REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Contract Owners of
Brighthouse Separate Account Eleven for Variable Annuities
and Board of Directors of
Brighthouse Life Insurance Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Brighthouse Separate Account Eleven for Variable Annuities (the "Separate Account") of Brighthouse Life Insurance Company (the "Company") comprising each of the individual Subaccounts listed in Note 2.A as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights in Note 8 for each of the five years in the period then ended for the Subaccounts, except for the Subaccount included in the table below; the related statements of operations, changes in net assets, and the financial highlights for the Subaccount and periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Subaccounts constituting the Separate Account of the Company as of December 31, 2022, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Subaccounts Comprising the Separate Account	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
Invesco V.I. Equally-Weighted S&P 500 Subaccount	For the period from April 29, 2022 (commencement of operations) through December 31, 2022

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on the Separate Account's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2022, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Tampa, Florida
March 24, 2023

We have served as the Separate Account's auditor since 2005.

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

	AB VPS Sustainable Global Thematic Subaccount		Alger Capital Appreciation Subaccount		American Funds® Global Growth Subaccount		American Funds® Global Small Capitalization Subaccount
Assets:
Investments at fair value	$	229,661	$	1,328,544	$	75,825,766	$	1,279,594
Due from Brighthouse Life Insurance Company		—		—		—		—
Total Assets		229,661		1,328,544		75,825,766		1,279,594
Liabilities:
Due to Brighthouse Life Insurance Company		14		64		507		17
Total Liabilities		14		64		507		17
Net Assets	$	229,647	$	1,328,480	$	75,825,259	$	1,279,577
Contract Owners' Equity
Net assets from accumulation units	$	229,647	$	1,328,480	$	75,446,475	$	1,275,657
Net assets from contracts in payout		—		—		378,784		3,920
Total Net Assets	$	229,647	$	1,328,480	$	75,825,259	$	1,279,577

The accompanying notes are an integral part of these financial statements.
1

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	American Funds® Growth Subaccount		American Funds® Growth-Income Subaccount		American Funds® The Bond Fund of America Subaccount		BHFTI American Funds® Balanced Allocation Subaccount		BHFTI American Funds® Growth Allocation Subaccount
Assets:
Investments at fair value	$	206,241,816	$	146,029,729	$	3,020,538	$	3,457,109	$	4,351,169
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		206,241,816		146,029,729		3,020,538		3,457,109		4,351,169
Liabilities:
Due to Brighthouse Life Insurance Company		758		661		16		12		11
Total Liabilities		758		661		16		12		11
Net Assets	$	206,241,058	$	146,029,068	$	3,020,522	$	3,457,097	$	4,351,158
Contract Owners' Equity
Net assets from accumulation units	$	205,135,708	$	145,117,876	$	3,017,637	$	3,457,097	$	4,351,158
Net assets from contracts in payout		1,105,350		911,192		2,885		—		—
Total Net Assets	$	206,241,058	$	146,029,068	$	3,020,522	$	3,457,097	$	4,351,158

The accompanying notes are an integral part of these financial statements.
2

	BHFTI American Funds® Moderate Allocation Subaccount		BHFTI BlackRock High Yield Subaccount		BHFTI Brighthouse Asset Allocation 100 Subaccount		BHFTI Brighthouse Small Cap Value Subaccount		BHFTI Brighthouse/ abrdn Emerging Markets Equity Subaccount
Assets:
Investments at fair value	$	1,795,513	$	49,688,705	$	59,203,477	$	72,060,550	$	21,434,695
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		1,795,513		49,688,705		59,203,477		72,060,550		21,434,695
Liabilities:
Due to Brighthouse Life Insurance Company		11		417		77		472		563
Total Liabilities		11		417		77		472		563
Net Assets	$	1,795,502	$	49,688,288	$	59,203,400	$	72,060,078	$	21,434,132
Contract Owners' Equity
Net assets from accumulation units	$	1,795,502	$	49,522,744	$	59,203,400	$	71,745,818	$	21,225,690
Net assets from contracts in payout		—		165,544		—		314,260		208,442
Total Net Assets	$	1,795,502	$	49,688,288	$	59,203,400	$	72,060,078	$	21,434,132

The accompanying notes are an integral part of these financial statements.
3

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	BHFTI Brighthouse/ Eaton Vance Floating Rate Subaccount		BHFTI Brighthouse/ Wellington Large Cap Research Subaccount		BHFTI CBRE Global Real Estate Subaccount		BHFTI Harris Oakmark International Subaccount		BHFTI Invesco Comstock Subaccount
Assets:
Investments at fair value	$	3,032,868	$	33,274,464	$	36,596,790	$	32,975,806	$	134,820,031
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		3,032,868		33,274,464		36,596,790		32,975,806		134,820,031
Liabilities:
Due to Brighthouse Life Insurance Company		35		457		449		365		431
Total Liabilities		35		457		449		365		431
Net Assets	$	3,032,833	$	33,274,007	$	36,596,341	$	32,975,441	$	134,819,600
Contract Owners' Equity
Net assets from accumulation units	$	3,026,890	$	32,985,464	$	36,424,653	$	32,760,357	$	133,412,188
Net assets from contracts in payout		5,943		288,543		171,688		215,084		1,407,412
Total Net Assets	$	3,032,833	$	33,274,007	$	36,596,341	$	32,975,441	$	134,819,600

The accompanying notes are an integral part of these financial statements.
4

	BHFTI Invesco Global Equity Subaccount		BHFTI Invesco Small Cap Growth Subaccount		BHFTI JPMorgan Small Cap Value Subaccount		BHFTI Loomis Sayles Global Allocation Subaccount		BHFTI Loomis Sayles Growth Subaccount
Assets:
Investments at fair value	$	234,356,154	$	10,041,600	$	7,944,686	$	92,135,752	$	551,330,309
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		234,356,154		10,041,600		7,944,686		92,135,752		551,330,309
Liabilities:
Due to Brighthouse Life Insurance Company		832		291		552		16		646
Total Liabilities		832		291		552		16		646
Net Assets	$	234,355,322	$	10,041,309	$	7,944,134	$	92,135,736	$	551,329,663
Contract Owners' Equity
Net assets from accumulation units	$	233,880,410	$	9,986,804	$	7,936,511	$	91,816,184	$	549,691,628
Net assets from contracts in payout		474,912		54,505		7,623		319,552		1,638,035
Total Net Assets	$	234,355,322	$	10,041,309	$	7,944,134	$	92,135,736	$	551,329,663

The accompanying notes are an integral part of these financial statements.
5

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	BHFTI MetLife Multi-Index Targeted Risk Subaccount		BHFTI MFS® Research International Subaccount		BHFTI Morgan Stanley Discovery Subaccount		BHFTI PIMCO Inflation Protected Bond Subaccount		BHFTI PIMCO Total Return Subaccount
Assets:
Investments at fair value	$	200,592	$	39,792,757	$	5,235,086	$	34,300,833	$	95,028,031
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		200,592		39,792,757		5,235,086		34,300,833		95,028,031
Liabilities:
Due to Brighthouse Life Insurance Company		7		382		116		389		477
Total Liabilities		7		382		116		389		477
Net Assets	$	200,585	$	39,792,375	$	5,234,970	$	34,300,444	$	95,027,554
Contract Owners' Equity
Net assets from accumulation units	$	200,585	$	39,332,971	$	5,132,367	$	33,978,149	$	94,218,062
Net assets from contracts in payout		—		459,404		102,603		322,295		809,492
Total Net Assets	$	200,585	$	39,792,375	$	5,234,970	$	34,300,444	$	95,027,554

The accompanying notes are an integral part of these financial statements.
6

	BHFTI Schroders Global Multi-Asset Subaccount		BHFTI SSGA Growth and Income ETF Subaccount		BHFTI SSGA Growth ETF Subaccount		BHFTI T. Rowe Price Large Cap Value Subaccount		BHFTI T. Rowe Price Mid Cap Growth Subaccount
Assets:
Investments at fair value	$	184,612	$	81,464,734	$	118,523,972	$	292,148,978	$	1,196,858
Due from Brighthouse Life Insurance Company		—		—		—		61,929		—
Total Assets		184,612		81,464,734		118,523,972		292,210,907		1,196,858
Liabilities:
Due to Brighthouse Life Insurance Company		6		1		2		—		60
Total Liabilities		6		1		2		—		60
Net Assets	$	184,606	$	81,464,733	$	118,523,970	$	292,210,907	$	1,196,798
Contract Owners' Equity
Net assets from accumulation units	$	184,606	$	81,464,733	$	118,521,512	$	290,047,473	$	1,196,798
Net assets from contracts in payout		—		—		2,458		2,163,434		—
Total Net Assets	$	184,606	$	81,464,733	$	118,523,970	$	292,210,907	$	1,196,798

