0001685040-24-000053 | 10-Q | XBRL Viewer | Brighthouse Financial INC

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

8. Derivatives

Accounting for Derivatives

See Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s accounting policies for derivatives and the fair value hierarchy for derivatives.

Types of Derivative Instruments and Derivative Strategies

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

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

•Foreign currency exchange rate derivatives: forwards and swaps;

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

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

For detailed information on these contracts and the related strategies, see Note 7 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report. In the third quarter of 2024, the Company began utilizing equity futures as non-qualified hedges to manage risk related to certain of its index-linked annuity products. In the second quarter of 2024, the Company began utilizing interest rate futures as non-qualified hedges to manage risk related to policyholder liabilities for institutional group annuities. In the first quarter of 2024, the Company entered into interest rate swaps that qualify for hedge accounting to manage the interest rate risk in certain of its funding agreement liabilities.

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:


		September 30, 2024						December 31, 2023
	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 swaps	Interest rate	$	500	$	—	$	6	$	—	$	—	$	—
Foreign currency swaps	Foreign currency exchange rate	3,842		324		46		3,939		348		45
Total qualifying hedges		4,342		324		52		3,939		348		45
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	58,535		160		194		31,252		140		103
Interest rate floors	Interest rate	3,500		4		—		3,500		7		1
Interest rate caps	Interest rate	6,800		—		16		7,050		19		1
Interest rate futures	Interest rate	—		—		—		—		—		—
Interest rate options	Interest rate	21,400		39		208		33,680		47		167
Interest rate forwards	Interest rate	16,692		69		1,162		17,017		32		1,937
Foreign currency swaps	Foreign currency exchange rate	691		87		1		747		101		1
Foreign currency forwards	Foreign currency exchange rate	495		1		3		535		—		9

Credit default swaps — written	Credit	1,095		20		—		1,405		27		—

Equity futures	Equity market	2		—		—		—		—		—
Equity index options	Equity market	15,943		855		443		20,099		757		687

Equity total return swaps	Equity market	108,706		1,891		1,923		53,742		2,236		2,137
Hybrid options	Equity market	—		—		—		270		—		—
Total non-designated or non-qualifying derivatives		233,859		3,126		3,950		169,297		3,366		5,043
Total		$	238,201	$	3,450	$	4,002	$	173,236	$	3,714	$	5,088

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 September 30, 2024 and December 31, 2023. 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:


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(1)	$	—	$	1	$	2	$	(18)
Foreign currency exchange rate	8		(6)		10		—		(101)
Total cash flow hedges	7		(6)		11		2		(119)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	756		—		—		—		—
Foreign currency exchange rate	(39)		14		—		—		—
Credit	5		—		—		—		—
Equity market	234		—		—		—		—
Embedded	(1,064)		—		—		—		—
Total non-qualifying hedges	(108)		14		—		—		—
Total	$	(101)	$	8	$	11	$	2	$	(119)
Three Months Ended September 30, 2023
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	—	$	(2)
Foreign currency exchange rate	1		(1)		13		—		(31)
Total cash flow hedges	1		(1)		14		—		(33)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,481)		—		—		—		—
Foreign currency exchange rate	21		(16)		—		—		—
Credit	3		—		—		—		—
Equity market	(280)		—		—		—		—
Embedded	913		—		—		—		—
Total non-qualifying hedges	(824)		(16)		—		—		—
Total	$	(823)	$	(17)	$	14	$	—	$	(33)


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Nine Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	2	$	—	$	2	$	6	$	(6)
Foreign currency exchange rate	9		(8)		36		—		(16)
Total cash flow hedges	11		(8)		38		6		(22)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(345)		—		—		—		—
Foreign currency exchange rate	6		5		—		—		—
Credit	12		—		—		—		—
Equity market	1,307		—		—		—		—
Embedded	(3,664)		—		—		—		—
Total non-qualifying hedges	(2,684)		5		—		—		—
Total	$	(2,673)	$	(3)	$	38	$	6	$	(22)
Nine Months Ended September 30, 2023
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	(2)	$	—	$	3	$	—	$	(1)
Foreign currency exchange rate	5		(6)		40		—		(122)
Total cash flow hedges	3		(6)		43		—		(123)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,422)		—		—		—		—
Foreign currency exchange rate	25		(12)		—		—		—
Credit	22		—		—		—		—
Equity market	44		—		—		—		—
Embedded	(1,880)		—		—		—		—
Total non-qualifying hedges	(3,211)		(12)		—		—		—
Total	$	(3,208)	$	(18)	$	43	$	—	$	(123)

At September 30, 2024 and December 31, 2023, the Company held no qualified derivatives hedging exposure to future cash flows for forecasted asset purchases.

At September 30, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was $316 million and $351 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:


	September 30, 2024					December 31, 2023
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	$	3	$	415	0.9	$	6	$	419	1.6
Baa	15		652		5.0	19		958		4.9
Ba	2		24		2.2	2		24		3.0
Caa and Lower	—		4		1.2	—		4		2.0
Total	$	20	$	1,095	3.4	$	27	$	1,405	3.9

_______________

(1)The Company has written credit protection on both single name and index references. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

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

Counterparty Credit Risk

The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative instruments. Generally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.

The Company manages its credit risk by: (i) entering into derivative transactions with creditworthy counterparties governed by master netting agreements; (ii) trading through regulated exchanges and central clearing counterparties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

See Note 9 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)
September 30, 2024
Derivative assets	$	3,149	$	(2,704)	$	(330)	$	115	$	(91)	$	24
Derivative liabilities	$	3,775	$	(2,704)	$	—	$	1,071	$	(1,071)	$	—
December 31, 2023
Derivative assets	$	3,506	$	(3,112)	$	(164)	$	230	$	(194)	$	36
Derivative liabilities	$	4,925	$	(3,112)	$	(8)	$	1,805	$	(1,805)	$	—

_______________

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

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

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

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

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


	September 30, 2024		December 31, 2023
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,071	$	1,813
Estimated fair value of collateral provided (2):
Fixed maturity securities	$	4,111	$	4,811

_______________

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

(2)Substantially all of the Company’s collateral arrangements provide for daily posting of collateral for the full value of the derivative contract. As a result, if the credit-contingent provisions of derivative contracts in a net liability position were triggered, minimal additional assets would be required to be posted as collateral or needed to settle the instruments immediately. Additionally, the Company is required to pledge initial margin for certain new over-the-counter (“OTC”) bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions to third-party custodians.

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets
Policy loans	$ 1,387	$ 1,331
Liabilities
Separate account liabilities	90,313	88,271	$ 82,675
Carrying Value
Assets
Mortgage loans	22,938	22,508
Policy loans	1,387	1,331
Other invested assets	254	257
Premiums, reinsurance and other receivables	8,560	7,577
Liabilities
Policyholder account balances	32,779	31,471
Long-term debt	3,155	3,156
Other liabilities	2,487	1,142
Separate account liabilities	1,268	1,150
Estimated Fair Value
Assets
Mortgage loans	21,484	20,609
Policy loans	1,498	1,455
Other invested assets	254	257
Premiums, reinsurance and other receivables	9,245	7,724
Liabilities
Policyholder account balances	32,610	30,606
Long-term debt	2,899	2,769
Other liabilities	2,487	1,142
Separate account liabilities	1,268	1,150
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	549	518
Other invested assets	243	245
Premiums, reinsurance and other receivables	148	88
Liabilities
Policyholder account balances	0	0
Long-term debt	2,899	2,769
Other liabilities	1,826	463
Separate account liabilities	1,268	1,150
Estimated Fair Value \| Level 3
Assets
Mortgage loans	21,484	20,609
Policy loans	949	937
Other invested assets	11	12
Premiums, reinsurance and other receivables	9,097	7,636
Liabilities
Policyholder account balances	32,610	30,606
Long-term debt	0	0
Other liabilities	661	679
Separate account liabilities	$ 0	$ 0

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Three Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	403	$	(32)	$	584	$	13	$	968
Provision for income tax expense (benefit)	76		(7)		121		(17)		173
Post-tax adjusted earnings (loss)	327		(25)		463		30		795
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings (loss)	$	327	$	(25)	$	463	$	2	767
Adjustments for:
Net investment gains (losses)									(60)
Net derivative gains (losses), excluding investment hedge adjustments of $6									(99)
Change in market risk benefits									(610)
Market value adjustments									(11)
Provision for income tax (expense) benefit									163
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	150

Interest revenue	$	729	$	112	$	275	$	178
Interest expense	$	—	$	—	$	—	$	38


	Three Months Ended September 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	393	$	(93)	$	120	$	9	$	429
Provision for income tax expense (benefit)	74		(20)		25		(4)		75
Post-tax adjusted earnings (loss)	319		(73)		95		13		354
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings (loss)	$	319	$	(73)	$	95	$	(15)	326
Adjustments for:
Net investment gains (losses)									(53)
Net derivative gains (losses), excluding investment hedge adjustments of $25									(865)
Change in market risk benefits									1,064
Market value adjustments									15
Provision for income tax (expense) benefit									(34)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	453

Interest revenue	$	652	$	115	$	300	$	160
Interest expense	$	—	$	—	$	—	$	38


	Nine Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	1,198	$	(26)	$	115	$	42	$	1,329
Provision for income tax expense (benefit)	226		(7)		23		(9)		233
Post-tax adjusted earnings (loss)	972		(19)		92		51		1,096
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		4		4
Less: Preferred stock dividends	—		—		—		77		77
Adjusted earnings (loss)	$	972	$	(19)	$	92	$	(30)	1,015
Adjustments for:
Net investment gains (losses)									(222)
Net derivative gains (losses), excluding investment hedge adjustments of $28									(2,704)
Change in market risk benefits									1,186
Market value adjustments									(1)
Provision for income tax (expense) benefit									366
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(360)

Interest revenue	$	2,107	$	340	$	906	$	524
Interest expense	$	—	$	—	$	—	$	114


	Nine Months Ended September 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	1,137	$	(75)	$	(35)	$	19	$	1,046
Provision for income tax expense (benefit)	213		(18)		(8)		(14)		173
Post-tax adjusted earnings (loss)	924		(57)		(27)		33		873
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		4		4
Less: Preferred stock dividends	—		—		—		77		77
Adjusted earnings (loss)	$	924	$	(57)	$	(27)	$	(48)	792
Adjustments for:
Net investment gains (losses)									(213)
Net derivative gains (losses), excluding investment hedge adjustments of $86									(3,312)
Change in market risk benefits									2,170
Market value adjustments									9
Provision for income tax (expense) benefit									282
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(272)

Interest revenue	$	1,879	$	334	$	870	$	460
Interest expense	$	—	$	—	$	—	$	114

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


	September 30, 2024		December 31, 2023
	(In millions)
Annuities	$	168,286	$	160,775
Life	25,732		25,504
Run-off	26,465		26,828
Corporate & Other	24,673		23,233
Total	$	245,156	$	236,340

Reconciliation of Revenue from Segments to Consolidated

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Annuities	$	1,314	$	1,214	$	3,932	$	3,630
Life	303		299		817		915
Run-off	377		413		1,162		1,241
Corporate & Other	183		162		534		456
Adjustments	(159)		(918)		(2,926)		(3,525)
Total	$	2,018	$	1,170	$	3,519	$	2,717

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized cost, due in one year or less	$ 4,255
Amortized cost, due after one year through five years	18,956
Amortized cost, due after five years through ten years	13,807
Amortized cost, due after ten years	29,161
Amortized cost, Structured Securities	21,659
Fixed maturity securities, amortized cost	87,838	$ 87,131
Estimated fair value, due in one year or less	4,241
Estimated fair value, due after one year through five years	18,740
Estimated fair value, due after five years through ten years	12,983
Estimated fair value, due after ten years	26,626
Estimated fair value, Structured Securities	20,708
Fixed maturity securities, estimated fair value	$ 83,298	$ 80,991

Investments (Past Due Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 23,105	$ 22,645
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	22,775	22,520
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	95	2
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	49	30
90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	46	23
180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	140	70
Commercial
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,255	13,193
Commercial \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	13,146	13,176
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	10	0
Commercial \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	14	0
Commercial \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	85	17
Agricultural
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,521	4,445
Agricultural \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	4,496	4,429
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	9	0
Agricultural \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	0	0
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	5,329	5,007
Residential \| Current
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	5,133	4,915
Residential \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	95	2
Residential \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	30	30
Residential \| 90 to 179 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	32	23
Residential \| 180 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, before allowance for credit losses	$ 39	$ 37

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 20	$ 27
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,095	$ 1,405
Weighted Average Years to Maturity (2)	3 years 4 months 24 days	3 years 10 months 24 days
Credit default swaps \| Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 3	$ 6
Maximum Amount of Future Payments under Credit Default Swaps	$ 415	$ 419
Weighted Average Years to Maturity (2)	10 months 24 days	1 year 7 months 6 days
Credit default swaps \| Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 15	$ 19
Maximum Amount of Future Payments under Credit Default Swaps	$ 652	$ 958
Weighted Average Years to Maturity (2)	5 years	4 years 10 months 24 days
Credit default swaps \| Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 2	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 24	$ 24
Weighted Average Years to Maturity (2)	2 years 2 months 12 days	3 years
Credit default swaps \| Caa and Lower
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 4	$ 4
Weighted Average Years to Maturity (2)	1 year 2 months 12 days	2 years

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss)	Brighthouse Financial, Inc.’s Stockholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 5,598	$ 0	$ 1	$ 14,075	$ (395)	$ (2,042)	$ (6,106)	$ 5,533	$ 65
Treasury stock acquired in connection with share repurchases	(126)					(126)		(126)
Share-based compensation	0		0	15		(15)		0
Dividends on preferred stock	(51)			(51)				(51)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent					(674)			(674)
Net income (loss)	(672)								2
Other comprehensive income (loss), net of income tax	225						225	225
Ending Balance at Jun. 30, 2023	4,972	0	1	14,039	(1,069)	(2,183)	(5,881)	4,907	65
Beginning Balance at Dec. 31, 2022	5,598	0	1	14,075	(395)	(2,042)	(6,106)	5,533	65
Net Income (Loss) Attributable to Parent	(195)
Net income (loss)	(191)
Ending Balance at Sep. 30, 2023	4,134	0	1	14,022	(590)	(2,248)	(7,116)	4,069	65
Beginning Balance at Jun. 30, 2023	4,972	0	1	14,039	(1,069)	(2,183)	(5,881)	4,907	65
Treasury stock acquired in connection with share repurchases	(64)					(64)		(64)
Share-based compensation	8		0	9		(1)		8
Dividends on preferred stock	(26)			(26)				(26)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent	479				479			479
Net income (loss)	481								2
Other comprehensive income (loss), net of income tax	(1,235)						(1,235)	(1,235)
Ending Balance at Sep. 30, 2023	4,134	0	1	14,022	(590)	(2,248)	(7,116)	4,069	65
Beginning Balance at Dec. 31, 2023	5,008	0	1	14,004	(1,507)	(2,309)	(5,246)	4,943	65
Treasury stock acquired in connection with share repurchases	(126)					(126)		(126)
Share-based compensation	7		0	19		(12)		7
Dividends on preferred stock	(51)			(51)				(51)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent					(459)			(459)
Net income (loss)	(457)								2
Other comprehensive income (loss), net of income tax	(173)						(173)	(173)
Ending Balance at Jun. 30, 2024	4,206	0	1	13,972	(1,966)	(2,447)	(5,419)	4,141	65
Beginning Balance at Dec. 31, 2023	5,008	0	1	14,004	(1,507)	(2,309)	(5,246)	4,943	65
Net Income (Loss) Attributable to Parent	(283)
Net income (loss)	(279)
Ending Balance at Sep. 30, 2024	5,590	0	1	13,953	(1,790)	(2,512)	(4,127)	5,525	65
Beginning Balance at Jun. 30, 2024	4,206	0	1	13,972	(1,966)	(2,447)	(5,419)	4,141	65
Treasury stock acquired in connection with share repurchases	(64)					(64)		(64)
Share-based compensation	6		0	7		(1)		6
Dividends on preferred stock	(26)			(26)				(26)
Change in noncontrolling interests	(2)							0	(2)
Net Income (Loss) Attributable to Parent	176				176			176
Net income (loss)	178								2
Other comprehensive income (loss), net of income tax	1,292						1,292	1,292
Ending Balance at Sep. 30, 2024	$ 5,590	$ 0	$ 1	$ 13,953	$ (1,790)	$ (2,512)	$ (4,127)	$ 5,525	$ 65

- Definition

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

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

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+ Details

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

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 176	$ 479	$ (283)	$ (195)

- Definition

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

+ References

+ Details

Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector) (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	$ 10,066	$ 8,061
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	$ 775	$ 585
Fixed maturity securities in continuous unrealized loss position, less than 12 months, number of securities	2,140	1,347
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	$ 41,130	$ 51,758
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 5,004	$ 6,571
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, number of securities	5,506	7,038
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	$ 6,004	$ 4,554
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	467	409
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	18,849	22,796
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	2,377	2,987
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	1,678	1,010
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	167	73
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	6,263	8,311
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	893	1,216
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	300	518
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	23	9
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	2,266	3,477
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	453	514
RMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	554	413
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	34	20
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	5,233	5,774
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	607	792
CMBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	648	411
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	47	33
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	5,189	5,786
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	319	581
ABS
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	407	572
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	6	3
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,209	3,360
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	59	128
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	339	471
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	22	32
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	1,603	1,634
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	234	272
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities in continuous unrealized loss position, less than 12 months, estimated fair value	136	112
Fixed maturity securities in continuous unrealized loss position, less than 12 months, gross unrealized losses	9	6
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, estimated fair value	518	620
Fixed maturity securities in continuous unrealized loss position, 12 months or greater, gross unrealized losses	$ 62	$ 81

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	150	$	453	$	(360)	$	(272)

Weighted average common shares outstanding — basic	60,600,840		65,408,241		61,860,201		66,658,796
Dilutive effect of share-based awards	348,979		336,110		—		—
Weighted average common shares outstanding — diluted	60,949,819		65,744,351		61,860,201		66,658,796

Earnings per common share:
Basic	$	2.49	$	6.92	$	(5.82)	$	(4.08)
Diluted	$	2.47	$	6.89	$	(5.82)	$	(4.08)

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Gross investment income	$ 1,380	$ 1,293	$ 4,114	$ 3,731
Less: Investment expenses	92	91	265	274
Net investment income	1,288	1,202	3,849	3,457
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	950	897	2,806	2,602
Equity securities
Net Investment Income [Line Items]
Gross investment income	1	1	3	2
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	253	240	748	716
Policy loans
Net Investment Income [Line Items]
Gross investment income	18	17	51	50
Limited partnerships and LLCs
Net Investment Income [Line Items]
Gross investment income	55	53	228	129
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross investment income	78	61	202	166
Other assets
Net Investment Income [Line Items]
Gross investment income	$ 25	$ 24	$ 76	$ 66

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Cash collateral received from counterparties	$ 3,270	$ 3,277
Reinvestment portfolio — estimated fair value	3,301	3,246
Amortized cost
Securities Financing Transaction [Line Items]
Securities on loan	3,457	3,420
Estimated fair value
Securities Financing Transaction [Line Items]
Securities on loan	$ 3,176	$ 3,194

Other Revenues and Other Expenses

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

11. Other Revenues and Other Expenses

Other Revenues

The Company has entered into contracts with mutual funds, fund managers, and their affiliates (collectively, the “Funds”) whereby the Company is paid monthly or quarterly fees (“12b-1 fees”) for providing certain services to customers and distributors of the Funds. The 12b-1 fees, which are included in other revenues, 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 included 12b-1 fees of $68 million and $204 million for the three months and nine months ended September 30, 2024, respectively, and $68 million and $201 million for the three months and nine months ended September 30, 2023, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Compensation	$	102	$	98	$	314	$	302
Contracted services and other labor costs	74		73		207		221
Transition services agreements	5		7		17		26
Premium and other taxes, licenses and fees	13		15		37		49
Separate account fees	92		93		275		277
Volume related costs, excluding compensation, net of DAC capitalization	151		129		436		409
Interest expense on debt	38		38		114		114
Other	17		20		67		55
Total other expenses	$	492	$	473	$	1,467	$	1,453

Capitalization of DAC

See Note 6 for additional information on the capitalization of DAC.

