of changes in risk margin	(34)		(152)		(128)
Aging of the block and other	1,498		1,227		1,421
Balance, end of year, before effect of changes in nonperformance risk	7,326		8,230		11,611
Effect of changes in nonperformance risk	2,375		1,744		4,087
Balance, end of year	9,701		9,974		15,698
Less: Reinsurance recoverable, end of year	43		71		118
Balance, end of year, net of reinsurance (1)	$	9,658	$	9,903	$	15,580
Weighted-average attained age of contract holder	72.9 years		71.8 years		71.1 years

_______________

Market conditions, including, but not limited to, changes in interest rates, equity indices, market volatility and variations in actuarial assumptions, including policyholder behavior, mortality and risk margins related to non-capital markets inputs, as well as changes in nonperformance risk, may result in significant fluctuations in the estimated fair value of the guarantees. As part of the AAR in 2023 and 2022, the Company updated assumptions regarding policyholder behavior, mortality, separate account fund allocations and volatility, which are reflected in the table above.

Insurance Liabilities (Liability for Future Policy Benefits - Narrative) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mean Reversion Rate	0.0375	0.0350	0.0300
Participating whole life insurance (2)
Participating Insurance, Percentage of Gross Insurance in Force	3.00%
Participating Insurance, Percentage of Premium Income	40.00%	41.00%
Participating whole life insurance (2) \| Minimum
Liability for Future Policy Benefits, Interest Rate	3.50%
Participating whole life insurance (2) \| Maximum
Liability for Future Policy Benefits, Interest Rate	4.50%

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax

16. Income Tax

The provision for income tax was as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Current:
Federal	$	7	$	(65)	$	32
State and local	12		12		12
Subtotal	19		(53)		44
Deferred:
Federal	(386)		901		317
Provision for income tax expense (benefit)	$	(367)	$	848	$	361

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


	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Tax provision at statutory rate	$	(310)		$	994		$	422
Tax effect of:



Resolution of prior years	—			(76)			(4)
Dividends received deduction	(34)			(36)			(37)
Tax credits	(9)			(20)			(16)
Change in uncertain tax benefits	—			(15)			7
Return to provision	(5)			(6)			14
Adjustments to deferred tax	—			(2)			(56)
Change in valuation allowance	(18)			—			18
State tax, net of federal benefit	9			10			9
Other, net	—			(1)			4
Provision for income tax expense (benefit)	$	(367)		$	848		$	361
Effective tax rate	25		%	18		%	18		%

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


	December 31,
	2023		2022
	(In millions)
Deferred income tax assets:
Net unrealized investment losses	$	1,074	$	1,513
Net operating loss carryforwards	1,845		1,247
Investments, including derivatives	213		360
Tax credit carryforwards	190		183
Employee benefits	29		13
Intangibles	64		52
Other	—		29
Total deferred income tax assets	3,415		3,397
Less: Valuation allowance	1		19
Total net deferred income tax assets	3,414		3,378
Deferred income tax liabilities:

Policyholder liabilities and receivables	863		954
DAC	657		688

Other	1		—
Total deferred income tax liabilities	1,521		1,642
Net deferred income tax asset (liability)	$	1,893	$	1,736

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2023.


	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032-2037	$	2,011
Indefinite	6,774
	$	8,785

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2023.


	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2024-2028	$	—	$	44
2029-2033	—		122
2034-2038	20		—
2039-2043	5		—
Indefinite	—		—
	$	25	$	166

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

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	19	$	35	$	35
Additions for tax positions of prior years	—		6		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Reductions for tax positions of current year	—		—		—
Settlements with tax authorities	—		—		—
Lapses of statutes of limitations	—		(22)		—
Balance at December 31,	$	19	$	19	$	35
Unrecognized tax benefits that, if recognized would impact the effective rate	$	19	$	19	$	35

The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included in other expenses, while penalties are included in income tax expense. Interest related to unrecognized tax benefits was not significant. The Company had no penalties for each of the years ended December 31, 2023, 2022 and 2021.

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

Tax Sharing Agreements

For the periods prior to the Separation, BHF and certain of its subsidiaries filed a consolidated federal income tax return with MetLife and its insurance and non-insurance subsidiaries. Current taxes (and the benefits of tax attributes such as losses) are allocated to BHF, and its includable subsidiaries, under a tax sharing agreement with MetLife. This tax sharing agreement states that federal taxes are computed on a modified separate return basis with benefits for losses.

For periods after the Separation through the year ended December 31, 2022, BHF entered into two separate tax sharing agreements. Brighthouse Life Insurance Company, BHNY and BRCD entered into a tax sharing agreement to join a consolidated federal income tax return. BHF and certain of its non-insurance subsidiaries entered into a tax sharing agreement to join a consolidated federal income tax return. The tax sharing agreements state that federal taxes are computed on a modified separate return basis with benefit for losses. NELICO and the non-insurance subsidiaries of Brighthouse Life Insurance Company filed their own federal income tax returns.

BHF and certain of its subsidiaries, including its insurance and reinsurance subsidiaries, intend to file a consolidated federal income tax return for the year ended December 31, 2023 and future years. In furtherance thereof, such parties intend to join a single tax sharing agreement, pursuant to which federal taxes are computed on a modified separate return basis with benefits for losses.

Income Tax Transactions with Former Parent

In connection with the Separation, the Company entered into a tax receivables agreement (the “Tax Receivables Agreement”) with MetLife that provides MetLife with the right to receive, as partial consideration for its contribution of assets to BHF, future payments from BHF equal to 86% of the amount of cash savings, if any, in federal income tax that Brighthouse Financial actually, or is deemed to, realize as a result of the utilization of Brighthouse Financial, Inc. and its subsidiaries’ net operating losses, capital losses, tax basis and amortization or depreciation deductions in respect of certain tax benefits it may realize as a result of certain transactions involved in the Separation. In connection with the Tax Receivables Agreement, the Company has a payable to MetLife of $328 million at both December 31, 2023 and 2022, reported in other liabilities.

The Company also entered into a tax separation agreement with MetLife. Among other things, the tax separation agreement governs the allocation between MetLife and the Company of the responsibility for the taxes of the MetLife group. The tax separation agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. For the years ended December 31, 2023 and 2022, MetLife paid Brighthouse Financial $0 and $7 million, respectively, and for the year ended December 31, 2021, Brighthouse Financial paid MetLife $81 million, under the tax separation agreement. At December 31, 2023 and 2022, there was a current income tax receivable of $21 million and $19 million, respectively, related to this agreement.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Changes in DAC and VOBA, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 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	$ 2,301	$ 2,508	$ 2,718		$ 2,912
Present Value of Future Insurance Profits, Net	309	341	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	110	107	89		64
Present Value of Future Insurance Profits, Net	60	65	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	1,331	1,213	1,081		886
Present Value of Future Insurance Profits, Net	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	354	405	462		527
Present Value of Future Insurance Profits, Net	4	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	360	392	431		469
Present Value of Future Insurance Profits, Net	$ 43	$ 48	$ 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

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying amount	$ 236,340	$ 224,847	$ 262,257
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount	19,759	20,032
Maximum exposure to loss	22,026	22,962
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	15,526	15,896
Maximum exposure to loss	16,771	17,471
VIE, Not Primary Beneficiary \| Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying amount	4,233	4,136
Maximum exposure to loss	$ 5,255	$ 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

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

12 Months Ended

Dec. 31, 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


	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

Equity (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 29	$ 22	$ 23
Share-based compensation expense, income tax benefit	6	5	5
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	13	13	13
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	15	8	9
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1	$ 1

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 514	$ 4,369
Financing receivable, originated in FY before latest FY	4,423	6,197
Financing receivable, originated two years before latest FY	6,136	1,091
Financing receivable, originated three years before latest FY	1,044	2,648
Financing receivable, originated four years before latest FY	2,600	2,191
Financing receivable, originated five or more years before latest FY	7,928	6,559
Financing receivable, before allowance for credit losses	22,645	23,055
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	206	2,419
Financing receivable, originated in FY before latest FY	2,417	3,191
Financing receivable, originated two years before latest FY	3,205	445
Financing receivable, originated three years before latest FY	438	1,879
Financing receivable, originated four years before latest FY	1,859	1,377
Financing receivable, originated five or more years before latest FY	5,068	4,263
Financing receivable, before allowance for credit losses	$ 13,193	$ 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	$ 12,086	$ 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	91.60%	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	$ 702	$ 590
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	5.30%	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	$ 405	$ 827
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	3.10%	6.10%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 206	$ 1,916
Financing receivable, originated in FY before latest FY	655	2,819
Financing receivable, originated two years before latest FY	1,823	405
Financing receivable, originated three years before latest FY	177	1,493
Financing receivable, originated four years before latest FY	1,239	888
Financing receivable, originated five or more years before latest FY	2,630	3,627
Financing receivable, before allowance for credit losses	6,730	11,148
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	503
Financing receivable, originated in FY before latest FY	935	354
Financing receivable, originated two years before latest FY	1,079	0
Financing receivable, originated three years before latest FY	222	271
Financing receivable, originated four years before latest FY	261	367
Financing receivable, originated five or more years before latest FY	1,158	425
Financing receivable, before allowance for credit losses	3,655	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	427	18
Financing receivable, originated two years before latest FY	76	40
Financing receivable, originated three years before latest FY	39	90
Financing receivable, originated four years before latest FY	209	65
Financing receivable, originated five or more years before latest FY	564	48
Financing receivable, before allowance for credit losses	1,315	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	400	0
Financing receivable, originated two years before latest FY	227	0
Financing receivable, originated three years before latest FY	0	25
Financing receivable, originated four years before latest FY	150	57
Financing receivable, originated five or more years before latest FY	716	163
Financing receivable, before allowance for credit losses	1,493	245
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	203	680
Financing receivable, originated in FY before latest FY	698	1,253
Financing receivable, originated two years before latest FY	1,240	479
Financing receivable, originated three years before latest FY	460	552
Financing receivable, originated four years before latest FY	535	645
Financing receivable, originated five or more years before latest FY	1,309	756
Financing receivable, before allowance for credit losses	4,445	4,365
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	202	532
Financing receivable, originated in FY before latest FY	571	1,163
Financing receivable, originated two years before latest FY	1,132	420
Financing receivable, originated three years before latest FY	454	496
Financing receivable, originated four years before latest FY	505	643
Financing receivable, originated five or more years before latest FY	1,292	740
Financing receivable, before allowance for credit losses	4,156	3,994
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	1	148
Financing receivable, originated in FY before latest FY	127	90
Financing receivable, originated two years before latest FY	108	59
Financing receivable, originated three years before latest FY	6	56
Financing receivable, originated four years before latest FY	30	1
Financing receivable, originated five or more years before latest FY	17	16
Financing receivable, before allowance for credit losses	289	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	105	1,270
Financing receivable, originated in FY before latest FY	1,308	1,753
Financing receivable, originated two years before latest FY	1,691	167
Financing receivable, originated three years before latest FY	146	217
Financing receivable, originated four years before latest FY	206	169
Financing receivable, originated five or more years before latest FY	1,551	1,540
Financing receivable, before allowance for credit losses	5,007	5,116
Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	105	1,266
Financing receivable, originated in FY before latest FY	1,286	1,745
Financing receivable, originated two years before latest FY	1,669	167
Financing receivable, originated three years before latest FY	145	215
Financing receivable, originated four years before latest FY	204	168
Financing receivable, originated five or more years before latest FY	1,508	1,491
Financing receivable, before allowance for credit losses	4,917	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	22	8
Financing receivable, originated two years before latest FY	22	0
Financing receivable, originated three years before latest FY	1	2
Financing receivable, originated four years before latest FY	2	1
Financing receivable, originated five or more years before latest FY	43	49
Financing receivable, before allowance for credit losses	$ 90	$ 64