The accompanying notes are an integral part of these financial statements.
7

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	BHFTI Victory Sycamore Mid Cap Value Subaccount		BHFTII BlackRock Bond Income Subaccount		BHFTII BlackRock Capital Appreciation Subaccount		BHFTII BlackRock Ultra- Short Term Bond Subaccount		BHFTII Brighthouse Asset Allocation 20 Subaccount
Assets:
Investments at fair value	$	30,067,743	$	77,584,670	$	151,827,739	$	163,318,751	$	10,582,472
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		30,067,743		77,584,670		151,827,739		163,318,751		10,582,472
Liabilities:
Due to Brighthouse Life Insurance Company		555		913		564		1,279		153
Total Liabilities		555		913		564		1,279		153
Net Assets	$	30,067,188	$	77,583,757	$	151,827,175	$	163,317,472	$	10,582,319
Contract Owners' Equity
Net assets from accumulation units	$	29,670,239	$	76,295,473	$	149,522,021	$	162,311,661	$	10,565,981
Net assets from contracts in payout		396,949		1,288,284		2,305,154		1,005,811		16,338
Total Net Assets	$	30,067,188	$	77,583,757	$	151,827,175	$	163,317,472	$	10,582,319

The accompanying notes are an integral part of these financial statements.
8

	BHFTII Brighthouse Asset Allocation 40 Subaccount		BHFTII Brighthouse Asset Allocation 60 Subaccount		BHFTII Brighthouse Asset Allocation 80 Subaccount		BHFTII Brighthouse/Artisan Mid Cap Value Subaccount		BHFTII Brighthouse/ Dimensional International Small Company Subaccount
Assets:
Investments at fair value	$	38,926,258	$	314,622,472	$	505,662,158	$	1,368,227	$	481,453
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		38,926,258		314,622,472		505,662,158		1,368,227		481,453
Liabilities:
Due to Brighthouse Life Insurance Company		178		328		304		75		29
Total Liabilities		178		328		304		75		29
Net Assets	$	38,926,080	$	314,622,144	$	505,661,854	$	1,368,152	$	481,424
Contract Owners' Equity
Net assets from accumulation units	$	38,919,609	$	314,532,028	$	505,429,544	$	1,319,892	$	481,424
Net assets from contracts in payout		6,471		90,116		232,310		48,260		—
Total Net Assets	$	38,926,080	$	314,622,144	$	505,661,854	$	1,368,152	$	481,424

The accompanying notes are an integral part of these financial statements.
9

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	BHFTII Brighthouse/ Wellington Balanced Subaccount		BHFTII Brighthouse/ Wellington Core Equity Opportunities Subaccount		BHFTII Frontier Mid Cap Growth Subaccount		BHFTII Jennison Growth Subaccount		BHFTII Loomis Sayles Small Cap Core Subaccount
Assets:
Investments at fair value	$	186,652,238	$	100,053,084	$	60,352,436	$	354,744,836	$	1,021,552
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		186,652,238		100,053,084		60,352,436		354,744,836		1,021,552
Liabilities:
Due to Brighthouse Life Insurance Company		192		815		1,209		262		71
Total Liabilities		192		815		1,209		262		71
Net Assets	$	186,652,046	$	100,052,269	$	60,351,227	$	354,744,574	$	1,021,481
Contract Owners' Equity
Net assets from accumulation units	$	186,293,099	$	98,208,827	$	59,716,755	$	354,404,802	$	1,021,481
Net assets from contracts in payout		358,947		1,843,442		634,472		339,772		—
Total Net Assets	$	186,652,046	$	100,052,269	$	60,351,227	$	354,744,574	$	1,021,481

The accompanying notes are an integral part of these financial statements.
10

	BHFTII MetLife Aggregate Bond Index Subaccount		BHFTII MetLife Mid Cap Stock Index Subaccount		BHFTII MetLife MSCI EAFE® Index Subaccount		BHFTII MetLife Russell 2000® Index Subaccount		BHFTII MetLife Stock Index Subaccount
Assets:
Investments at fair value	$	34,532,997	$	17,185,465	$	37,950,109	$	81,578,200	$	795,441,018
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		34,532,997		17,185,465		37,950,109		81,578,200		795,441,018
Liabilities:
Due to Brighthouse Life Insurance Company		20		9		30		33		474
Total Liabilities		20		9		30		33		474
Net Assets	$	34,532,977	$	17,185,456	$	37,950,079	$	81,578,167	$	795,440,544
Contract Owners' Equity
Net assets from accumulation units	$	34,463,128	$	17,185,456	$	37,909,353	$	81,539,380	$	793,633,219
Net assets from contracts in payout		69,849		—		40,726		38,787		1,807,325
Total Net Assets	$	34,532,977	$	17,185,456	$	37,950,079	$	81,578,167	$	795,440,544

The accompanying notes are an integral part of these financial statements.
11

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	BHFTII MFS® Total Return Subaccount		BHFTII MFS® Value Subaccount		BHFTII Neuberger Berman Genesis Subaccount		BHFTII T. Rowe Price Large Cap Growth Subaccount		BHFTII T. Rowe Price Small Cap Growth Subaccount
Assets:
Investments at fair value	$	233,295,984	$	101,149,591	$	46,377,108	$	48,322,499	$	92,755,339
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		233,295,984		101,149,591		46,377,108		48,322,499		92,755,339
Liabilities:
Due to Brighthouse Life Insurance Company		1,500		670		167		354		261
Total Liabilities		1,500		670		167		354		261
Net Assets	$	233,294,484	$	101,148,921	$	46,376,941	$	48,322,145	$	92,755,078
Contract Owners' Equity
Net assets from accumulation units	$	231,163,317	$	100,369,997	$	46,103,469	$	47,614,118	$	92,613,240
Net assets from contracts in payout		2,131,167		778,924		273,472		708,027		141,838
Total Net Assets	$	233,294,484	$	101,148,921	$	46,376,941	$	48,322,145	$	92,755,078

The accompanying notes are an integral part of these financial statements.
12

	BHFTII Western Asset Management Strategic Bond Opportunities Subaccount		BHFTII Western Asset Management U.S. Government Subaccount		BNY Mellon Sustainable U.S. Equity Subaccount		Delaware VIP® Small Cap Value Subaccount		DWS Small Mid Cap Value VIP Subaccount
Assets:
Investments at fair value	$	89,195,577	$	43,522,345	$	578,587	$	7,979,047	$	2,432,557
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		89,195,577		43,522,345		578,587		7,979,047		2,432,557
Liabilities:
Due to Brighthouse Life Insurance Company		700		195		35		18		70
Total Liabilities		700		195		35		18		70
Net Assets	$	89,194,877	$	43,522,150	$	578,552	$	7,979,029	$	2,432,487
Contract Owners' Equity
Net assets from accumulation units	$	88,413,897	$	43,331,120	$	578,552	$	7,979,029	$	2,432,487
Net assets from contracts in payout		780,980		191,030		—		—		—
Total Net Assets	$	89,194,877	$	43,522,150	$	578,552	$	7,979,029	$	2,432,487

The accompanying notes are an integral part of these financial statements.
13

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	Fidelity® VIP Contrafund® Subaccount		Fidelity® VIP Dynamic Capital Appreciation Subaccount		Fidelity® VIP Equity-Income Subaccount		Fidelity® VIP Freedom 2020 Subaccount		Fidelity® VIP Freedom 2025 Subaccount
Assets:
Investments at fair value	$	171,049,383	$	1,497,163	$	202,452,518	$	558,624	$	1,747,909
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		171,049,383		1,497,163		202,452,518		558,624		1,747,909
Liabilities:
Due to Brighthouse Life Insurance Company		611		72		35		10		7
Total Liabilities		611		72		35		10		7
Net Assets	$	171,048,772	$	1,497,091	$	202,452,483	$	558,614	$	1,747,902
Contract Owners' Equity
Net assets from accumulation units	$	170,370,517	$	1,497,091	$	202,084,630	$	558,614	$	1,747,902
Net assets from contracts in payout		678,255		—		367,853		—		—
Total Net Assets	$	171,048,772	$	1,497,091	$	202,452,483	$	558,614	$	1,747,902

The accompanying notes are an integral part of these financial statements.
14

	Fidelity® VIP Freedom 2030 Subaccount		Fidelity® VIP Freedom 2040 Subaccount		Fidelity® VIP Freedom 2050 Subaccount		Fidelity® VIP FundsManager 60% Subaccount		Fidelity® VIP High Income Subaccount
Assets:
Investments at fair value	$	834,722	$	757,604	$	888,079	$	472,794,826	$	11,047,434
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		834,722		757,604		888,079		472,794,826		11,047,434
Liabilities:
Due to Brighthouse Life Insurance Company		10		10		12		6		8
Total Liabilities		10		10		12		6		8
Net Assets	$	834,712	$	757,594	$	888,067	$	472,794,820	$	11,047,426
Contract Owners' Equity
Net assets from accumulation units	$	834,712	$	757,594	$	888,067	$	472,794,820	$	11,032,014
Net assets from contracts in payout		—		—		—		—		15,412
Total Net Assets	$	834,712	$	757,594	$	888,067	$	472,794,820	$	11,047,426