Insurance Liabilities (Policyholder Account Balances) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Policyholder Account Balance [Line Items]
Interest credited to policyholder account balances	$ 556	$ 426	$ 1,567	$ 1,300
Policyholder Account Balance, Ending Balance	87,678	78,371	87,678	78,371
Universal Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			2,550	2,658
Premiums and deposits			181	171
Surrenders and withdrawals			(68)	(140)
Benefit payments			(37)	(52)
Net transfers from (to) separate account			31	42
Interest credited to policyholder account balances			74	33
Policy charges			(152)	(167)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 2,579	$ 2,545	$ 2,579	$ 2,545
Weighted-average crediting rate (2)	2.89%	1.27%	2.89%	1.27%
Variable Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 4,307	$ 4,908
Premiums and deposits			57	63
Surrenders and withdrawals			(508)	(486)
Benefit payments			(72)	(89)
Net transfers from (to) separate account			96	8
Interest credited to policyholder account balances			83	98
Policy charges			(16)	(19)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 3,947	$ 4,483	$ 3,947	$ 4,483
Weighted-average crediting rate (2)	2.02%	2.09%	2.02%	2.09%
Index-linked Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 41,627	$ 33,897
Premiums and deposits			6,272	5,314
Surrenders and withdrawals			(3,935)	(2,588)
Benefit payments			(243)	(177)
Net transfers from (to) separate account			0	0
Interest credited to policyholder account balances			438	299
Policy charges			(14)	(6)
Changes related to embedded derivatives			3,669	1,880
Policyholder Account Balance, Ending Balance	$ 47,814	$ 38,619	$ 47,814	$ 38,619
Weighted-average crediting rate (2)	1.31%	1.02%	1.31%	1.02%
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 14,672	$ 14,274
Premiums and deposits			1,027	1,983
Surrenders and withdrawals			(982)	(1,518)
Benefit payments			(258)	(285)
Net transfers from (to) separate account			0	0
Interest credited to policyholder account balances			424	357
Policy charges			0	0
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 14,883	$ 14,811	$ 14,883	$ 14,811
Weighted-average crediting rate (2)	2.86%	2.43%	2.86%	2.43%
ULSG
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 5,052	$ 5,307
Premiums and deposits			486	501
Surrenders and withdrawals			(15)	(17)
Benefit payments			(53)	(67)
Net transfers from (to) separate account			0	0
Interest credited to policyholder account balances			123	165
Policy charges			(745)	(764)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 4,848	$ 5,125	$ 4,848	$ 5,125
Weighted-average crediting rate (2)	2.48%	3.17%	2.48%	3.17%
Company-Owned Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance			$ 653	$ 641
Premiums and deposits			0	0
Surrenders and withdrawals			0	0
Benefit payments			(7)	(6)
Net transfers from (to) separate account			5	0
Interest credited to policyholder account balances			22	22
Policy charges			(6)	(7)
Changes related to embedded derivatives			0	0
Policyholder Account Balance, Ending Balance	$ 667	$ 650	$ 667	$ 650
Weighted-average crediting rate (2)	3.10%	3.41%	3.10%	3.41%

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

7. Investments

See Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s accounting policies for investments and the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-For-Sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	September 30, 2024										December 31, 2023
	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	$	40,395	$	31	$	540	$	2,844	$	38,060	$	38,778	$	15	$	388	$	3,396	$	35,755
Foreign corporate	13,340		21		140		1,060		12,399		12,865		—		89		1,289		11,665
U.S. government and agency	7,743		—		302		476		7,569		8,656		—		286		523		8,419
Residential mortgage-backed securities	8,510		4		78		641		7,943		8,199		5		48		812		7,430
Commercial mortgage-backed securities	6,855		5		9		366		6,493		7,023		1		2		614		6,410
Asset-backed securities	6,294		—		43		65		6,272		6,514		—		23		131		6,406
State and political subdivision	3,653		—		144		256		3,541		4,019		—		159		304		3,874
Foreign government	1,048		—		44		71		1,021		1,077		—		42		87		1,032
Total fixed maturity securities	$	87,838	$	61	$	1,300	$	5,779	$	83,298	$	87,131	$	21	$	1,037	$	7,156	$	80,991

The Company held non-income producing fixed maturity securities with an estimated fair value of $40 million and $52 million at September 30, 2024 and December 31, 2023, respectively.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2024:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	4,255	$	18,956	$	13,807	$	29,161	$	21,659	$	87,838
Estimated fair value	$	4,241	$	18,740	$	12,983	$	26,626	$	20,708	$	83,298

_______________

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

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

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector

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


	September 30, 2024								December 31, 2023
	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	$	6,004	$	467	$	18,849	$	2,377	$	4,554	$	409	$	22,796	$	2,987
Foreign corporate	1,678		167		6,263		893		1,010		73		8,311		1,216
U.S. government and agency	300		23		2,266		453		518		9		3,477		514
RMBS	554		34		5,233		607		413		20		5,774		792
CMBS	648		47		5,189		319		411		33		5,786		581
ABS	407		6		1,209		59		572		3		3,360		128
State and political subdivision	339		22		1,603		234		471		32		1,634		272
Foreign government	136		9		518		62		112		6		620		81
Total fixed maturity securities	$	10,066	$	775	$	41,130	$	5,004	$	8,061	$	585	$	51,758	$	6,571
Total number of securities in an unrealized loss position	2,140				5,506				1,347				7,038

Allowance for Credit Losses for Fixed Maturity Securities

Evaluation and Measurement Methodologies

For fixed maturity securities in an unrealized loss position, management first assesses whether the Company intends to sell, or whether it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to estimated fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the allowance for credit loss evaluation process include, but are not limited to: (i) the extent to which estimated fair value is less than amortized cost; (ii) any changes to the rating of the security by a rating agency; (iii) adverse conditions specifically related to the security, industry or geographic area; and (iv) payment structure of the fixed maturity security and the likelihood of the issuer being able to make payments in the future or the issuer’s failure to make scheduled interest and principal payments. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss is deemed to exist and an allowance for credit losses is recorded, limited by the amount that the estimated fair value is less than the amortized cost basis, with a corresponding charge to net investment gains (losses). Any unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income (“OCI”).

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

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

Accrued interest receivables are presented separate from the amortized cost basis of fixed maturity securities. An allowance for credit losses is not estimated on an accrued interest receivable, rather receivable balances 90-days past due are deemed uncollectible and are written off with a corresponding reduction to net investment income. The accrued interest receivable on fixed maturity securities totaled $717 million and $655 million at September 30, 2024 and December 31, 2023, respectively, and is included in accrued investment income.

Fixed maturity securities are also evaluated to determine if they qualify as purchased financial assets with credit deterioration (“PCD”). To determine if the credit deterioration experienced since origination is more than insignificant, both (i) the extent of the credit deterioration and (ii) any rating agency downgrades are evaluated. For securities categorized as PCD assets, the present value of cash flows expected to be collected from the security are compared to the par value of the security. If the present value of cash flows expected to be collected is less than the par value, credit losses are embedded in the purchase price of the PCD asset. In this situation, both an allowance for credit losses and amortized cost gross-up is recorded, limited by the amount that the estimated fair value is less than the grossed-up amortized cost basis. Any difference between the purchase price and the present value of cash flows is amortized or accreted into net investment income over the life of the PCD asset. Any subsequent PCD asset allowance for credit losses is evaluated in a manner similar to the process described above for fixed maturity securities.

Current Period Evaluation

Based on the Company’s current evaluation of its fixed maturity securities in an unrealized loss position and the current intent or requirement to sell, the Company recorded an allowance for credit losses of $61 million, relating to 28 securities, at September 30, 2024. 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 for fixed maturity securities by sector were as follows:


	U.S. Corporate		Foreign Corporate		RMBS		CMBS		Total
	(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	15	$	—	$	5	$	1	$	21
Allowance on securities where credit losses were not previously recorded	13		21		—		3		37
Reductions for securities sold	—		—		(1)		—		(1)
Change in allowance on securities with an allowance recorded in a previous period	3		—		—		1		4
Write-offs charged against allowance (1)	—		—		—		—		—
Balance, end of period	$	31	$	21	$	4	$	5	$	61
Nine Months Ended September 30, 2023
Balance, beginning of period	$	1	$	1	$	2	$	3	$	7
Allowance on securities where credit losses were not previously recorded	14		—		4		—		18
Reductions for securities sold	(1)		—		—		(1)		(2)
Change in allowance on securities with an allowance recorded in a previous period	—		—		—		—		—
Write-offs charged against allowance (1)	—		(1)		—		—		(1)
Balance, end of period	$	14	$	—	$	6	$	2	$	22

_______________

(1)The Company recorded total write-offs of $10 million and $8 million for the nine months ended September 30, 2024 and 2023, respectively.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	September 30, 2024				December 31, 2023
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,255	57.8	%	$	13,193	58.6	%
Agricultural	4,521		19.7		4,445		19.8
Residential	5,329		23.2		5,007		22.2
Total mortgage loans (1)	23,105		100.7		22,645		100.6
Allowance for credit losses	(167)		(0.7)		(137)		(0.6)
Total mortgage loans, net	$	22,938	100.0	%	$	22,508	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $314 million and $664 million for the three months and nine months ended September 30, 2024, respectively, and $224 million and $255 million for the three months and nine months ended September 30, 2023, respectively, and were primarily comprised of residential mortgage loans.

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

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

Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $128 million and $123 million at September 30, 2024 and December 31, 2023, respectively.

The allowance for credit losses is estimated using relevant available information, from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience provides the basis for estimating expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics and environmental conditions. A reasonable and supportable forecast period of two years is used with an input reversion period of one year.

Mortgage loans are evaluated in each of the three portfolio segments to determine the allowance for credit losses. The loan-level loss rates are determined using individual loan terms and characteristics, risk pools/internal ratings, national economic forecasts, prepayment speeds, and estimated default and loss severity. The resulting loss rates are applied to the mortgage loan’s amortized cost to generate an allowance for credit losses. In certain situations, the allowance for credit losses is measured as the difference between the loan’s amortized cost and liquidation value of the collateral. These situations include collateral dependent loans, modifications, foreclosure probable loans, and loans with dissimilar risk characteristics.

Mortgage loans are also evaluated to determine if they qualify as PCD assets. To determine if the credit deterioration experienced since origination is more than insignificant, the extent of credit deterioration is evaluated. All re-performing/modified loan (“RPL”) pools purchased after December 31, 2019 are determined to have been acquired with evidence of more than insignificant credit deterioration since origination and are classified as PCD assets. RPLs are pools of residential mortgage loans acquired at a discount or premium which have both credit and non-credit components. For PCD mortgage loans, the allowance for credit losses is determined using a similar methodology described above, except the loss-rate is determined at the pool level instead of the individual loan level. The initial allowance for credit losses, determined on a collective basis, is then allocated to the individual loans. The initial amortized cost of the loan is grossed-up to reflect the sum of the loan’s purchase price and allowance for credit losses. The difference between the grossed-up amortized cost basis and the par value of the loan is a non-credit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments.

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

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


	Commercial		Agricultural		Residential		Total
	(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	69	$	19	$	49	$	137
Current period provision	39		11		(7)		43
Charge-offs, net of recoveries	(13)		—		—		(13)

Balance, end of period	$	95	$	30	$	42	$	167
Nine Months Ended September 30, 2023
Balance, beginning of period	$	49	$	15	$	55	$	119
Current period provision	22		1		—		23
Charge-offs, net of recoveries	(4)		(1)		—		(5)

Balance, end of period	$	67	$	15	$	55	$	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:


	2024		2023		2022		2021		2020		Prior		Total
	(In millions)
September 30, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	448	$	199	$	609	$	1,824	$	221	$	3,175	$	6,476
65% to 75%	67		—		876		778		38		1,073		2,832
76% to 80%	—		—		415		304		175		650		1,544
Greater than 80%	—		—		516		267		—		1,620		2,403
Total commercial mortgage loans	515		199		2,416		3,173		434		6,518		13,255
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	241		221		554		1,101		399		1,712		4,228
65% to 75%	6		1		130		107		12		17		273
76% to 80%	—		—		—		—		1		3		4
Greater than 80%	—		—		—		—		—		16		16
Total agricultural mortgage loans	247		222		684		1,208		412		1,748		4,521
Residential mortgage loans
Performing	294		235		1,298		1,666		137		1,598		5,228
Nonperforming	—		1		32		18		1		49		101
Total residential mortgage loans	294		236		1,330		1,684		138		1,647		5,329
Total	$	1,056	$	657	$	4,430	$	6,065	$	984	$	9,913	$	23,105


	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


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

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:


	September 30, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,151	91.7	%	$	12,086	91.6	%
1.00x - 1.20x	663		5.0		702		5.3
Less than 1.00x	441		3.3		405		3.1
Total	$	13,255	100.0	%	$	13,193	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 September 30, 2024 and December 31, 2023. 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:


	September 30, 2024								December 31, 2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,146	$	4,496	$	5,133	$	22,775	$	13,176	$	4,429	$	4,915	$	22,520
30-59 days past due	—		—		95		95		—		—		2		2
60-89 days past due	10		9		30		49		—		—		30		30
90-179 days past due	14		—		32		46		—		—		23		23
180+ days past due	85		16		39		140		17		16		37		70
Total	$	13,255	$	4,521	$	5,329	$	23,105	$	13,193	$	4,445	$	5,007	$	22,645

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		Total
	(In millions)
September 30, 2024	$	119	$	16	$	101	$	236
December 31, 2023	$	17	$	—	$	90	$	107

The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both September 30, 2024 and December 31, 2023.

Current period investment income on mortgage loans in nonaccrual status was $3 million and $1 million for the nine months ended September 30, 2024 and 2023, respectively.

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 the nine months ended September 30, 2024 and 2023.

Other Invested Assets

Over 75% of other invested assets is comprised of freestanding derivatives with positive estimated fair values. See Note 8 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes the Company’s investment in company-owned life insurance, Federal Home Loan Bank (“FHLB”) stock, leveraged leases and tax credit and renewable energy partnerships.

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 accumulated other comprehensive income (loss) (“AOCI”).

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


	September 30, 2024		December 31, 2023
	(In millions)
Fixed maturity securities	$	(4,479)	$	(6,119)

Derivatives	316		351

Other	(7)		2
Subtotal	(4,170)		(5,766)
Amounts allocated from:
Future policy benefits	532		652
Deferred income tax benefit (expense)	764		1,074
Net unrealized investment gains (losses)	$	(2,874)	$	(4,040)

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


	Nine Months Ended September 30, 2024
	(In millions)
Balance at December 31, 2023	$	(4,040)
Unrealized investment gains (losses) during the period	1,596
Unrealized investment gains (losses) relating to:
Future policy benefits	(120)
Deferred income tax benefit (expense)	(310)
Balance at September 30, 2024	$	(2,874)
Change in net unrealized investment gains (losses)	$	1,166

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 September 30, 2024 and December 31, 2023.

Securities Lending

Elements of the securities lending program are presented below at:


	September 30, 2024		December 31, 2023
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,457	$	3,420
Estimated fair value	$	3,176	$	3,194
Cash collateral received from counterparties (2)	$	3,270	$	3,277

Reinvestment portfolio — estimated fair value	$	3,301	$	3,246

_______________

(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:


	September 30, 2024						December 31, 2023
	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	$	641	$	2,060	$	206	$	2,907	$	647	$	655	$	1,584	$	2,886
U.S. corporate	—		254		—		254		—		252		—		252

Foreign corporate	—		106		—		106		—		130		—		130
Foreign government	—		3		—		3		—		9		—		9
Total	$	641	$	2,423	$	206	$	3,270	$	647	$	1,046	$	1,584	$	3,277

_______________

(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 September 30, 2024 was $624 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. and foreign corporate securities, U.S. government and agency securities, non-agency RMBS and CMBS) with 52% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at September 30, 2024. 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:


	September 30, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	6,514	$	8,593
Invested assets held in trust (reinsurance agreements) (2)	7,686		7,142
Invested assets pledged as collateral (3)	12,774		13,979
Total invested assets on deposit, held in trust and pledged as collateral	$	26,974	$	29,714

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $87 million and $102 million of the assets on deposit represents restricted cash and cash equivalents at September 30, 2024 and December 31, 2023, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $299 million and $120 million of the assets held in trust balance represents restricted cash and cash equivalents at September 30, 2024 and December 31, 2023, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report) and derivative transactions (see Note 8).

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 $242 million and $245 million at redemption value at September 30, 2024 and December 31, 2023, respectively.

Variable Interest Entities

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

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

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at either September 30, 2024 or December 31, 2023.

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:


	September 30, 2024				December 31, 2023
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,556	$	16,362	$	15,526	$	16,771
Limited partnerships and LLCs	4,252		5,313		4,233		5,255
Total	$	19,808	$	21,675	$	19,759	$	22,026

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 13.

Net Investment Income

The components of net investment income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Investment income:
Fixed maturity securities	$	950	$	897	$	2,806	$	2,602
Equity securities	1		1		3		2
Mortgage loans	253		240		748		716
Policy loans	18		17		51		50
Limited partnerships and LLCs (1)	55		53		228		129
Cash, cash equivalents and short-term investments	78		61		202		166
Other	25		24		76		66
Total investment income	1,380		1,293		4,114		3,731
Less: Investment expenses	92		91		265		274
Net investment income	$	1,288	$	1,202	$	3,849	$	3,457

_______________

(1)Includes net investment income pertaining to other limited partnership interests of $64 million and $259 million for the three months and nine months ended September 30, 2024, respectively, and $64 million and $156 million for the three months and nine months ended September 30, 2023, respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Fixed maturity securities	$	(49)	$	(54)	$	(184)	$	(185)
Equity securities	2		(1)		2		(2)
Mortgage loans	(15)		3		(42)		(24)
Limited partnerships and LLCs	—		—		(1)		—
Other	2		(1)		3		(2)
Total net investment gains (losses)	$	(60)	$	(53)	$	(222)	$	(213)

Gains (losses) from foreign currency transactions included within net investment gains (losses) were not significant for the three months and nine months ended September 30, 2024 and 2023.

Sales or Disposals of Fixed Maturity Securities

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Proceeds	$	320	$	494	$	2,175	$	1,771
Gross investment gains	$	3	$	1	$	13	$	12
Gross investment losses	(26)		(44)		(146)		(173)
Net investment gains (losses)	$	(23)	$	(43)	$	(133)	$	(161)

Investments (Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	$ 87,838	$ 87,131
Fixed maturity securities, allowance for credit losses	61	21	$ 22	$ 7
Fixed maturity securities, gross unrealized gains	1,300	1,037
Fixed maturity securities, gross unrealized losses	5,779	7,156
Fixed maturity securities, estimated fair value	83,298	80,991
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	40,395	38,778
Fixed maturity securities, allowance for credit losses	31	15	14	1
Fixed maturity securities, gross unrealized gains	540	388
Fixed maturity securities, gross unrealized losses	2,844	3,396
Fixed maturity securities, estimated fair value	38,060	35,755
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	13,340	12,865
Fixed maturity securities, allowance for credit losses	21	0	0	1
Fixed maturity securities, gross unrealized gains	140	89
Fixed maturity securities, gross unrealized losses	1,060	1,289
Fixed maturity securities, estimated fair value	12,399	11,665
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	7,743	8,656
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	302	286
Fixed maturity securities, gross unrealized losses	476	523
Fixed maturity securities, estimated fair value	7,569	8,419
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	8,510	8,199
Fixed maturity securities, allowance for credit losses	4	5	6	2
Fixed maturity securities, gross unrealized gains	78	48
Fixed maturity securities, gross unrealized losses	641	812
Fixed maturity securities, estimated fair value	7,943	7,430
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	6,855	7,023
Fixed maturity securities, allowance for credit losses	5	1	$ 2	$ 3
Fixed maturity securities, gross unrealized gains	9	2
Fixed maturity securities, gross unrealized losses	366	614
Fixed maturity securities, estimated fair value	6,493	6,410
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	6,294	6,514
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	43	23
Fixed maturity securities, gross unrealized losses	65	131
Fixed maturity securities, estimated fair value	6,272	6,406
State and political subdivision
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	3,653	4,019
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	144	159
Fixed maturity securities, gross unrealized losses	256	304
Fixed maturity securities, estimated fair value	3,541	3,874
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, amortized cost	1,048	1,077
Fixed maturity securities, allowance for credit losses	0	0
Fixed maturity securities, gross unrealized gains	44	42
Fixed maturity securities, gross unrealized losses	71	87
Fixed maturity securities, estimated fair value	$ 1,021	$ 1,032

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

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:


		September 30, 2024						December 31, 2023
	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 swaps	Interest rate	$	500	$	—	$	6	$	—	$	—	$	—
Foreign currency swaps	Foreign currency exchange rate	3,842		324		46		3,939		348		45
Total qualifying hedges		4,342		324		52		3,939		348		45
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	58,535		160		194		31,252		140		103
Interest rate floors	Interest rate	3,500		4		—		3,500		7		1
Interest rate caps	Interest rate	6,800		—		16		7,050		19		1
Interest rate futures	Interest rate	—		—		—		—		—		—
Interest rate options	Interest rate	21,400		39		208		33,680		47		167
Interest rate forwards	Interest rate	16,692		69		1,162		17,017		32		1,937
Foreign currency swaps	Foreign currency exchange rate	691		87		1		747		101		1
Foreign currency forwards	Foreign currency exchange rate	495		1		3		535		—		9

Credit default swaps — written	Credit	1,095		20		—		1,405		27		—

Equity futures	Equity market	2		—		—		—		—		—
Equity index options	Equity market	15,943		855		443		20,099		757		687

Equity total return swaps	Equity market	108,706		1,891		1,923		53,742		2,236		2,137
Hybrid options	Equity market	—		—		—		270		—		—
Total non-designated or non-qualifying derivatives		233,859		3,126		3,950		169,297		3,366		5,043
Total		$	238,201	$	3,450	$	4,002	$	173,236	$	3,714	$	5,088

Derivative Instruments, Gain (Loss)

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


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(1)	$	—	$	1	$	2	$	(18)
Foreign currency exchange rate	8		(6)		10		—		(101)
Total cash flow hedges	7		(6)		11		2		(119)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	756		—		—		—		—
Foreign currency exchange rate	(39)		14		—		—		—
Credit	5		—		—		—		—
Equity market	234		—		—		—		—
Embedded	(1,064)		—		—		—		—
Total non-qualifying hedges	(108)		14		—		—		—
Total	$	(101)	$	8	$	11	$	2	$	(119)
Three Months Ended September 30, 2023
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	—	$	(2)
Foreign currency exchange rate	1		(1)		13		—		(31)
Total cash flow hedges	1		(1)		14		—		(33)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,481)		—		—		—		—
Foreign currency exchange rate	21		(16)		—		—		—
Credit	3		—		—		—		—
Equity market	(280)		—		—		—		—
Embedded	913		—		—		—		—
Total non-qualifying hedges	(824)		(16)		—		—		—
Total	$	(823)	$	(17)	$	14	$	—	$	(33)


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Nine Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	2	$	—	$	2	$	6	$	(6)
Foreign currency exchange rate	9		(8)		36		—		(16)
Total cash flow hedges	11		(8)		38		6		(22)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(345)		—		—		—		—
Foreign currency exchange rate	6		5		—		—		—
Credit	12		—		—		—		—
Equity market	1,307		—		—		—		—
Embedded	(3,664)		—		—		—		—
Total non-qualifying hedges	(2,684)		5		—		—		—
Total	$	(2,673)	$	(3)	$	38	$	6	$	(22)
Nine Months Ended September 30, 2023
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	(2)	$	—	$	3	$	—	$	(1)
Foreign currency exchange rate	5		(6)		40		—		(122)
Total cash flow hedges	3		(6)		43		—		(123)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,422)		—		—		—		—
Foreign currency exchange rate	25		(12)		—		—		—
Credit	22		—		—		—		—
Equity market	44		—		—		—		—
Embedded	(1,880)		—		—		—		—
Total non-qualifying hedges	(3,211)		(12)		—		—		—
Total	$	(3,208)	$	(18)	$	43	$	—	$	(123)

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

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


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	(1)	$	—	$	1	$	2	$	(18)
Foreign currency exchange rate	8		(6)		10		—		(101)
Total cash flow hedges	7		(6)		11		2		(119)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	756		—		—		—		—
Foreign currency exchange rate	(39)		14		—		—		—
Credit	5		—		—		—		—
Equity market	234		—		—		—		—
Embedded	(1,064)		—		—		—		—
Total non-qualifying hedges	(108)		14		—		—		—
Total	$	(101)	$	8	$	11	$	2	$	(119)
Three Months Ended September 30, 2023
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	—	$	(2)
Foreign currency exchange rate	1		(1)		13		—		(31)
Total cash flow hedges	1		(1)		14		—		(33)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,481)		—		—		—		—
Foreign currency exchange rate	21		(16)		—		—		—
Credit	3		—		—		—		—
Equity market	(280)		—		—		—		—
Embedded	913		—		—		—		—
Total non-qualifying hedges	(824)		(16)		—		—		—
Total	$	(823)	$	(17)	$	14	$	—	$	(33)