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	$ 8,593	$ 7,999
Invested assets held in trust (reinsurance agreements)	7,142	5,621
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	102	21
Invested assets held in trust (reinsurance agreements)	120	240
FHLB common stock	$ 245	$ 201

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	December 31, 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	$	38,778	$	15	$	388	$	3,396	$	35,755	$	36,926	$	1	$	203	$	4,521	$	32,607
Foreign corporate	12,865		—		89		1,289		11,665		12,471		1		38		1,932		10,576
U.S. government and agency	8,656		—		286		523		8,419		8,318		—		300		602		8,016
RMBS	8,199		5		48		812		7,430		8,431		2		44		945		7,528
CMBS	7,023		1		2		614		6,410		7,324		3		—		710		6,611
ABS	6,514		—		23		131		6,406		5,652		—		3		296		5,359
State and political subdivision	4,019		—		159		304		3,874		4,074		—		125		400		3,799
Foreign government	1,077		—		42		87		1,032		1,148		—		39		106		1,081
Total fixed maturity securities	$	87,131	$	21	$	1,037	$	7,156	$	80,991	$	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 December 31, 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		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	2,861	$	17,277	$	15,153	$	30,104	$	21,736	$	87,131
Estimated fair value	$	2,826	$	16,809	$	13,910	$	27,200	$	20,246	$	80,991

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	December 31, 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	$	4,554	$	409	$	22,796	$	2,987	$	24,509	$	3,351	$	3,979	$	1,170
Foreign corporate	1,010		73		8,311		1,216		8,260		1,413		1,601		519
U.S. government and agency	518		9		3,477		514		3,121		265		1,147		337
RMBS	413		20		5,774		792		4,731		497		2,246		448
CMBS	411		33		5,786		581		5,589		543		970		167
ABS	572		3		3,360		128		3,347		159		1,733		137
State and political subdivision	471		32		1,634		272		2,041		317		247		83
Foreign government	112		6		620		81		777		99		21		7
Total fixed maturity securities	$	8,061	$	585	$	51,758	$	6,571	$	52,375	$	6,644	$	11,944	$	2,868
Total number of securities in an unrealized loss position	1,347				7,038				7,309				2,049

Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector

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


	U.S. Corporate		RMBS		CMBS		Foreign Corporate		Total
	(In millions)
Balance at December 31, 2021	$	2	$	—	$	2	$	7	$	11
Allowance on securities where credit losses were not previously recorded	—		2		—		—		2

Reductions for securities sold	(1)		—		—		—		(1)

Change in allowance on securities with an allowance recorded in a previous period	—		—		1		—		1
Write-offs charged against allowance (1)	—		—		—		(6)		(6)
Balance at December 31, 2022	1		2		3		1		7
Allowance on securities where credit losses were not previously recorded	15		3		—		—		18

Reductions for securities sold	(1)		—		(1)		—		(2)

Change in allowance on securities with an allowance recorded in a previous period	—		—		(1)		—		(1)
Write-offs charged against allowance (1)	—		—		—		(1)		(1)
Balance at December 31, 2023	$	15	$	5	$	1	$	—	$	21

_______________

(1)The Company recorded total write-offs of $8 million and $10 million for the years ended December 31, 2023 and 2022, respectively.

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	December 31,
	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,193	58.6	%	$	13,574	59.2	%
Agricultural	4,445		19.8		4,365		19.0
Residential	5,007		22.2		5,116		22.3
Total mortgage loans (1)	22,645		100.6		23,055		100.5
Allowance for credit losses	(137)		(0.6)		(119)		(0.5)
Total mortgage loans, net	$	22,508	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)
Balance at December 31, 2021	$	67	$	12	$	44	$	123
Current period provision	5		3		11		19
Charge-offs, net of recoveries	(23)		—		—		(23)
Balance at December 31, 2022	49		15		55		119
Current period provision	24		5		(6)		23
Charge-offs, net of recoveries	(4)		(1)		—		(5)

Balance at December 31, 2023	$	69	$	19	$	49	$	137

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)
December 31, 2023
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	206	$	655	$	1,823	$	177	$	1,239	$	2,630	$	6,730
65% to 75%	—		935		1,079		222		261		1,158		3,655
76% to 80%	—		427		76		39		209		564		1,315
Greater than 80%	—		400		227		—		150		716		1,493
Total commercial mortgage loans	206		2,417		3,205		438		1,859		5,068		13,193
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	202		571		1,132		454		505		1,292		4,156
65% to 75%	1		127		108		6		30		17		289

Greater than 80%	—		—		—		—		—		—		—
Total agricultural mortgage loans	203		698		1,240		460		535		1,309		4,445
Residential mortgage loans
Performing	105		1,286		1,669		145		204		1,508		4,917
Nonperforming	—		22		22		1		2		43		90
Total residential mortgage loans	105		1,308		1,691		146		206		1,551		5,007
Total	$	514	$	4,423	$	6,136	$	1,044	$	2,600	$	7,928	$	22,645


	2022		2021		2020		2019		2017		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:


	December 31,
	2023				2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,086	91.6	%	$	12,157	89.6	%
1.00x - 1.20x	702		5.3		590		4.3
Less than 1.00x	405		3.1		827		6.1
Total	$	13,193	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:


	December 31,
	2023								2022
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,176	$	4,429	$	4,915	$	22,520	$	13,574	$	4,346	$	5,041	$	22,961
30-59 days past due	—		—		2		2		—		—		11		11
60-89 days past due	—		—		30		30		—		—		16		16
90-179 days past due	—		—		23		23		—		3		31		34
180+ days past due	17		16		37		70		—		16		17		33
Total	$	13,193	$	4,445	$	5,007	$	22,645	$	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)
December 31, 2023	$	17	$	—	$	90	$	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 December 31, 2023 and 2022.

Net Unrealized Investment Gains (Losses)

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Fixed maturity securities	$	(6,119)	$	(8,760)	$	8,347

Derivatives	351		638		329
Other	2		3		(29)
Subtotal	(5,766)		(8,119)		8,647
Amounts allocated from:
Future policy benefits	652		917		(1,655)
Deferred income tax benefit (expense)	1,074		1,512		(1,468)
Net unrealized investment gains (losses)	$	(4,040)	$	(5,690)	$	5,524

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at December 31,	$	(5,690)	$	5,524	$	5,761
Unrealized investment gains (losses) change due to cumulative effect, net of income tax	—		—		1,980
Balance at January 1,	$	(5,690)	$	5,524	$	7,741
Unrealized investment gains (losses) during the year	2,353		(16,766)		(3,478)
Unrealized investment gains (losses) relating to:
Future policy benefits	(265)		2,572		671
Deferred income tax benefit (expense)	(438)		2,980		590
Balance at December 31,	$	(4,040)	$	(5,690)	$	5,524
Change in net unrealized investment gains (losses)	$	1,650	$	(11,214)	$	(2,217)

Securities Lending

Elements of the securities lending program are presented below at:


	December 31,
	2023		2022
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,420	$	3,995
Estimated fair value	$	3,194	$	3,638
Cash collateral received from counterparties (2)	$	3,277	$	3,731

Reinvestment portfolio — estimated fair value	$	3,246	$	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:


	December 31, 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	$	647	$	655	$	1,584	$	2,886	$	640	$	1,527	$	984	$	3,151
U.S. corporate	—		252		—		252		2		410		—		412

Foreign corporate	—		130		—		130		—		152		—		152
Foreign government	—		9		—		9		—		16		—		16
Total	$	647	$	1,046	$	1,584	$	3,277	$	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:


	December 31,
	2023		2022
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	8,593	$	7,999
Invested assets held in trust (reinsurance agreements) (2)	7,142		5,621
Invested assets pledged as collateral (3)	13,979		13,920
Total invested assets on deposit, held in trust and pledged as collateral	$	29,714	$	27,540

_______________

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4) and derivative transactions (see Note 10).

Variable Interest Entities

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


	December 31,
	2023				2022
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,526	$	16,771	$	15,896	$	17,471
Limited partnerships and LLCs	4,233		5,255		4,136		5,491
Total	$	19,759	$	22,026	$	20,032	$	22,962

Components of Net Investment Income

The components of net investment income were as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Investment income:
Fixed maturity securities	$	3,516	$	3,077	$	2,832
Equity securities	3		3		5
Mortgage loans	958		842		689
Policy loans	67		64		65
Limited partnerships and LLCs (1)	168		263		1,391
Cash, cash equivalents and short-term investments	225		72		5

Other	87		69		44
Total investment income	5,024		4,390		5,031
Less: Investment expenses	360		252		150

Net investment income	$	4,664	$	4,138	$	4,881

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $187 million, $170 million and $1.3 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

Components of Net Investment Gains (Losses)

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Fixed maturity securities	$	(224)	$	(192)	$	(21)
Equity securities	5		(14)		—
Mortgage loans	(24)		(20)		(27)
Limited partnerships and LLCs	(1)		(20)		—
Other	(2)		(2)		(11)
Total net investment gains (losses)	$	(246)	$	(248)	$	(59)

Sales or Disposals of Fixed Maturity Securities

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Proceeds	$	2,301	$	6,640	$	6,329
Gross investment gains	$	15	$	52	$	99
Gross investment losses	(216)		(236)		(103)
Net investment gains (losses)	$	(201)	$	(184)	$	(4)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Year Ended December 31, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,437	$	(69)	$	(100)	$	21	$	1,289
Provision for income tax expense (benefit)	268		(16)		(23)		(16)		213
Post-tax adjusted earnings	1,169		(53)		(77)		37		1,076
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		102		102
Adjusted earnings	$	1,169	$	(53)	$	(77)	$	(70)	969
Adjustments for:
Net investment gains (losses)									(246)
Net derivative gains (losses), excluding investment hedge adjustments of $105									(4,012)
Change in market risk benefits									1,507
Market value adjustments									(12)
Provision for income tax (expense) benefit									580
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(1,214)

Interest revenue	$	2,568	$	437	$	1,141	$	623
Interest expense	$	—	$	—	$	—	$	153


	Year Ended December 31, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,317	$	94	$	109	$	(68)	$	1,452
Provision for income tax expense (benefit)	247		16		22		(126)		159
Post-tax adjusted earnings	1,070		78		87		58		1,293
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		104		104
Adjusted earnings	$	1,070	$	78	$	87	$	(51)	1,184
Adjustments for:
Net investment gains (losses)									(248)
Net derivative gains (losses), excluding investment hedge adjustments of $71									(663)
Change in market risk benefits									4,104
Market value adjustments									87
Provision for income tax (expense) benefit									(689)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	3,775

Interest revenue	$	2,261	$	442	$	1,166	$	340
Interest expense	$	—	$	—	$	—	$	153


	Year Ended December 31, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,589	$	422	$	265	$	(355)	$	1,921
Provision for income tax expense (benefit)	303		88		59		(109)		341
Post-tax adjusted earnings	1,286		334		206		(246)		1,580
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		89		89
Adjusted earnings	$	1,286	$	334	$	206	$	(340)	1,486
Adjustments for:
Net investment gains (losses)									(59)
Net derivative gains (losses), excluding investment hedge adjustments of $21									(4,004)
Change in market risk benefits									4,134
Market value adjustments									17
Provision for income tax (expense) benefit									(20)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	1,554