The accompanying notes are an integral part of these financial statements.
15

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	Fidelity® VIP Mid Cap Subaccount		FTVIPT Franklin Income VIP Subaccount		FTVIPT Franklin Mutual Shares VIP Subaccount		FTVIPT Franklin Rising Dividends VIP Subaccount		FTVIPT Franklin Small-Mid Cap Growth VIP Subaccount
Assets:
Investments at fair value	$	204,868,131	$	11,022,564	$	8,622,704	$	9,205,640	$	17,940,902
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		204,868,131		11,022,564		8,622,704		9,205,640		17,940,902
Liabilities:
Due to Brighthouse Life Insurance Company		629		153		17		399		290
Total Liabilities		629		153		17		399		290
Net Assets	$	204,867,502	$	11,022,411	$	8,622,687	$	9,205,241	$	17,940,612
Contract Owners' Equity
Net assets from accumulation units	$	204,066,923	$	10,972,144	$	8,602,338	$	9,205,241	$	17,852,379
Net assets from contracts in payout		800,579		50,267		20,349		—		88,233
Total Net Assets	$	204,867,502	$	11,022,411	$	8,622,687	$	9,205,241	$	17,940,612

The accompanying notes are an integral part of these financial statements.
16

	FTVIPT Templeton Developing Markets VIP Subaccount		FTVIPT Templeton Foreign VIP Subaccount		Invesco V.I. Comstock Subaccount		Invesco V.I. Diversified Dividend Subaccount		Invesco V.I. Equally- Weighted S&P 500 Subaccount
Assets:
Investments at fair value	$	10,212,186	$	31,359,708	$	3,524,942	$	583,775	$	1,853,363
Due from Brighthouse Life Insurance Company		22		—		—		—		—
Total Assets		10,212,208		31,359,708		3,524,942		583,775		1,853,363
Liabilities:
Due to Brighthouse Life Insurance Company		—		443		9		49		54
Total Liabilities		—		443		9		49		54
Net Assets	$	10,212,208	$	31,359,265	$	3,524,933	$	583,726	$	1,853,309
Contract Owners' Equity
Net assets from accumulation units	$	10,212,208	$	31,171,288	$	3,245,206	$	569,497	$	1,830,913
Net assets from contracts in payout		—		187,977		279,727		14,229		22,396
Total Net Assets	$	10,212,208	$	31,359,265	$	3,524,933	$	583,726	$	1,853,309

The accompanying notes are an integral part of these financial statements.
17

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	Invesco V.I. Equity and Income Subaccount		Invesco V.I. Government Securities Subaccount		Janus Henderson Enterprise Subaccount		Janus Henderson Global Research Subaccount		Janus Henderson Overseas Subaccount
Assets:
Investments at fair value	$	31,760,878	$	3,419,507	$	10,766,959	$	357,037	$	25,193,050
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		31,760,878		3,419,507		10,766,959		357,037		25,193,050
Liabilities:
Due to Brighthouse Life Insurance Company		84		77		257		59		31
Total Liabilities		84		77		257		59		31
Net Assets	$	31,760,794	$	3,419,430	$	10,766,702	$	356,978	$	25,193,019
Contract Owners' Equity
Net assets from accumulation units	$	31,561,080	$	3,294,019	$	10,716,770	$	356,978	$	25,032,698
Net assets from contracts in payout		199,714		125,411		49,932		—		160,321
Total Net Assets	$	31,760,794	$	3,419,430	$	10,766,702	$	356,978	$	25,193,019

The accompanying notes are an integral part of these financial statements.
18

	LMPVET ClearBridge Variable Aggressive Growth Subaccount		LMPVET ClearBridge Variable Appreciation Subaccount		LMPVET ClearBridge Variable Dividend Strategy Subaccount		LMPVET ClearBridge Variable Large Cap Growth Subaccount		LMPVET ClearBridge Variable Large Cap Value Subaccount
Assets:
Investments at fair value	$	48,914,229	$	209,555,465	$	71,581,994	$	75,953,574	$	87,188,622
Due from Brighthouse Life Insurance Company		106,819		—		—		—		—
Total Assets		49,021,048		209,555,465		71,581,994		75,953,574		87,188,622
Liabilities:
Due to Brighthouse Life Insurance Company		—		460		536		419		438
Total Liabilities		—		460		536		419		438
Net Assets	$	49,021,048	$	209,555,005	$	71,581,458	$	75,953,155	$	87,188,184
Contract Owners' Equity
Net assets from accumulation units	$	48,953,289	$	208,017,215	$	70,573,623	$	75,139,784	$	86,105,890
Net assets from contracts in payout		67,759		1,537,790		1,007,835		813,371		1,082,294
Total Net Assets	$	49,021,048	$	209,555,005	$	71,581,458	$	75,953,155	$	87,188,184

The accompanying notes are an integral part of these financial statements.
19

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2022

	LMPVET ClearBridge Variable Mid Cap Subaccount		LMPVET ClearBridge Variable Small Cap Growth Subaccount		LMPVET Franklin Multi-Asset Variable Conservative Growth Fund Subaccount		LMPVET Franklin Multi-Asset Variable Growth Fund Subaccount		LMPVET Franklin Multi-Asset Variable Moderate Growth Fund Subaccount
Assets:
Investments at fair value	$	22,994,528	$	40,490,394	$	25,159,676	$	15,496,464	$	21,147,085
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		22,994,528		40,490,394		25,159,676		15,496,464		21,147,085
Liabilities:
Due to Brighthouse Life Insurance Company		222		476		27		25		28
Total Liabilities		222		476		27		25		28
Net Assets	$	22,994,306	$	40,489,918	$	25,159,649	$	15,496,439	$	21,147,057
Contract Owners' Equity
Net assets from accumulation units	$	22,926,809	$	40,267,748	$	24,661,369	$	15,386,558	$	20,907,169
Net assets from contracts in payout		67,497		222,170		498,280		109,881		239,888
Total Net Assets	$	22,994,306	$	40,489,918	$	25,159,649	$	15,496,439	$	21,147,057

The accompanying notes are an integral part of these financial statements.
20

	LMPVIT Western Asset Core Plus Subaccount		LMPVIT Western Asset Variable Global High Yield Bond Subaccount		Morgan Stanley VIF Growth Subaccount		Pioneer Mid Cap Value VCT Subaccount		Pioneer Real Estate Shares VCT Subaccount
Assets:
Investments at fair value	$	31,984,426	$	2,296,608	$	5,081,704	$	11,865,730	$	2,947,527
Due from Brighthouse Life Insurance Company		—		—		—		—		—
Total Assets		31,984,426		2,296,608		5,081,704		11,865,730		2,947,527
Liabilities:
Due to Brighthouse Life Insurance Company		223		116		67		166		115
Total Liabilities		223		116		67		166		115
Net Assets	$	31,984,203	$	2,296,492	$	5,081,637	$	11,865,564	$	2,947,412
Contract Owners' Equity
Net assets from accumulation units	$	31,527,643	$	2,241,856	$	5,007,907	$	11,864,208	$	2,947,412
Net assets from contracts in payout		456,560		54,636		73,730		1,356		—
Total Net Assets	$	31,984,203	$	2,296,492	$	5,081,637	$	11,865,564	$	2,947,412

The accompanying notes are an integral part of these financial statements.
21

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)

December 31, 2022

	TAP 1919 Variable Socially Responsive Balanced Subaccount
Assets:
Investments at fair value	$	32,141,272
Due from Brighthouse Life Insurance Company		—
Total Assets		32,141,272
Liabilities:
Due to Brighthouse Life Insurance Company		91
Total Liabilities		91
Net Assets	$	32,141,181
Contract Owners' Equity
Net assets from accumulation units	$	32,111,801
Net assets from contracts in payout		29,380
Total Net Assets	$	32,141,181

The accompanying notes are an integral part of these financial statements.
22

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BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS

For the year ended December 31, 2022

	AB VPS Sustainable Global Thematic Subaccount			Alger Capital Appreciation Subaccount			American Funds® Global Growth Subaccount			American Funds® Global Small Capitalization Subaccount			American Funds® Growth Subaccount
Investment Income:
Dividends	$	—		$	—		$	548,924		$	—		$	764,594
Expenses:
Mortality and expense risk and other charges		3,978			30,581			1,254,373			20,802			3,812,747
Administrative charges		381			2,678			109,939			2,089			325,604
Total expenses		4,359			33,259			1,364,312			22,891			4,138,351
Net investment income (loss)		(4,359	)		(33,259	)		(815,388	)		(22,891	)		(3,373,757	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		26,967			132,581			9,528,641			472,380			34,938,529
Realized gains (losses) on sale of investments		9,090			(93,401	)		2,982,242			10,658			7,106,258
Net realized gains (losses)		36,057			39,180			12,510,883			483,038			42,044,787
Change in unrealized gains (losses) on investments		(128,473	)		(933,049	)		(40,450,413	)		(1,035,828	)		(136,953,811	)
Net realized and change in unrealized gains (losses) on investments		(92,416	)		(893,869	)		(27,939,530	)		(552,790	)		(94,909,024	)
Net increase (decrease) in net assets resulting from operations	$	(96,775	)	$	(927,128	)	$	(28,754,918	)	$	(575,681	)	$	(98,282,781	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
24