	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Nine Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	2	$	—	$	2	$	6	$	(6)
Foreign currency exchange rate	9		(8)		36		—		(16)
Total cash flow hedges	11		(8)		38		6		(22)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(345)		—		—		—		—
Foreign currency exchange rate	6		5		—		—		—
Credit	12		—		—		—		—
Equity market	1,307		—		—		—		—
Embedded	(3,664)		—		—		—		—
Total non-qualifying hedges	(2,684)		5		—		—		—
Total	$	(2,673)	$	(3)	$	38	$	6	$	(22)
Nine Months Ended September 30, 2023
Derivatives Designated as Hedging Instruments:



Cash flow hedges:
Interest rate	$	(2)	$	—	$	3	$	—	$	(1)
Foreign currency exchange rate	5		(6)		40		—		(122)
Total cash flow hedges	3		(6)		43		—		(123)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(1,422)		—		—		—		—
Foreign currency exchange rate	25		(12)		—		—		—
Credit	22		—		—		—		—
Equity market	44		—		—		—		—
Embedded	(1,880)		—		—		—		—
Total non-qualifying hedges	(3,211)		(12)		—		—		—
Total	$	(3,208)	$	(18)	$	43	$	—	$	(123)

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:


	September 30, 2024					December 31, 2023
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	$	3	$	415	0.9	$	6	$	419	1.6
Baa	15		652		5.0	19		958		4.9
Ba	2		24		2.2	2		24		3.0
Caa and Lower	—		4		1.2	—		4		2.0
Total	$	20	$	1,095	3.4	$	27	$	1,405	3.9

_______________

(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)
September 30, 2024
Derivative assets	$	3,149	$	(2,704)	$	(330)	$	115	$	(91)	$	24
Derivative liabilities	$	3,775	$	(2,704)	$	—	$	1,071	$	(1,071)	$	—
December 31, 2023
Derivative assets	$	3,506	$	(3,112)	$	(164)	$	230	$	(194)	$	36
Derivative liabilities	$	4,925	$	(3,112)	$	(8)	$	1,805	$	(1,805)	$	—

_______________

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

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

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

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


			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
September 30, 2024
Derivative assets	$	3,149	$	(2,704)	$	(330)	$	115	$	(91)	$	24
Derivative liabilities	$	3,775	$	(2,704)	$	—	$	1,071	$	(1,071)	$	—
December 31, 2023
Derivative assets	$	3,506	$	(3,112)	$	(164)	$	230	$	(194)	$	36
Derivative liabilities	$	4,925	$	(3,112)	$	(8)	$	1,805	$	(1,805)	$	—

_______________

(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


	September 30, 2024		December 31, 2023
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	1,071	$	1,813
Estimated fair value of collateral provided (2):
Fixed maturity securities	$	4,111	$	4,811

_______________

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

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Separate Accounts (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Separate Account, Liability

Information regarding separate account liabilities was as follows:


	Nine Months Ended September 30,
	2024						2023
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	79,990	$	5,921	$	2,162	$	77,653	$	5,218	$	1,932
Premiums and deposits	597		115		—		599		122		—
Surrenders and withdrawals	(6,080)		(163)		(14)		(4,603)		(138)		(11)
Benefit payments	(1,176)		(49)		(15)		(1,101)		(51)		(21)
Investment performance	9,647		886		242		4,175		440		174
Policy charges	(1,637)		(168)		(49)		(1,638)		(152)		(37)
Net transfers from (to) general account	(96)		(31)		(5)		(8)		(42)		—
Other	(28)		—		6		(5)		—		(1)
Balance, end of period	$	81,217	$	6,511	$	2,327	$	75,072	$	5,397	$	2,036

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:


	September 30,
	2024		2023
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	90,055	$	82,505
Variable income annuities	235		152
Pension risk transfer annuities	23		18
Total separate account liabilities	$	90,313	$	82,675

Fair Value, Separate Account Investment

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



	September 30, 2024		December 31, 2023
	(In millions)
Equity securities	$	90,040	$	87,999

Fixed maturity securities	264		258
Cash and cash equivalents	5		7
Other assets	4		7
Total aggregate estimated fair value of assets	$	90,313	$	88,271

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)
September 30, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,579	$	3,947	$	47,814	$	14,883	$	4,848	$	667
Separate account liabilities	6,511		81,217		—		—		—		2,327
Total account balances	$	9,090	$	85,164	$	47,814	$	14,883	$	4,848	$	2,994
Net amount at risk	$	33,923	$	11,711	N/A		N/A		$	64,059	$	2,683
Cash surrender value	$	8,523	$	84,765	$	46,076	$	14,632	$	4,360	$	2,769
September 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,545	$	4,483	$	38,619	$	14,811	$	5,125	$	650
Separate account liabilities	5,397		75,072		—		—		—		2,036
Total account balances	$	7,942	$	79,555	$	38,619	$	14,811	$	5,125	$	2,686
Net amount at risk	$	36,238	$	16,127	N/A		N/A		$	69,277	$	2,625
Cash surrender value	$	7,346	$	79,155	$	36,164	$	14,189	$	6,121	$	2,469

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The Company is organized into the following 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 primarily of products that are no longer actively sold and are separately managed, including universal life with secondary guarantees (“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.

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 Company uses the term “adjusted loss” throughout this report to refer to negative adjusted earnings values.

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 market risk benefits (“MRB”); 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 segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

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

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


	Three Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	403	$	(32)	$	584	$	13	$	968
Provision for income tax expense (benefit)	76		(7)		121		(17)		173
Post-tax adjusted earnings (loss)	327		(25)		463		30		795
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings (loss)	$	327	$	(25)	$	463	$	2	767
Adjustments for:
Net investment gains (losses)									(60)
Net derivative gains (losses), excluding investment hedge adjustments of $6									(99)
Change in market risk benefits									(610)
Market value adjustments									(11)
Provision for income tax (expense) benefit									163
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	150

Interest revenue	$	729	$	112	$	275	$	178
Interest expense	$	—	$	—	$	—	$	38


	Three Months Ended September 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	393	$	(93)	$	120	$	9	$	429
Provision for income tax expense (benefit)	74		(20)		25		(4)		75
Post-tax adjusted earnings (loss)	319		(73)		95		13		354
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2		2
Less: Preferred stock dividends	—		—		—		26		26
Adjusted earnings (loss)	$	319	$	(73)	$	95	$	(15)	326
Adjustments for:
Net investment gains (losses)									(53)
Net derivative gains (losses), excluding investment hedge adjustments of $25									(865)
Change in market risk benefits									1,064
Market value adjustments									15
Provision for income tax (expense) benefit									(34)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	453

Interest revenue	$	652	$	115	$	300	$	160
Interest expense	$	—	$	—	$	—	$	38


	Nine Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	1,198	$	(26)	$	115	$	42	$	1,329
Provision for income tax expense (benefit)	226		(7)		23		(9)		233
Post-tax adjusted earnings (loss)	972		(19)		92		51		1,096
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		4		4
Less: Preferred stock dividends	—		—		—		77		77
Adjusted earnings (loss)	$	972	$	(19)	$	92	$	(30)	1,015
Adjustments for:
Net investment gains (losses)									(222)
Net derivative gains (losses), excluding investment hedge adjustments of $28									(2,704)
Change in market risk benefits									1,186
Market value adjustments									(1)
Provision for income tax (expense) benefit									366
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(360)

Interest revenue	$	2,107	$	340	$	906	$	524
Interest expense	$	—	$	—	$	—	$	114


	Nine Months Ended September 30, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Pre-tax adjusted earnings (loss)	$	1,137	$	(75)	$	(35)	$	19	$	1,046
Provision for income tax expense (benefit)	213		(18)		(8)		(14)		173
Post-tax adjusted earnings (loss)	924		(57)		(27)		33		873
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		4		4
Less: Preferred stock dividends	—		—		—		77		77
Adjusted earnings (loss)	$	924	$	(57)	$	(27)	$	(48)	792
Adjustments for:
Net investment gains (losses)									(213)
Net derivative gains (losses), excluding investment hedge adjustments of $86									(3,312)
Change in market risk benefits									2,170
Market value adjustments									9
Provision for income tax (expense) benefit									282
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(272)

Interest revenue	$	1,879	$	334	$	870	$	460
Interest expense	$	—	$	—	$	—	$	114

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Annuities	$	1,314	$	1,214	$	3,932	$	3,630
Life	303		299		817		915
Run-off	377		413		1,162		1,241
Corporate & Other	183		162		534		456
Adjustments	(159)		(918)		(2,926)		(3,525)
Total	$	2,018	$	1,170	$	3,519	$	2,717

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


	September 30, 2024		December 31, 2023
	(In millions)
Annuities	$	168,286	$	160,775
Life	25,732		25,504
Run-off	26,465		26,828
Corporate & Other	24,673		23,233
Total	$	245,156	$	236,340

- 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

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - Derivatives Subject To Credit-Contingent Provisions - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Estimated fair value of derivatives in a net liability position (1)	$ 1,071	$ 1,813
Fixed maturity securities
Credit Derivatives [Line Items]
Estimated fair value of collateral provided (2):	$ 4,111	$ 4,811

Insurance Liabilities (Liability for Future Policy Benefits - Narrative) (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Mean Reversion Rate	0.0400		0.0375
Participating whole life insurance (2)
Participating Insurance, Percentage of Gross Insurance in Force	3.00%	3.00%
Participating Insurance, Percentage of Premium Income	39.00%	40.00%
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%

Investments (Mortgage Loans in Nonaccrual Status by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 236	$ 107
Commercial
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	119	17
Agricultural
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	16	0
Residential
Financing Receivable, Nonaccrual [Line Items]
Financing receivable in nonaccrual status	$ 101	$ 90

Segment Information (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings (loss)	$ 188	$ 590			$ (412)	$ (300)
Provision for income tax expense (benefit)	10	109			(133)	(109)
Post-tax adjusted earnings (loss)	178	481	$ (457)	$ (672)	(279)	(191)
Less: Net income (loss) attributable to noncontrolling interests	2	2			4	4
Less: Preferred stock dividends	26	26			77	77
Net investment gains (losses)	(60)	(53)			(222)	(213)
Investment Hedge Adjustment	(1,288)	(1,202)			(3,849)	(3,457)
Change in market risk benefits	(610)	1,064			1,186	2,170
Market value adjustments	556	426			1,567	1,300
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	150	453			(360)	(272)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	729	652			2,107	1,879
Interest expense	0	0			0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	112	115			340	334
Interest expense	0	0			0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	275	300			906	870
Interest expense	0	0			0	0
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	178	160			524	460
Interest expense	38	38			114	114
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings (loss)	968	429			1,329	1,046
Provision for income tax expense (benefit)	173	75			233	173
Post-tax adjusted earnings (loss)	795	354			1,096	873
Less: Net income (loss) attributable to noncontrolling interests	2	2			4	4
Less: Preferred stock dividends	26	26			77	77
Adjusted earnings (loss)	767	326			1,015	792
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings (loss)	403	393			1,198	1,137
Provision for income tax expense (benefit)	76	74			226	213
Post-tax adjusted earnings (loss)	327	319			972	924
Less: Net income (loss) attributable to noncontrolling interests	0	0			0	0
Less: Preferred stock dividends	0	0			0	0
Adjusted earnings (loss)	327	319			972	924
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings (loss)	(32)	(93)			(26)	(75)
Provision for income tax expense (benefit)	(7)	(20)			(7)	(18)
Post-tax adjusted earnings (loss)	(25)	(73)			(19)	(57)
Less: Net income (loss) attributable to noncontrolling interests	0	0			0	0
Less: Preferred stock dividends	0	0			0	0
Adjusted earnings (loss)	(25)	(73)			(19)	(57)
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings (loss)	584	120			115	(35)
Provision for income tax expense (benefit)	121	25			23	(8)
Post-tax adjusted earnings (loss)	463	95			92	(27)
Less: Net income (loss) attributable to noncontrolling interests	0	0			0	0
Less: Preferred stock dividends	0	0			0	0
Adjusted earnings (loss)	463	95			92	(27)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings (loss)	13	9			42	19
Provision for income tax expense (benefit)	(17)	(4)			(9)	(14)
Post-tax adjusted earnings (loss)	30	13			51	33
Less: Net income (loss) attributable to noncontrolling interests	2	2			4	4
Less: Preferred stock dividends	26	26			77	77
Adjusted earnings (loss)	2	(15)			(30)	(48)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	163	(34)			366	282
Net investment gains (losses)	(60)	(53)			(222)	(213)
Net derivative gains (losses), excluding investment hedge adjustments	(99)	(865)			(2,704)	(3,312)
Investment Hedge Adjustment	(6)	(25)			(28)	(86)
Change in market risk benefits	(610)	1,064			1,186	2,170
Market value adjustments	$ (11)	$ 15			$ (1)	$ 9

Insurance Liabilities (Reconciliation of Policyholder Account Balances) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 87,678	$ 78,371
Rollforwards Total
Policyholder Account Balance [Line Items]
Policyholder Account Balance	74,738	66,233
Funding agreements classified as investment contracts
Policyholder Account Balance [Line Items]
Policyholder Account Balance	11,561	11,052
Institutional group annuities
Policyholder Account Balance [Line Items]
Policyholder Account Balance	363	0
Other investment contract liabilities
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 1,016	$ 1,086

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

9 Months Ended

Sep. 30, 2024

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

Deferred Policy Acquisition Costs

Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Nine Months Ended September 30, 2024
DAC:
Balance, beginning of period	$	2,301	$	110	$	1,331	$	354	$	360
Capitalization	28		6		279		2		9
Amortization	(168)		(3)		(181)		(36)		(31)
Balance, end of period	2,161		113		1,429		320		338
VOBA:
Balance, beginning of period	309		60		—		4		43
Amortization	(23)		(4)		—		(1)		(4)
Balance, end of period	286		56		—		3		39
Total DAC and VOBA:
Balance, end of period	$	2,447	$	169	$	1,429	$	323	$	377
Nine Months Ended September 30, 2023
DAC:
Balance, beginning of period	$	2,508	$	107	$	1,213	$	405	$	392
Capitalization	29		9		255		1		9
Amortization	(185)		(8)		(167)		(40)		(35)
Balance, end of period	2,352		108		1,301		366		366
VOBA:
Balance, beginning of period	341		65		—		5		48
Amortization	(24)		(4)		—		(1)		(4)
Balance, end of period	317		61		—		4		44
Total DAC and VOBA:
Balance, end of period	$	2,669	$	169	$	1,301	$	370	$	410

Present Value of Future Insurance Profits

Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Nine Months Ended September 30, 2024
DAC:
Balance, beginning of period	$	2,301	$	110	$	1,331	$	354	$	360
Capitalization	28		6		279		2		9
Amortization	(168)		(3)		(181)		(36)		(31)
Balance, end of period	2,161		113		1,429		320		338
VOBA:
Balance, beginning of period	309		60		—		4		43
Amortization	(23)		(4)		—		(1)		(4)
Balance, end of period	286		56		—		3		39
Total DAC and VOBA:
Balance, end of period	$	2,447	$	169	$	1,429	$	323	$	377
Nine Months Ended September 30, 2023
DAC:
Balance, beginning of period	$	2,508	$	107	$	1,213	$	405	$	392
Capitalization	29		9		255		1		9
Amortization	(185)		(8)		(167)		(40)		(35)
Balance, end of period	2,352		108		1,301		366		366
VOBA:
Balance, beginning of period	341		65		—		5		48
Amortization	(24)		(4)		—		(1)		(4)
Balance, end of period	317		61		—		4		44
Total DAC and VOBA:
Balance, end of period	$	2,669	$	169	$	1,301	$	370	$	410

Deferred Sales Inducement Cost

Information regarding deferred sales inducements, included in other assets, was as follows:


	Nine Months Ended September 30,
	2024				2023
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	220	$	8	$	245	$	9
Amortization	(17)		(1)		(19)		(1)
Balance, end of period	$	203	$	7	$	226	$	8

Unearned Revenue

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


	Nine Months Ended September 30,
	2024						2023
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	356	$	612	$	67	$	356	$	488	$	74
Capitalization	27		126		—		29		132		—
Amortization	(27)		(46)		(5)		(29)		(36)		(6)
Balance, end of period	$	356	$	692	$	62	$	356	$	584	$	68

Separate Accounts

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Separate Accounts

5. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Nine Months Ended September 30,
	2024						2023
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	79,990	$	5,921	$	2,162	$	77,653	$	5,218	$	1,932
Premiums and deposits	597		115		—		599		122		—
Surrenders and withdrawals	(6,080)		(163)		(14)		(4,603)		(138)		(11)
Benefit payments	(1,176)		(49)		(15)		(1,101)		(51)		(21)
Investment performance	9,647		886		242		4,175		440		174
Policy charges	(1,637)		(168)		(49)		(1,638)		(152)		(37)
Net transfers from (to) general account	(96)		(31)		(5)		(8)		(42)		—
Other	(28)		—		6		(5)		—		(1)
Balance, end of period	$	81,217	$	6,511	$	2,327	$	75,072	$	5,397	$	2,036

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:


	September 30,
	2024		2023
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	90,055	$	82,505
Variable income annuities	235		152
Pension risk transfer annuities	23		18
Total separate account liabilities	$	90,313	$	82,675

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



	September 30, 2024		December 31, 2023
	(In millions)
Equity securities	$	90,040	$	87,999

Fixed maturity securities	264		258
Cash and cash equivalents	5		7
Other assets	4		7
Total aggregate estimated fair value of assets	$	90,313	$	88,271

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)
September 30, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,579	$	3,947	$	47,814	$	14,883	$	4,848	$	667
Separate account liabilities	6,511		81,217		—		—		—		2,327
Total account balances	$	9,090	$	85,164	$	47,814	$	14,883	$	4,848	$	2,994
Net amount at risk	$	33,923	$	11,711	N/A		N/A		$	64,059	$	2,683
Cash surrender value	$	8,523	$	84,765	$	46,076	$	14,632	$	4,360	$	2,769
September 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,545	$	4,483	$	38,619	$	14,811	$	5,125	$	650
Separate account liabilities	5,397		75,072		—		—		—		2,036
Total account balances	$	7,942	$	79,555	$	38,619	$	14,811	$	5,125	$	2,686
Net amount at risk	$	36,238	$	16,127	N/A		N/A		$	69,277	$	2,625
Cash surrender value	$	7,346	$	79,155	$	36,164	$	14,189	$	6,121	$	2,469

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.

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

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.


	September 30, 2024
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	37,363	$	697	$	38,060
Foreign corporate	—		12,004		395		12,399
U.S. government and agency	2,816		4,753		—		7,569
RMBS	—		7,906		37		7,943
CMBS	—		6,467		26		6,493
ABS	—		5,939		333		6,272
State and political subdivision	—		3,541		—		3,541
Foreign government	—		998		23		1,021
Total fixed maturity securities	2,816		78,971		1,511		83,298
Equity securities	55		10		22		87
Short-term investments	1,307		503		2		1,812




Derivative assets: (1)
Interest rate	—		272		—		272
Foreign currency exchange rate	—		405		7		412
Credit	—		17		3		20
Equity market	—		2,746		—		2,746
Total derivative assets	—		3,440		10		3,450
Embedded derivatives on index-linked annuities (2)	—		—		44		44
Market risk benefit assets	—		—		750		750
Separate account assets	17		90,296		—		90,313
Total assets	$	4,195	$	173,220	$	2,339	$	179,754
Liabilities
Market risk benefit liabilities	$	—	$	—	$	9,580	$	9,580
Derivative liabilities: (1)
Interest rate	—		1,586		—		1,586
Foreign currency exchange rate	—		50		—		50

Equity market	—		2,366		—		2,366
Total derivative liabilities	—		4,002		—		4,002
Embedded derivatives on index-linked annuities (2)	—		—		11,571		11,571

Total liabilities	$	—	$	4,002	$	21,151	$	25,153


	December 31, 2023
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(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
Embedded derivatives on index-linked annuities (2)	—		—		—		—
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

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

_______________

(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 assets on index-linked annuities are reported in premiums and other receivables. 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:


					September 30, 2024			December 31, 2023			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%	-	20.20%	1.00%	-	22.80%	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	11.88%	-	33.83%	12.59%	-	22.50%	Increase (5)
			•	Nonperformance risk spread	0.49%	-	1.17%	0.76%	-	1.63%	Decrease (6)
Embedded Derivatives
Index-linked annuity crediting rates	•	Option pricing techniques	•	Mortality rates	0.03%	-	7.86%	0.03%	-	9.24%	Decrease (1)
			•	Lapse rates	1.00%	-	62.30%	1.00%	-	62.30%	Decrease (2)

			•	Withdrawal rates	0.50%	-	13.00%	0.50%	-	9.00%	(4)

			•	Nonperformance risk spread	0.34%	-	1.64%	0.45%	-	1.74%	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 guaranteed minimum income benefit (“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 guaranteed minimum withdrawal benefits, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For variable annuity guaranteed minimum accumulation benefits and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(5)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing MRBs.