Interest revenue	$	2,217	$	698	$	1,910	$	77
Interest expense	$	—	$	—	$	—	$	163

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


	December 31,
	2023		2022
	(In millions)
Annuities	$	160,775	$	151,192
Life	25,504		22,057
Run-off	26,828		28,436
Corporate & Other	23,233		23,162
Total	$	236,340	$	224,847

Reconciliation of Revenue from Segments to Consolidated

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Annuities	$	4,878	$	4,526	$	4,903
Life	1,229		1,213		1,633
Run-off	1,643		1,705		2,426
Corporate & Other	625		340		77
Adjustments	(4,258)		(911)		(4,063)
Total	$	4,117	$	6,873	$	4,976

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

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Annuity products	$	2,319	$	2,268	$	2,691
Life insurance products	1,280		1,298		1,436
Other products	7		9		10
Total	$	3,606	$	3,575	$	4,137

Investments (Fixed Maturity Securities - Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, allowance for credit losses	$ 21	$ 7	$ 11
Fixed maturity securities with allowance for credit losses, number of securities	17
Fixed maturity securities, total write-offs	$ 8	10
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 655	$ 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

+ Details

Equity (Share-Based Compensation - Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares available for issuance under share-based compensation plans, number	4,939,296
Options outstanding, number	187,371
Options exercisable, number	187,371
Options outstanding, weighted average exercise price	$ 53.47
Options exercisable, weighted average exercise price	$ 53.47
Options outstanding, intrinsic value, amount	$ 0
Options exercisable, intrinsic value, amount	$ 0
Options granted, number	0	0	0
Options exercised, number	0	0	0
Options forfeited, number	0
Options expired, number	0
ESPP purchase discount rate	15.00%
ESPP shares purchased by employees	77,598	74,734	73,999
ESPP purchase discount, weighted average fair value	$ 9.04	$ 8.54	$ 10.06
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, amount	$ 10,000,000
Unrecognized share-based compensation, remaining recognition period	9 months 18 days
Awards granted, weighted average grant date fair value	$ 56.35	$ 47.72	$ 41.81
Awards vested, fair value, amount	$ 15,000,000	$ 15,000,000	$ 15,000,000
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation, amount	$ 17,000,000
Unrecognized share-based compensation, remaining recognition period	1 year 1 month 6 days
Awards granted, weighted average grant date fair value	$ 58.35	$ 48.06	$ 41.26
Awards vested, fair value, amount	$ 9,000,000	$ 7,000,000	$ 4,000,000
Performance Shares Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance factor	150.00%

Contingencies, Commitments and Guarantees (Contingencies, Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Settlement for reinsurance-related matter		$ 95	$ 187	$ 83
Cumulative maximum indemnities and guarantees contractual limitation		98
Liabilities for indemnities, guarantees and commitments		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
Minimum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued		0
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued		10
Indemnities and guarantees contractual limitation range		92
Maximum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued		200
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability		377	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		$ 1,400	$ 1,900

Market Risk Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Market Risk Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	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	$ 9,701	$ 9,974	$ 15,698		$ 18,388
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	7,326	8,230	11,611		$ 14,934
Market Risk Benefit, Decrement	(176)	16	(68)
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption	259	210	41
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected	187	(48)	(86)
Market Risk Benefit, Increase (Decrease) from Interest Rate Change	(428)	(8,394)	(1,829)
Market Risk Benefit, Increase (Decrease) from Equity Market Change	(2,203)	3,807	(2,578)
Market Risk Benefit, Issuance	(7)	(47)	(96)
Market Risk Benefit, Effect of changes in risk margin	(34)	(152)	(128)
Market Risk Benefit, Aging of the Block and Other	1,498	1,227	1,421
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax	2,375	1,744	4,087
Market Risk Benefit, Reinsurance Recoverable, after Allowance	43	71	118	$ 169
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	$ 9,658	$ 9,903	$ 15,580	$ 18,219
Market Risk Benefit, Weighted-Average Attained Age of Contract holder	72 years 10 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	$ 9	$ 3	$ 5

Condensed Financial Information (Parent Company) (Long-term and Short-term Debt Footnote) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2021
Condensed Financial Statements, Captions [Line Items]
Debt instrument, carrying value	$ 3,156	$ 3,156
Debt instrument, unamortized debt issuance costs and debt discount	30	32
Long-term debt maturities, year one	2
Long-term debt maturities, year two	3
Long-term debt maturities, year three	3
Long-term debt maturities, year four	761
Long-term debt maturities, year five	3
Long-term debt maturities, after year five	2,400
Interest expense on long-term debt	$ 153	$ 153	$ 163
Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.70%	3.70%
Debt instrument, carrying value	$ 756	$ 755
Senior Notes Due 2030
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	5.625%	5.625%
Debt instrument, carrying value	$ 614	$ 614
Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	4.70%	4.70%
Debt instrument, carrying value	$ 1,001	$ 1,001
Senior Notes Due 2051
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.85%	3.85%		3.85%
Debt instrument, carrying value	$ 397	$ 396
Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Debt instrument, carrying value	$ 364	$ 364
Parent Company
Condensed Financial Statements, Captions [Line Items]
Debt instrument, carrying value	3,132	3,130
Short-term debt outstanding	727	513
Long-term and short-term debt outstanding	3,859	3,643
Debt instrument, unamortized debt issuance costs and debt discount	30	32
Long-term debt maturities, year one	727
Long-term debt maturities, year two	0
Long-term debt maturities, year three	0
Long-term debt maturities, year four	757
Long-term debt maturities, year five	0
Long-term debt maturities, after year five	2,400
Interest expense on long-term debt	178	155	159
Parent Company \| Short-term Intercompany Loans
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt issued	753	1,000	1,100
Short-term intercompany debt repaid	$ 439	$ 811	$ 805
Weighted average interest rate	4.73%	3.73%	0.05%
Parent Company \| Intercompany Liquidity Facilities
Condensed Financial Statements, Captions [Line Items]
Short-term intercompany debt issued	$ 0	$ 0	$ 0
Short-term intercompany debt repaid	$ 0	$ 0	$ 0
Parent Company \| Senior Notes Due 2027
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.70%	3.70%
Debt instrument, carrying value	$ 756	$ 755
Parent Company \| Senior Notes Due 2030
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	5.625%	5.625%
Debt instrument, carrying value	$ 614	$ 614
Parent Company \| Senior Notes Due 2047
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	4.70%	4.70%
Debt instrument, carrying value	$ 1,001	$ 1,001
Parent Company \| Senior Notes Due 2051
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	3.85%	3.85%
Debt instrument, carrying value	$ 397	$ 396
Parent Company \| Junior Subordinated Debentures Due 2058
Condensed Financial Statements, Captions [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Debt instrument, carrying value	$ 364	$ 364

Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Premiums and Other Receivables, Net	$ 19,761	$ 18,548
Market risk benefit assets	656	483
Liabilities
Future policy benefits	32,569	31,497	$ 39,990
Policyholder account balances	81,068	73,527	65,249
Market risk benefit liabilities	10,323	10,389	$ 16,034
Other policy-related balances	3,836	4,098
Other liabilities	8,439	7,057
Direct Reinsurance
Assets
Premiums and Other Receivables, Net	463	417
Market risk benefit assets	613	412
Liabilities
Future policy benefits	32,456	31,402
Policyholder account balances	76,768	69,334
Market risk benefit liabilities	10,318	10,386
Other policy-related balances	2,253	2,477
Other liabilities	7,138	5,568
Assumed Reinsurance
Assets
Premiums and Other Receivables, Net	4	0
Market risk benefit assets	0	0
Liabilities
Future policy benefits	113	95
Policyholder account balances	4,300	4,193
Market risk benefit liabilities	5	3
Other policy-related balances	1,583	1,621
Other liabilities	15	10
Ceded Reinsurance
Assets
Premiums and Other Receivables, Net	19,294	18,131
Market risk benefit assets	43	71
Liabilities
Future policy benefits	0	0
Policyholder account balances	0	0
Market risk benefit liabilities	0	0
Other policy-related balances	0	0
Other liabilities	$ 1,286	$ 1,479

Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Debt instrument, face value	$ 3,185	$ 3,187
Debt instrument, carrying value	$ 3,156	$ 3,156
Senior Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.70%	3.70%
Debt instrument, face value	$ 757	$ 757
Debt instrument, carrying value	$ 756	$ 755
Senior Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.625%	5.625%
Debt instrument, face value	$ 615	$ 615
Debt instrument, carrying value	$ 614	$ 614
Senior Notes Due 2047
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.70%	4.70%
Debt instrument, face value	$ 1,014	$ 1,014
Debt instrument, carrying value	$ 1,001	$ 1,001
Senior Notes Due 2051
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.85%	3.85%	3.85%
Debt instrument, face value	$ 400	$ 400	$ 400
Debt instrument, carrying value	$ 397	$ 396
Junior Subordinated Debentures Due 2058
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.25%	6.25%
Debt instrument, face value	$ 375	$ 375
Debt instrument, carrying value	$ 364	$ 364
Non-recourse Debt Due 2030
Debt Instrument [Line Items]
Debt instrument, stated interest rate	7.028%	7.028%
Debt instrument, face value	$ 24	$ 26
Debt instrument, carrying value	$ 24	$ 26

Employee Benefit Plans (Employee Benefit Plans - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 19	$ 18	$ 18
Defined contribution plan, increase (decrease), cost	9	(2)	$ 9
Assets for plan benefits, defined benefit plan	5	3
Other deferred compensation arrangements, liability, current and noncurrent	57	56
MetLife, Inc.
Defined Benefit Plan Disclosure [Line Items]
Accounts payable	155	174
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	0	0
Defined benefit plan, accumulated benefit obligation	129	128
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, accumulated benefit obligation	$ 83	$ 82

Income Tax (Provision for Income Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 7	$ (65)	$ 32
State and local	12	12	12
Subtotal	19	(53)	44
Deferred:
Federal	(386)	901	317
Current and Deferred:
Provision for income tax expense (benefit)	$ (367)	$ 848	$ 361

- Definition

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

+ References + Details

Investments (Securities Lending - Narrative) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Cash collateral on deposit from counterparties	$ 631
Percentage of reinvestment portfolio invested in liquid assets	56.00%

Segment Information (Narrative) (Details)	12 Months Ended
Segment Information (Narrative) (Details)	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of segments	3

Segment Information

12 Months Ended

Dec. 31, 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 consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

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

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


	Year Ended December 31, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,437	$	(69)	$	(100)	$	21	$	1,289
Provision for income tax expense (benefit)	268		(16)		(23)		(16)		213
Post-tax adjusted earnings	1,169		(53)		(77)		37		1,076
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		102		102
Adjusted earnings	$	1,169	$	(53)	$	(77)	$	(70)	969
Adjustments for:
Net investment gains (losses)									(246)
Net derivative gains (losses), excluding investment hedge adjustments of $105									(4,012)
Change in market risk benefits									1,507
Market value adjustments									(12)
Provision for income tax (expense) benefit									580
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(1,214)

Interest revenue	$	2,568	$	437	$	1,141	$	623
Interest expense	$	—	$	—	$	—	$	153


	Year Ended December 31, 2022
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,317	$	94	$	109	$	(68)	$	1,452
Provision for income tax expense (benefit)	247		16		22		(126)		159
Post-tax adjusted earnings	1,070		78		87		58		1,293
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		104		104
Adjusted earnings	$	1,070	$	78	$	87	$	(51)	1,184
Adjustments for:
Net investment gains (losses)									(248)
Net derivative gains (losses), excluding investment hedge adjustments of $71									(663)
Change in market risk benefits									4,104
Market value adjustments									87
Provision for income tax (expense) benefit									(689)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	3,775