	American Funds® Growth-Income Subaccount			American Funds® The Bond Fund of America Subaccount			BHFTI American Funds® Balanced Allocation Subaccount			BHFTI American Funds® Growth Allocation Subaccount			BHFTI American Funds® Moderate Allocation Subaccount
Investment Income:
Dividends	$	2,006,250		$	97,245		$	52,654		$	48,740		$	39,561
Expenses:
Mortality and expense risk and other charges		2,628,512			49,037			25,900			34,059			20,569
Administrative charges		225,228			5,149			357			835			566
Total expenses		2,853,740			54,186			26,257			34,894			21,135
Net investment income (loss)		(847,490	)		43,059			26,397			13,846			18,426
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		15,797,398			39,541			494,729			707,408			238,543
Realized gains (losses) on sale of investments		4,617,045			(62,068	)		(37,285	)		(24,788	)		(121,611	)
Net realized gains (losses)		20,414,443			(22,527	)		457,444			682,620			116,932
Change in unrealized gains (losses) on investments		(53,833,420	)		(566,239	)		(1,219,054	)		(1,718,429	)		(590,864	)
Net realized and change in unrealized gains (losses) on investments		(33,418,977	)		(588,766	)		(761,610	)		(1,035,809	)		(473,932	)
Net increase (decrease) in net assets resulting from operations	$	(34,266,467	)	$	(545,707	)	$	(735,213	)	$	(1,021,963	)	$	(455,506	)

The accompanying notes are an integral part of these financial statements.
25

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	BHFTI BlackRock High Yield Subaccount			BHFTI Brighthouse Asset Allocation 100 Subaccount			BHFTI Brighthouse Small Cap Value Subaccount			BHFTI Brighthouse/ abrdn Emerging Markets Equity Subaccount			BHFTI Brighthouse/ Eaton Vance Floating Rate Subaccount
Investment Income:
Dividends	$	2,791,136		$	844,962		$	497,149		$	192,385		$	110,817
Expenses:
Mortality and expense risk and other charges		693,996			749,273			1,092,357			408,796			54,640
Administrative charges		35,844			3,769			45,890			33,593			4,793
Total expenses		729,840			753,042			1,138,247			442,389			59,433
Net investment income (loss)		2,061,296			91,920			(641,098	)		(250,004	)		51,384
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			5,573,597			13,712,046			3,471,708			—
Realized gains (losses) on sale of investments		(790,331	)		217,735			428,934			(272,101	)		(25,947	)
Net realized gains (losses)		(790,331	)		5,791,332			14,140,980			3,199,607			(25,947	)
Change in unrealized gains (losses) on investments		(8,206,818	)		(22,156,366	)		(26,295,426	)		(11,176,297	)		(140,084	)
Net realized and change in unrealized gains (losses) on investments		(8,997,149	)		(16,365,034	)		(12,154,446	)		(7,976,690	)		(166,031	)
Net increase (decrease) in net assets resulting from operations	$	(6,935,853	)	$	(16,273,114	)	$	(12,795,544	)	$	(8,226,694	)	$	(114,647	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
26

	BHFTI Brighthouse/ Wellington Large Cap Research Subaccount			BHFTI CBRE Global Real Estate Subaccount			BHFTI Harris Oakmark International Subaccount			BHFTI Invesco Comstock Subaccount			BHFTI Invesco Global Equity Subaccount
Investment Income:
Dividends	$	207,841		$	1,858,959		$	864,432		$	2,668,032		$	—
Expenses:
Mortality and expense risk and other charges		515,077			556,057			522,114			2,195,298			3,504,998
Administrative charges		49,060			30,516			36,249			200,075			93,951
Total expenses		564,137			586,573			558,363			2,395,373			3,598,949
Net investment income (loss)		(356,296	)		1,272,386			306,069			272,659			(3,598,949	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		8,031,915			4,083,720			1,908,597			20,249,722			38,589,370
Realized gains (losses) on sale of investments		436,338			(165,952	)		(712,712	)		6,568,235			4,701,725
Net realized gains (losses)		8,468,253			3,917,768			1,195,885			26,817,957			43,291,095
Change in unrealized gains (losses) on investments		(17,198,878	)		(18,634,665	)		(8,831,423	)		(28,689,637	)		(160,114,247	)
Net realized and change in unrealized gains (losses) on investments		(8,730,625	)		(14,716,897	)		(7,635,538	)		(1,871,680	)		(116,823,152	)
Net increase (decrease) in net assets resulting from operations	$	(9,086,921	)	$	(13,444,511	)	$	(7,329,469	)	$	(1,599,021	)	$	(120,422,101	)

The accompanying notes are an integral part of these financial statements.
27

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	BHFTI Invesco Small Cap Growth Subaccount			BHFTI JPMorgan Small Cap Value Subaccount			BHFTI Loomis Sayles Global Allocation Subaccount			BHFTI Loomis Sayles Growth Subaccount			BHFTI MetLife Multi-Index Targeted Risk Subaccount
Investment Income:
Dividends	$	—		$	100,637		$	—		$	—		$	3,676
Expenses:
Mortality and expense risk and other charges		166,152			122,017			1,303,731			8,262,140			1,326
Administrative charges		8,421			5,248			949			348,486			—
Total expenses		174,573			127,265			1,304,680			8,610,626			1,326
Net investment income (loss)		(174,573	)		(26,628	)		(1,304,680	)		(8,610,626	)		2,350
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,494,809			2,858,851			14,598,529			55,877,430			19,168
Realized gains (losses) on sale of investments		(547,810	)		28,102			1,377,589			(5,507,078	)		(1,741	)
Net realized gains (losses)		2,946,999			2,886,953			15,976,118			50,370,352			17,427
Change in unrealized gains (losses) on investments		(8,577,232	)		(4,279,085	)		(46,733,292	)		(276,017,669	)		(71,256	)
Net realized and change in unrealized gains (losses) on investments		(5,630,233	)		(1,392,132	)		(30,757,174	)		(225,647,317	)		(53,829	)
Net increase (decrease) in net assets resulting from operations	$	(5,804,806	)	$	(1,418,760	)	$	(32,061,854	)	$	(234,257,943	)	$	(51,479	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
28

	BHFTI MFS® Research International Subaccount			BHFTI Morgan Stanley Discovery Subaccount			BHFTI PIMCO Inflation Protected Bond Subaccount			BHFTI PIMCO Total Return Subaccount			BHFTI Schroders Global Multi-Asset Subaccount
Investment Income:
Dividends	$	765,951		$	—		$	2,425,541		$	3,109,374		$	2,537
Expenses:
Mortality and expense risk and other charges		582,118			131,246			528,604			1,663,239			1,112
Administrative charges		46,029			11,222			32,482			117,623			—
Total expenses		628,147			142,468			561,086			1,780,862			1,112
Net investment income (loss)		137,804			(142,468	)		1,864,455			1,328,512			1,425
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,929,244			3,345,526			—			—			11,933
Realized gains (losses) on sale of investments		200,238			(1,259,214	)		(105,071	)		(1,715,637	)		(1,916	)
Net realized gains (losses)		3,129,482			2,086,312			(105,071	)		(1,715,637	)		10,017
Change in unrealized gains (losses) on investments		(13,082,687	)		(10,820,858	)		(7,034,303	)		(19,000,205	)		(55,809	)
Net realized and change in unrealized gains (losses) on investments		(9,953,205	)		(8,734,546	)		(7,139,374	)		(20,715,842	)		(45,792	)
Net increase (decrease) in net assets resulting from operations	$	(9,815,401	)	$	(8,877,014	)	$	(5,274,919	)	$	(19,387,330	)	$	(44,367	)

The accompanying notes are an integral part of these financial statements.
29

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	BHFTI SSGA Growth and Income ETF Subaccount			BHFTI SSGA Growth ETF Subaccount			BHFTI T. Rowe Price Large Cap Value Subaccount			BHFTI T. Rowe Price Mid Cap Growth Subaccount			BHFTI Victory Sycamore Mid Cap Value Subaccount
Investment Income:
Dividends	$	2,688,581		$	3,536,197		$	5,170,960		$	—		$	542,353
Expenses:
Mortality and expense risk and other charges		1,110,870			1,595,995			4,337,183			22,650			545,389
Administrative charges		—			—			324,338			2,016			45,073
Total expenses		1,110,870			1,595,995			4,661,521			24,666			590,462
Net investment income (loss)		1,577,711			1,940,202			509,439			(24,666	)		(48,109	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		14,695,017			21,801,241			38,493,758			267,832			3,805,754
Realized gains (losses) on sale of investments		(487,367	)		(21,087	)		2,280,039			(41,648	)		837,074
Net realized gains (losses)		14,207,650			21,780,154			40,773,797			226,184			4,642,828
Change in unrealized gains (losses) on investments		(32,648,683	)		(48,848,918	)		(63,244,860	)		(612,309	)		(6,194,866	)
Net realized and change in unrealized gains (losses) on investments		(18,441,033	)		(27,068,764	)		(22,471,063	)		(386,125	)		(1,552,038	)
Net increase (decrease) in net assets resulting from operations	$	(16,863,322	)	$	(25,128,562	)	$	(21,961,624	)	$	(410,791	)	$	(1,600,147	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
30