(6)Nonperformance risk spread varies by duration. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRB or embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (excluding MRBs disclosed in Note 4) were summarized as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)		Structured Securities		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Embedded Derivatives on Index-Linked Annuities
	(In millions)
Three Months Ended September 30, 2024
Balance, beginning of period	$	1,365	$	506	$	21	$	24	$	—	$	10	$	(10,583)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(23)		—		—		(2)		—		—		(1,064)
Total realized/unrealized gains (losses) included in AOCI	34		4		2		—		—		—		—
Purchases (5)	65		105		—		—		2		—		—
Sales (5)	(57)		(93)		—		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		120
Transfers into Level 3 (6)	33		—		—		—		—		—		—
Transfers out of Level 3 (6)	(325)		(126)		—		—		—		—		—
Balance, end of period	$	1,092	$	396	$	23	$	22	$	2	$	10	$	(11,527)
Three Months Ended September 30, 2023
Balance, beginning of period	$	1,931	$	371	$	38	$	25	$	—	$	27	$	(6,886)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(9)		—		—		—		—		2		913
Total realized/unrealized gains (losses) included in AOCI	(19)		(2)		(1)		—		—		(3)		—
Purchases (5)	32		17		—		—		—		—		—
Sales (5)	(56)		(11)		(1)		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(58)
Transfers into Level 3 (6)	45		12		—		—		—		—		—
Transfers out of Level 3 (6)	(784)		(42)		(3)		—		—		—		—
Balance, end of period	$	1,140	$	345	$	33	$	25	$	—	$	26	$	(6,031)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (7)	$	(17)	$	—	$	—	$	(1)	$	—	$	(1)	$	(1,262)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2024 (7)	$	—	$	4	$	2	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (7)	$	(9)	$	—	$	—	$	1	$	—	$	3	$	785
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2023 (7)	$	(25)	$	(3)	$	(1)	$	—	$	—	$	(3)	$	—


	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)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	1,320	$	380	$	36	$	25	$	—	$	18	$	(8,186)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(43)		1		—		(3)		—		(1)		(3,664)
Total realized/unrealized gains (losses) included in AOCI	29		7		1		—		—		—		—
Purchases (5)	241		134		—		—		2		—		—
Sales (5)	(174)		(59)		—		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		323
Transfers into Level 3 (6)	19		—		—		—		—		—		—
Transfers out of Level 3 (6)	(300)		(67)		(14)		—		—		(7)		—
Balance, end of period	$	1,092	$	396	$	23	$	22	$	2	$	10	$	(11,527)
Nine Months Ended September 30, 2023
Balance, beginning of period	$	1,787	$	365	$	38	$	27	$	—	$	35	$	(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(12)		—		—		(3)		—		(3)		(1,880)
Total realized/unrealized gains (losses) included in AOCI	(11)		(2)		—		—		—		(3)		—
Purchases (5)	119		45		—		1		—		9		—
Sales (5)	(126)		(17)		(2)		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(219)
Transfers into Level 3 (6)	101		10		—		—		—		—		—
Transfers out of Level 3 (6)	(718)		(56)		(3)		—		—		(12)		—
Balance, end of period	$	1,140	$	345	$	33	$	25	$	—	$	26	$	(6,031)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (7)	$	(35)	$	—	$	—	$	(3)	$	—	$	(2)	$	(4,183)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2024 (7)	$	(5)	$	4	$	1	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (7)	$	(11)	$	—	$	—	$	(2)	$	—	$	(2)	$	(2,183)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2023 (7)	$	(20)	$	(3)	$	—	$	—	$	—	$	(3)	$	—

_______________

(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:


	September 30, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,938	$	—	$	—	$	21,484	$	21,484
Policy loans	$	1,387	$	—	$	549	$	949	$	1,498
Other invested assets	$	254	$	—	$	243	$	11	$	254
Premiums, reinsurance and other receivables	$	8,560	$	—	$	148	$	9,097	$	9,245
Liabilities
Policyholder account balances	$	32,779	$	—	$	—	$	32,610	$	32,610
Long-term debt	$	3,155	$	—	$	2,899	$	—	$	2,899
Other liabilities	$	2,487	$	—	$	1,826	$	661	$	2,487
Separate account liabilities	$	1,268	$	—	$	1,268	$	—	$	1,268


	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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Separate Accounts (Aggregate FV of Assets Supporting Separate Accounts) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Separate Account, Liability [Line Items]
Separate account assets	$ 90,313	$ 88,271
Equity securities
Separate Account, Liability [Line Items]
Separate account assets	90,040	87,999
Fixed maturity securities
Separate Account, Liability [Line Items]
Separate account assets	264	258
Cash and cash equivalents
Separate Account, Liability [Line Items]
Separate account assets	5	7
Other assets
Separate Account, Liability [Line Items]
Separate account assets	$ 4	$ 7

Investments (Credit Quality of Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 1,056	$ 514
Financing receivable, originated in FY before latest FY	657	4,423
Financing receivable, originated two years before latest FY	4,430	6,136
Financing receivable, originated three years before latest FY	6,065	1,044
Financing receivable, originated four years before latest FY	984	2,600
Financing receivable, originated five or more years before latest FY	9,913	7,928
Financing receivable, before allowance for credit losses	23,105	22,645
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	515	206
Financing receivable, originated in FY before latest FY	199	2,417
Financing receivable, originated two years before latest FY	2,416	3,205
Financing receivable, originated three years before latest FY	3,173	438
Financing receivable, originated four years before latest FY	434	1,859
Financing receivable, originated five or more years before latest FY	6,518	5,068
Financing receivable, before allowance for credit losses	$ 13,255	$ 13,193
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	$ 12,151	$ 12,086
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	91.70%	91.60%
Commercial \| Debt Service Coverage Ratio, 1.00x to 1.20x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 663	$ 702
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	5.00%	5.30%
Commercial \| Debt Service Coverage Ratio, Less than 1.00x
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, before allowance for credit losses	$ 441	$ 405
Financing receivable, before allowance for credit losses by debt service coverage ratio as a percentage of financing receivable, before allowance for credit losses	3.30%	3.10%
Commercial \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	$ 448	$ 206
Financing receivable, originated in FY before latest FY	199	655
Financing receivable, originated two years before latest FY	609	1,823
Financing receivable, originated three years before latest FY	1,824	177
Financing receivable, originated four years before latest FY	221	1,239
Financing receivable, originated five or more years before latest FY	3,175	2,630
Financing receivable, before allowance for credit losses	6,476	6,730
Commercial \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	67	0
Financing receivable, originated in FY before latest FY	0	935
Financing receivable, originated two years before latest FY	876	1,079
Financing receivable, originated three years before latest FY	778	222
Financing receivable, originated four years before latest FY	38	261
Financing receivable, originated five or more years before latest FY	1,073	1,158
Financing receivable, before allowance for credit losses	2,832	3,655
Commercial \| Loan-to-Value Ratio, 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	0
Financing receivable, originated in FY before latest FY	0	427
Financing receivable, originated two years before latest FY	415	76
Financing receivable, originated three years before latest FY	304	39
Financing receivable, originated four years before latest FY	175	209
Financing receivable, originated five or more years before latest FY	650	564
Financing receivable, before allowance for credit losses	1,544	1,315
Commercial \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	0
Financing receivable, originated in FY before latest FY	0	400
Financing receivable, originated two years before latest FY	516	227
Financing receivable, originated three years before latest FY	267	0
Financing receivable, originated four years before latest FY	0	150
Financing receivable, originated five or more years before latest FY	1,620	716
Financing receivable, before allowance for credit losses	2,403	1,493
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	247	203
Financing receivable, originated in FY before latest FY	222	698
Financing receivable, originated two years before latest FY	684	1,240
Financing receivable, originated three years before latest FY	1,208	460
Financing receivable, originated four years before latest FY	412	535
Financing receivable, originated five or more years before latest FY	1,748	1,309
Financing receivable, before allowance for credit losses	4,521	4,445
Agricultural \| Loan-to-Value Ratio, Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	241	202
Financing receivable, originated in FY before latest FY	221	571
Financing receivable, originated two years before latest FY	554	1,132
Financing receivable, originated three years before latest FY	1,101	454
Financing receivable, originated four years before latest FY	399	505
Financing receivable, originated five or more years before latest FY	1,712	1,292
Financing receivable, before allowance for credit losses	4,228	4,156
Agricultural \| Loan-to-Value Ratio, 65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	6	1
Financing receivable, originated in FY before latest FY	1	127
Financing receivable, originated two years before latest FY	130	108
Financing receivable, originated three years before latest FY	107	6
Financing receivable, originated four years before latest FY	12	30
Financing receivable, originated five or more years before latest FY	17	17
Financing receivable, before allowance for credit losses	273	289
Agricultural \| Loan-to-Value Ratio, 76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	0
Financing receivable, originated two years before latest FY	0
Financing receivable, originated three years before latest FY	0
Financing receivable, originated four years before latest FY	1
Financing receivable, originated five or more years before latest FY	3
Financing receivable, before allowance for credit losses	4
Agricultural \| Loan-to-Value Ratio, Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0
Financing receivable, originated in FY before latest FY	0
Financing receivable, originated two years before latest FY	0
Financing receivable, originated three years before latest FY	0
Financing receivable, originated four years before latest FY	0
Financing receivable, originated five or more years before latest FY	16
Financing receivable, before allowance for credit losses	16
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	294	105
Financing receivable, originated in FY before latest FY	236	1,308
Financing receivable, originated two years before latest FY	1,330	1,691
Financing receivable, originated three years before latest FY	1,684	146
Financing receivable, originated four years before latest FY	138	206
Financing receivable, originated five or more years before latest FY	1,647	1,551
Financing receivable, before allowance for credit losses	5,329	5,007
Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	294	105
Financing receivable, originated in FY before latest FY	235	1,286
Financing receivable, originated two years before latest FY	1,298	1,669
Financing receivable, originated three years before latest FY	1,666	145
Financing receivable, originated four years before latest FY	137	204
Financing receivable, originated five or more years before latest FY	1,598	1,508
Financing receivable, before allowance for credit losses	5,228	4,917
Residential \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, originated in current FY	0	0
Financing receivable, originated in FY before latest FY	1	22
Financing receivable, originated two years before latest FY	32	22
Financing receivable, originated three years before latest FY	18	1
Financing receivable, originated four years before latest FY	1	2
Financing receivable, originated five or more years before latest FY	49	43
Financing receivable, before allowance for credit losses	$ 101	$ 90

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 87,838	$ 87,131
Fixed maturity securities, allowance for credit losses	61	21
Mortgage loans valuation allowances	167	137
Leveraged leases, allowance for credit losses	12	13
Premiums, reinsurance and other, allowance for credit losses	$ 3	$ 3
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	123,456,323	122,818,568
Common stock, shares outstanding	59,838,034	63,503,355
Treasury Stock, Common, Shares	63,618,289	59,315,213

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Information Regarding DSI) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Variable Annuities
Deferred Sale Inducement Cost [Line Items]
Balance, beginning of period	$ 220	$ 245
Amortization	(17)	(19)
Balance, end of period	203	226
Fixed Rate Annuities
Deferred Sale Inducement Cost [Line Items]
Balance, beginning of period	8	9
Amortization	(1)	(1)
Balance, end of period	$ 7	$ 8

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Premiums	$ 180	$ 194	$ 563	$ 602
Universal life and investment-type product policy fees	560	542	1,576	1,749
Net investment income	1,288	1,202	3,849	3,457
Other revenues	143	125	429	348
Net investment gains (losses)	(60)	(53)	(222)	(213)
Net derivative gains (losses)	(93)	(840)	(2,676)	(3,226)
Total revenues	2,018	1,170	3,519	2,717
Expenses
Policyholder benefits and claims (including liability remeasurement gains (losses) of ($978), ($234), ($978) and ($234), respectively)	22	590	1,632	1,966
Interest credited to policyholder account balances	556	426	1,567	1,300
Amortization of deferred policy acquisition costs and value of business acquired	150	155	451	468
Change in market risk benefits	610	(1,064)	(1,186)	(2,170)
Other expenses	492	473	1,467	1,453
Total expenses	1,830	580	3,931	3,017
Income (loss) before provision for income tax	188	590	(412)	(300)
Provision for income tax expense (benefit)	10	109	(133)	(109)
Net income (loss)	178	481	(279)	(191)
Less: Net income (loss) attributable to noncontrolling interests	2	2	4	4
Net income (loss) attributable to Brighthouse Financial, Inc.	176	479	(283)	(195)
Less: Preferred stock dividends	26	26	77	77
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	150	453	(360)	(272)
Comprehensive income (loss)	1,470	(754)	840	(1,201)
Less: Comprehensive income (loss) attributable to noncontrolling interests	2	2	4	4
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ 1,468	$ (756)	$ 836	$ (1,205)
Earnings per common share
Basic	$ 2.49	$ 6.92	$ (5.82)	$ (4.08)
Diluted	$ 2.47	$ 6.89	$ (5.82)	$ (4.08)

Separate Accounts (Reconciliation of Separate Account Liability) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Separate Account, Liability [Line Items]
Separate account liabilities	$ 90,313	$ 88,271	$ 82,675
Variable income annuities	235		152
Pension risk transfer annuities	23		18
Rollforwards Total
Separate Account, Liability [Line Items]
Separate account liabilities	$ 90,055		$ 82,505

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Preferred Stock Authorized, Issued and Outstanding

Preferred stock shares authorized, issued and outstanding were as follows at both September 30, 2024 and December 31, 2023:


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

Preferred Stock Dividends Declared

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	412.50	$	7	$	412.50	$	7	$	1,237.50	$	21	$	1,237.50	$	21
B	$	421.88	7		$	421.88	7		$	1,265.64	21		$	1,265.64	21
C	$	335.94	8		$	335.94	8		$	1,007.82	23		$	1,007.82	23
D	$	289.06	4		$	289.06	4		$	867.18	12		$	867.18	12
Total			$	26			$	26			$	77			$	77

Components of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended September 30, 2024
	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 June 30, 2024	$	(5,245)	$	350	$	(1,624)	$	1,153	$	(53)	$	(5,419)
OCI before reclassifications	2,666		(119)		(258)		(685)		17		1,621
Deferred income tax benefit (expense) (3)	(559)		25		54		144		(3)		(339)
AOCI before reclassifications, net of income tax	(3,138)		256		(1,828)		612		(39)		(4,137)
Amounts reclassified from AOCI	19		(8)		—		—		2		13
Deferred income tax benefit (expense) (3)	(4)		1		—		—		—		(3)
Amounts reclassified from AOCI, net of income tax	15		(7)		—		—		2		10



Balance at September 30, 2024	$	(3,123)	$	249	$	(1,828)	$	612	$	(37)	$	(4,127)


	Three Months Ended September 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at June 30, 2023	$	(5,689)	$	430	$	(1,475)	$	905	$	(52)	$	(5,881)
OCI before reclassifications	(2,490)		(33)		174		744		(8)		(1,613)
Deferred income tax benefit (expense) (3)	523		8		(37)		(157)		2		339
AOCI before reclassifications, net of income tax	(7,656)		405		(1,338)		1,492		(58)		(7,155)
Amounts reclassified from AOCI	55		(2)		—		—		(2)		51
Deferred income tax benefit (expense) (3)	(12)		—		—		—		—		(12)
Amounts reclassified from AOCI, net of income tax	43		(2)		—		—		(2)		39



Balance at September 30, 2023	$	(7,613)	$	403	$	(1,338)	$	1,492	$	(60)	$	(7,116)


	Nine Months Ended September 30, 2024
	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, 2023	$	(4,317)	$	277	$	(1,881)	$	720	$	(45)	$	(5,246)
OCI before reclassifications	1,371		(22)		67		(137)		6		1,285
Deferred income tax benefit (expense) (3)	(288)		5		(14)		29		(1)		(269)
AOCI before reclassifications, net of income tax	(3,234)		260		(1,828)		612		(40)		(4,230)
Amounts reclassified from AOCI	140		(13)		—		—		4		131
Deferred income tax benefit (expense) (3)	(29)		2		—		—		(1)		(28)
Amounts reclassified from AOCI, net of income tax	111		(11)		—		—		3		103



Balance at September 30, 2024	$	(3,123)	$	249	$	(1,828)	$	612	$	(37)	$	(4,127)


	Nine Months Ended September 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at December 31, 2022	$	(6,194)	$	504	$	(1,378)	$	1,020	$	(58)	$	(6,106)
OCI before reclassifications	(1,971)		(123)		51		598		(5)		(1,450)
Deferred income tax benefit (expense) (3)	414		27		(11)		(126)		1		305
AOCI before reclassifications, net of income tax	(7,751)		408		(1,338)		1,492		(62)		(7,251)
Amounts reclassified from AOCI	175		(6)		—		—		3		172
Deferred income tax benefit (expense) (3)	(37)		1		—		—		(1)		(37)
Amounts reclassified from AOCI, net of income tax	138		(5)		—		—		2		135



Balance at September 30, 2023	$	(7,613)	$	403	$	(1,338)	$	1,492	$	(60)	$	(7,116)

__________________

(1)See Note 7 for information on offsets to investments related to future policy benefits.

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

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

Reclassification out of Accumulated Other Comprehensive Income (Loss)

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


AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(22)	$	(43)	$	(134)	$	(157)	Net investment gains (losses)

Net unrealized investment gains (losses)	3		(12)		(6)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(19)		(55)		(140)		(175)
Income tax (expense) benefit	4		12		29		37
Net unrealized investment gains (losses), net of income tax	(15)		(43)		(111)		(138)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	(1)		—		2		(2)		Net derivative gains (losses)
Interest rate swaps	1		1		2		3		Net investment income


Foreign currency swaps	8		1		9		5		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	8		2		13		6
Income tax (expense) benefit	(1)		—		(2)		(1)
Gains (losses) on cash flow hedges, net of income tax	7		2		11		5
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		2		(4)		(3)
Amortization of defined benefit plans, before income tax	(2)		2		(4)		(3)
Income tax (expense) benefit	—		—		1		1
Amortization of defined benefit plans, net of income tax	(2)		2		(3)		(2)
Total reclassifications, net of income tax	$	(10)	$	(39)	$	(103)	$	(135)

- Definition

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

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+ Details

Investments (Changes in Net Unrealized Investment Gains (Losses)) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized investment gains (losses), beginning of period	$ (4,040)
Unrealized investment gains (losses) during the period	1,596
Unrealized investment gains (losses) relating to: Future policy benefits	(120)
Unrealized investment gains (losses) relating to: Deferred income tax benefit (expense)	(310)
Unrealized investment gains (losses), end of period	(2,874)
Change in net unrealized investment gains (losses)	$ 1,166

Segment Information (Total Assets by Segment) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 245,156	$ 236,340
Annuities
Segment Reporting Information [Line Items]
Total assets	168,286	160,775
Life
Segment Reporting Information [Line Items]
Total assets	25,732	25,504
Run-off
Segment Reporting Information [Line Items]
Total assets	26,465	26,828
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 24,673	$ 23,233

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Other Revenues and Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Compensation	$ 102	$ 98	$ 314	$ 302
Contracted services and other labor costs	74	73	207	221
Transition services agreements	5	7	17	26
Premium and other taxes, licenses and fees	13	15	37	49
Separate account fees	92	93	275	277
Volume related costs, excluding compensation, net of DAC capitalization	151	129	436	409
Interest expense on debt	38	38	114	114
Other	17	20	67	55
Total other expenses	$ 492	$ 473	$ 1,467	$ 1,453

Investments (Sales or Disposals of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales or disposals of fixed maturity securities	$ 320	$ 494	$ 2,175	$ 1,771
Fixed maturity securities, gross investment gains	3	1	13	12
Fixed maturity securities, gross investment losses	(26)	(44)	(146)	(173)
Fixed maturity securities, net investment gains (losses)	$ (23)	$ (43)	$ (133)	$ (161)

Investments (Securities Lending - Narrative) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Cash collateral on deposit from counterparties	$ 624
Percentage of reinvestment portfolio invested in liquid assets	52.00%

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Information Regarding DAC and VOBA) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, end of period, Total DAC and VOBA	$ 4,745
Variable Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	2,301	$ 2,508
Capitalization	28	29
Amortization	(168)	(185)
Balance, end of period, DAC	2,161	2,352
Balance, beginning of period, VOBA	309	341
Amortization	(23)	(24)
Balance, end of period, VOBA	286	317
Balance, end of period, Total DAC and VOBA	2,447	2,669
Fixed Rate Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	110	107
Capitalization	6	9
Amortization	(3)	(8)
Balance, end of period, DAC	113	108
Balance, beginning of period, VOBA	60	65
Amortization	(4)	(4)
Balance, end of period, VOBA	56	61
Balance, end of period, Total DAC and VOBA	169	169
Index-linked Annuities
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	1,331	1,213
Capitalization	279	255
Amortization	(181)	(167)
Balance, end of period, DAC	1,429	1,301
Balance, beginning of period, VOBA	0	0
Amortization	0	0
Balance, end of period, VOBA	0	0
Balance, end of period, Total DAC and VOBA	1,429	1,301
Term and Whole Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	354	405
Capitalization	2	1
Amortization	(36)	(40)
Balance, end of period, DAC	320	366
Balance, beginning of period, VOBA	4	5
Amortization	(1)	(1)
Balance, end of period, VOBA	3	4
Balance, end of period, Total DAC and VOBA	323	370
Universal Life Insurance
Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items]
Balance, beginning of period, DAC	360	392
Capitalization	9	9
Amortization	(31)	(35)
Balance, end of period, DAC	338	366
Balance, beginning of period, VOBA	43	48
Amortization	(4)	(4)
Balance, end of period, VOBA	39	44
Balance, end of period, Total DAC and VOBA	$ 377	$ 410

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity File Number	001-37905
Entity Central Index Key	0001685040
Entity Registrant Name	Brighthouse Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3846992
Entity Address, Address Line One	11225 North Community House Road
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	365-7100
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,354,252
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

Other Revenues and Other Expenses (Other Revenues - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distribution service
Revenue from Contract with Customer, Including Assessed Tax	$ 68	$ 68	$ 204	$ 201

- 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.

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+ Details

Contingencies, Commitments and Guarantees	9 Months Ended
Contingencies, Commitments and Guarantees	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	13. 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 September 30, 2024. 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 September 30, 2024, 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, a subsidiary of Brighthouse Financial, Inc. 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, Plaintiff filed a motion on consent to amend the second amended class action complaint to narrow the scope of the class sought to those who own or owned policies issued in Georgia; the motion was granted on January 23, 2023, and the third amended 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, a subsidiary of Brighthouse Life Insurance Company, 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 relation to 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 estimated ranges of loss based on such reviews. The Company’s tax-related matters have involved disputes with taxing authorities, ongoing audits, evaluation of filing positions and any potential assessments related thereto. In the matters where the Company’s subsidiaries are acting as the reinsured or the reinsurer, such reinsurance matters have involved assertions by third parties primarily related to rates, fees or reinsured benefit calculations, and certain of such reinsurance matters have resulted in arbitration. As of September 30, 2024, 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 $75 million relating to certain tax matters, as described above. For certain other matters, the Company may not currently be able to estimate the reasonably possible loss or estimated range of loss until developments in such matters have provided sufficient information to support an assessment of such loss. During the first quarter of 2024, an arbitration panel ruled in favor of a reinsurer seeking a premium rate increase retroactive to September 2019 resulting in a $187 million loss, of which $167 million was reported in universal life and investment product-type policy fees and $20 million was 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 $408 million and $377 million at September 30, 2024 and December 31, 2023, 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 $1.6 billion and $1.4 billion at September 30, 2024 and December 31, 2023, 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 with a cumulative maximum of up to $83 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 did not have any liabilities recorded at September 30, 2024 and had recorded liabilities of $1 million at December 31, 2023 for indemnities, guarantees and commitments

Investments (Fixed Maturity Securities - Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	$ 83,298		$ 80,991
Fixed maturity securities, allowance for credit losses	$ 61	$ 22	21	$ 7
Fixed maturity securities with allowance for credit losses, number of securities	28
Fixed maturity securities, total write-offs	$ 10	$ 8
Non-Income Producing
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, estimated fair value	40		52
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 717		$ 655

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- 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.