Interest revenue	$	2,261	$	442	$	1,166	$	340
Interest expense	$	—	$	—	$	—	$	153


	Year Ended December 31, 2021
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings	$	1,589	$	422	$	265	$	(355)	$	1,921
Provision for income tax expense (benefit)	303		88		59		(109)		341
Post-tax adjusted earnings	1,286		334		206		(246)		1,580
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		5		5
Less: Preferred stock dividends	—		—		—		89		89
Adjusted earnings	$	1,286	$	334	$	206	$	(340)	1,486
Adjustments for:
Net investment gains (losses)									(59)
Net derivative gains (losses), excluding investment hedge adjustments of $21									(4,004)
Change in market risk benefits									4,134
Market value adjustments									17
Provision for income tax (expense) benefit									(20)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	1,554

Interest revenue	$	2,217	$	698	$	1,910	$	77
Interest expense	$	—	$	—	$	—	$	163

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Annuities	$	4,878	$	4,526	$	4,903
Life	1,229		1,213		1,633
Run-off	1,643		1,705		2,426
Corporate & Other	625		340		77
Adjustments	(4,258)		(911)		(4,063)
Total	$	4,117	$	6,873	$	4,976

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


	December 31,
	2023		2022
	(In millions)
Annuities	$	160,775	$	151,192
Life	25,504		22,057
Run-off	26,828		28,436
Corporate & Other	23,233		23,162
Total	$	236,340	$	224,847

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


	Years Ended December 31,
	2023		2022		2021
	(In millions)
Annuity products	$	2,319	$	2,268	$	2,691
Life insurance products	1,280		1,298		1,436
Other products	7		9		10
Total	$	3,606	$	3,575	$	4,137

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

Revenues derived from any individual customer did not exceed 10% of premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2023, 2022 and 2021.

- 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

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ (6,119)	$ (8,760)	$ 8,347
Derivatives	351	638	329
Other	2	3	(29)
Subtotal	(5,766)	(8,119)	8,647
Amounts allocated from: Future policy benefits	652	917	(1,655)
Deferred income tax benefit (expense)	1,074	1,512	(1,468)
Net unrealized investment gains (losses)	$ (4,040)	$ (5,690)	$ 5,524

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 2,861
Amortized cost, due after one year through five years	17,277
Amortized cost, due after five years through ten years	15,153
Amortized cost, due after ten years	30,104
Amortized cost, Structured Securities	21,736
Fixed maturity securities, amortized cost	87,131	$ 84,344
Estimated fair value, due in one year or less	2,826
Estimated fair value, due after one year through five years	16,809
Estimated fair value, due after five years through ten years	13,910
Estimated fair value, due after ten years	27,200
Estimated fair value, Structured Securities	20,246
Fixed maturity securities, estimated fair value	$ 80,991	$ 75,577

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

11. Fair Value


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


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


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

Recurring Fair Value Measurements


	December 31, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	34,760	$	995	$	35,755
Foreign corporate	—		11,340		325		11,665
U.S. government and agency	3,786		4,633		—		8,419
RMBS	—		7,415		15		7,430
CMBS	—		6,371		39		6,410
ABS	—		6,080		326		6,406
State and political subdivision	—		3,874		—		3,874
Foreign government	—		996		36		1,032
Total fixed maturity securities	3,786		75,469		1,736		80,991
Equity securities	55		22		25		102
Short-term investments	614		555		—		1,169

Derivative assets: (1)
Interest rate	—		245		—		245
Foreign currency exchange rate	—		437		12		449
Credit	—		21		6		27
Equity market	—		2,993		—		2,993
Total derivative assets	—		3,696		18		3,714
Market risk benefit assets	—		—		656		656
Separate account assets	20		88,251		—		88,271
Total assets	$	4,475	$	167,993	$	2,435	$	174,903
Liabilities
Market risk benefit liabilities	$	—	$	—	$	10,323	$	10,323
Derivative liabilities: (1)
Interest rate	—		2,209		—		2,209
Foreign currency exchange rate	—		55		—		55
Credit	—		—		—		—
Equity market	—		2,824		—		2,824
Total derivative liabilities	—		5,088		—		5,088
Embedded derivatives on index-linked annuities (2)	—		—		8,186		8,186

Total liabilities	$	—	$	5,088	$	18,509	$	23,597


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

Derivative assets: (1)
Interest rate	—		304		—		304
Foreign currency exchange rate	—		716		29		745
Credit	—		10		8		18
Equity market	—		1,217		—		1,217
Total derivative assets	—		2,247		37		2,284
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 year ended December 31, 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

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

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)


					December 31, 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%	-	22.80%	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	12.59%	-	22.50%	19.99%	-	28.45%	Increase (5)
			•	Nonperformance risk spread	0.76%	-	1.63%	(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	0.45%	-	1.74%	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 5) 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
	(In millions)
Balance, January 1, 2022	$	1,399	$	220	$	26	$	13	$	2	$	36	$	(6,641)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(5)		1		—		—		—		(9)		2,743
Total realized/unrealized gains (losses) included in AOCI	(266)		(23)		(10)		—		—		17		—
Purchases (5)	933		251		5		14		—		1		—
Sales (5)	(184)		(16)		(2)		—		(2)		(9)		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(34)
Transfers into Level 3 (6)	94		33		19		—		—		—		—
Transfers out of Level 3 (6)	(184)		(101)		—		—		—		(1)		—
Balance, December 31, 2022	1,787		365		38		27		—		35		(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(11)		—		—		(3)		—		(6)		(4,097)
Total realized/unrealized gains (losses) included in AOCI	28		5		3		—		—		(3)		—
Purchases (5)	162		85		—		2		—		4		—
Sales (5)	(116)		(22)		(2)		(1)		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(157)
Transfers into Level 3 (6)	188		3		—		—		—		—		—
Transfers out of Level 3 (6)	(718)		(56)		(3)		—		—		(12)		—
Balance, December 31, 2023	$	1,320	$	380	$	36	$	25	$	—	$	18	$	(8,186)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021 (7)	$	(2)	$	—	$	—	$	—	$	—	$	(11)	$	(2,929)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022 (7)	$	3	$	—	$	—	$	1	$	—	$	(1)	$	2,485
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023 (7)	$	(11)	$	—	$	—	$	(2)	$	—	$	(5)	$	(4,513)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2021 (7)	$	(6)	$	—	$	—	$	—	$	—	$	12	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2022 (7)	$	(268)	$	(23)	$	(10)	$	—	$	—	$	17	$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2023 (7)	$	11	$	4	$	3	$	—	$	—	$	(3)	$	—
Gains (Losses) Data for the year ended December 31, 2021:
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	$	(1)	$	—	$	—	$	—	$	—	$	1	$	(2,855)
Total realized/unrealized gains (losses) included in AOCI	$	(7)	$	—	$	—	$	—	$	—	$	12	$	—

_______________

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

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

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

(5)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:


	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,508	$	—	$	—	$	20,609	$	20,609
Policy loans	$	1,331	$	—	$	518	$	937	$	1,455
Other invested assets	$	257	$	—	$	245	$	12	$	257
Premiums, reinsurance and other receivables	$	7,577	$	—	$	88	$	7,636	$	7,724
Liabilities
Policyholder account balances	$	31,471	$	—	$	—	$	30,606	$	30,606
Long-term debt	$	3,156	$	—	$	2,769	$	—	$	2,769
Other liabilities	$	1,142	$	—	$	463	$	679	$	1,142
Separate account liabilities	$	1,150	$	—	$	1,150	$	—	$	1,150


	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

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 27	$ 16
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,405	$ 1,757
Weighted Average Years to Maturity (2)	3 years 10 months 24 days	4 years 1 month 6 days
Credit default swaps \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 6	$ 7
Maximum Amount of Future Payments under Credit Default Swaps	$ 419	$ 544
Weighted Average Years to Maturity (2)	1 year 7 months 6 days	2 years 2 months 12 days
Credit default swaps \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 19	$ 8
Maximum Amount of Future Payments under Credit Default Swaps	$ 958	$ 1,185
Weighted Average Years to Maturity (2)	4 years 10 months 24 days	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	4 years
Credit default swaps \| Caa and Lower
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ (1)
Maximum Amount of Future Payments under Credit Default Swaps	$ 4	$ 4
Weighted Average Years to Maturity (2)	2 years	3 years

Equity (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, aggregate dividends declared	$ 102	$ 104	$ 89
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,650	$ 1,650	$ 1,650
Preferred stock, aggregate dividends declared	$ 28	$ 28	$ 28
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,687.52	$ 1,687.52	$ 1,687.52
Preferred stock, aggregate dividends declared	$ 28	$ 28	$ 27
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,343.76	$ 1,343.76	$ 1,474.4
Preferred stock, aggregate dividends declared	$ 30	$ 31	$ 34
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 1,156.24	$ 1,262.23	$ 0
Preferred stock, aggregate dividends declared	$ 16	$ 17	$ 0

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-Section 45
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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/disclosureRef
-Topic 505
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-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
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

13. Equity

Preferred Stock

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


	December 31,
	2023			2022
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A	17,000	17,000	17,000	17,000	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B	16,100	16,100	16,100	16,100	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C	23,000	23,000	23,000	23,000	23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D	14,000	14,000	14,000	14,000	14,000	14,000
Not designated	99,929,900	—	—	99,929,900	—	—
Total	100,000,000	70,100	70,100	100,000,000	70,100	70,100

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

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

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

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

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

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

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

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


	Years Ended December 31,
	2023				2022				2021
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	1,650.00	$	28	$	1,650.00	$	28	$	1,650.00	$	28
B	$	1,687.52	28		$	1,687.52	28		$	1,687.52	27
C	$	1,343.76	30		$	1,343.76	31		$	1,474.40	34
D	$	1,156.24	16		$	1,262.23	17		$	—	—
Total			$	102			$	104			$	89

See Note 20 for information relating to preferred dividends declared subsequent to December 31, 2023.

Common Stock

Changes in common shares outstanding were as follows:


	Years Ended December 31,
	2023	2022	2021
Shares outstanding at beginning of year	68,278,068	77,870,072	88,211,618
Shares issued	665,146	639,980	510,919
Shares repurchased (1)	(5,439,859)	(10,231,984)	(10,852,465)
Shares outstanding at end of year	63,503,355	68,278,068	77,870,072

_______________

On November 16, 2023, BHF authorized the repurchase of up to $750 million of its common stock, which is in addition to the $1.2 billion total repurchases authorized in 2021. Repurchases under the November 16, 2023 authorization may be made through open market purchases, including pursuant to a 10b5-1 plan or pursuant to accelerated stock repurchase plans, or through privately negotiated transactions, from time to time at management’s discretion in accordance with applicable legal requirements.

During the years ended December 31, 2023, 2022 and 2021, BHF repurchased 5,195,832 shares, 10,000,026 shares and 10,703,165 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $250 million, $488 million and $499 million, respectively. At December 31, 2023, BHF had $793 million remaining under its common stock repurchase program.

Share-Based Compensation Plans

The Company’s share-based compensation plans provide awards to employees and non-employee directors and may be in the form of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU”), performance shares, performance share units (“PSU”), or other share-based awards. Additionally, employees may purchase shares at a discount under an employee stock purchase plan (the “ESPP”). The aggregate number of authorized shares available for issuance at December 31, 2023 under the Company’s various share-based compensation plans was 4,939,296. The Company issues new shares to satisfy vested RSUs and PSUs, as well as stock option exercises.