	BHFTII BlackRock Bond Income Subaccount			BHFTII BlackRock Capital Appreciation Subaccount			BHFTII BlackRock Ultra- Short Term Bond Subaccount			BHFTII Brighthouse Asset Allocation 20 Subaccount			BHFTII Brighthouse Asset Allocation 40 Subaccount
Investment Income:
Dividends	$	2,454,368		$	—		$	—		$	364,894		$	1,153,552
Expenses:
Mortality and expense risk and other charges		1,221,442			2,352,187			1,995,390			168,096			587,535
Administrative charges		81,374			170,905			131,481			7,616			16,857
Total expenses		1,302,816			2,523,092			2,126,871			175,712			604,392
Net investment income (loss)		1,151,552			(2,523,092	)		(2,126,871	)		189,182			549,160
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		103,708			50,829,296			—			368,315			2,441,336
Realized gains (losses) on sale of investments		(1,569,880	)		1,417,024			284,561			(118,582	)		(56,503	)
Net realized gains (losses)		(1,466,172	)		52,246,320			284,561			249,733			2,384,833
Change in unrealized gains (losses) on investments		(15,148,868	)		(150,321,774	)		2,000,660			(2,339,885	)		(10,706,444	)
Net realized and change in unrealized gains (losses) on investments		(16,615,040	)		(98,075,454	)		2,285,221			(2,090,152	)		(8,321,611	)
Net increase (decrease) in net assets resulting from operations	$	(15,463,488	)	$	(100,598,546	)	$	158,350		$	(1,900,970	)	$	(7,772,451	)

The accompanying notes are an integral part of these financial statements.
31

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	BHFTII Brighthouse Asset Allocation 60 Subaccount			BHFTII Brighthouse Asset Allocation 80 Subaccount			BHFTII Brighthouse/Artisan Mid Cap Value Subaccount			BHFTII Brighthouse/ Dimensional International Small Company Subaccount			BHFTII Brighthouse/ Wellington Balanced Subaccount
Investment Income:
Dividends	$	7,439,481		$	9,902,459		$	10,253		$	12,063		$	3,593,810
Expenses:
Mortality and expense risk and other charges		4,807,730			8,779,798			23,333			9,526			2,593,467
Administrative charges		132,009			364,283			2,180			758			11,475
Total expenses		4,939,739			9,144,081			25,513			10,284			2,604,942
Net investment income (loss)		2,499,742			758,378			(15,260	)		1,779			988,868
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		26,782,132			52,309,849			220,137			56,078			28,072,583
Realized gains (losses) on sale of investments		(6,800,038	)		(13,169,300	)		20,649			(13,515	)		954,371
Net realized gains (losses)		19,982,094			39,140,549			240,786			42,563			29,026,954
Change in unrealized gains (losses) on investments		(90,144,967	)		(167,611,671	)		(458,370	)		(164,530	)		(74,269,742	)
Net realized and change in unrealized gains (losses) on investments		(70,162,873	)		(128,471,122	)		(217,584	)		(121,967	)		(45,242,788	)
Net increase (decrease) in net assets resulting from operations	$	(67,663,131	)	$	(127,712,744	)	$	(232,844	)	$	(120,188	)	$	(44,253,920	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
32

	BHFTII Brighthouse/ Wellington Core Equity Opportunities Subaccount			BHFTII Frontier Mid Cap Growth Subaccount			BHFTII Jennison Growth Subaccount			BHFTII Loomis Sayles Small Cap Core Subaccount			BHFTII MetLife Aggregate Bond Index Subaccount
Investment Income:
Dividends	$	1,413,305		$	—		$	—		$	—		$	1,048,622
Expenses:
Mortality and expense risk and other charges		1,610,461			893,248			5,544,260			21,543			441,382
Administrative charges		124,210			78,206			78,127			1,691			6
Total expenses		1,734,671			971,454			5,622,387			23,234			441,388
Net investment income (loss)		(321,366	)		(971,454	)		(5,622,387	)		(23,234	)		607,234
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		19,273,377			20,281,009			103,826,602			238,525			—
Realized gains (losses) on sale of investments		781,183			(642,151	)		(5,456,156	)		(27,720	)		(309,222	)
Net realized gains (losses)		20,054,560			19,638,858			98,370,446			210,805			(309,222	)
Change in unrealized gains (losses) on investments		(28,015,338	)		(45,017,881	)		(339,624,483	)		(417,362	)		(6,294,046	)
Net realized and change in unrealized gains (losses) on investments		(7,960,778	)		(25,379,023	)		(241,254,037	)		(206,557	)		(6,603,268	)
Net increase (decrease) in net assets resulting from operations	$	(8,282,144	)	$	(26,350,477	)	$	(246,876,424	)	$	(229,791	)	$	(5,996,034	)

The accompanying notes are an integral part of these financial statements.
33

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	BHFTII MetLife Mid Cap Stock Index Subaccount			BHFTII MetLife MSCI EAFE® Index Subaccount			BHFTII MetLife Russell 2000® Index Subaccount			BHFTII MetLife Stock Index Subaccount			BHFTII MFS® Total Return Subaccount
Investment Income:
Dividends	$	190,913		$	1,459,755		$	964,959		$	11,344,966		$	4,065,642
Expenses:
Mortality and expense risk and other charges		199,228			443,939			1,057,275			10,770,785			3,447,210
Administrative charges		—			718			2,823			106,531			233,728
Total expenses		199,228			444,657			1,060,098			10,877,316			3,680,938
Net investment income (loss)		(8,315	)		1,015,098			(95,139	)		467,650			384,704
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,940,662			1,029,423			15,928,430			79,848,727			24,670,083
Realized gains (losses) on sale of investments		81,465			(184,495	)		652,497			28,175,049			1,946,191
Net realized gains (losses)		3,022,127			844,928			16,580,927			108,023,776			26,616,274
Change in unrealized gains (losses) on investments		(5,971,968	)		(9,043,622	)		(39,524,991	)		(311,340,674	)		(58,899,067	)
Net realized and change in unrealized gains (losses) on investments		(2,949,841	)		(8,198,694	)		(22,944,064	)		(203,316,898	)		(32,282,793	)
Net increase (decrease) in net assets resulting from operations	$	(2,958,156	)	$	(7,183,596	)	$	(23,039,203	)	$	(202,849,248	)	$	(31,898,089	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
34

	BHFTII MFS® Value Subaccount			BHFTII Neuberger Berman Genesis Subaccount			BHFTII T. Rowe Price Large Cap Growth Subaccount			BHFTII T. Rowe Price Small Cap Growth Subaccount			BHFTII Western Asset Management Strategic Bond Opportunities Subaccount
Investment Income:
Dividends	$	1,783,418		$	—		$	—		$	—		$	5,995,109
Expenses:
Mortality and expense risk and other charges		1,517,959			657,991			843,038			1,243,584			1,530,292
Administrative charges		96,197			28,874			60,866			31,738			127,892
Total expenses		1,614,156			686,865			903,904			1,275,322			1,658,184
Net investment income (loss)		169,262			(686,865	)		(903,904	)		(1,275,322	)		4,336,925
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		15,159,054			8,706,791			12,752,029			20,609,140			—
Realized gains (losses) on sale of investments		1,193,923			689,482			(770,979	)		(347,208	)		(2,022,776	)
Net realized gains (losses)		16,352,977			9,396,273			11,981,050			20,261,932			(2,022,776	)
Change in unrealized gains (losses) on investments		(25,680,453	)		(21,361,624	)		(46,491,199	)		(48,858,137	)		(23,370,201	)
Net realized and change in unrealized gains (losses) on investments		(9,327,476	)		(11,965,351	)		(34,510,149	)		(28,596,205	)		(25,392,977	)
Net increase (decrease) in net assets resulting from operations	$	(9,158,214	)	$	(12,652,216	)	$	(35,414,053	)	$	(29,871,527	)	$	(21,056,052	)