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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

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

9. Fair Value

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

Recurring Fair Value Measurements


	September 30, 2024
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	37,363	$	697	$	38,060
Foreign corporate	—		12,004		395		12,399
U.S. government and agency	2,816		4,753		—		7,569
RMBS	—		7,906		37		7,943
CMBS	—		6,467		26		6,493
ABS	—		5,939		333		6,272
State and political subdivision	—		3,541		—		3,541
Foreign government	—		998		23		1,021
Total fixed maturity securities	2,816		78,971		1,511		83,298
Equity securities	55		10		22		87
Short-term investments	1,307		503		2		1,812




Derivative assets: (1)
Interest rate	—		272		—		272
Foreign currency exchange rate	—		405		7		412
Credit	—		17		3		20
Equity market	—		2,746		—		2,746
Total derivative assets	—		3,440		10		3,450
Embedded derivatives on index-linked annuities (2)	—		—		44		44
Market risk benefit assets	—		—		750		750
Separate account assets	17		90,296		—		90,313
Total assets	$	4,195	$	173,220	$	2,339	$	179,754
Liabilities
Market risk benefit liabilities	$	—	$	—	$	9,580	$	9,580
Derivative liabilities: (1)
Interest rate	—		1,586		—		1,586
Foreign currency exchange rate	—		50		—		50

Equity market	—		2,366		—		2,366
Total derivative liabilities	—		4,002		—		4,002
Embedded derivatives on index-linked annuities (2)	—		—		11,571		11,571

Total liabilities	$	—	$	4,002	$	21,151	$	25,153


	December 31, 2023
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(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
Embedded derivatives on index-linked annuities (2)	—		—		—		—
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

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

_______________

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, Inc.’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 nine months ended September 30, 2024.

Determination of Fair Value

Fixed Maturity Securities

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

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

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

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

Equity Securities and Short-term Investments

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

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

Derivatives

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

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

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

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

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

Market Risk Benefits

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

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

The Company updates the estimated fair value of variable annuity guarantees in subsequent periods by projecting future benefits using capital markets inputs and actuarial assumptions including expectations of policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital markets scenarios. The reported estimated fair value is then determined by taking the present value of these cash flows using a discount rate that incorporates a spread over the risk-free rate to reflect the Company’s nonperformance risk and adding a risk margin.

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

Risk margins are established to capture the non-capital markets risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties in certain actuarial assumptions. The establishment of risk margins requires the use of significant actuarial judgment, including assumptions of the amount needed to cover the guarantees.

Actuarial assumptions are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted through net income. Capital market inputs used in the measurement of variable annuity guarantees are updated quarterly through net income, except for the change attributable to the Company’s nonperformance risk, which is reported in OCI.

Embedded Derivatives

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

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

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

Actuarial assumptions including policyholder behavior and expectations for renewals at the end of the term period are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted through net income. Capital market inputs used in the measurement of crediting rate embedded derivatives are updated quarterly through net income.

Transfers Into or Out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)


					September 30, 2024			December 31, 2023			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%	-	20.20%	1.00%	-	22.80%	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	11.88%	-	33.83%	12.59%	-	22.50%	Increase (5)
			•	Nonperformance risk spread	0.49%	-	1.17%	0.76%	-	1.63%	Decrease (6)
Embedded Derivatives
Index-linked annuity crediting rates	•	Option pricing techniques	•	Mortality rates	0.03%	-	7.86%	0.03%	-	9.24%	Decrease (1)
			•	Lapse rates	1.00%	-	62.30%	1.00%	-	62.30%	Decrease (2)

			•	Withdrawal rates	0.50%	-	13.00%	0.50%	-	9.00%	(4)

			•	Nonperformance risk spread	0.34%	-	1.64%	0.45%	-	1.74%	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 (lower) higher fair value. For derivatives valued based on third-party pricing models, an increase (decrease) in credit spreads would generally result in a (lower) higher fair value.

The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (excluding MRBs disclosed in Note 4) were summarized as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)		Structured Securities		Foreign Government		Equity Securities		Short-term Investments		Net Derivatives (2)		Embedded Derivatives on Index-Linked Annuities
	(In millions)
Three Months Ended September 30, 2024
Balance, beginning of period	$	1,365	$	506	$	21	$	24	$	—	$	10	$	(10,583)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(23)		—		—		(2)		—		—		(1,064)
Total realized/unrealized gains (losses) included in AOCI	34		4		2		—		—		—		—
Purchases (5)	65		105		—		—		2		—		—
Sales (5)	(57)		(93)		—		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		120
Transfers into Level 3 (6)	33		—		—		—		—		—		—
Transfers out of Level 3 (6)	(325)		(126)		—		—		—		—		—
Balance, end of period	$	1,092	$	396	$	23	$	22	$	2	$	10	$	(11,527)
Three Months Ended September 30, 2023
Balance, beginning of period	$	1,931	$	371	$	38	$	25	$	—	$	27	$	(6,886)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(9)		—		—		—		—		2		913
Total realized/unrealized gains (losses) included in AOCI	(19)		(2)		(1)		—		—		(3)		—
Purchases (5)	32		17		—		—		—		—		—
Sales (5)	(56)		(11)		(1)		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(58)
Transfers into Level 3 (6)	45		12		—		—		—		—		—
Transfers out of Level 3 (6)	(784)		(42)		(3)		—		—		—		—
Balance, end of period	$	1,140	$	345	$	33	$	25	$	—	$	26	$	(6,031)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (7)	$	(17)	$	—	$	—	$	(1)	$	—	$	(1)	$	(1,262)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2024 (7)	$	—	$	4	$	2	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (7)	$	(9)	$	—	$	—	$	1	$	—	$	3	$	785
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2023 (7)	$	(25)	$	(3)	$	(1)	$	—	$	—	$	(3)	$	—


	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)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	1,320	$	380	$	36	$	25	$	—	$	18	$	(8,186)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(43)		1		—		(3)		—		(1)		(3,664)
Total realized/unrealized gains (losses) included in AOCI	29		7		1		—		—		—		—
Purchases (5)	241		134		—		—		2		—		—
Sales (5)	(174)		(59)		—		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		323
Transfers into Level 3 (6)	19		—		—		—		—		—		—
Transfers out of Level 3 (6)	(300)		(67)		(14)		—		—		(7)		—
Balance, end of period	$	1,092	$	396	$	23	$	22	$	2	$	10	$	(11,527)
Nine Months Ended September 30, 2023
Balance, beginning of period	$	1,787	$	365	$	38	$	27	$	—	$	35	$	(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(12)		—		—		(3)		—		(3)		(1,880)
Total realized/unrealized gains (losses) included in AOCI	(11)		(2)		—		—		—		(3)		—
Purchases (5)	119		45		—		1		—		9		—
Sales (5)	(126)		(17)		(2)		—		—		—		—
Issuances (5)	—		—		—		—		—		—		—
Settlements (5)	—		—		—		—		—		—		(219)
Transfers into Level 3 (6)	101		10		—		—		—		—		—
Transfers out of Level 3 (6)	(718)		(56)		(3)		—		—		(12)		—
Balance, end of period	$	1,140	$	345	$	33	$	25	$	—	$	26	$	(6,031)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (7)	$	(35)	$	—	$	—	$	(3)	$	—	$	(2)	$	(4,183)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2024 (7)	$	(5)	$	4	$	1	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (7)	$	(11)	$	—	$	—	$	(2)	$	—	$	(2)	$	(2,183)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2023 (7)	$	(20)	$	(3)	$	—	$	—	$	—	$	(3)	$	—

_______________

(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:


	September 30, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,938	$	—	$	—	$	21,484	$	21,484
Policy loans	$	1,387	$	—	$	549	$	949	$	1,498
Other invested assets	$	254	$	—	$	243	$	11	$	254
Premiums, reinsurance and other receivables	$	8,560	$	—	$	148	$	9,097	$	9,245
Liabilities
Policyholder account balances	$	32,779	$	—	$	—	$	32,610	$	32,610
Long-term debt	$	3,155	$	—	$	2,899	$	—	$	2,899
Other liabilities	$	2,487	$	—	$	1,826	$	661	$	2,487
Separate account liabilities	$	1,268	$	—	$	1,268	$	—	$	1,268


	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

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates, Policy [Policy Text Block]	Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation, Policy [Policy Text Block]	Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. There were no significant ASUs adopted during the period ended September 30, 2024. Future Adoption of New Accounting Pronouncements 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. 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.
Investments, Policy [Policy Text Block]	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 other comprehensive income (“OCI”). Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses). Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Accrued interest receivables are presented separate from the amortized cost basis of fixed maturity securities. An allowance for credit losses is not estimated on an accrued interest receivable, rather receivable balances 90-days past due are deemed uncollectible and are written off with a corresponding reduction to net investment income. Fixed maturity securities are also evaluated to determine if they qualify as purchased financial assets with credit deterioration (“PCD”). To determine if the credit deterioration experienced since origination is more than insignificant, both (i) the extent of the credit deterioration and (ii) any rating agency downgrades are evaluated. For securities categorized as PCD assets, the present value of cash flows expected to be collected from the security are compared to the par value of the security. If the present value of cash flows expected to be collected is less than the par value, credit losses are embedded in the purchase price of the PCD asset. In this situation, both an allowance for credit losses and amortized cost gross-up is recorded, limited by the amount that the estimated fair value is less than the grossed-up amortized cost basis. Any difference between the purchase price and the present value of cash flows is amortized or accreted into net investment income over the life of the PCD asset. Any subsequent PCD asset allowance for credit losses is evaluated in a manner similar to the process described above for fixed maturity securities. The allowance for credit losses is a valuation account that is deducted from the mortgage loan’s amortized cost basis to present the net amount expected to be collected on the mortgage loan. The loan balance, or a portion of the loan balance, is written-off against the allowance when management believes this amount is uncollectible. Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. The allowance for credit losses is estimated using relevant available information, from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience provides the basis for estimating expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics and environmental conditions. A reasonable and supportable forecast period of two years is used with an input reversion period of one year. Mortgage loans are evaluated in each of the three portfolio segments to determine the allowance for credit losses. The loan-level loss rates are determined using individual loan terms and characteristics, risk pools/internal ratings, national economic forecasts, prepayment speeds, and estimated default and loss severity. The resulting loss rates are applied to the mortgage loan’s amortized cost to generate an allowance for credit losses. In certain situations, the allowance for credit losses is measured as the difference between the loan’s amortized cost and liquidation value of the collateral. These situations include collateral dependent loans, modifications, foreclosure probable loans, and loans with dissimilar risk characteristics. Mortgage loans are also evaluated to determine if they qualify as PCD assets. To determine if the credit deterioration experienced since origination is more than insignificant, the extent of credit deterioration is evaluated. All re-performing/modified loan (“RPL”) pools purchased after December 31, 2019 are determined to have been acquired with evidence of more than insignificant credit deterioration since origination and are classified as PCD assets. RPLs are pools of residential mortgage loans acquired at a discount or premium which have both credit and non-credit components. For PCD mortgage loans, the allowance for credit losses is determined using a similar methodology described above, except the loss-rate is determined at the pool level instead of the individual loan level. The initial allowance for credit losses, determined on a collective basis, is then allocated to the individual loans. The initial amortized cost of the loan is grossed-up to reflect the sum of the loan’s purchase price and allowance for credit losses. The difference between the grossed-up amortized cost basis and the par value of the loan is a non-credit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments. Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days. Mortgage loans are placed in a nonaccrual status if there are concerns regarding collectability of future payments or the loan is past due, unless the past due loan is well collateralized.
Derivatives, Policy [Policy Text Block]	Types of Derivative Instruments and Derivative Strategies The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to minimize its exposure to various market risks. Commonly used derivative instruments include, but are not necessarily limited to: •Interest rate derivatives: swaps, floors, caps, futures, swaptions and forwards; •Foreign currency exchange rate derivatives: forwards and swaps; •Equity market derivatives: futures, options, total return swaps and hybrid options; and •Credit derivatives: single and index reference credit default swaps. Counterparty Credit Risk Generally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.
Income Tax, Policy [Policy Text Block]	The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.

- Definition

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

+ References + Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Derivatives (Derivatives Pertaining to Hedged Items) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (93)	$ (840)	$ (2,676)	$ (3,226)
Net Derivative Gains (Losses) Recognized for Hedged Items	8	(17)	(3)	(18)
Net Investment Income	1,288	1,202	3,849	3,457
Policyholder Benefits and Claims	2	0	6	0
Amount of Gains (Losses) Deferred in AOCI	(119)	(33)	(22)	(123)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	14	(16)	5	(12)
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(6)	(1)	(8)	(6)
Policyholder Benefits and Claims	2	0	6	0
Amount of Gains (Losses) Deferred in AOCI	(119)	(33)	(22)	(123)
Net Derivative Gains (Losses) Recognized for Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(101)	(823)	(2,673)	(3,208)
Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(108)	(824)	(2,684)	(3,211)
Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	7	1	11	3
Net Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	11	14	38	43
Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	11	14	38	43
Interest rate \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Interest rate \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Policyholder Benefits and Claims	2	0	6	0
Amount of Gains (Losses) Deferred in AOCI	(18)	(2)	(6)	(1)
Interest rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	756	(1,481)	(345)	(1,422)
Interest rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(1)	0	2	(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	0
Interest rate \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	1	1	2	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	14	(16)	5	(12)
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Foreign currency exchange rate \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	(6)	(1)	(8)	(6)
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	(101)	(31)	(16)	(122)
Foreign currency exchange rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(39)	21	6	25
Foreign currency exchange rate \| Net Derivative Gains (Losses) Recognized for Derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	8	1	9	5
Foreign currency exchange rate \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Foreign currency exchange rate \| Net Investment Income \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	10	13	36	40
Credit \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Credit \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	5	3	12	22
Credit \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Equity market \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Equity market \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	234	(280)	1,307	44
Equity market \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	0	0	0	0
Embedded \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	0
Policyholder Benefits and Claims	0	0	0	0
Amount of Gains (Losses) Deferred in AOCI	0	0	0	0
Embedded \| Net Derivative Gains (Losses) Recognized for Derivatives \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	(1,064)	913	(3,664)	(1,880)
Embedded \| Net Investment Income \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Investment Income	$ 0	$ 0	$ 0	$ 0

Investments (Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	$ 21	$ 7
Allowance on securities where credit losses were not previously recorded	37	18
Reductions for securities sold	(1)	(2)
Change in allowance on securities with an allowance recorded in a previous period	4	0
Write-offs charged against allowance (1)	0	(1)
Balance, end of period	61	22
U.S. corporate
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	15	1
Allowance on securities where credit losses were not previously recorded	13	14
Reductions for securities sold	0	(1)
Change in allowance on securities with an allowance recorded in a previous period	3	0
Write-offs charged against allowance (1)	0	0
Balance, end of period	31	14
RMBS
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	5	2
Allowance on securities where credit losses were not previously recorded	0	4
Reductions for securities sold	(1)	0
Change in allowance on securities with an allowance recorded in a previous period	0	0
Write-offs charged against allowance (1)	0	0
Balance, end of period	4	6
Foreign corporate
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	0	1
Allowance on securities where credit losses were not previously recorded	21	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)	0	(1)
Balance, end of period	21	0
CMBS
Debt Securities, Available-for-sale [Line Items]
Balance, beginning of period	1	3
Allowance on securities where credit losses were not previously recorded	3	0
Reductions for securities sold	0	(1)
Change in allowance on securities with an allowance recorded in a previous period	1	0
Write-offs charged against allowance (1)	0	0
Balance, end of period	$ 5	$ 2

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 6,514	$ 8,593
Invested assets held in trust (reinsurance agreements)	7,686	7,142
Invested assets pledged as collateral	12,774	13,979
Total invested assets on deposit, held in trust and pledged as collateral	$ 26,974	$ 29,714

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ (172)	$ (289)
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	7,968	4,588
Sales, maturities and repayments of equity securities	34	16
Sales, maturities and repayments of mortgage loans	1,033	904
Sales, maturities and repayments of limited partnerships and limited liability companies	227	136
Purchases of fixed maturity securities	(8,397)	(6,626)
Purchases of equity securities	(5)	(6)
Purchases of mortgage loans	(1,503)	(659)
Purchases of limited partnerships and limited liability companies	(216)	(336)
Cash received in connection with freestanding derivatives	8,653	4,013
Cash paid in connection with freestanding derivatives	(8,648)	(4,640)
Net change in policy loans	(56)	(29)
Net change in short-term investments	(628)	112
Net change in other invested assets	(295)	(117)
Other, net	(4)	0
Net cash provided by (used in) investing activities	(1,837)	(2,644)
Cash flows from financing activities
Policyholder account balances: Deposits	39,141	16,292
Policyholder account balances: Withdrawals	(35,469)	(12,773)
Net change in payables for collateral under securities loaned and other transactions	94	(619)
Long-term debt repaid	(1)	(1)
Dividends on preferred stock	(77)	(77)
Treasury stock acquired in connection with share repurchases	(190)	(190)
Financing element on certain derivative instruments and other derivative related transactions, net	305	43
Other, net	(15)	(18)
Net cash provided by (used in) financing activities	3,788	2,657
Change in cash, cash equivalents and restricted cash	1,779	(276)
Cash, cash equivalents and restricted cash, beginning of period	3,851	4,115
Cash, cash equivalents and restricted cash, end of period	5,630	3,839
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	82	82
Net cash paid (received) for income tax	$ 10	$ 1

Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Net investment income	$ 1,288	$ 1,202	$ 3,849	$ 3,457
Other limited partnership interests
Net Investment Income [Line Items]
Net investment income	$ 64	$ 64	$ 259	$ 156

Separate Accounts (Net Amount at Risk and Cash Surrender Values) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	$ 87,678		$ 78,371
Separate account liabilities	90,313	$ 88,271	82,675
Universal Life Insurance
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	2,579	2,550	2,545	$ 2,658
Separate account liabilities	6,511		5,397
Total account balances	9,090		7,942
Net amount at risk	33,923		36,238
Cash surrender value	8,523		7,346
Variable Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	3,947	4,307	4,483	4,908
Separate account liabilities	81,217	79,990	75,072	77,653
Total account balances	85,164		79,555
Net amount at risk	11,711		16,127
Cash surrender value	84,765		79,155
Index-linked Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	47,814	41,627	38,619	33,897
Separate account liabilities	0		0
Total account balances	47,814		38,619
Cash surrender value	46,076		36,164
Fixed Rate Annuities
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	14,883	14,672	14,811	14,274
Separate account liabilities	0		0
Total account balances	14,883		14,811
Cash surrender value	14,632		14,189
ULSG
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	4,848	5,052	5,125	5,307
Separate account liabilities	0		0
Total account balances	4,848		5,125
Net amount at risk	64,059		69,277
Cash surrender value	4,360		6,121
Company-Owned Life Insurance
Net Amount at Risk by Product and Guarantee [Line Items]
Policyholder Account Balance	667	653	650	641
Separate account liabilities	2,327	$ 2,162	2,036	$ 1,932
Total account balances	2,994		2,686
Net amount at risk	2,683		2,625
Cash surrender value	$ 2,769		$ 2,469

Investments (Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 23,105	$ 22,645
Financing receivable, allowance for credit losses	(167)	(137)	$ (137)	$ (119)
Financing receivable, net of allowance for credit losses	$ 22,938	$ 22,508
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	100.70%	100.60%
Financing receivable, allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	(0.70%)	(0.60%)
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	$ 13,255	$ 13,193
Financing receivable, allowance for credit losses	$ (95)	$ (69)	(67)	(49)
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	57.80%	58.60%
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 4,521	$ 4,445
Financing receivable, allowance for credit losses	$ (30)	$ (19)	(15)	(15)
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	19.70%	19.80%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses	$ 5,329	$ 5,007
Financing receivable, allowance for credit losses	$ (42)	$ (49)	$ (55)	$ (55)
Financing receivable, before allowance for credit losses as a percentage of financing receivable, net of allowance for credit losses	23.20%	22.20%

Market Risk Benefits (Details) - USD ($) $ in Millions	9 Months Ended
Market Risk Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Variable Annuities
Market Risk Benefit [Line Items]
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk	$ 8,815	$ 8,178	$ 9,701	$ 9,974
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	6,517	6,488	$ 7,326	$ 8,230
Market Risk Benefit, Decrements	(129)	(114)
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption	(53)	259
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected	67	178
Market Risk Benefit, Increase (Decrease) from Interest Rate Change	(307)	(2,360)
Market Risk Benefit, Increase (Decrease) from Equity Market Change	(1,490)	(669)
Market Risk Benefit, Issuance	3	(9)
Market Risk Benefit, Effect of changes in risk margin	(41)	(52)
Market Risk Benefit, Aging of the Block and Other	1,141	1,025
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax	2,298	1,690
Market Risk Benefit, Reinsurance Recoverable, after Allowance	32	35
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change	$ 8,783	$ 8,143
Market Risk Benefit, Weighted-Average Attained Age of Contract holder	73 years 7 months 6 days	72 years 7 months 6 days
Index-linked Annuities
Market Risk Benefit [Line Items]
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk	$ 47	$ (7)

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 2,018	$ 1,170	$ 3,519	$ 2,717
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	(159)	(918)	(2,926)	(3,525)
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Total revenues	1,314	1,214	3,932	3,630
Operating Segments \| Life
Segment Reporting Information [Line Items]
Total revenues	303	299	817	915
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Total revenues	377	413	1,162	1,241
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	$ 183	$ 162	$ 534	$ 456

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: 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 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Revenues and Other Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Compensation	$	102	$	98	$	314	$	302
Contracted services and other labor costs	74		73		207		221
Transition services agreements	5		7		17		26
Premium and other taxes, licenses and fees	13		15		37		49
Separate account fees	92		93		275		277
Volume related costs, excluding compensation, net of DAC capitalization	151		129		436		409
Interest expense on debt	38		38		114		114
Other	17		20		67		55
Total other expenses	$	492	$	473	$	1,467	$	1,453