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

Compensation Expense Related to Share-Based Compensation

The following table presents total share-based compensation expense:


	Years Ended December 31,
	2023		2022		2021
	(In millions)
RSUs	$	13	$	13	$	13
PSUs	15		8		9

Employee stock purchase plan	1		1		1
Total share-based compensation expense	$	29	$	22	$	23
Income tax benefit	$	6	$	5	$	5

At December 31, 2023, unrecognized share-based compensation and the weighted average remaining recognition period was $10 million and 0.8 years, respectively, for RSUs and $17 million and 1.1 years, respectively, for PSUs.

Equity Awards

Restricted Stock Units

Performance Share Units

PSUs are units that, if vested, are multiplied by a performance factor to produce a final number of BHF common stock shares. PSUs cliff vest at the end of a three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria, and in certain other limited circumstances. For awards granted for performance periods in progress through December 31, 2023, the performance factors are based on the achievement of net cash flow to Brighthouse Holdings, LLC and statutory expense ratio targets over the respective performance period depending on year of issue.

For awards granted for performance periods in progress through December 31, 2023, the vested PSUs will be multiplied by a performance factor up to a maximum payout of 150%. Assuming the Company has met certain threshold performance targets, the Compensation and Human Capital Committee of BHF’s Board of Directors will determine the performance factor at its discretion.

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


	RSUs			PSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	628,870	$	43.18	808,549	$	42.30
Granted	243,136	$	56.35	225,738	$	58.35
Performance factor adjustment	—	$	—	27,829	$	35.84
Forfeited	(4,188)	$	46.15	—	$	—
Vested	(350,850)	$	41.37	(241,939)	$	35.84
Nonvested at December 31, 2023	516,968	$	50.57	820,177	$	48.40

The weighted average grant date fair value of RSUs granted during the years ended December 31, 2022 and 2021, was $47.72 and $41.81, respectively. The weighted average grant date fair value of PSUs granted during the years ended December 31, 2022 and 2021, was $48.06 and $41.26, respectively. The total fair value of RSUs that vested during each of the years ended December 31, 2023, 2022 and 2021 was $15 million. The total fair value of PSUs that vested during the years ended December 31, 2023, 2022 and 2021, was $9 million, $7 million and $4 million, respectively.

Stock Options

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes model. The significant assumptions the Company uses in its model include: expected volatility of the price of shares; risk-free rate of return; graded three-year vesting; and expected option life. At December 31, 2023, there were 187,371 stock options outstanding and exercisable with a weighted average exercise price of $53.47 and aggregate intrinsic value of $0, which expire on February 29, 2028. During the year ended December 31, 2023, there were no stock options granted, exercised, forfeited or expired. During the years ended December 31, 2022 and 2021, no stock options were granted or exercised.

Employee Stock Purchase Plan Shares

Under the ESPP, eligible employees of the Company purchase common stock at a discount rate of 15% of the market price per share on the lesser of the first or last trading day of the offering period. Employees purchase a variable number of shares of stock through payroll deductions elected just prior to the beginning of the offering period. During the years ended December 31, 2023, 2022 and 2021, employees purchased 77,598 shares, 74,734 shares and 73,999 shares, respectively. The weighted average per share fair value of the discount under the ESPP was $9.04, $8.54 and $10.06 during the years ended December 31, 2023, 2022 and 2021, respectively, which was recorded in other expenses.

Statutory Financial Information

The states of domicile of the Company’s insurance subsidiaries impose RBC requirements that were developed by the National Association of Insurance Commissioners (“NAIC”). Such requirements are used by regulators to assess the minimum amount of statutory capital and surplus needed for an insurance company to support its operations, based on its size and risk profile (referred to as “company action level RBC”). RBC is based on statutory financial statements and is calculated in a manner prescribed by the NAIC. The RBC ratio, which is the basis for determining regulatory compliance, is equal to total adjusted capital (“TAC”) divided by the applicable company action level RBC. Companies below 100% of the company action level RBC are subject to corrective action. As of December 31, 2023, the annual RBC ratios for the Company’s insurance subsidiaries were each in excess of 400%.

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

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

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

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2023		2022		2021
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	(3,131)	$	1,373	$	(156)
New England Life Insurance Company	Massachusetts	$	41	$	83	$	40

Statutory capital and surplus was as follows at:


	December 31,
Company	2023		2022
	(In millions)
Brighthouse Life Insurance Company	$	4,623	$	6,349
New England Life Insurance Company	$	141	$	192

The Company has a reinsurance subsidiary, BRCD, which reinsures risks including level premium term life and ULSG assumed from other Brighthouse Financial life insurance subsidiaries. BRCD, with the explicit permission of the Delaware Insurance Commissioner (“Delaware Commissioner”), has included the value of credit-linked notes as admitted assets, which resulted in higher statutory capital and surplus of $11.0 billion and $10.7 billion for the years ended December 31, 2023 and 2022, respectively.

The statutory net income (loss) of BRCD was ($300) million, ($208) million and $543 million for the years ended December 31, 2023, 2022 and 2021, respectively, and the combined statutory capital and surplus, including the aforementioned prescribed practices, were $661 million and $696 million at December 31, 2023 and 2022, respectively.

Dividend Restrictions

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


	2024		2023		2022		2021
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company (3)	$	—	$	266	$	—	$	550
New England Life Insurance Company	$	40	$	84	$	38	$	44

______________

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

(3)Any payment of dividends in 2024 would be considered an extraordinary dividend subject to regulatory approval due to negative unassigned funds (surplus).

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

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

Under New York insurance laws, Brighthouse Life Insurance Company of NY (“BHNY”) is permitted, without prior insurance regulatory clearance, to pay stockholder dividends to its parent in any calendar year based on one of two standards. Under one standard, BHNY is permitted, without prior insurance regulatory clearance, to pay dividends out of earned surplus (defined as positive “unassigned funds (surplus),” excluding 85% of the change in net unrealized capital gains or losses (less capital gains tax), for the immediately preceding calendar year), in an amount up to the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not to exceed 30% of surplus to policyholders as of the end of the immediately preceding calendar year. In addition, under this standard, BHNY may not, without prior insurance regulatory clearance, pay any dividends in any calendar year immediately following a calendar year for which its net gain from operations, excluding realized capital gains, was negative. Under the second standard, if dividends are paid from a source other than earned surplus, BHNY may, without prior insurance regulatory clearance, pay an amount up to the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains). In addition, BHNY will be permitted to pay a dividend to its parent in excess of the amounts allowed under both standards only if it files notice of its intention to declare such a dividend and the amount thereof with the New York Superintendent of Financial Services (the “NY Superintendent”), and the NY Superintendent either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. To the extent BHNY pays a stockholder dividend, such dividend will be paid to Brighthouse Life Insurance Company, its direct parent and sole stockholder.

Under BRCD’s plan of operations, no dividend or distribution may be made by BRCD without the prior approval of the Delaware Commissioner. BRCD did not pay any extraordinary dividends during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, BRCD paid an extraordinary dividend in the form of the settlement of affiliated reinsurance balances of $400 million, invested assets of $197 million and cash of $3 million. During each of the years ended December 31, 2023, 2022 and 2021, BRCD paid cash dividends of $1 million to its preferred shareholders.

Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		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, 2020	$	5,646	$	115	$	—	$	—	$	(45)	$	5,716
Cumulative effect to change in accounting principle, net of income tax (3)	1,980		—		(2,729)		(3,180)		—		(3,929)
Balance at January 1, 2021	7,626		115		(2,729)		(3,180)		(45)		1,787
OCI before reclassifications	(2,978)		171		(634)		1,242		(3)		(2,202)
Deferred income tax benefit (expense) (4)	625		(35)		133		(261)		1		463
AOCI before reclassifications, net of income tax	5,273		251		(3,230)		(2,199)		(47)		48
Amounts reclassified from AOCI	15		(15)		—		—		(1)		(1)
Deferred income tax benefit (expense) (4)	(3)		3		—		—		—		—
Amounts reclassified from AOCI, net of income tax	12		(12)		—		—		(1)		(1)
Balance at December 31, 2021	5,285		239		(3,230)		(2,199)		(48)		47
OCI before reclassifications	(14,741)		331		2,344		4,075		(16)		(8,007)
Deferred income tax benefit (expense) (4)	3,074		(48)		(492)		(856)		4		1,682
AOCI before reclassifications, net of income tax	(6,382)		522		(1,378)		1,020		(60)		(6,278)
Amounts reclassified from AOCI	238		(22)		—		—		2		218
Deferred income tax benefit (expense) (4)	(50)		4		—		—		—		(46)
Amounts reclassified from AOCI, net of income tax	188		(18)		—		—		2		172
Balance at December 31, 2022	(6,194)		504		(1,378)		1,020		(58)		(6,106)
OCI before reclassifications	2,149		(276)		(636)		(380)		9		866
Deferred income tax benefit (expense) (4)	(451)		58		133		80		(2)		(182)
AOCI before reclassifications, net of income tax	(4,496)		286		(1,881)		720		(51)		(5,422)
Amounts reclassified from AOCI	226		(11)		—		—		7		222
Deferred income tax benefit (expense) (4)	(47)		2		—		—		(1)		(46)
Amounts reclassified from AOCI, net of income tax	179		(9)		—		—		6		176
Balance at December 31, 2023	$	(4,317)	$	277	$	(1,881)	$	720	$	(45)	$	(5,246)

_______________

(1)See Note 9 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)See Notes 1 and 2 for information on the adoption of ASU 2018-12.

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


AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations Locations
	Years Ended December 31,
	2023		2022		2021
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(198)	$	(186)	$	(4)	Net investment gains (losses)

Net unrealized investment gains (losses)	(28)		(52)		(11)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(226)		(238)		(15)
Income tax (expense) benefit	47		50		3
Net unrealized investment gains (losses), net of income tax	(179)		(188)		(12)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	1		5		2		Net derivative gains (losses)
Interest rate swaps	3		4		3		Net investment income


Foreign currency swaps	7		13		10		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	11		22		15
Income tax (expense) benefit	(2)		(4)		(3)
Gains (losses) on cash flow hedges, net of income tax	9		18		12
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(7)		(2)		1

Amortization of defined benefit plans, before income tax	(7)		(2)		1
Income tax (expense) benefit	1		—		—
Amortization of defined benefit plans, net of income tax	(6)		(2)		1
Total reclassifications, net of income tax	$	(176)	$	(172)	$	1

- 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

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 22,645	$ 23,055
Financing receivable, allowance for credit losses	(137)	(119)	$ (123)
Financing receivable, net of allowance for credit losses	$ 22,508	$ 22,936
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 as a percentage of financing receivable, net of allowance for credit losses	(0.60%)	(0.50%)
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	$ 13,193	$ 13,574
Financing receivable, allowance for credit losses	$ (69)	$ (49)	(67)
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	58.60%	59.20%
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,445	$ 4,365
Financing receivable, allowance for credit losses	$ (19)	$ (15)	(12)
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	19.80%	19.00%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 5,007	$ 5,116
Financing receivable, allowance for credit losses	$ (49)	$ (55)	$ (44)
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	22.20%	22.30%

Separate Accounts (Aggregate FV of Assets Supporting Separate Accounts) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account assets	$ 88,271	$ 84,965
Equity securities
Separate Account, Liability [Line Items]
Separate account assets	87,999	84,667
Fixed maturity securities
Separate Account, Liability [Line Items]
Separate account assets	258	278
Cash and cash equivalents
Separate Account, Liability [Line Items]
Separate account assets	7	9
Other assets
Separate Account, Liability [Line Items]
Separate account assets	$ 7	$ 11