The accompanying notes are an integral part of these financial statements.
35

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	BHFTII Western Asset Management U.S. Government Subaccount			BNY Mellon Sustainable U.S. Equity Subaccount			Delaware VIP® Small Cap Value Subaccount			DWS Small Mid Cap Value VIP Subaccount			Fidelity® VIP Contrafund® Subaccount
Investment Income:
Dividends	$	1,114,577		$	2,869		$	72,412		$	12,946		$	538,702
Expenses:
Mortality and expense risk and other charges		582,788			16,768			54,998			50,582			2,592,833
Administrative charges		38,081			1,300			38			4,057			108,243
Total expenses		620,869			18,068			55,036			54,639			2,701,076
Net investment income (loss)		493,708			(15,199	)		17,376			(41,693	)		(2,162,374	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			69,573			599,101			40,949			9,515,794
Realized gains (losses) on sale of investments		(632,404	)		79,248			456,784			5,968			4,919,606
Net realized gains (losses)		(632,404	)		148,821			1,055,885			46,917			14,435,400
Change in unrealized gains (losses) on investments		(5,181,152	)		(409,184	)		(2,321,919	)		(568,741	)		(81,128,476	)
Net realized and change in unrealized gains (losses) on investments		(5,813,556	)		(260,363	)		(1,266,034	)		(521,824	)		(66,693,076	)
Net increase (decrease) in net assets resulting from operations	$	(5,319,848	)	$	(275,562	)	$	(1,248,658	)	$	(563,517	)	$	(68,855,450	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
36

	Fidelity® VIP Dynamic Capital Appreciation Subaccount			Fidelity® VIP Equity-Income Subaccount			Fidelity® VIP Freedom 2020 Subaccount			Fidelity® VIP Freedom 2025 Subaccount			Fidelity® VIP Freedom 2030 Subaccount
Investment Income:
Dividends	$	1,722		$	3,901,231		$	12,318		$	32,058		$	17,478
Expenses:
Mortality and expense risk and other charges		21,682			2,654,127			5,779			16,243			8,306
Administrative charges		1,585			6,032			7			—			4
Total expenses		23,267			2,660,159			5,786			16,243			8,310
Net investment income (loss)		(21,545	)		1,241,072			6,532			15,815			9,168
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		215,367			6,869,369			77,065			108,977			84,838
Realized gains (losses) on sale of investments		31,051			2,924,687			(24,988	)		(28,138	)		(5,357	)
Net realized gains (losses)		246,418			9,794,056			52,077			80,839			79,481
Change in unrealized gains (losses) on investments		(662,839	)		(25,660,870	)		(189,134	)		(401,695	)		(292,915	)
Net realized and change in unrealized gains (losses) on investments		(416,421	)		(15,866,814	)		(137,057	)		(320,856	)		(213,434	)
Net increase (decrease) in net assets resulting from operations	$	(437,966	)	$	(14,625,742	)	$	(130,525	)	$	(305,041	)	$	(204,266	)

The accompanying notes are an integral part of these financial statements.
37

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	Fidelity® VIP Freedom 2040 Subaccount			Fidelity® VIP Freedom 2050 Subaccount			Fidelity® VIP FundsManager 60% Subaccount			Fidelity® VIP High Income Subaccount			Fidelity® VIP Mid Cap Subaccount
Investment Income:
Dividends	$	9,784		$	13,460		$	9,388,993		$	595,122		$	579,244
Expenses:
Mortality and expense risk and other charges		4,580			8,750			11,210,574			152,206			2,707,267
Administrative charges		1			1			—			8			92,393
Total expenses		4,581			8,751			11,210,574			152,214			2,799,660
Net investment income (loss)		5,203			4,709			(1,821,581	)		442,908			(2,220,416	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		39,921			82,214			107,945,455			—			14,900,588
Realized gains (losses) on sale of investments		(2,168	)		(8,218	)		(25,219,335	)		(308,139	)		1,241,780
Net realized gains (losses)		37,753			73,996			82,726,120			(308,139	)		16,142,368
Change in unrealized gains (losses) on investments		(155,532	)		(300,948	)		(195,990,948	)		(1,839,003	)		(55,604,587	)
Net realized and change in unrealized gains (losses) on investments		(117,779	)		(226,952	)		(113,264,828	)		(2,147,142	)		(39,462,219	)
Net increase (decrease) in net assets resulting from operations	$	(112,576	)	$	(222,243	)	$	(115,086,409	)	$	(1,704,234	)	$	(41,682,635	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
38

	FTVIPT Franklin Income VIP Subaccount			FTVIPT Franklin Mutual Shares VIP Subaccount			FTVIPT Franklin Rising Dividends VIP Subaccount			FTVIPT Franklin Small-Mid Cap Growth VIP Subaccount			FTVIPT Templeton Developing Markets VIP Subaccount
Investment Income:
Dividends	$	597,020		$	165,425		$	78,708		$	—		$	285,169
Expenses:
Mortality and expense risk and other charges		201,289			135,536			173,323			332,225			128,238
Administrative charges		18,316			13,700			14,674			22,021			165
Total expenses		219,605			149,236			187,997			354,246			128,403
Net investment income (loss)		377,415			16,189			(109,289	)		(354,246	)		156,766
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		242,333			999,018			1,255,824			5,411,545			824,019
Realized gains (losses) on sale of investments		65,209			(16,595	)		351,992			(925,735	)		(122,363	)
Net realized gains (losses)		307,542			982,423			1,607,816			4,485,810			701,656
Change in unrealized gains (losses) on investments		(1,659,916	)		(1,902,292	)		(2,968,108	)		(14,271,684	)		(3,970,944	)
Net realized and change in unrealized gains (losses) on investments		(1,352,374	)		(919,869	)		(1,360,292	)		(9,785,874	)		(3,269,288	)
Net increase (decrease) in net assets resulting from operations	$	(974,959	)	$	(903,680	)	$	(1,469,581	)	$	(10,140,120	)	$	(3,112,522	)

The accompanying notes are an integral part of these financial statements.
39

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	FTVIPT Templeton Foreign VIP Subaccount			Invesco V.I. Comstock Subaccount			Invesco V.I. Diversified Dividend Subaccount			Invesco V.I. Equally-Weighted S&P 500 Subaccount (a)			Invesco V.I. Equity and Income Subaccount
Investment Income:
Dividends	$	1,017,276		$	58,420		$	10,334		$	15,809		$	484,794
Expenses:
Mortality and expense risk and other charges		553,370			56,882			13,096			26,889			524,753
Administrative charges		39,609			5,590			944			1,932			52,171
Total expenses		592,979			62,472			14,040			28,821			576,924
Net investment income (loss)		424,297			(4,052	)		(3,706	)		(13,012	)		(92,130	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			111,352			78,153			106,596			4,450,982
Realized gains (losses) on sale of investments		(505,082	)		144,538			37,077			(61,044	)		1,236,371
Net realized gains (losses)		(505,082	)		255,890			115,230			45,552			5,687,353
Change in unrealized gains (losses) on investments		(3,348,246	)		(281,964	)		(139,161	)		(182,528	)		(9,191,950	)
Net realized and change in unrealized gains (losses) on investments		(3,853,328	)		(26,074	)		(23,931	)		(136,976	)		(3,504,597	)
Net increase (decrease) in net assets resulting from operations	$	(3,429,031	)	$	(30,126	)	$	(27,637	)	$	(149,988	)	$	(3,596,727	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
40

	Invesco V.I. Government Securities Subaccount			Janus Henderson Enterprise Subaccount			Janus Henderson Global Research Subaccount			Janus Henderson Overseas Subaccount			LMPVET ClearBridge Variable Aggressive Growth Subaccount
Investment Income:
Dividends	$	65,706		$	9,429		$	3,381		$	432,215		$	258,547
Expenses:
Mortality and expense risk and other charges		62,408			154,984			2,157			333,475			680,187
Administrative charges		5,658			11,777			8			3,886			70
Total expenses		68,066			166,761			2,165			337,361			680,257
Net investment income (loss)		(2,360	)		(157,332	)		1,216			94,854			(421,710	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			2,064,460			43,037			—			6,871,604
Realized gains (losses) on sale of investments		(4,063	)		751,633			872			(11,002	)		(370,865	)
Net realized gains (losses)		(4,063	)		2,816,093			43,909			(11,002	)		6,500,739
Change in unrealized gains (losses) on investments		(497,885	)		(5,229,488	)		(134,786	)		(3,108,593	)		(25,454,679	)
Net realized and change in unrealized gains (losses) on investments		(501,948	)		(2,413,395	)		(90,877	)		(3,119,595	)		(18,953,940	)
Net increase (decrease) in net assets resulting from operations	$	(504,308	)	$	(2,570,727	)	$	(89,661	)	$	(3,024,741	)	$	(19,375,650	)

The accompanying notes are an integral part of these financial statements.
41

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the year ended December 31, 2022