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $87,838 and $87,131, respectively; allowance for credit losses of $61 and $21, respectively)	$ 83,298	$ 80,991
Equity securities, at estimated fair value	87	102
Mortgage loans (net of allowance for credit losses of $167 and $137, respectively)	22,938	22,508
Policy loans	1,387	1,331
Limited partnerships and limited liability companies	4,870	4,946
Short-term investments, principally at estimated fair value	1,812	1,169
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $12 and $13, respectively)	4,462	4,409
Total investments	118,854	115,456
Cash and cash equivalents	5,630	3,851
Accrued investment income	2,083	1,183
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	20,692	19,761
Deferred policy acquisition costs and value of business acquired	4,745	4,872
Current income tax recoverable	28	27
Deferred income tax asset	1,737	1,893
Market risk benefit assets	750	656
Other assets	324	370
Separate account assets	90,313	88,271
Total assets	245,156	236,340
Liabilities
Future policy benefits	32,781	32,569
Policyholder account balances	87,678	81,068
Market risk benefit liabilities	9,580	10,323
Other policy-related balances	3,853	3,836
Payables for collateral under securities loaned and other transactions	3,764	3,670
Long-term debt	3,155	3,156
Other liabilities	8,442	8,439
Separate account liabilities	90,313	88,271
Total liabilities	239,566	231,332
Contingencies, Commitments and Guarantees (Note 13)
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; 123,456,323 and 122,818,568 shares issued, respectively; 59,838,034 and 63,503,355 shares outstanding, respectively	1	1
Additional paid-in capital	13,953	14,004
Retained earnings (deficit)	(1,790)	(1,507)
Treasury stock, at cost; 63,618,289 and 59,315,213 shares, respectively	(2,512)	(2,309)
Accumulated other comprehensive income (loss)	(4,127)	(5,246)
Total Brighthouse Financial, Inc.’s stockholders’ equity	5,525	4,943
Noncontrolling interests	65	65
Total equity	5,590	5,008
Total liabilities and equity	$ 245,156	$ 236,340

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (60)	$ (53)	$ (222)	$ (213)
Net derivative gains (losses)	(93)	(840)	(2,676)	(3,226)
Net investment income	1,288	1,202	3,849	3,457
Pre-tax adjusted earnings (loss)	188	590	(412)	(300)
Income tax (expense) benefit	(10)	(109)	133	109
Net income (loss)	150	453	(360)	(272)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(10)	(39)	(103)	(135)
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)	(22)	(43)	(134)	(157)
Net derivative gains (losses)	3	(12)	(6)	(18)
Pre-tax adjusted earnings (loss)	(19)	(55)	(140)	(175)
Income tax (expense) benefit	4	12	29	37
Net income (loss)	(15)	(43)	(111)	(138)
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 (loss)	8	2	13	6
Income tax (expense) benefit	(1)	0	(2)	(1)
Net income (loss)	7	2	11	5
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)	0	2	(2)
Net investment income	1	1	2	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)	8	1	9	5
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 (loss)	(2)	2	(4)	(3)
Income tax (expense) benefit	0	0	1	1
Amortization of net actuarial gains (losses)	(2)	2	(4)	(3)
Amortization of defined benefit plans, net of income tax	$ (2)	$ 2	$ (3)	$ (2)

Insurance Liabilities (Future Policy Benefits Information by Product) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Liability for Future Policy Benefit, before Reinsurance	$ 32,781	$ 30,404
Future policy benefits	32,781		$ 32,569
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	2,989	2,834	2,974	$ 2,871
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance	3,228	3,264	3,234	3,212
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Model Refinements			4	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			128	215
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			9	(36)
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change			3,375	3,391
Liability for Future Policy Benefit, Expected Net Premium, Issuance	52	71
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	85	83
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	(284)	(281)
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	(239)	(430)
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	5,615	5,184	5,507	5,279
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	6,046	6,051	6,023	5,922
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements			10	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			208	309
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			9	(41)
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			6,250	6,190
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	56	74
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	165	162
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(425)	(375)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(431)	(867)
Liability for Future Policy Benefit, before Reinsurance	2,626	2,350
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	30	41
Future policy benefits	$ 2,596	$ 2,309
Liability for Future Policy Benefit, Weighted-Average Duration	7 years 8 months 12 days	8 years 9 months 18 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.94%	3.95%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	4.74%	5.87%
Liability for Future Policy Benefit, Gross Premium Income	$ 423	$ 451
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	5,983	6,261
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	4,406	4,707
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	8,250	8,378
Liability for Future Policy Benefit, Expected Future Policy Benefit, Discounted, before Reinsurance	6,046	6,051
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
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Net Premium, Issuance	0	0
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	0	0
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	0	0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	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	3,895	3,481	3,754	3,512
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	4,124	3,995	4,031	3,897
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements			0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			(23)	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(1)	6
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			4,007	3,903
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	304	281
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	113	107
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(300)	(296)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(229)	(514)
Liability for Future Policy Benefit, before Reinsurance	3,895	3,481
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	32	30
Future policy benefits	$ 3,863	$ 3,451
Liability for Future Policy Benefit, Weighted-Average Duration	8 years	8 years 3 months 18 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	4.02%	3.94%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	4.82%	5.87%
Liability for Future Policy Benefit, Gross Premium Income	$ 385	$ 353
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	5,814	5,663
Liability for Future Policy Benefit, Expected Future Policy Benefit, Discounted, before Reinsurance	4,124	3,995
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
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			0	0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change			0	0
Liability for Future Policy Benefit, Expected Net Premium, Issuance	0	0
Liability for Future Policy Benefit, Expected Net Premium, Interest Income	0	0
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected	0	0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax	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	6,586	6,192	6,697	6,793
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance	6,947	7,148	7,085	7,410
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Model Refinements			0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change			81	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			(11)	(49)
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change			$ 7,155	$ 7,361
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense	230	236
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment	(438)	(449)
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax	(361)	(956)
Liability for Future Policy Benefit, before Reinsurance	6,586	6,192
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance	63	0
Future policy benefits	$ 6,523	$ 6,192
Liability for Future Policy Benefit, Weighted-Average Duration	11 years 6 months	11 years 7 months 6 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	4.46%	4.45%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.00%	5.91%
Liability for Future Policy Benefit, Gross Premium Income	$ 0	$ 0
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance	13,465	13,909
Liability for Future Policy Benefit, Expected Future Policy Benefit, Discounted, before Reinsurance	$ 6,947	$ 7,148

Derivatives (Estimated Fair Value of Derivatives Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Offsetting Derivative Assets [Abstract]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 3,149	$ 3,506
Derivative Asset, Not Offset, Policy Election Deduction	(2,704)	(3,112)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(330)	(164)
Derivative Asset, Fair Value, Amount Offset Against Collateral	115	230
Derivative Asset, Collateral, Obligation to Return Securities, Offset	(91)	(194)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	24	36
Offsetting Derivative Liabilities [Abstract]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	3,775	4,925
Derivative Liability, Not Offset, Policy Election Deduction	(2,704)	(3,112)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	(8)
Derivative Liability, Fair Value, Amount Offset Against Collateral	1,071	1,805
Derivative Liability, Collateral, Right to Reclaim Securities, Offset	(1,071)	(1,805)
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 0	$ 0

Investments (Variable Interest Entities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying amount	$ 245,156	$ 236,340
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount	19,808	19,759
Maximum exposure to loss	21,675	22,026
VIE, Not Primary Beneficiary \| Fixed maturity securities
Variable Interest Entity [Line Items]
Carrying amount	15,556	15,526
Maximum exposure to loss	16,362	16,771
VIE, Not Primary Beneficiary \| Limited partnerships and LLCs
Variable Interest Entity [Line Items]
Carrying amount	4,252	4,233
Maximum exposure to loss	$ 5,313	$ 5,255

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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 (Preferred Stock Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Preferred stock, aggregate dividends declared	$ 26	$ 26	$ 77	$ 77
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 412.50	$ 412.50	$ 1,237.5	$ 1,237.5
Preferred stock, aggregate dividends declared	$ 7	$ 7	$ 21	$ 21
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 421.88	$ 421.88	$ 1,265.64	$ 1,265.64
Preferred stock, aggregate dividends declared	$ 7	$ 7	$ 21	$ 21
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 335.94	$ 335.94	$ 1,007.82	$ 1,007.82
Preferred stock, aggregate dividends declared	$ 8	$ 8	$ 23	$ 23
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, dividends declared per share	$ 289.06	$ 289.06	$ 867.18	$ 867.18
Preferred stock, aggregate dividends declared	$ 4	$ 4	$ 12	$ 12

- 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
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-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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

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

+ Details

Separate Accounts (Separate Account Liability) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	$ 88,271
Separate Account, Liability, Ending Balance	90,313	$ 82,675
Variable Annuities
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	79,990	77,653
Premiums and deposits	597	599
Surrenders and withdrawals	(6,080)	(4,603)
Benefit payments	(1,176)	(1,101)
Investment performance	9,647	4,175
Policy charges	(1,637)	(1,638)
Net transfers from (to) general account	(96)	(8)
Other	(28)	(5)
Separate Account, Liability, Ending Balance	81,217	75,072
Universal Life Insurance
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	5,921	5,218
Premiums and deposits	115	122
Surrenders and withdrawals	(163)	(138)
Benefit payments	(49)	(51)
Investment performance	886	440
Policy charges	(168)	(152)
Net transfers from (to) general account	(31)	(42)
Other	0	0
Separate Account, Liability, Ending Balance	6,511	5,397
Company-Owned Life Insurance
Separate Account, Liability [Line Items]
Separate Account, Liability, Beginning Balance	2,162	1,932
Premiums and deposits	0	0
Surrenders and withdrawals	(14)	(11)
Benefit payments	(15)	(21)
Investment performance	242	174
Policy charges	(49)	(37)
Net transfers from (to) general account	(5)	0
Other	6	(1)
Separate Account, Liability, Ending Balance	$ 2,327	$ 2,036

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

9 Months Ended

Sep. 30, 2024

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

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

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

Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Nine Months Ended September 30, 2024
DAC:
Balance, beginning of period	$	2,301	$	110	$	1,331	$	354	$	360
Capitalization	28		6		279		2		9
Amortization	(168)		(3)		(181)		(36)		(31)
Balance, end of period	2,161		113		1,429		320		338
VOBA:
Balance, beginning of period	309		60		—		4		43
Amortization	(23)		(4)		—		(1)		(4)
Balance, end of period	286		56		—		3		39
Total DAC and VOBA:
Balance, end of period	$	2,447	$	169	$	1,429	$	323	$	377
Nine Months Ended September 30, 2023
DAC:
Balance, beginning of period	$	2,508	$	107	$	1,213	$	405	$	392
Capitalization	29		9		255		1		9
Amortization	(185)		(8)		(167)		(40)		(35)
Balance, end of period	2,352		108		1,301		366		366
VOBA:
Balance, beginning of period	341		65		—		5		48
Amortization	(24)		(4)		—		(1)		(4)
Balance, end of period	317		61		—		4		44
Total DAC and VOBA:
Balance, end of period	$	2,669	$	169	$	1,301	$	370	$	410

Deferred Sales Inducements

Information regarding deferred sales inducements, included in other assets, was as follows:


	Nine Months Ended September 30,
	2024				2023
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	220	$	8	$	245	$	9
Amortization	(17)		(1)		(19)		(1)
Balance, end of period	$	203	$	7	$	226	$	8

Unearned Revenue

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


	Nine Months Ended September 30,
	2024						2023
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	356	$	612	$	67	$	356	$	488	$	74
Capitalization	27		126		—		29		132		—
Amortization	(27)		(46)		(5)		(29)		(36)		(6)
Balance, end of period	$	356	$	692	$	62	$	356	$	584	$	68

Fair Value (Assets and Liabilities Measured - Quantitative Information) (Details) - Level 3	Sep. 30, 2024	Dec. 31, 2023
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	0.0786	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	0.2020	0.2280
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	0.1300	0.0900
Measurement Input, Long Term Equity Volatilities \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.1188	0.1259
Measurement Input, Long Term Equity Volatilities \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.3383	0.2250
Measurement Input, Entity Credit Risk \| Minimum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0049	0.0076
Embedded Derivative Liability, Measurement Input	0.0034	0.0045
Measurement Input, Entity Credit Risk \| Maximum
Fair Value, Option, Quantitative Disclosures
Market Risk Benefit, Measurement Input	0.0117	0.0163
Embedded Derivative Liability, Measurement Input	0.0164	0.0174

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Fixed maturity securities, estimated fair value	$ 83,298	$ 80,991
Equity securities	87	102
Short-term investments	1,812	1,169
Derivative assets	3,450	3,714
Market risk benefit assets	750	656
Separate account assets	90,313	88,271
Liabilities [Abstract]
Market risk benefit liabilities	9,580	10,323
Derivative liabilities	4,002	5,088
Recurring
Assets [Abstract]
Fixed maturity securities, estimated fair value	83,298	80,991
Equity securities	87	102
Short-term investments	1,812	1,169
Derivative assets	3,450	3,714
Embedded derivatives on index-linked annuities	44	0
Market risk benefit assets	750	656
Separate account assets	90,313	88,271
Total assets	179,754	174,903
Liabilities [Abstract]
Market risk benefit liabilities	9,580	10,323
Derivative liabilities	4,002	5,088
Embedded derivatives on index-linked annuities (2)	11,571	8,186
Total liabilities	25,153	23,597
Recurring \| Interest rate
Assets [Abstract]
Derivative assets	272	245
Liabilities [Abstract]
Derivative liabilities	1,586	2,209
Recurring \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	412	449
Liabilities [Abstract]
Derivative liabilities	50	55
Recurring \| Credit
Assets [Abstract]
Derivative assets	20	27
Recurring \| Equity market
Assets [Abstract]
Derivative assets	2,746	2,993
Liabilities [Abstract]
Derivative liabilities	2,366	2,824
Recurring \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	38,060	35,755
Recurring \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	12,399	11,665
Recurring \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,569	8,419
Recurring \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,943	7,430
Recurring \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,493	6,410
Recurring \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,272	6,406
Recurring \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,541	3,874
Recurring \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,021	1,032
Recurring \| Level 1
Assets [Abstract]
Fixed maturity securities, estimated fair value	2,816	3,786
Equity securities	55	55
Short-term investments	1,307	614
Derivative assets	0	0
Embedded derivatives on index-linked annuities	0	0
Market risk benefit assets	0	0
Separate account assets	17	20
Total assets	4,195	4,475
Liabilities [Abstract]
Market risk benefit liabilities	0	0
Derivative liabilities	0	0
Embedded derivatives on index-linked annuities (2)	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
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	2,816	3,786
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	78,971	75,469
Equity securities	10	22
Short-term investments	503	555
Derivative assets	3,440	3,696
Embedded derivatives on index-linked annuities	0	0
Market risk benefit assets	0	0
Separate account assets	90,296	88,251
Total assets	173,220	167,993
Liabilities [Abstract]
Market risk benefit liabilities	0	0
Derivative liabilities	4,002	5,088
Embedded derivatives on index-linked annuities (2)	0	0
Total liabilities	4,002	5,088
Recurring \| Level 2 \| Interest rate
Assets [Abstract]
Derivative assets	272	245
Liabilities [Abstract]
Derivative liabilities	1,586	2,209
Recurring \| Level 2 \| Foreign currency exchange rate
Assets [Abstract]
Derivative assets	405	437
Liabilities [Abstract]
Derivative liabilities	50	55
Recurring \| Level 2 \| Credit
Assets [Abstract]
Derivative assets	17	21
Recurring \| Level 2 \| Equity market
Assets [Abstract]
Derivative assets	2,746	2,993
Liabilities [Abstract]
Derivative liabilities	2,366	2,824
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	37,363	34,760
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	12,004	11,340
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Fixed maturity securities, estimated fair value	4,753	4,633
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	7,906	7,415
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	6,467	6,371
Recurring \| Level 2 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	5,939	6,080
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Fixed maturity securities, estimated fair value	3,541	3,874
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Fixed maturity securities, estimated fair value	998	996
Recurring \| Level 3
Assets [Abstract]
Fixed maturity securities, estimated fair value	1,511	1,736
Equity securities	22	25
Short-term investments	2	0
Derivative assets	10	18
Embedded derivatives on index-linked annuities	44	0
Market risk benefit assets	750	656
Separate account assets	0	0
Total assets	2,339	2,435
Liabilities [Abstract]
Market risk benefit liabilities	9,580	10,323
Derivative liabilities	0	0
Embedded derivatives on index-linked annuities (2)	11,571	8,186
Total liabilities	21,151	18,509
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	7	12
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Credit
Assets [Abstract]
Derivative assets	3	6
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	697	995
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Fixed maturity securities, estimated fair value	395	325
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	37	15
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Fixed maturity securities, estimated fair value	26	39
Recurring \| Level 3 \| ABS
Assets [Abstract]
Fixed maturity securities, estimated fair value	333	326
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	$ 23	$ 36

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Unearned Revenue) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Universal Life Insurance
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	$ 356	$ 356
Capitalization	27	29
Amortization	(27)	(29)
Balance, end of period	356	356
ULSG
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	612	488
Capitalization	126	132
Amortization	(46)	(36)
Balance, end of period	692	584
Variable Annuities
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	67	74
Capitalization	0	0
Amortization	(5)	(6)
Balance, end of period	$ 62	$ 68

Investments (Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment) (Details) - Mortgage Loans - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	$ 137	$ 119
Current period provision	43	23
Charge-offs, net of recoveries	(13)	(5)
Financing receivable, allowance for credit losses, end of period	167	137
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	69	49
Current period provision	39	22
Charge-offs, net of recoveries	(13)	(4)
Financing receivable, allowance for credit losses, end of period	95	67
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	19	15
Current period provision	11	1
Charge-offs, net of recoveries	0	(1)
Financing receivable, allowance for credit losses, end of period	30	15
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing receivable, allowance for credit losses, beginning of period	49	55
Current period provision	(7)	0
Charge-offs, net of recoveries	0	0
Financing receivable, allowance for credit losses, end of period	$ 42	$ 55

- Definition

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

+ References + Details

Contingencies, Commitments and Guarantees (Contingencies, Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Cumulative maximum indemnities and guarantees contractual limitation	$ 83
Liabilities for indemnities, guarantees and commitments	0	$ 1
Premium Receivable, Allowance for Credit Loss, Period Increase (Decrease)	187
Universal Life Insurance
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Premium Receivable, Allowance for Credit Loss, Period Increase (Decrease)	167
Other Expense
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Premium Receivable, Allowance for Credit Loss, Period Increase (Decrease)	20
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
Maximum \| Non-litigation loss
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loss contingency, range of possible loss, portion not accrued	75
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	408	377
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	$ 1,600	$ 1,400

Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Market Risk Benefit, Activity

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


	Nine Months Ended September 30,
		2024		2023
		(Dollars in millions)
Balance, beginning of period		$	9,701	$	9,974
Balance, beginning of period, before effect of changes in nonperformance risk		7,326		8,230
Decrements		(129)		(114)
Effect of changes in future expected assumptions		(53)		259
Effect of actual different from expected experience		67		178
Effect of changes in interest rates		(307)		(2,360)
Effect of changes in fund returns		(1,490)		(669)

Issuances		3		(9)
Effect of changes in risk margin		(41)		(52)
Aging of the block and other		1,141		1,025
Balance, end of period, before effect of changes in nonperformance risk		6,517		6,488
Effect of changes in nonperformance risk		2,298		1,690
Balance, end of period		8,815		8,178
Less: Reinsurance recoverable, end of period		32		35
Balance, end of period, net of reinsurance (1)		$	8,783	$	8,143
Weighted-average attained age of contract holder		73.6 years		72.6 years

_______________

(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at September 30, 2024 and 2023, with the exception of $47 million and ($7) million, respectively, of index-linked annuities not included in this table.

Insurance Liabilities (Future Policy Benefits - SOP) (Details) - ULSG - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Line Items]
Additional Liability, Long-Duration Insurance, before Reinsurance, after Discount Rate Change	$ 8,966	$ 7,240	$ 7,607	$ 6,935
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Cash Flow and Reinsurance	9,124	7,587	7,784	7,175
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) from Cash Flow Change			895	52
Additional Liability, Long-Duration Insurance, Cumulative Increase (Decrease) of Actual Variance from Expected Experience			102	75
Additional Liability, Long-Duration Insurance, Original Discount Rate, before Reinsurance, after Cash Flow Change			$ 8,781	$ 7,302
Additional Liability, Long-Duration Insurance, Interest Income (Expense)	295	265
Additional Liability, Long-Duration Insurance, Net Premium Collected	328	309
Additional Liability, Long-Duration Insurance, Benefit Payment	(280)	(289)
AOCI, Liability for Future Policy Benefit, before Tax	(158)	(347)
Additional Liability, Long-Duration Insurance, Reinsurance Recoverable, after Allowance	1,521	1,409
Additional Liability, Long-Duration Insurance, after Reinsurance	$ 7,445	$ 5,831
Additional Liability, Long-Duration Insurance, Weighted-Average Duration	6 years 7 months 6 days	6 years 8 months 12 days
Additional Liability, Long-Duration Insurance, Weighted-Average Interest Accretion Rate	4.94%	4.92%
Additional Liability, Long-Duration Insurance, Gross Premium Income	$ 812	$ 798

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (5,419)	$ (5,881)	$ (5,246)	$ (6,106)
OCI before reclassifications	1,621	(1,613)	1,285	(1,450)
Deferred income tax benefit (expense) (3)	(339)	339	(269)	305
AOCI before reclassifications, net of income tax	(4,137)	(7,155)	(4,230)	(7,251)
Amounts reclassified from AOCI	13	51	131	172
Deferred income tax benefit (expense) (3)	(3)	(12)	(28)	(37)
Amounts reclassified from AOCI, net of income tax	10	39	103	135
Balance, end of period	(4,127)	(7,116)	(4,127)	(7,116)
Unrealized Investment Gains (Losses), Net of Related Offsets (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(5,245)	(5,689)	(4,317)	(6,194)
OCI before reclassifications	2,666	(2,490)	1,371	(1,971)
Deferred income tax benefit (expense) (3)	(559)	523	(288)	414
AOCI before reclassifications, net of income tax	(3,138)	(7,656)	(3,234)	(7,751)
Amounts reclassified from AOCI	19	55	140	175
Deferred income tax benefit (expense) (3)	(4)	(12)	(29)	(37)
Amounts reclassified from AOCI, net of income tax	15	43	111	138
Balance, end of period	(3,123)	(7,613)	(3,123)	(7,613)
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	350	430	277	504
OCI before reclassifications	(119)	(33)	(22)	(123)
Deferred income tax benefit (expense) (3)	25	8	5	27
AOCI before reclassifications, net of income tax	256	405	260	408
Amounts reclassified from AOCI	(8)	(2)	(13)	(6)
Deferred income tax benefit (expense) (3)	1	0	2	1
Amounts reclassified from AOCI, net of income tax	(7)	(2)	(11)	(5)
Balance, end of period	249	403	249	403
Changes in Nonperformance Risk on Market Risk Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(1,624)	(1,475)	(1,881)	(1,378)
OCI before reclassifications	(258)	174	67	51
Deferred income tax benefit (expense) (3)	54	(37)	(14)	(11)
AOCI before reclassifications, net of income tax	(1,828)	(1,338)	(1,828)	(1,338)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense) (3)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	(1,828)	(1,338)	(1,828)	(1,338)
Changes in Discount Rates on the Liability for Future Policy Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,153	905	720	1,020
OCI before reclassifications	(685)	744	(137)	598
Deferred income tax benefit (expense) (3)	144	(157)	29	(126)
AOCI before reclassifications, net of income tax	612	1,492	612	1,492
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense) (3)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	612	1,492	612	1,492
Other (2)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(53)	(52)	(45)	(58)
OCI before reclassifications	17	(8)	6	(5)
Deferred income tax benefit (expense) (3)	(3)	2	(1)	1
AOCI before reclassifications, net of income tax	(39)	(58)	(40)	(62)
Amounts reclassified from AOCI	2	(2)	4	3
Deferred income tax benefit (expense) (3)	0	0	(1)	(1)
Amounts reclassified from AOCI, net of income tax	2	(2)	3	2
Balance, end of period	$ (37)	$ (60)	$ (37)	$ (60)

Insurance Liabilities (Future Policy Benefits - Reconciliation) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 32,781	$ 30,404
Liabilities reported in the preceding rollforward tables
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	22,073	19,263
Long-term care insurance (1)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	5,514	5,276
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	1,202	1,966
Participating whole life insurance (2)
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	3,172	3,054
Deferred profit liabilities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	435	459
Other
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Future Policy Benefit, before Reinsurance	$ 385	$ 386

Business, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business Brighthouse Financial, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial” or the “Company”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the U.S. through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into the following segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report. Adoption of New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. There were no significant ASUs adopted during the period ended September 30, 2024. Future Adoption of New Accounting Pronouncements 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. 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.