Condensed Financial Information (Parent Company) (Condensed Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities, estimated fair value	$ 80,991	$ 75,577
Short-term investments	1,169	1,081
Other invested assets, at estimated fair value	4,409	2,852
Total investments	115,456	108,592
Cash and cash equivalents	3,851	4,115	$ 4,474	$ 4,108
Accrued Investment Income Receivable	1,183	885
Premiums and Other Receivables, Net	19,761	18,548
Current income tax recoverable	27	38
Deferred income tax asset	1,893	1,736
Other Assets	370	401
Total assets	236,340	224,847	262,257
Liabilities
Other liabilities	8,439	7,057
Total liabilities	231,332	219,249	253,807
Stockholders' Equity Attributable to Parent [Abstract]
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; 122,818,568 and 122,153,422 shares issued, respectively; 63,503,355 and 68,278,068 shares outstanding, respectively	1	1
Additional paid-in capital	14,004	14,075
Retained earnings (deficit)	(1,507)	(395)	(4,274)
Treasury stock, at cost; 59,315,213 and 53,875,354 shares, respectively	(2,309)	(2,042)
Accumulated other comprehensive income (loss)	(5,246)	(6,106)	47	5,716
Total Brighthouse Financial, Inc.’s stockholders’ equity	4,943	5,533
Total liabilities and equity	236,340	224,847	262,257
Parent Company
Investments:
Fixed maturity securities, estimated fair value	106	0
Short-term investments	580	763
Investments in subsidiary	7,710	8,297
Total investments	8,396	9,060
Cash and cash equivalents	512	224	$ 372	$ 262
Cash and Cash Equivalents		224
Premiums and Other Receivables, Net	175	200
Current income tax recoverable	78	3
Deferred income tax asset	0	33
Other Assets	5	5
Total assets	9,166	9,525
Liabilities
Long-term and short-term debt	3,859	3,643
Deferred income tax liability	17	0
Other liabilities	347	349
Total liabilities	4,223	3,992
Stockholders' Equity Attributable to Parent [Abstract]
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; 122,818,568 and 122,153,422 shares issued, respectively; 63,503,355 and 68,278,068 shares outstanding, respectively	1	1
Additional paid-in capital	14,004	14,075
Retained earnings (deficit)	(1,507)	(395)
Treasury stock, at cost; 59,315,213 and 53,875,354 shares, respectively	(2,309)	(2,042)
Accumulated other comprehensive income (loss)	(5,246)	(6,106)
Total Brighthouse Financial, Inc.’s stockholders’ equity	4,943	5,533
Total liabilities and equity	$ 9,166	$ 9,525

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

12 Months Ended

Dec. 31, 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)
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
Capitalization	36		14		343		2		13
Amortization	(243)		(11)		(225)		(53)		(45)
Balance at December 31, 2023	$	2,301	$	110	$	1,331	$	354	$	360
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
Amortization	(32)		(5)		—		(1)		(5)
Balance at December 31, 2023	$	309	$	60	$	—	$	4	$	43
Total DAC and VOBA:
Balance at December 31, 2023	$	2,610	$	170	$	1,331	$	358	$	403
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)
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
Capitalization	36		14		343		2		13
Amortization	(243)		(11)		(225)		(53)		(45)
Balance at December 31, 2023	$	2,301	$	110	$	1,331	$	354	$	360
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
Amortization	(32)		(5)		—		(1)		(5)
Balance at December 31, 2023	$	309	$	60	$	—	$	4	$	43
Total DAC and VOBA:
Balance at December 31, 2023	$	2,610	$	170	$	1,331	$	358	$	403
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 Inducement Cost

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


	December 31,
	2023				2022				2021
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of year	$	245	$	9	$	272	$	10	$	298	$	12
Capitalization	1		—		1		—		1		—
Amortization	(26)		(1)		(28)		(1)		(27)		(2)
Balance, end of year	$	220	$	8	$	245	$	9	$	272	$	10

Unearned Revenue

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


	December 31,
	2023						2022						2021
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of year	$	357	$	488	$	74	$	358	$	344	$	80	$	350	$	184	$	86
Capitalization	38		174		—		39		181		2		49		185		1
Amortization	(39)		(50)		(7)		(40)		(37)		(8)		(41)		(25)		(7)
Balance, end of year	$	356	$	612	$	67	$	357	$	488	$	74	$	358	$	344	$	80

Business, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 (together with its subsidiaries and affiliates, “MetLife”) former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the U.S. through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Consolidation The accompanying consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. Reclassifications Certain amounts in the prior years’ consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2023 presentation as discussed throughout the Notes to the Consolidated Financial Statements. See “— Adoption of New Accounting Pronouncements” for discussion of the adoption of new guidance on long-duration contracts as of January 1, 2023, parts of which were retrospectively applied to prior periods presented in the consolidated financial statements. Summary of Significant Accounting Policies 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 (“MRB”) 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 grade 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 ULSG. 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 MRBs are contracts or contract features that provide protection to the policyholder from capital markets risks 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 5 for more information on the effect of changes in inputs and assumptions on the measurement of MRBs and Note 11 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 11. 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. Reinsurance The Company enters into reinsurance arrangements pursuant to which it cedes certain insurance risks to unaffiliated reinsurers. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The accounting for reinsurance arrangements depends on whether the arrangement provides indemnification against loss or liability relating to insurance risk in accordance with GAAP. For ceded reinsurance of existing in-force blocks of insurance contracts that transfer significant insurance risk, premiums, benefits and the amortization of DAC are reported net of reinsurance ceded. Amounts recoverable from reinsurers related to incurred claims and ceded reserves are included in premiums, reinsurance and other receivables and amounts payable to reinsurers included in other liabilities. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included in premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. The funds withheld liability represents amounts withheld by the Company in accordance with the terms of the reinsurance agreements. Under certain reinsurance agreements, the Company withholds the funds rather than transferring the underlying investments and, as a result, records a funds withheld liability in other liabilities. The Company recognizes interest on funds withheld, included in other expenses, at rates defined by the terms of the agreement which may be contractually specified or directly related to the investment portfolio. Certain funds withheld arrangements may also contain embedded derivatives measured at fair value that are related to the investment return on the assets withheld. Embedded derivatives related to funds withheld arrangements are presented within policyholder account balances on the consolidated balance sheets, with changes in the estimated fair value reported in net derivative gains (losses). Reinsurance arrangements may also contain features classified as MRBs, including reinsurance of guaranteed minimum benefits associated with variable annuity contracts. The Company accounts for assumed reinsurance similar to directly written business. Investments Net Investment Income and Net Investment Gains (Losses) Income from investments is reported in net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported in net investment gains (losses), unless otherwise stated herein. Fixed Maturity Securities Available-For-Sale The Company’s fixed maturity securities are classified as available-for-sale and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of OCI, net of policy-related amounts and deferred income taxes. Publicly-traded security transactions are recorded on a trade date basis, while privately-placed and bank loan security transactions are recorded on a settlement date basis. Investment gains and losses on sales are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts and is based on the estimated economic life of the securities, which for residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”) considers the estimated timing and amount of prepayments of the underlying loans. The amortization of premium and accretion of discount of fixed maturity securities also takes into consideration call and maturity dates. Amortization of premium and accretion of discount on Structured Securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed, and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Securities are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive Structured Securities and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other Structured Securities, the effective yield is recalculated on a retrospective basis. The Company regularly evaluates fixed maturity securities for declines in fair value to determine if a credit loss exists. This evaluation is based on management’s case-by-case evaluation of the underlying reasons for the decline in fair value including, but not limited to an analysis of the gross unrealized losses by severity and financial condition of the issuer. For fixed maturity securities in an unrealized loss position, when the Company has the intent to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery, the amortized cost basis of the security is written down to fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. If the Company determines the decline in estimated fair value is due to credit losses, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an allowance through net investment gains (losses). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the allowance related to other-than-credit factors is recorded in OCI. Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses). Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Mortgage Loans Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and any deferred fees or expenses, and net of an allowance for credit losses. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. The allowance for credit losses for mortgage loans represents the Company’s best estimate of expected credit losses over the remaining life of the loans and is determined using relevant available information from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Limited Partnerships and LLCs The Company uses the equity method of accounting for investments when it has more than a minor ownership interest or more than a minor influence over the investee’s operations; when the Company has virtually no influence over the investee’s operations the investment is carried at estimated fair value. The Company generally recognizes its share of the equity method investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period; while distributions on investments carried at estimated fair value are recognized as earned or received. Short-term Investments Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. The Company’s short-term investments generally involve large dollar amounts that turn over quickly and have short maturities. For the years ended December 31, 2023, 2022 and 2021, cash proceeds from sales, maturities and repayments of short-term investments were $4.2 billion, $4.9 billion and $6.3 billion, respectively. For the years ended December 31, 2023, 2022 and 2021, cash payments on purchases of short-term investments were $4.2 billion, $4.1 billion and $4.9 billion, respectively. Other Invested Assets Other invested assets consist principally of freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. Securities Lending Program Securities lending transactions whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, in net investment income. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned and maintains it at a level greater than or equal to 100% for the duration of the loan. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Funding Agreements The Company established liabilities for funding agreements associated with the Company’s institutional spread margin business, which are equal to the unpaid principal balance, adjusted for any unamortized premium or discount. Liabilities related to funding agreements are reported in policyholder account balances. Derivatives Freestanding Derivatives Freestanding derivatives are carried at estimated fair value on the Company’s balance sheet either as assets in other invested assets or as liabilities in other liabilities. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. If a derivative is not designated or did not qualify as an accounting hedge, changes in the estimated fair value of the derivative are reported in net derivative gains (losses). The Company generally reports cash received or paid for a derivative in the investing activity section of the statement of cash flows except for cash flows of certain derivative options with deferred premiums, which are reported in the financing activity section of the statement of cash flows. Hedge Accounting The Company primarily designates derivatives as a hedge of a forecasted transaction or a variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in fair value are recorded in OCI and subsequently reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative or hedged item expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). The changes in estimated fair value of derivatives previously recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When the hedged item matures or is sold, or the forecasted transaction is not probable of occurring, the Company immediately reclassifies any remaining balances in OCI to net derivative gains (losses). Embedded Derivatives The Company has index-linked annuities that are directly written or assumed through reinsurance contracts that contain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Certain funds withheld arrangements associated with reinsurance may also contain embedded derivatives. See “— Insurance Contract Obligations” and “— Reinsurance” for additional information on the accounting policies for embedded derivatives. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. In determining the estimated fair value of the Company’s investments, fair values are based on unadjusted quoted prices for identical investments in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical investments, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of investments. Separate Accounts Separate accounts underlying the Company’s variable life and annuity contracts are reported at fair value. Assets in separate accounts supporting the contract liabilities are legally insulated from the Company’s general account liabilities. Investments in these separate accounts are directed by the contract holder and all investment performance, net of contract fees and assessments, is passed through to the contract holder. Investment performance and the corresponding amounts credited to contract holders of such separate accounts are offset in the same line on the statements of operations. Separate accounts that do not pass all investment performance to the contract holder, including those underlying certain index-linked annuities, are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses. The accounting for investments in these separate accounts is consistent with the methodologies described herein for similar financial instruments held in the general account. The Company receives asset-based distribution and service fees from mutual funds available to the variable life and annuity contract holders as investment options in its separate accounts. These fees are recognized in the period in which the related services are performed and are included in other revenues. Income Tax The Company’s income tax provision was prepared following the modified separate return method. The modified separate return method applies the Accounting Standards Codification 740 — Income Taxes (“ASC 740”) to the standalone financial statements of each member of the consolidated group as if the member were a separate taxpayer and a standalone enterprise, after providing benefits for losses. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. Current and deferred income taxes included herein and attributable to periods up until the Company’s separation from MetLife (“Separation”) have been allocated to the Company in a manner that is systematic, rational and consistent with the asset and liability method prescribed by ASC 740. Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including the jurisdiction in which the deferred tax asset was generated, the length of time that carryforward can be utilized in the various taxing jurisdictions, future taxable income exclusive of reversing temporary differences and carryforwards, future reversals of existing taxable temporary differences, taxable income in prior carryback years, tax planning strategies and the nature, frequency, and amount of cumulative financial reporting income and losses in recent years. The Inflation Reduction Act, which was enacted in 2022, established a 15% corporate alternative minimum tax (“CAMT”) for corporations whose average annual adjusted financial statement income for any consecutive three–tax year period ending after December 31, 2021, and preceding the tax year exceeds $1.0 billion. The Company elects not to consider any future effects resulting from applicability of the CAMT when assessing the valuation allowance for regular deferred tax assets. The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change. The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included in other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense. Litigation and Other Loss Contingencies The Company is a party to or involved in a number of legal disputes, including litigation matters and disputes or other matters involving third parties (e.g., vendors, reinsurers or tax or other authorities), and are subject in the ordinary course to a number of regulatory examinations and investigations. The Company reviews relevant information with respect to litigation and other loss contingencies related to these matters and establishes liabilities when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Legal costs are recognized as incurred. In matters where it is not probable, but it is reasonably possible that a loss will be incurred and the amount of loss can be reasonably estimated, such losses or range of losses are disclosed, and no accrual is made. In the absence of sufficient information to support an assessment of a reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed. Other Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at estimated fair value or amortized cost, which approximates estimated fair value. Employee Benefit Plans Brighthouse Services, LLC (“Brighthouse Services”) sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company (“NELICO”) sponsors certain frozen defined benefit pension and postretirement plans. NELICO recognizes the funded status of each of its pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits in other assets or other liabilities. Brighthouse Services and NELICO are both indirect wholly-owned subsidiaries. Actuarial gains and losses result from differences between the actual experience and the assumed experience on plan assets or PBO during a particular period and are recorded in accumulated other comprehensive income (loss) (“AOCI”). To the extent such gains and losses exceed 10% of the greater of the PBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate. Prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized into net periodic benefit costs over the average projected future lifetime of all plan participants or projected future working lifetime, as appropriate. Net periodic benefit costs are determined using management estimates and actuarial assumptions; and are comprised of service cost, interest cost, expected return on plan assets, amortization of net actuarial (gains) losses, settlement and curtailment costs, and amortization of prior service costs (credit). Adoption of New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Except as noted below, there were no significant ASUs adopted during the year ended December 31, 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 AOCI. See Note 2 for more detailed information on the impacts of the ASU to the Company’s financial statements. Future Adoption of New Accounting Pronouncements In November 2023, the FASB issued new guidance on Segment Reporting Disclosures (ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures). This ASU updates reportable segment disclosures primarily through enhanced disclosures about significant segment expenses. This ASU does not change how a company identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for fiscal years starting January 1, 2024, and for interim periods starting January 1, 2025, and will be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2023, the FASB issued new guidance on Income Tax Disclosures (ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures). This ASU updates the required income tax disclosures to include disclosure of income taxes paid disaggregated by jurisdiction and greater disaggregation of information in the required rate reconciliation. This ASU is effective for fiscal years starting January 1, 2025, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its financial statements.