	LMPVET ClearBridge Variable Appreciation Subaccount			LMPVET ClearBridge Variable Dividend Strategy Subaccount			LMPVET ClearBridge Variable Large Cap Growth Subaccount			LMPVET ClearBridge Variable Large Cap Value Subaccount			LMPVET ClearBridge Variable Mid Cap Subaccount
Investment Income:
Dividends	$	2,314,304		$	955,985		$	—		$	1,174,313		$	86,930
Expenses:
Mortality and expense risk and other charges		3,175,251			1,311,894			1,279,843			1,180,609			413,128
Administrative charges		311,371			113,818			91,467			103,874			38,852
Total expenses		3,486,622			1,425,712			1,371,310			1,284,483			451,980
Net investment income (loss)		(1,172,318	)		(469,727	)		(1,371,310	)		(110,170	)		(365,050	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		10,509,721			6,335,454			6,045,874			3,436,330			1,553,671
Realized gains (losses) on sale of investments		11,987,682			3,910,582			3,566,668			1,769,217			743,579
Net realized gains (losses)		22,497,403			10,246,036			9,612,542			5,205,547			2,297,250
Change in unrealized gains (losses) on investments		(57,370,603	)		(18,465,954	)		(48,706,642	)		(13,183,478	)		(10,660,212	)
Net realized and change in unrealized gains (losses) on investments		(34,873,200	)		(8,219,918	)		(39,094,100	)		(7,977,931	)		(8,362,962	)
Net increase (decrease) in net assets resulting from operations	$	(36,045,518	)	$	(8,689,645	)	$	(40,465,410	)	$	(8,088,101	)	$	(8,728,012	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
42

	LMPVET ClearBridge Variable Small Cap Growth Subaccount			LMPVET Franklin Multi-Asset Variable Conservative Growth Fund Subaccount			LMPVET Franklin Multi-Asset Variable Growth Fund Subaccount			LMPVET Franklin Multi-Asset Variable Moderate Growth Fund Subaccount			LMPVIT Western Asset Core Plus Subaccount
Investment Income:
Dividends	$	—		$	585,185		$	514,628		$	404,513		$	700,555
Expenses:
Mortality and expense risk and other charges		645,042			370,669			206,901			289,485			534,010
Administrative charges		45,099			42,635			24,745			34,152			51,222
Total expenses		690,141			413,304			231,646			323,637			585,232
Net investment income (loss)		(690,141	)		171,881			282,982			80,876			115,323
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		908,965			1,510,988			1,394,628			1,561,805			—
Realized gains (losses) on sale of investments		731,866			278,004			22,301			98,069			(908,650	)
Net realized gains (losses)		1,640,831			1,788,992			1,416,929			1,659,874			(908,650	)
Change in unrealized gains (losses) on investments		(19,251,587	)		(7,136,859	)		(4,787,555	)		(5,884,962	)		(6,971,388	)
Net realized and change in unrealized gains (losses) on investments		(17,610,756	)		(5,347,867	)		(3,370,626	)		(4,225,088	)		(7,880,038	)
Net increase (decrease) in net assets resulting from operations	$	(18,300,897	)	$	(5,175,986	)	$	(3,087,644	)	$	(4,144,212	)	$	(7,764,715	)

The accompanying notes are an integral part of these financial statements.
43

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Concluded)

For the year ended December 31, 2022

	LMPVIT Western Asset Variable Global High Yield Bond Subaccount			Morgan Stanley VIF Growth Subaccount			Pioneer Mid Cap Value VCT Subaccount
Investment Income:
Dividends	$	160,495		$	—		$	180,776
Expenses:
Mortality and expense risk and other charges		43,901			127,653			208,576
Administrative charges		3,818			11,383			19,226
Total expenses		47,719			139,036			227,802
Net investment income (loss)		112,776			(139,036	)		(47,026	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			3,690,394			5,342,312
Realized gains (losses) on sale of investments		(90,598	)		(378,866	)		(382,401	)
Net realized gains (losses)		(90,598	)		3,311,528			4,959,911
Change in unrealized gains (losses) on investments		(492,497	)		(11,726,766	)		(6,029,943	)
Net realized and change in unrealized gains (losses) on investments		(583,095	)		(8,415,238	)		(1,070,032	)
Net increase (decrease) in net assets resulting from operations	$	(470,319	)	$	(8,554,274	)	$	(1,117,058	)

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
44

	Pioneer Real Estate Shares VCT Subaccount			TAP 1919 Variable Socially Responsive Balanced Subaccount
Investment Income:
Dividends	$	57,503		$	242,225
Expenses:
Mortality and expense risk and other charges		68,085			432,255
Administrative charges		5,526			9,702
Total expenses		73,611			441,957
Net investment income (loss)		(16,108	)		(199,732	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		237,614			1,676,783
Realized gains (losses) on sale of investments		(467,281	)		551,796
Net realized gains (losses)		(229,667	)		2,228,579
Change in unrealized gains (losses) on investments		(1,326,014	)		(11,532,293	)
Net realized and change in unrealized gains (losses) on investments		(1,555,681	)		(9,303,714	)
Net increase (decrease) in net assets resulting from operations	$	(1,571,789	)	$	(9,503,446	)

The accompanying notes are an integral part of these financial statements.
45

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS

For the years ended December 31, 2022 and 2021

	AB VPS Sustainable Global Thematic Subaccount						Alger Capital Appreciation Subaccount						American Funds® Global Growth Subaccount						American Funds® Global Small Capitalization Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(4,359	)	$	(5,991	)	$	(33,259	)	$	(53,105	)	$	(815,388	)	$	(1,475,867	)	$	(22,891	)	$	(32,112	)
Net realized gains (losses)		36,057			99,113			39,180			799,194			12,510,883			13,675,328			483,038			146,639
Change in unrealized gains (losses) on investments		(128,473	)		(27,281	)		(933,049	)		(270,734	)		(40,450,413	)		3,299,476			(1,035,828	)		(17,859	)
Net increase (decrease) in net assets resulting from operations		(96,775	)		65,841			(927,128	)		475,355			(28,754,918	)		15,498,937			(575,681	)		96,668
Contract Transactions:
Purchase payments received from contract owners		—			—			4,579			1,908			446,766			473,258			789			1,960
Net transfers (including fixed account)		17,129			(2,820	)		43,008			(11,780	)		(1,550,791	)		(1,299,342	)		29,665			(3,743	)
Contract charges		(130	)		(130	)		(240	)		(254	)		(8,578	)		(8,174	)		(409	)		(456	)
Transfers for contract benefits and terminations		(30,845	)		(87,948	)		(295,995	)		(767,381	)		(7,435,732	)		(12,978,814	)		(41,902	)		(148,850	)
Net increase (decrease) in net assets resulting from contract transactions		(13,846	)		(90,898	)		(248,648	)		(777,507	)		(8,548,335	)		(13,813,072	)		(11,857	)		(151,089	)
Net increase (decrease) in net assets		(110,621	)		(25,057	)		(1,175,776	)		(302,152	)		(37,303,253	)		1,685,865			(587,538	)		(54,421	)
Net Assets:
Beginning of year		340,268			365,325			2,504,256			2,806,408			113,128,512			111,442,647			1,867,115			1,921,536
End of year	$	229,647		$	340,268		$	1,328,480		$	2,504,256		$	75,825,259		$	113,128,512		$	1,279,577		$	1,867,115

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
46

	American Funds® Growth Subaccount						American Funds® Growth-Income Subaccount						American Funds® The Bond Fund of America Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(3,373,757	)	$	(4,755,539	)	$	(847,490	)	$	(1,329,182	)	$	43,059		$	(8,426	)
Net realized gains (losses)		42,044,787			64,207,108			20,414,443			11,720,973			(22,527	)		198,653
Change in unrealized gains (losses) on investments		(136,953,811	)		(1,404,090	)		(53,833,420	)		27,320,411			(566,239	)		(273,478	)
Net increase (decrease) in net assets resulting from operations		(98,282,781	)		58,047,479			(34,266,467	)		37,712,202			(545,707	)		(83,251	)
Contract Transactions:
Purchase payments received from contract owners		1,595,133			1,591,308			715,421			715,498			9,763			5,389
Net transfers (including fixed account)		118,640			(9,011,587	)		(1,886,059	)		(1,772,466	)		(121,645	)		381,753
Contract charges		(22,133	)		(20,964	)		(17,278	)		(16,113	)		(1,101	)		(1,197	)
Transfers for contract benefits and terminations		(23,765,772	)		(33,673,315	)		(14,161,292	)		(23,000,260	)		(628,339	)		(531,090	)
Net increase (decrease) in net assets resulting from contract transactions		(22,074,132	)		(41,114,558	)		(15,349,208	)		(24,073,341	)		(741,322	)		(145,145	)
Net increase (decrease) in net assets		(120,356,913	)		16,932,921			(49,615,675	)		13,638,861			(1,287,029	)		(228,396	)
Net Assets:
Beginning of year		326,597,971			309,665,050			195,644,743			182,005,882			4,307,551			4,535,947
End of year	$	206,241,058		$	326,597,971		$	146,029,068		$	195,644,743		$	3,020,522		$	4,307,551