Investments (Mortgage Loans - Narrative) (Details) - Mortgage Loans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 128		$ 128		$ 123
Financing receivables in nonaccrual status with no allowance for credit losses	$ 0		$ 0		$ 0
Minimum \| Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, before allowance for credit losses by performance status as a percentage of financing receivables, before allowance for credit losses	99.00%		99.00%		99.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables in nonaccrual status, investment income			$ 3	$ 1
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables purchased from third parties	$ 314	$ 224	$ 664	$ 255

Investments (Net Unrealized Investment Gains (Losses)) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ (4,479)	$ (6,119)
Derivatives	316	351
Other	(7)	2
Subtotal	(4,170)	(5,766)
Amounts allocated from: Future policy benefits	532	652
Deferred income tax benefit (expense)	764	1,074
Net unrealized investment gains (losses)	$ (2,874)	$ (4,040)

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$ 150	$ 453	$ (360)	$ (272)
Weighted average common shares outstanding - basic	60,600,840	65,408,241	61,860,201	66,658,796
Dilutive effect of share-based awards	348,979	336,110	0	0
Weighted average common shares outstanding - diluted	60,949,819	65,744,351	61,860,201	66,658,796
Earnings per common share - basic	$ 2.49	$ 6.92	$ (5.82)	$ (4.08)
Earnings per common share - diluted	$ 2.47	$ 6.89	$ (5.82)	$ (4.08)
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

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: 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 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

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

+ Details

Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	$ 6,514	$ 8,593
Invested assets held in trust (reinsurance agreements)	7,686	7,142
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Invested assets on deposit (regulatory deposits)	87	102
Invested assets held in trust (reinsurance agreements)	299	120
FHLB common stock	$ 242	$ 245

Investments (Components of Net Investment Gains (Losses)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ (60)	$ (53)	$ (222)	$ (213)
Fixed maturity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(49)	(54)	(184)	(185)
Equity securities
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	2	(1)	2	(2)
Mortgage loans
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	(15)	3	(42)	(24)
Limited partnerships and LLCs
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	0	0	(1)	0
Other assets
Net Investment Gains (Losses) [Line Items]
Net investment gains (losses)	$ 2	$ (1)	$ 3	$ (2)

Equity (Preferred Stock) (Details) - shares	9 Months Ended	12 Months Ended
Equity (Preferred Stock) (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	70,100	70,100
Preferred stock, shares outstanding	70,100	70,100
6.600% Non-Cumulative Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.60%	6.60%
Preferred stock, shares authorized	17,000	17,000
Preferred stock, shares issued	17,000	17,000
Preferred stock, shares outstanding	17,000	17,000
6.750% Non-Cumulative Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, annual dividend rate	6.75%	6.75%
Preferred stock, shares authorized	16,100	16,100
Preferred stock, shares issued	16,100	16,100
Preferred stock, shares outstanding	16,100	16,100
5.375% Non-Cumulative Preferred Stock, Series C
Class of Stock [Line Items]
Preferred stock, annual dividend rate	5.375%	5.375%
Preferred stock, shares authorized	23,000	23,000
Preferred stock, shares issued	23,000	23,000
Preferred stock, shares outstanding	23,000	23,000
4.625% Non-Cumulative Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock, annual dividend rate	4.625%	4.625%
Preferred stock, shares authorized	14,000	14,000
Preferred stock, shares issued	14,000	14,000
Preferred stock, shares outstanding	14,000	14,000
Not designated
Class of Stock [Line Items]
Preferred stock, shares authorized	99,929,900	99,929,900
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Derivatives (2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 10	$ 27	$ 18	$ 35
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	2	(1)	(3)
Total realized/unrealized gains (losses) included in AOCI	0	(3)	0	(3)
Purchases (5)	0	0	0	9
Sales (5)	0	0	0	0
Issuances (5)	0	0	0	0
Settlements (5)	0	0	0	0
Transfers into Level 3 (6)	0	0	0	0
Transfers out of Level 3 (6)	0	0	(7)	(12)
Balance, end of period	10	26	10	26
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	3	(2)	(2)
Changes in unrealized gains (losses) included in OCI	0	(3)	0	(3)
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	(10,583)	(6,886)	(8,186)	(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(1,064)	913	(3,664)	(1,880)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (5)	0	0	0	0
Sales (5)	0	0	0	0
Issuances (5)	0	0	0	0
Settlements (5)	120	(58)	323	(219)
Transfers into Level 3 (6)	0	0	0	0
Transfers out of Level 3 (6)	0	0	0	0
Balance, end of period	(11,527)	(6,031)	(11,527)	(6,031)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1,262)	785	(4,183)	(2,183)
Changes in unrealized gains (losses) included in OCI	0	0	0	0
Corporate (1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,365	1,931	1,320	1,787
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(23)	(9)	(43)	(12)
Total realized/unrealized gains (losses) included in AOCI	34	(19)	29	(11)
Purchases (5)	65	32	241	119
Sales (5)	(57)	(56)	(174)	(126)
Issuances (5)	0	0	0	0
Settlements (5)	0	0	0	0
Transfers into Level 3 (6)	33	45	19	101
Transfers out of Level 3 (6)	(325)	(784)	(300)	(718)
Balance, end of period	1,092	1,140	1,092	1,140
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(17)	(9)	(35)	(11)
Changes in unrealized gains (losses) included in OCI	0	(25)	(5)	(20)
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	506	371	380	365
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	1	0
Total realized/unrealized gains (losses) included in AOCI	4	(2)	7	(2)
Purchases (5)	105	17	134	45
Sales (5)	(93)	(11)	(59)	(17)
Issuances (5)	0	0	0	0
Settlements (5)	0	0	0	0
Transfers into Level 3 (6)	0	12	0	10
Transfers out of Level 3 (6)	(126)	(42)	(67)	(56)
Balance, end of period	396	345	396	345
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI	4	(3)	4	(3)
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	21	38	36	38
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	2	(1)	1	0
Purchases (5)	0	0	0	0
Sales (5)	0	(1)	0	(2)
Issuances (5)	0	0	0	0
Settlements (5)	0	0	0	0
Transfers into Level 3 (6)	0	0	0	0
Transfers out of Level 3 (6)	0	(3)	(14)	(3)
Balance, end of period	23	33	23	33
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI	2	(1)	1	0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	24	25	25	27
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(2)	0	(3)	(3)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (5)	0	0	0	1
Sales (5)	0	0	0	0
Issuances (5)	0	0	0	0
Settlements (5)	0	0	0	0
Transfers into Level 3 (6)	0	0	0	0
Transfers out of Level 3 (6)	0	0	0	0
Balance, end of period	22	25	22	25
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(1)	1	(3)	(2)
Changes in unrealized gains (losses) included in OCI	0	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	0
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases (5)	2	0	2	0
Sales (5)	0	0	0	0
Issuances (5)	0	0	0	0
Settlements (5)	0	0	0	0
Transfers into Level 3 (6)	0	0	0	0
Transfers out of Level 3 (6)	0	0	0	0
Balance, end of period	2	0	2	0
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Changes in unrealized gains (losses) included in OCI	$ 0	$ 0	$ 0	$ 0

Derivatives (Derivatives - Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative AOCI associated with Cash Flow Hedges Pre Tax	$ 316	$ 351

Insurance Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

Information regarding liability for future policy benefits (“LFPB”) for non-participating traditional and limited-payment contracts was as follows:


	Nine Months Ended September 30,
	2024									2023
	Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of period	$	2,974		$	—		$	—		$	2,871		$	—		$	—
Beginning balance at original discount rate	3,234			—			—			3,212			—			—
Effect of model refinements	4			—			—			—			—			—
Effect of changes in cash flow assumptions	128			—			—			215			—			—
Effect of actual variances from expected experience	9			—			—			(36)			—			—
Adjusted beginning of period balance	3,375			—			—			3,391			—			—
Issuances	52			—			—			71			—			—
Interest accrual	85			—			—			83			—			—
Net premiums collected	(284)			—			—			(281)			—			—
Ending balance at original discount rate	3,228			—			—			3,264			—			—
Effect of changes in discount rate assumptions	(239)			—			—			(430)			—			—
Balance, end of period	$	2,989		$	—		$	—		$	2,834		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of period	$	5,507		$	3,754		$	6,697		$	5,279		$	3,512		$	6,793
Beginning balance at original discount rate	6,023			4,031			7,085			5,922			3,897			7,410
Effect of model refinements	10			—			—			—			—			—
Effect of changes in cash flow assumptions	208			(23)			81			309			—			—
Effect of actual variances from expected experience	9			(1)			(11)			(41)			6			(49)
Adjusted beginning of period balance	6,250			4,007			7,155			6,190			3,903			7,361
Issuances	56			304			—			74			281			—
Interest accrual	165			113			230			162			107			236
Benefit payments	(425)			(300)			(438)			(375)			(296)			(449)
Ending balance at original discount rate	6,046			4,124			6,947			6,051			3,995			7,148
Effect of changes in discount rate assumptions	(431)			(229)			(361)			(867)			(514)			(956)
Balance, end of period	$	5,615		$	3,895		$	6,586		$	5,184		$	3,481		$	6,192
Net liability for future policy benefits, end of period	$	2,626		$	3,895		$	6,586		$	2,350		$	3,481		$	6,192
Less: Reinsurance recoverable, end of period	30			32			63			41			30			—
Net liability for future policy benefits, after reinsurance recoverable	$	2,596		$	3,863		$	6,523		$	2,309		$	3,451		$	6,192
Weighted-average duration of liability	7.7 years			8.0 years			11.5 years			8.8 years			8.3 years			11.6 years
Weighted-average interest accretion rate	3.94		%	4.02		%	4.46		%	3.95		%	3.94		%	4.45		%
Current discount rate	4.74		%	4.82		%	5.00		%	5.87		%	5.87		%	5.91		%
Gross premiums or assessments recognized during period	$	423		$	385		$	—		$	451		$	353		$	—
Expected future gross premiums, undiscounted	$	5,983		$	—		$	—		$	6,261		$	—		$	—
Expected future gross premiums, discounted	$	4,406		$	—		$	—		$	4,707		$	—		$	—
Expected future benefit payments, undiscounted	$	8,250		$	5,814		$	13,465		$	8,378		$	5,663		$	13,909
Expected future benefit payments, discounted	$	6,046		$	4,124		$	6,947		$	6,051		$	3,995		$	7,148

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


	Nine Months Ended September 30,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,607		$	6,935
Beginning balance before the effect of unrealized gains and losses	7,784			7,175
Effect of changes in cash flow assumptions	895			52
Effect of actual variances from expected experience	102			75
Adjusted beginning of period balance	8,781			7,302
Interest accrual	295			265
Net assessments collected	328			309
Benefit payments	(280)			(289)

Ending balance before the effect of unrealized gains and losses	9,124			7,587
Effect of unrealized gains and losses	(158)			(347)
Balance, end of period	8,966			7,240
Less: Reinsurance recoverable, end of period	1,521			1,409
Net additional liability, after reinsurance recoverable	$	7,445		$	5,831
Weighted-average duration of liability	6.6 years			6.7 years
Weighted-average interest accretion rate	4.94		%	4.92		%
Gross assessments recognized during period	$	812		$	798

A reconciliation of the net LFPBs for non-participating 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:


	September 30,
	2024		2023
	(In millions)
Liabilities reported in the preceding rollforward tables	$	22,073	$	19,263
Long-term care insurance (1)	5,514		5,276
ULSG liabilities, including liability for profits followed by losses	1,202		1,966
Participating whole life insurance (2)	3,172		3,054
Deferred profit liabilities	435		459
Other	385		386
Total liability for future policy benefits	$	32,781	$	30,404

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 2.

(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 September 30, 2024 and 2023, and 39% and 40% of gross traditional life insurance premiums for the nine months ended September 30, 2024 and 2023, respectively.

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)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	2,550		$	4,307		$	41,627		$	14,672		$	5,052		$	653
Premiums and deposits	181			57			6,272			1,027			486			—
Surrenders and withdrawals	(68)			(508)			(3,935)			(982)			(15)			—
Benefit payments	(37)			(72)			(243)			(258)			(53)			(7)
Net transfers from (to) separate account	31			96			—			—			—			5
Interest credited	74			83			438			424			123			22
Policy charges	(152)			(16)			(14)			—			(745)			(6)
Changes related to embedded derivatives	—			—			3,669			—			—			—

Balance, end of period	$	2,579		$	3,947		$	47,814		$	14,883		$	4,848		$	667
Weighted-average crediting rate (2)	2.89		%	2.02		%	1.31		%	2.86		%	2.48		%	3.10		%
Nine Months Ended September 30, 2023
Balance, beginning of period	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	171			63			5,314			1,983			501			—
Surrenders and withdrawals	(140)			(486)			(2,588)			(1,518)			(17)			—
Benefit payments	(52)			(89)			(177)			(285)			(67)			(6)
Net transfers from (to) separate account	42			8			—			—			—			—
Interest credited	33			98			299			357			165			22
Policy charges	(167)			(19)			(6)			—			(764)			(7)
Changes related to embedded derivatives	—			—			1,880			—			—			—

Balance, end of period	$	2,545		$	4,483		$	38,619		$	14,811		$	5,125		$	650
Weighted-average crediting rate (2)	1.27		%	2.09		%	1.02		%	2.43		%	3.17		%	3.41		%

_______________

(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:


	September 30,
	2024		2023
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	74,738	$	66,233
Funding agreements classified as investment contracts	11,561		11,052
Institutional group annuities	363		—
Other investment contract liabilities	1,016		1,086
Total policyholder account balances	$	87,678	$	78,371

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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)
September 30, 2024
Annuities (1):
Less than 2.00%	$	601	$	131	$	247	$	8,695	$	9,674
2.00% to 3.99%	7,756		380		198		499		8,833
Greater than 3.99%	803		—		—		—		803
Total	$	9,160	$	511	$	445	$	9,194	$	19,310
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	295	$	295
2.00% to 3.99%	—		517		43		133		693
Greater than 3.99%	1,551		—		—		—		1,551
Total	$	1,551	$	517	$	43	$	428	$	2,539
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,071		1,408		1,616		242		4,337
Greater than 3.99%	493		—		—		—		493
Total	$	1,564	$	1,408	$	1,616	$	242	$	4,830
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

_______________

(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.

Investments (Other Invested Assets - Narrative) (Details)	Sep. 30, 2024
Minimum
Derivative [Line Items]
Percentage of other invested assets comprised of freestanding derivatives with positive estimated fair values	75.00%

Derivatives (Primary Risks Managed by Derivatives) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 238,201	$ 173,236
Derivative assets	3,450	3,714
Derivative liabilities	4,002	5,088
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	4,342	3,939
Derivative assets	324	348
Derivative liabilities	52	45
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	233,859	169,297
Derivative assets	3,126	3,366
Derivative liabilities	3,950	5,043
Interest rate swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	58,535	31,252
Derivative assets	160	140
Derivative liabilities	194	103
Interest rate floors \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,500	3,500
Derivative assets	4	7
Derivative liabilities	0	1
Interest rate caps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	6,800	7,050
Derivative assets	0	19
Derivative liabilities	16	1
Interest rate futures \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	21,400	33,680
Derivative assets	39	47
Derivative liabilities	208	167
Interest rate forwards \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	16,692	17,017
Derivative assets	69	32
Derivative liabilities	1,162	1,937
Interest rate forwards \| Cash flow hedges: \| Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	500	0
Derivative assets	0	0
Derivative liabilities	6	0
Foreign currency swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	691	747
Derivative assets	87	101
Derivative liabilities	1	1
Foreign currency swaps \| Cash flow hedges: \| Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	3,842	3,939
Derivative assets	324	348
Derivative liabilities	46	45
Foreign currency forwards \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	495	535
Derivative assets	1	0
Derivative liabilities	3	9
Credit default swaps — written \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	1,095	1,405
Derivative assets	20	27
Derivative liabilities	0	0
Equity futures \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	2	0
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	15,943	20,099
Derivative assets	855	757
Derivative liabilities	443	687
Equity total return swaps \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	108,706	53,742
Derivative assets	1,891	2,236
Derivative liabilities	1,923	2,137
Hybrid options \| Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	0	270
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

12. Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	150	$	453	$	(360)	$	(272)

Weighted average common shares outstanding — basic	60,600,840		65,408,241		61,860,201		66,658,796
Dilutive effect of share-based awards	348,979		336,110		—		—
Weighted average common shares outstanding — diluted	60,949,819		65,744,351		61,860,201		66,658,796

Earnings per common share:
Basic	$	2.49	$	6.92	$	(5.82)	$	(4.08)
Diluted	$	2.47	$	6.89	$	(5.82)	$	(4.08)

For both the three months ended September 30, 2024 and 2023, weighted average shares used for calculating diluted earnings per common share excludes 187,371 shares underlying out-of-the-money stock options, as the inclusion of such shares would be antidilutive under the treasury stock method to the earnings per common share calculation due to the average share price for both the three months ended September 30, 2024 and 2023.

For both the nine months ended September 30, 2024 and 2023, basic loss per common share equaled diluted loss per common share. The diluted shares were not included in the per share calculation for these periods as the inclusion of such shares would have an antidilutive effect.

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	September 30, 2024										December 31, 2023
	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	$	40,395	$	31	$	540	$	2,844	$	38,060	$	38,778	$	15	$	388	$	3,396	$	35,755
Foreign corporate	13,340		21		140		1,060		12,399		12,865		—		89		1,289		11,665
U.S. government and agency	7,743		—		302		476		7,569		8,656		—		286		523		8,419
Residential mortgage-backed securities	8,510		4		78		641		7,943		8,199		5		48		812		7,430
Commercial mortgage-backed securities	6,855		5		9		366		6,493		7,023		1		2		614		6,410
Asset-backed securities	6,294		—		43		65		6,272		6,514		—		23		131		6,406
State and political subdivision	3,653		—		144		256		3,541		4,019		—		159		304		3,874
Foreign government	1,048		—		44		71		1,021		1,077		—		42		87		1,032
Total fixed maturity securities	$	87,838	$	61	$	1,300	$	5,779	$	83,298	$	87,131	$	21	$	1,037	$	7,156	$	80,991

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2024:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	4,255	$	18,956	$	13,807	$	29,161	$	21,659	$	87,838
Estimated fair value	$	4,241	$	18,740	$	12,983	$	26,626	$	20,708	$	83,298

_______________

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector


	September 30, 2024								December 31, 2023
	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	$	6,004	$	467	$	18,849	$	2,377	$	4,554	$	409	$	22,796	$	2,987
Foreign corporate	1,678		167		6,263		893		1,010		73		8,311		1,216
U.S. government and agency	300		23		2,266		453		518		9		3,477		514
RMBS	554		34		5,233		607		413		20		5,774		792
CMBS	648		47		5,189		319		411		33		5,786		581
ABS	407		6		1,209		59		572		3		3,360		128
State and political subdivision	339		22		1,603		234		471		32		1,634		272
Foreign government	136		9		518		62		112		6		620		81
Total fixed maturity securities	$	10,066	$	775	$	41,130	$	5,004	$	8,061	$	585	$	51,758	$	6,571
Total number of securities in an unrealized loss position	2,140				5,506				1,347				7,038

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

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


	U.S. Corporate		Foreign Corporate		RMBS		CMBS		Total
	(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	15	$	—	$	5	$	1	$	21
Allowance on securities where credit losses were not previously recorded	13		21		—		3		37
Reductions for securities sold	—		—		(1)		—		(1)
Change in allowance on securities with an allowance recorded in a previous period	3		—		—		1		4
Write-offs charged against allowance (1)	—		—		—		—		—
Balance, end of period	$	31	$	21	$	4	$	5	$	61
Nine Months Ended September 30, 2023
Balance, beginning of period	$	1	$	1	$	2	$	3	$	7
Allowance on securities where credit losses were not previously recorded	14		—		4		—		18
Reductions for securities sold	(1)		—		—		(1)		(2)
Change in allowance on securities with an allowance recorded in a previous period	—		—		—		—		—
Write-offs charged against allowance (1)	—		(1)		—		—		(1)
Balance, end of period	$	14	$	—	$	6	$	2	$	22

_______________

(1)The Company recorded total write-offs of $10 million and $8 million for the nine months ended September 30, 2024 and 2023, respectively.