Consolidated Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Consolidated Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	$ 489,313	$ 502,679	$ 524,398
Ceded	134,682	144,647	152,764
Assumed	6,127	6,578	7,341
Net Amount	$ 360,758	$ 364,610	$ 378,975
% Amount Assumed to Net	1.70%	1.80%	1.90%
Consolidated Reinsurance
Gross Amount	$ 1,499	$ 1,359	$ 1,440
Ceded	685	703	721
Assumed	14	6	(12)
Net Amount	$ 828	$ 662	$ 707
% Amount Assumed to Net	1.70%	0.90%	(1.70%)
Life
Consolidated Reinsurance
Gross Amount	$ 1,294	$ 1,157	$ 1,230
Ceded	489	505	516
Assumed	14	6	(12)
Net Amount	$ 819	$ 658	$ 702
% Amount Assumed to Net	1.70%	0.90%	(1.70%)
Accident & health insurance
Consolidated Reinsurance
Gross Amount	$ 205	$ 202	$ 210
Ceded	196	198	205
Assumed	0	0	0
Net Amount	$ 9	$ 4	$ 5
% Amount Assumed to Net	0.00%	0.00%	0.00%

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Compensation	$ 418	$ 351	$ 385
Contracted services and other labor costs	312	296	280
Transition services agreements	32	58	124
Establishment costs	0	66	98
Premium and other taxes, licenses and fees	61	54	52
Separate account fees	366	407	508
Volume related costs, excluding compensation, net of DAC capitalization	540	513	681
Interest expense on debt	153	153	163
Debt repayment costs	0	0	75
Other	95	187	83
Total other expenses	$ 1,977	$ 2,085	$ 2,449

Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	$ 3,123	$ 3,097	$ 3,687
Net Investment Income (1)	4,664	4,138	4,881
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	4,501	3,531	4,015
Amortization of deferred policy acquisition costs and value of business acquired	620	629	637
Other Expenses	1,977	2,085	2,449
Annuities
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	1,875	1,831	2,297
Net Investment Income (1)	2,546	2,240	2,207
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	1,534	1,277	1,147
Amortization of deferred policy acquisition costs and value of business acquired	516	515	513
Other Expenses	1,391	1,417	1,654
Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	775	756	903
Net Investment Income (1)	431	438	696
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	991	875	894
Amortization of deferred policy acquisition costs and value of business acquired	104	114	124
Other Expenses	203	130	193
Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	473	510	487
Net Investment Income (1)	1,115	1,146	1,900
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	1,588	1,216	1,953
Amortization of deferred policy acquisition costs and value of business acquired	0	0	0
Other Expenses	167	293	191
Corporate & Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Premiums and Universal Life and Investment-Type Product Policy Fees	0	0	0
Net Investment Income (1)	572	314	78
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances	388	163	21
Amortization of deferred policy acquisition costs and value of business acquired	0	0	0
Other Expenses	$ 216	$ 245	$ 411

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Years Ended December 31,
	2023		2022		2021
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(1,214)	$	3,775	$	1,554

Weighted average common shares outstanding — basic	66,013,645		72,970,249		83,783,664
Dilutive effect of share-based awards	—		610,919		682,493
Weighted average common shares outstanding — diluted	66,013,645		73,581,168		84,466,157

Earnings per common share:
Basic	$	(18.39)	$	51.73	$	18.54
Diluted	$	(18.39)	$	51.30	$	18.39

Consolidated Reinsurance

12 Months Ended

Dec. 31, 2023

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

Consolidated Reinsurance

Brighthouse Financial, Inc.

Schedule IV

Consolidated Reinsurance

December 31, 2023, 2022 and 2021

(Dollars in millions)


	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2023
Life insurance in-force	$	489,313	$	134,682	$	6,127	$	360,758	1.7%
Insurance premium
Life insurance (1)	$	1,294	$	489	$	14	$	819	1.7%
Accident & health insurance	205		196		—		9		—%
Total insurance premium	$	1,499	$	685	$	14	$	828	1.7%
2022
Life insurance in-force	$	502,679	$	144,647	$	6,578	$	364,610	1.8%
Insurance premium
Life insurance (1)	$	1,157	$	505	$	6	$	658	0.9%
Accident & health insurance	202		198		—		4		—%
Total insurance premium	$	1,359	$	703	$	6	$	662	0.9%
2021
Life insurance in-force	$	524,398	$	152,764	$	7,341	$	378,975	1.9%
Insurance premium
Life insurance (1)	$	1,230	$	516	$	(12)	$	702	(1.7)%
Accident & health insurance	210		205		—		5		—%
Total insurance premium	$	1,440	$	721	$	(12)	$	707	(1.7)%

_______________

(1)Includes annuities with life contingencies.

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 266	$ 292	$ 360

- 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

ASU 2018-12 Transition IS (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
ASU 2018-12 Transition IS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Insurance Commissions and Fees									$ 2,295	$ 2,435	$ 2,980
Net derivative gains (losses)									(3,907)	(592)	(3,983)
Total revenues	$ 1,400	$ 1,170	$ 263	$ 1,284	$ (127)	$ 1,121	$ 3,866	$ 2,013	4,117	6,873	4,976
Policyholder Benefits and Claims Incurred, Net									2,676	2,193	2,746
Change in market risk benefits									(1,507)	(4,104)	(4,134)
Total expenses	2,574	580	500	1,937	(167)	609	1,689	10	5,591	2,141	2,967
Net income (loss)	$ (916)	$ 481	$ (175)	$ (497)	$ 137	$ 415	$ 1,745	$ 1,587	$ (1,107)	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
Total expenses										8,645	7,350
Net income (loss)										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)
Total expenses										(6,504)	(4,383)
Net income (loss)										$ 3,874	$ 1,751

Investments (Components of Net Investment Gains (Losses) - Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (246)	$ (248)	$ (59)
Foreign Exchange
Gain (Loss) on Securities [Line Items]
Net investment gains (losses)	$ (2)	$ (17)	$ 1

Reinsurance Reinsurance (Reinsurance Deposit Part B - Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Deposit Contracts, Assets	$ 7.5	$ 6.0
Deposit Contracts, Liabilities	$ 3.9	$ 3.8

Income Tax (Tax Credit Carryforwards) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 166
Foreign Tax Authority \| 2024-2028
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	44
Foreign Tax Authority \| 2029-2033
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	122
Foreign Tax Authority \| 2034-2038
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| 2039-2043
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
Foreign Tax Authority \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	25
General business tax credit carryforward \| 2024-2028
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2029-2033
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	0
General business tax credit carryforward \| 2034-2038
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	20
General business tax credit carryforward \| 2039-2043
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	5
General business tax credit carryforward \| Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 0

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

10. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 11 for information about the fair value hierarchy for derivatives.