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	September 30, 2024				December 31, 2023
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,255	57.8	%	$	13,193	58.6	%
Agricultural	4,521		19.7		4,445		19.8
Residential	5,329		23.2		5,007		22.2
Total mortgage loans (1)	23,105		100.7		22,645		100.6
Allowance for credit losses	(167)		(0.7)		(137)		(0.6)
Total mortgage loans, net	$	22,938	100.0	%	$	22,508	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)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	69	$	19	$	49	$	137
Current period provision	39		11		(7)		43
Charge-offs, net of recoveries	(13)		—		—		(13)

Balance, end of period	$	95	$	30	$	42	$	167
Nine Months Ended September 30, 2023
Balance, beginning of period	$	49	$	15	$	55	$	119
Current period provision	22		1		—		23
Charge-offs, net of recoveries	(4)		(1)		—		(5)

Balance, end of period	$	67	$	15	$	55	$	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:


	2024		2023		2022		2021		2020		Prior		Total
	(In millions)
September 30, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	448	$	199	$	609	$	1,824	$	221	$	3,175	$	6,476
65% to 75%	67		—		876		778		38		1,073		2,832
76% to 80%	—		—		415		304		175		650		1,544
Greater than 80%	—		—		516		267		—		1,620		2,403
Total commercial mortgage loans	515		199		2,416		3,173		434		6,518		13,255
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	241		221		554		1,101		399		1,712		4,228
65% to 75%	6		1		130		107		12		17		273
76% to 80%	—		—		—		—		1		3		4
Greater than 80%	—		—		—		—		—		16		16
Total agricultural mortgage loans	247		222		684		1,208		412		1,748		4,521
Residential mortgage loans
Performing	294		235		1,298		1,666		137		1,598		5,228
Nonperforming	—		1		32		18		1		49		101
Total residential mortgage loans	294		236		1,330		1,684		138		1,647		5,329
Total	$	1,056	$	657	$	4,430	$	6,065	$	984	$	9,913	$	23,105


	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


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

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


	September 30, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,151	91.7	%	$	12,086	91.6	%
1.00x - 1.20x	663		5.0		702		5.3
Less than 1.00x	441		3.3		405		3.1
Total	$	13,255	100.0	%	$	13,193	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:


	September 30, 2024								December 31, 2023
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,146	$	4,496	$	5,133	$	22,775	$	13,176	$	4,429	$	4,915	$	22,520
30-59 days past due	—		—		95		95		—		—		2		2
60-89 days past due	10		9		30		49		—		—		30		30
90-179 days past due	14		—		32		46		—		—		23		23
180+ days past due	85		16		39		140		17		16		37		70
Total	$	13,255	$	4,521	$	5,329	$	23,105	$	13,193	$	4,445	$	5,007	$	22,645

Mortgage Loans in Nonaccrual Status by Portfolio Segment

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


	Commercial		Agricultural		Residential		Total
	(In millions)
September 30, 2024	$	119	$	16	$	101	$	236
December 31, 2023	$	17	$	—	$	90	$	107

The Company had no mortgage loans in nonaccrual status for which there was no related allowance for credit losses at both September 30, 2024 and December 31, 2023.

Net Unrealized Investment Gains (Losses)

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


	September 30, 2024		December 31, 2023
	(In millions)
Fixed maturity securities	$	(4,479)	$	(6,119)

Derivatives	316		351

Other	(7)		2
Subtotal	(4,170)		(5,766)
Amounts allocated from:
Future policy benefits	532		652
Deferred income tax benefit (expense)	764		1,074
Net unrealized investment gains (losses)	$	(2,874)	$	(4,040)

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


	Nine Months Ended September 30, 2024
	(In millions)
Balance at December 31, 2023	$	(4,040)
Unrealized investment gains (losses) during the period	1,596
Unrealized investment gains (losses) relating to:
Future policy benefits	(120)
Deferred income tax benefit (expense)	(310)
Balance at September 30, 2024	$	(2,874)
Change in net unrealized investment gains (losses)	$	1,166

Securities Lending

Elements of the securities lending program are presented below at:


	September 30, 2024		December 31, 2023
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,457	$	3,420
Estimated fair value	$	3,176	$	3,194
Cash collateral received from counterparties (2)	$	3,270	$	3,277

Reinvestment portfolio — estimated fair value	$	3,301	$	3,246

_______________

(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:


	September 30, 2024						December 31, 2023
	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	$	641	$	2,060	$	206	$	2,907	$	647	$	655	$	1,584	$	2,886
U.S. corporate	—		254		—		254		—		252		—		252

Foreign corporate	—		106		—		106		—		130		—		130
Foreign government	—		3		—		3		—		9		—		9
Total	$	641	$	2,423	$	206	$	3,270	$	647	$	1,046	$	1,584	$	3,277

_______________

(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:


	September 30, 2024		December 31, 2023
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	6,514	$	8,593
Invested assets held in trust (reinsurance agreements) (2)	7,686		7,142
Invested assets pledged as collateral (3)	12,774		13,979
Total invested assets on deposit, held in trust and pledged as collateral	$	26,974	$	29,714

_______________

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:


	September 30, 2024				December 31, 2023
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,556	$	16,362	$	15,526	$	16,771
Limited partnerships and LLCs	4,252		5,313		4,233		5,255
Total	$	19,808	$	21,675	$	19,759	$	22,026

Components of Net Investment Income

The components of net investment income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Investment income:
Fixed maturity securities	$	950	$	897	$	2,806	$	2,602
Equity securities	1		1		3		2
Mortgage loans	253		240		748		716
Policy loans	18		17		51		50
Limited partnerships and LLCs (1)	55		53		228		129
Cash, cash equivalents and short-term investments	78		61		202		166
Other	25		24		76		66
Total investment income	1,380		1,293		4,114		3,731
Less: Investment expenses	92		91		265		274
Net investment income	$	1,288	$	1,202	$	3,849	$	3,457

_______________

Components of Net Investment Gains (Losses)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Fixed maturity securities	$	(49)	$	(54)	$	(184)	$	(185)
Equity securities	2		(1)		2		(2)
Mortgage loans	(15)		3		(42)		(24)
Limited partnerships and LLCs	—		—		(1)		—
Other	2		(1)		3		(2)
Total net investment gains (losses)	$	(60)	$	(53)	$	(222)	$	(213)

Sales or Disposals of Fixed Maturity Securities

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Proceeds	$	320	$	494	$	2,175	$	1,771
Gross investment gains	$	3	$	1	$	13	$	12
Gross investment losses	(26)		(44)		(146)		(173)
Net investment gains (losses)	$	(23)	$	(43)	$	(133)	$	(161)

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ (978)	$ (234)	$ (978)	$ (234)

Insurance Liabilities

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Insurance Liabilities

3. Insurance Liabilities

Liability for Future Policy Benefits

Information regarding liability for future policy benefits (“LFPB”) for non-participating traditional and limited-payment contracts was as follows:


	Nine Months Ended September 30,
	2024									2023
	Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of period	$	2,974		$	—		$	—		$	2,871		$	—		$	—
Beginning balance at original discount rate	3,234			—			—			3,212			—			—
Effect of model refinements	4			—			—			—			—			—
Effect of changes in cash flow assumptions	128			—			—			215			—			—
Effect of actual variances from expected experience	9			—			—			(36)			—			—
Adjusted beginning of period balance	3,375			—			—			3,391			—			—
Issuances	52			—			—			71			—			—
Interest accrual	85			—			—			83			—			—
Net premiums collected	(284)			—			—			(281)			—			—
Ending balance at original discount rate	3,228			—			—			3,264			—			—
Effect of changes in discount rate assumptions	(239)			—			—			(430)			—			—
Balance, end of period	$	2,989		$	—		$	—		$	2,834		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of period	$	5,507		$	3,754		$	6,697		$	5,279		$	3,512		$	6,793
Beginning balance at original discount rate	6,023			4,031			7,085			5,922			3,897			7,410
Effect of model refinements	10			—			—			—			—			—
Effect of changes in cash flow assumptions	208			(23)			81			309			—			—
Effect of actual variances from expected experience	9			(1)			(11)			(41)			6			(49)
Adjusted beginning of period balance	6,250			4,007			7,155			6,190			3,903			7,361
Issuances	56			304			—			74			281			—
Interest accrual	165			113			230			162			107			236
Benefit payments	(425)			(300)			(438)			(375)			(296)			(449)
Ending balance at original discount rate	6,046			4,124			6,947			6,051			3,995			7,148
Effect of changes in discount rate assumptions	(431)			(229)			(361)			(867)			(514)			(956)
Balance, end of period	$	5,615		$	3,895		$	6,586		$	5,184		$	3,481		$	6,192
Net liability for future policy benefits, end of period	$	2,626		$	3,895		$	6,586		$	2,350		$	3,481		$	6,192
Less: Reinsurance recoverable, end of period	30			32			63			41			30			—
Net liability for future policy benefits, after reinsurance recoverable	$	2,596		$	3,863		$	6,523		$	2,309		$	3,451		$	6,192
Weighted-average duration of liability	7.7 years			8.0 years			11.5 years			8.8 years			8.3 years			11.6 years
Weighted-average interest accretion rate	3.94		%	4.02		%	4.46		%	3.95		%	3.94		%	4.45		%
Current discount rate	4.74		%	4.82		%	5.00		%	5.87		%	5.87		%	5.91		%
Gross premiums or assessments recognized during period	$	423		$	385		$	—		$	451		$	353		$	—
Expected future gross premiums, undiscounted	$	5,983		$	—		$	—		$	6,261		$	—		$	—
Expected future gross premiums, discounted	$	4,406		$	—		$	—		$	4,707		$	—		$	—
Expected future benefit payments, undiscounted	$	8,250		$	5,814		$	13,465		$	8,378		$	5,663		$	13,909
Expected future benefit payments, discounted	$	6,046		$	4,124		$	6,947		$	6,051		$	3,995		$	7,148

The measurement of LFPBs can be significantly impacted by changes in assumptions for policyholder behavior. As part of the 2024 and 2023 annual actuarial reviews (“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:


	Nine Months Ended September 30,
	2024			2023
	(Dollars in millions)
Balance, beginning of period	$	7,607		$	6,935
Beginning balance before the effect of unrealized gains and losses	7,784			7,175
Effect of changes in cash flow assumptions	895			52
Effect of actual variances from expected experience	102			75
Adjusted beginning of period balance	8,781			7,302
Interest accrual	295			265
Net assessments collected	328			309
Benefit payments	(280)			(289)

Ending balance before the effect of unrealized gains and losses	9,124			7,587
Effect of unrealized gains and losses	(158)			(347)
Balance, end of period	8,966			7,240
Less: Reinsurance recoverable, end of period	1,521			1,409
Net additional liability, after reinsurance recoverable	$	7,445		$	5,831
Weighted-average duration of liability	6.6 years			6.7 years
Weighted-average interest accretion rate	4.94		%	4.92		%
Gross assessments recognized during period	$	812		$	798

The measurement of liabilities for secondary guarantees can be significantly impacted by changes in assumptions for policyholder behavior, as well as 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 2024 and 2023 AAR, the Company updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses and withdrawals. In 2024, the Company also increased the long-term general account earned rate, driven by an increase in the mean reversion rate, from 3.75% to 4.00%. The impact from changes in assumptions, excluding the effects on the ULSG liability for profits followed by losses, is presented in effect of changes in cash flow assumptions in the table above.


	September 30,
	2024		2023
	(In millions)
Liabilities reported in the preceding rollforward tables	$	22,073	$	19,263
Long-term care insurance (1)	5,514		5,276
ULSG liabilities, including liability for profits followed by losses	1,202		1,966
Participating whole life insurance (2)	3,172		3,054
Deferred profit liabilities	435		459
Other	385		386
Total liability for future policy benefits	$	32,781	$	30,404

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 2.

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)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	2,550		$	4,307		$	41,627		$	14,672		$	5,052		$	653
Premiums and deposits	181			57			6,272			1,027			486			—
Surrenders and withdrawals	(68)			(508)			(3,935)			(982)			(15)			—
Benefit payments	(37)			(72)			(243)			(258)			(53)			(7)
Net transfers from (to) separate account	31			96			—			—			—			5
Interest credited	74			83			438			424			123			22
Policy charges	(152)			(16)			(14)			—			(745)			(6)
Changes related to embedded derivatives	—			—			3,669			—			—			—

Balance, end of period	$	2,579		$	3,947		$	47,814		$	14,883		$	4,848		$	667
Weighted-average crediting rate (2)	2.89		%	2.02		%	1.31		%	2.86		%	2.48		%	3.10		%
Nine Months Ended September 30, 2023
Balance, beginning of period	$	2,658		$	4,908		$	33,897		$	14,274		$	5,307		$	641
Premiums and deposits	171			63			5,314			1,983			501			—
Surrenders and withdrawals	(140)			(486)			(2,588)			(1,518)			(17)			—
Benefit payments	(52)			(89)			(177)			(285)			(67)			(6)
Net transfers from (to) separate account	42			8			—			—			—			—
Interest credited	33			98			299			357			165			22
Policy charges	(167)			(19)			(6)			—			(764)			(7)
Changes related to embedded derivatives	—			—			1,880			—			—			—

Balance, end of period	$	2,545		$	4,483		$	38,619		$	14,811		$	5,125		$	650
Weighted-average crediting rate (2)	1.27		%	2.09		%	1.02		%	2.43		%	3.17		%	3.41		%

_______________

(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:


	September 30,
	2024		2023
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	74,738	$	66,233
Funding agreements classified as investment contracts	11,561		11,052
Institutional group annuities	363		—
Other investment contract liabilities	1,016		1,086
Total policyholder account balances	$	87,678	$	78,371


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)
September 30, 2024
Annuities (1):
Less than 2.00%	$	601	$	131	$	247	$	8,695	$	9,674
2.00% to 3.99%	7,756		380		198		499		8,833
Greater than 3.99%	803		—		—		—		803
Total	$	9,160	$	511	$	445	$	9,194	$	19,310
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	295	$	295
2.00% to 3.99%	—		517		43		133		693
Greater than 3.99%	1,551		—		—		—		1,551
Total	$	1,551	$	517	$	43	$	428	$	2,539
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,071		1,408		1,616		242		4,337
Greater than 3.99%	493		—		—		—		493
Total	$	1,564	$	1,408	$	1,616	$	242	$	4,830
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

_______________

(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 5 for information regarding net amount at risk and cash surrender values

Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity

10. Equity

Preferred Stock

Preferred stock shares authorized, issued and outstanding were as follows at both September 30, 2024 and December 31, 2023:


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

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Series	Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate		Per Share		Aggregate
	(In millions, except per share data)
A	$	412.50	$	7	$	412.50	$	7	$	1,237.50	$	21	$	1,237.50	$	21
B	$	421.88	7		$	421.88	7		$	1,265.64	21		$	1,265.64	21
C	$	335.94	8		$	335.94	8		$	1,007.82	23		$	1,007.82	23
D	$	289.06	4		$	289.06	4		$	867.18	12		$	867.18	12
Total			$	26			$	26			$	77			$	77

Common Stock Repurchase Program

During the nine months ended September 30, 2024 and 2023, BHF repurchased 4,062,047 and 3,968,138 shares, respectively, of its common stock through open market purchases pursuant to Rule 10b5-1 plans for $190 million for both periods. At September 30, 2024, BHF had $603 million remaining under its common stock repurchase program.

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended September 30, 2024
	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 June 30, 2024	$	(5,245)	$	350	$	(1,624)	$	1,153	$	(53)	$	(5,419)
OCI before reclassifications	2,666		(119)		(258)		(685)		17		1,621
Deferred income tax benefit (expense) (3)	(559)		25		54		144		(3)		(339)
AOCI before reclassifications, net of income tax	(3,138)		256		(1,828)		612		(39)		(4,137)
Amounts reclassified from AOCI	19		(8)		—		—		2		13
Deferred income tax benefit (expense) (3)	(4)		1		—		—		—		(3)
Amounts reclassified from AOCI, net of income tax	15		(7)		—		—		2		10



Balance at September 30, 2024	$	(3,123)	$	249	$	(1,828)	$	612	$	(37)	$	(4,127)


	Three Months Ended September 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at June 30, 2023	$	(5,689)	$	430	$	(1,475)	$	905	$	(52)	$	(5,881)
OCI before reclassifications	(2,490)		(33)		174		744		(8)		(1,613)
Deferred income tax benefit (expense) (3)	523		8		(37)		(157)		2		339
AOCI before reclassifications, net of income tax	(7,656)		405		(1,338)		1,492		(58)		(7,155)
Amounts reclassified from AOCI	55		(2)		—		—		(2)		51
Deferred income tax benefit (expense) (3)	(12)		—		—		—		—		(12)
Amounts reclassified from AOCI, net of income tax	43		(2)		—		—		(2)		39



Balance at September 30, 2023	$	(7,613)	$	403	$	(1,338)	$	1,492	$	(60)	$	(7,116)


	Nine Months Ended September 30, 2024
	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, 2023	$	(4,317)	$	277	$	(1,881)	$	720	$	(45)	$	(5,246)
OCI before reclassifications	1,371		(22)		67		(137)		6		1,285
Deferred income tax benefit (expense) (3)	(288)		5		(14)		29		(1)		(269)
AOCI before reclassifications, net of income tax	(3,234)		260		(1,828)		612		(40)		(4,230)
Amounts reclassified from AOCI	140		(13)		—		—		4		131
Deferred income tax benefit (expense) (3)	(29)		2		—		—		(1)		(28)
Amounts reclassified from AOCI, net of income tax	111		(11)		—		—		3		103



Balance at September 30, 2024	$	(3,123)	$	249	$	(1,828)	$	612	$	(37)	$	(4,127)


	Nine Months Ended September 30, 2023
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Other (2)		Total
	(In millions)
Balance at December 31, 2022	$	(6,194)	$	504	$	(1,378)	$	1,020	$	(58)	$	(6,106)
OCI before reclassifications	(1,971)		(123)		51		598		(5)		(1,450)
Deferred income tax benefit (expense) (3)	414		27		(11)		(126)		1		305
AOCI before reclassifications, net of income tax	(7,751)		408		(1,338)		1,492		(62)		(7,251)
Amounts reclassified from AOCI	175		(6)		—		—		3		172
Deferred income tax benefit (expense) (3)	(37)		1		—		—		(1)		(37)
Amounts reclassified from AOCI, net of income tax	138		(5)		—		—		2		135



Balance at September 30, 2023	$	(7,613)	$	403	$	(1,338)	$	1,492	$	(60)	$	(7,116)

__________________

(1)See Note 7 for information on offsets to investments related to future policy benefits.

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

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


AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(22)	$	(43)	$	(134)	$	(157)	Net investment gains (losses)

Net unrealized investment gains (losses)	3		(12)		(6)		(18)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(19)		(55)		(140)		(175)
Income tax (expense) benefit	4		12		29		37
Net unrealized investment gains (losses), net of income tax	(15)		(43)		(111)		(138)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	(1)		—		2		(2)		Net derivative gains (losses)
Interest rate swaps	1		1		2		3		Net investment income


Foreign currency swaps	8		1		9		5		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	8		2		13		6
Income tax (expense) benefit	(1)		—		(2)		(1)
Gains (losses) on cash flow hedges, net of income tax	7		2		11		5
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	(2)		2		(4)		(3)
Amortization of defined benefit plans, before income tax	(2)		2		(4)		(3)
Income tax (expense) benefit	—		—		1		1
Amortization of defined benefit plans, net of income tax	(2)		2		(3)		(2)
Total reclassifications, net of income tax	$	(10)	$	(39)	$	(103)	$	(135)

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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

Market Risk Benefits

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Market Risk Benefits

4. Market Risk Benefits

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


	Nine Months Ended September 30,
		2024		2023
		(Dollars in millions)
Balance, beginning of period		$	9,701	$	9,974
Balance, beginning of period, before effect of changes in nonperformance risk		7,326		8,230
Decrements		(129)		(114)
Effect of changes in future expected assumptions		(53)		259
Effect of actual different from expected experience		67		178
Effect of changes in interest rates		(307)		(2,360)
Effect of changes in fund returns		(1,490)		(669)

Issuances		3		(9)
Effect of changes in risk margin		(41)		(52)
Aging of the block and other		1,141		1,025
Balance, end of period, before effect of changes in nonperformance risk		6,517		6,488
Effect of changes in nonperformance risk		2,298		1,690
Balance, end of period		8,815		8,178
Less: Reinsurance recoverable, end of period		32		35
Balance, end of period, net of reinsurance (1)		$	8,783	$	8,143
Weighted-average attained age of contract holder		73.6 years		72.6 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 2024 AAR, the Company updated assumptions regarding policyholder behavior, mortality and separate account fund allocations. As part of the 2023 AAR, the Company updated assumptions regarding policyholder behavior, mortality, separate account fund allocations and volatility. The impact from changes in assumptions is presented in effect of changes in future expected assumptions in the table above.

Equity (Common Stock Repurchase Program - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Stock repurchase program, aggregate amount repurchased	$ 64	$ 64	$ 126	$ 126
Authorization Under 10b5-1 Plan
Class of Stock [Line Items]
Stock repurchase program, shares repurchased					4,062,047	3,968,138
Stock repurchase program, aggregate amount repurchased					$ 190	$ 190
Stock repurchase program, remaining authorized repurchase amount	$ 603				$ 603

- 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

Insurance Liabilities (Balance of Account Values by range of guaranteed minimum crediting rates) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Annuities
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	$ 19,310	$ 19,406
Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	2,539	2,508
ULSG
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balances gross of policy loans and excludes excessing interest reserves	4,830	5,043
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	9,674	8,882
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	295	236
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	8,833	9,650
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	693	677
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	4,337	4,537
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	803	874
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	1,551	1,595
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	493	506
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	9,160	10,398
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	1,551	1,595
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	1,564	1,641
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	601	697
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	7,756	8,827
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	1,071	1,135
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	803	874
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	1,551	1,595
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	493	506
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	511	465
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	517	492
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	1,408	1,485
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	131	223
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	380	242
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	517	492
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	1,408	1,485
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	445	535
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	43	49
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	1,616	1,663
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	247	310
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	198	225
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	43	49
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	1,616	1,663
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	9,194	8,008
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	428	372
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	242	254
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	8,695	7,652
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	295	236
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	499	356
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	133	136
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	242	254
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