Derivative Strategies

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

Interest Rate Derivatives

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

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

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

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

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

Foreign Currency Exchange Rate Derivatives

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

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

Credit Derivatives

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

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

Equity Market Derivatives

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

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

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

Primary Risks Managed by Derivatives

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


		December 31,
		2023						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	$	—	$	—	$	—	$	60	$	—	$	12
Foreign currency swaps	Foreign currency exchange rate	3,939		348		45		4,026		596		8
Total qualifying hedges		3,939		348		45		4,086		596		20
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	31,252		140		103		3,145		98		46
Interest rate floors	Interest rate	3,500		7		1		3,250		12		3
Interest rate caps	Interest rate	7,050		19		1		6,350		137		43

Interest rate options	Interest rate	33,680		47		167		28,688		22		232
Interest rate forwards	Interest rate	17,017		32		1,937		18,168		35		2,466
Foreign currency swaps	Foreign currency exchange rate	747		101		1		822		148		—
Foreign currency forwards	Foreign currency exchange rate	535		—		9		487		1		10

Credit default swaps — written	Credit	1,405		27		—		1,757		18		2
Credit default swaptions	Credit	—		—		—		100		—		—
Equity index options	Equity market	20,099		757		687		17,229		697		351

Equity total return swaps	Equity market	53,742		2,236		2,137		32,909		520		747
Hybrid options	Equity market	270		—		—		—		—		—
Total non-designated or non-qualifying derivatives		169,297		3,366		5,043		112,905		1,688		3,900
Total		$	173,236	$	3,714	$	5,088	$	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 December 31, 2023 and 2022. The Company’s use of derivatives includes (i) derivatives that serve as 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:


	Year Ended December 31, 2023
	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	1	$	—	$	3	$	(1)
Foreign currency exchange rate	7		(8)		52		(275)
Total cash flow hedges	8		(8)		55		(276)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(384)		—		—		—
Foreign currency exchange rate	(15)		(13)		—		—
Credit	32		—		—		—
Equity market	570		—		—		—
Embedded	(4,097)		—		—		—
Total non-qualifying hedges	(3,894)		(13)		—		—
Total	$	(3,886)	$	(21)	$	55	$	(276)


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



Cash flow hedges:
Interest rate	$	5	$	—	$	4	$	(50)
Foreign currency exchange rate	13		(12)		53		381
Total cash flow hedges	18		(12)		57		331
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(4,001)		—		—		—
Foreign currency exchange rate	120		(48)		—		—
Credit	(2)		—		—		—
Equity market	590		—		—		—
Embedded	2,743		—		—		—
Total non-qualifying hedges	(550)		(48)		—		—
Total	$	(532)	$	(60)	$	57	$	331


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



Cash flow hedges:
Interest rate	$	2	$	—	$	3	$	(20)
Foreign currency exchange rate	10		(4)		36		191
Total cash flow hedges	12		(4)		39		171
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(717)		—		—		—
Foreign currency exchange rate	57		(7)		—		—
Credit	17		—		—		—
Equity market	(486)		—		—		—
Embedded	(2,855)		—		—		—
Total non-qualifying hedges	(3,984)		(7)		—		—
Total	$	(3,972)	$	(11)	$	39	$	171

At December 31, 2023, the Company held no qualified derivatives hedging exposure to future cash flows for forecasted asset purchases. At 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 December 31, 2023 and 2022, the balance in AOCI associated with cash flow hedges was $351 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:


	December 31,
	2023					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	$	6	$	419	1.6	$	7	$	544	2.2
Baa	19		958		4.9	8		1,185		5.0
Ba	2		24		3.0	2		24		4.0
Caa and Lower	—		4		2.0	(1)		4		3.0
Total	$	27	$	1,405	3.9	$	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.

Counterparty Credit Risk

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 11 for a description of the impact of credit risk on the valuation of derivatives.

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


			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
December 31, 2023
Derivative assets	$	3,506	$	(3,112)	$	(164)	$	230	$	(194)	$	36
Derivative liabilities	$	4,925	$	(3,112)	$	(8)	$	1,805	$	(1,805)	$	—
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.

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.


	December 31,
	2023		2022
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,813	$	2,260
Estimated fair value of collateral provided (2):
Fixed maturity securities	$	4,811	$	4,894

_______________

(1)After taking into consideration the existence of netting agreements.

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 80,991	$ 75,577
Equity securities	102	89
Short-term investments	1,169	1,081
Derivative assets:	3,714	2,284
Market risk benefit assets	656	483
Separate account assets	88,271	84,965
Liabilities [Abstract]
Market risk benefit liabilities	10,323	10,389	$ 16,034
Derivative liabilities:	5,088	3,920
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	80,991	75,577
Equity securities	102	89
Short-term investments	1,169	1,081
Derivative assets:	3,714	2,284
Market risk benefit assets	656	483
Separate account assets	88,271	84,965
Total assets	174,903	164,479
Liabilities [Abstract]
Market risk benefit liabilities	10,323	10,389
Derivative liabilities:	5,088	3,920
Embedded derivatives on index-linked annuities	8,186	3,932
Total liabilities	23,597	18,241
Recurring \| Interest rate
Assets [Abstract]
Derivative assets:	245	304
Liabilities [Abstract]
Derivative liabilities:	2,209	2,802
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets:	449	745
Liabilities [Abstract]
Derivative liabilities:	55	18
Recurring \| Credit
Assets [Abstract]
Derivative assets:	27	18
Liabilities [Abstract]
Derivative liabilities:	0	2
Recurring \| Equity market
Assets [Abstract]
Derivative assets:	2,993	1,217
Liabilities [Abstract]
Derivative liabilities:	2,824	1,098
Recurring \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	35,755	32,607
Recurring \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	11,665	10,576
Recurring \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	8,419	8,016
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,430	7,528
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,410	6,611
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,406	5,359
Recurring \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,874	3,799
Recurring \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,032	1,081
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,786	3,566
Equity securities	55	35
Short-term investments	614	722
Derivative assets:	0	0
Market risk benefit assets	0	0
Separate account assets	20	29
Total assets	4,475	4,352
Liabilities [Abstract]
Market risk benefit liabilities	0	0
Derivative liabilities:	0	0
Embedded derivatives on index-linked annuities	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Interest rate
Assets [Abstract]
Derivative assets:	0	0
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 1 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets:	0	0
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 1 \| Credit
Assets [Abstract]
Derivative assets:	0	0
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 1 \| Equity market
Assets [Abstract]
Derivative assets:	0	0
Liabilities [Abstract]
Derivative liabilities:	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	3,786	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	75,469	69,821
Equity securities	22	27
Short-term investments	555	359
Derivative assets:	3,696	2,247
Market risk benefit assets	0	0
Separate account assets	88,251	84,936
Total assets	167,993	157,390
Liabilities [Abstract]
Market risk benefit liabilities	0	0
Derivative liabilities:	5,088	3,918
Embedded derivatives on index-linked annuities	0	0
Total liabilities	5,088	3,918
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets:	245	304
Liabilities [Abstract]
Derivative liabilities:	2,209	2,802
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets:	437	716
Liabilities [Abstract]
Derivative liabilities:	55	18
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets:	21	10
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets:	2,993	1,217
Liabilities [Abstract]
Derivative liabilities:	2,824	1,098
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	34,760	31,418
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	11,340	9,978
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,633	4,450
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,415	7,514
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,371	6,578
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,080	5,041
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,874	3,799
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	996	1,043
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,736	2,190
Equity securities	25	27
Short-term investments	0	0
Derivative assets:	18	37
Market risk benefit assets	656	483
Separate account assets	0	0
Total assets	2,435	2,737
Liabilities [Abstract]
Market risk benefit liabilities	10,323	10,389
Derivative liabilities:	0	2
Embedded derivatives on index-linked annuities	8,186	3,932
Total liabilities	18,509	14,323
Recurring \| Level 3 \| Interest rate
Assets [Abstract]
Derivative assets:	0	0
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 3 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets:	12	29
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets:	6	8
Liabilities [Abstract]
Derivative liabilities:	0	2
Recurring \| Level 3 \| Equity market
Assets [Abstract]
Derivative assets:	0	0
Liabilities [Abstract]
Derivative liabilities:	0	0
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	995	1,189
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	325	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	15	14
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	39	33
Recurring \| Level 3 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	326	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	$ 36	$ 38

Income Tax (Narrative) (Details) - USD ($)	12 Months Ended
Income Tax (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination, Penalties Expense	$ 0	$ 0	$ 0
Percent of cash savings included in tax receivable agreement	86.00%
Taxes Payable	$ 328,000,000	328,000,000
Net cash paid (received) for income tax	7,000,000	44,000,000	103,000,000
Current income tax recoverable	27,000,000	38,000,000
MetLife, Inc.
Net cash paid (received) for income tax	0	(7,000,000)
Income tax paid by Brighthouse Financial, Inc.			$ 81,000,000
Current income tax recoverable	$ 21,000,000	$ 19,000,000

Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Carrying value of investments accounted for under the equity method	$ 5,000								$ 5,000
Total assets	236,340				$ 224,847				236,340	$ 224,847	$ 262,257
Total liabilities	231,332				219,249				231,332	219,249	253,807
Net income (loss)	(917)	$ 479	$ (175)	$ (499)	136	$ 413	$ 1,745	$ 1,585	(1,112)	3,879	1,643
Nonconsolidated Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Unfunded commitments	1,200								1,200
Total assets	799,200				880,100				799,200	880,100
Total liabilities	$ 56,800				$ 109,300				56,800	109,300
Net income (loss)									$ 24,800	$ (12,800)	$ 22,600

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Section 45
-Paragraph 25
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Subparagraph (c)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References

+ Details

Consolidated Supplementary Insurance Information

12 Months Ended

Dec. 31, 2023

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

Consolidated Supplementary Insurance Information

Brighthouse Financial, Inc.

Schedule III

Consolidated Supplementary Insurance Information

December 31, 2023 and 2022

(In millions)


Segment	DAC and VOBA		Future Policy Benefits and Other Policy-Related Balances		Policyholder Account Balances		Unearned Premiums (1)(2)		Unearned Revenue (1)
2023
Annuities	$	4,111	$	4,024	$	60,929	$	—	$	67
Life	758		6,549		2,856		11		356
Run-off	3		19,421		6,694		—		612
Corporate & Other	—		6,411		10,589		5		—
Total	$	4,872	$	36,405	$	81,068	$	16	$	1,035
2022
Annuities	$	4,234	$	3,780	$	53,410	$	—	$	74
Life	846		6,266		3,021		10		356
Run-off	4		18,688		6,933		—		488
Corporate & Other	—		6,861		10,163		5		—
Total	$	5,084	$	35,595	$	73,527	$	15	$	918

_______________

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

(2)Includes premiums received in advance.

Brighthouse Financial, Inc.

Schedule III

Consolidated Supplementary Insurance Information (continued)

December 31, 2023, 2022 and 2021

(In millions)


Segment	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income (1)		Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances		Amortization of DAC and VOBA		Other Expenses
2023
Annuities	$	1,875	$	2,546	$	1,534	$	516	$	1,391
Life	775		431		991		104		203
Run-off	473		1,115		1,588		—		167
Corporate & Other	—		572		388		—		216
Total	$	3,123	$	4,664	$	4,501	$	620	$	1,977
2022
Annuities	$	1,831	$	2,240	$	1,277	$	515	$	1,417
Life	756		438		875		114		130
Run-off	510		1,146		1,216		—		293
Corporate & Other	—		314		163		—		245
Total	$	3,097	$	4,138	$	3,531	$	629	$	2,085
2021
Annuities	$	2,297	$	2,207	$	1,147	$	513	$	1,654
Life	903		696		894		124		193
Run-off	487		1,900		1,953		—		191
Corporate & Other	—		78		21		—		411
Total	$	3,687	$	4,881	$	4,015	$	637	$	2,449

_______________

(1)See Note 3 of the Notes to the Consolidated Financial Statements for the basis of allocation of net investment income.

Insurance Liabilities (Balance of Account Values by range of guaranteed minimum crediting rates) (Details) - USD ($) $ in Millions	Dec. 31, 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	$ 19,406	$ 19,490
Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	2,508	2,580
ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	5,043	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	8,882	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	236	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	9,650	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	677	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	4,537	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	874	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	1,595	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	506	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	10,398	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	1,595	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	1,641	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	697	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	8,827	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	1,135	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	874	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	1,595	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	506	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	465	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	492	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	1,485	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	223	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	242	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	492	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	1,485	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	535	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	1,663	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	310	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	225	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	1,663	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	8,008	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	372	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	254	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	7,652	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	236	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	356	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	136	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	254	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