The accompanying notes are an integral part of these financial statements.
47

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTI American Funds® Balanced Allocation Subaccount						BHFTI American Funds® Growth Allocation Subaccount						BHFTI American Funds® Moderate Allocation Subaccount						BHFTI BlackRock High Yield Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	26,397		$	22,315		$	13,846		$	1,465		$	18,426		$	18,599		$	2,061,296		$	1,747,137
Net realized gains (losses)		457,444			272,786			682,620			280,045			116,932			150,454			(790,331	)		226,768
Change in unrealized gains (losses) on investments		(1,219,054	)		186,393			(1,718,429	)		420,493			(590,864	)		61,994			(8,206,818	)		537,057
Net increase (decrease) in net assets resulting from operations		(735,213	)		481,494			(1,021,963	)		702,003			(455,506	)		231,047			(6,935,853	)		2,510,962
Contract Transactions:
Purchase payments received from contract owners		190,702			146,329			330,348			298,557			110,762			113,802			900,551			1,007,030
Net transfers (including fixed account)		95,532			58,565			(49,101	)		(395,267	)		(247,358	)		280,264			(1,104,765	)		2,558,738
Contract charges		(275	)		(188	)		(45	)		(184	)		(73	)		(138	)		(16,027	)		(16,044	)
Transfers for contract benefits and terminations		(357,013	)		(863,050	)		(218,089	)		(359,994	)		(524,134	)		(537,512	)		(5,781,230	)		(6,530,287	)
Net increase (decrease) in net assets resulting from contract transactions		(71,054	)		(658,344	)		63,113			(456,888	)		(660,803	)		(143,584	)		(6,001,471	)		(2,980,563	)
Net increase (decrease) in net assets		(806,267	)		(176,850	)		(958,850	)		245,115			(1,116,309	)		87,463			(12,937,324	)		(469,601	)
Net Assets:
Beginning of year		4,263,364			4,440,214			5,310,008			5,064,893			2,911,811			2,824,348			62,625,612			63,095,213
End of year	$	3,457,097		$	4,263,364		$	4,351,158		$	5,310,008		$	1,795,502		$	2,911,811		$	49,688,288		$	62,625,612

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
48

	BHFTI Brighthouse Asset Allocation 100 Subaccount						BHFTI Brighthouse Small Cap Value Subaccount						BHFTI Brighthouse/abrdn Emerging Markets Equity Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	91,920		$	(46,402	)	$	(641,098	)	$	(542,738	)	$	(250,004	)	$	(563,981	)
Net realized gains (losses)		5,791,332			7,066,328			14,140,980			2,174,263			3,199,607			1,999,196
Change in unrealized gains (losses) on investments		(22,156,366	)		4,595,477			(26,295,426	)		21,453,650			(11,176,297	)		(3,554,757	)
Net increase (decrease) in net assets resulting from operations		(16,273,114	)		11,615,403			(12,795,544	)		23,085,175			(8,226,694	)		(2,119,542	)
Contract Transactions:
Purchase payments received from contract owners		1,862,254			1,809,410			738,803			836,471			318,130			225,830
Net transfers (including fixed account)		(327,253	)		(618,476	)		(1,426,503	)		(2,903,580	)		1,254,088			(893,407	)
Contract charges		(37,277	)		(39,778	)		(24,080	)		(24,231	)		(3,395	)		(3,647	)
Transfers for contract benefits and terminations		(3,984,220	)		(5,482,615	)		(6,437,883	)		(9,190,768	)		(2,267,941	)		(3,467,560	)
Net increase (decrease) in net assets resulting from contract transactions		(2,486,496	)		(4,331,459	)		(7,149,663	)		(11,282,108	)		(699,118	)		(4,138,784	)
Net increase (decrease) in net assets		(18,759,610	)		7,283,944			(19,945,207	)		11,803,067			(8,925,812	)		(6,258,326	)
Net Assets:
Beginning of year		77,963,010			70,679,066			92,005,285			80,202,218			30,359,944			36,618,270
End of year	$	59,203,400		$	77,963,010		$	72,060,078		$	92,005,285		$	21,434,132		$	30,359,944

The accompanying notes are an integral part of these financial statements.
49

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTI Brighthouse/Eaton Vance Floating Rate Subaccount						BHFTI Brighthouse/Wellington Large Cap Research Subaccount						BHFTI CBRE Global Real Estate Subaccount						BHFTI Harris Oakmark International Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	51,384		$	42,650		$	(356,296	)	$	(336,505	)	$	1,272,386		$	806,653		$	306,069		$	(344,921	)
Net realized gains (losses)		(25,947	)		(9,837	)		8,468,253			6,269,823			3,917,768			652,435			1,195,885			516,284
Change in unrealized gains (losses) on investments		(140,084	)		22,092			(17,198,878	)		2,929,171			(18,634,665	)		12,551,494			(8,831,423	)		3,132,913
Net increase (decrease) in net assets resulting from operations		(114,647	)		54,905			(9,086,921	)		8,862,489			(13,444,511	)		14,010,582			(7,329,469	)		3,304,276
Contract Transactions:
Purchase payments received from contract owners		194			—			105,932			241,973			816,238			954,326			574,734			520,522
Net transfers (including fixed account)		(175,902	)		197,827			(219,135	)		(368,929	)		(254,655	)		(1,454,597	)		(653,109	)		(789,283	)
Contract charges		(41	)		(52	)		(16,334	)		(16,875	)		(10,201	)		(10,873	)		(5,065	)		(5,350	)
Transfers for contract benefits and terminations		(149,513	)		(235,938	)		(3,196,680	)		(4,361,764	)		(4,186,171	)		(4,552,706	)		(3,241,772	)		(5,154,893	)
Net increase (decrease) in net assets resulting from contract transactions		(325,262	)		(38,163	)		(3,326,217	)		(4,505,595	)		(3,634,789	)		(5,063,850	)		(3,325,212	)		(5,429,004	)
Net increase (decrease) in net assets		(439,909	)		16,742			(12,413,138	)		4,356,894			(17,079,300	)		8,946,732			(10,654,681	)		(2,124,728	)
Net Assets:
Beginning of year		3,472,742			3,456,000			45,687,145			41,330,251			53,675,641			44,728,909			43,630,122			45,754,850
End of year	$	3,032,833		$	3,472,742		$	33,274,007		$	45,687,145		$	36,596,341		$	53,675,641		$	32,975,441		$	43,630,122

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
50

	BHFTI Invesco Comstock Subaccount						BHFTI Invesco Global Equity Subaccount						BHFTI Invesco Small Cap Growth Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	272,659		$	380,993		$	(3,598,949	)	$	(4,728,328	)	$	(174,573	)	$	(266,442	)
Net realized gains (losses)		26,817,957			7,048,242			43,291,095			33,580,728			2,946,999			3,711,347
Change in unrealized gains (losses) on investments		(28,689,637	)		33,185,784			(160,114,247	)		20,631,205			(8,577,232	)		(2,512,275	)
Net increase (decrease) in net assets resulting from operations		(1,599,021	)		40,615,019			(120,422,101	)		49,483,605			(5,804,806	)		932,630
Contract Transactions:
Purchase payments received from contract owners		581,862			574,698			3,109,053			3,991,583			254,822			214,150
Net transfers (including fixed account)		(4,584,521	)		(3,549,538	)		(1,242,865	)		(6,883,155	)		386,664			217,464
Contract charges		(39,227	)		(38,086	)		(68,873	)		(79,952	)		(1,853	)		(2,231	)
Transfers for contract benefits and terminations		(16,434,400	)		(17,786,110	)		(21,581,189	)		(31,599,791	)		(1,109,355	)		(1,793,473	)
Net increase (decrease) in net assets resulting from contract transactions		(20,476,286	)		(20,799,036	)		(19,783,874	)		(34,571,315	)		(469,722	)		(1,364,090	)
Net increase (decrease) in net assets		(22,075,307	)		19,815,983			(140,205,975	)		14,912,290			(6,274,528	)		(431,460	)
Net Assets:
Beginning of year		156,894,907			137,078,924			374,561,297			359,649,007			16,315,837			16,747,297
End of year	$	134,819,600		$	156,894,907		$	234,355,322		$	374,561,297		$	10,041,309		$	16,315,837

The accompanying notes are an integral part of these financial statements.
51

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTI JPMorgan Small Cap Value Subaccount						BHFTI Loomis Sayles Global Allocation Subaccount						BHFTI Loomis Sayles Growth Subaccount						BHFTI MetLife Multi-Index Targeted Risk Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(26,628	)	$	(35,735	)	$	(1,304,680	)	$	(306,768	)	$	(8,610,626	)	$	(8,239,960	)	$	2,350		$	2,284
Net realized gains (losses)		2,886,953			833,886			15,976,118			18,287,679			50,370,352			34,326,232			17,427			8,103
Change in unrealized gains (losses) on investments		(4,279,085	)		1,826,362			(46,733,292	)		(1,139,612	)		(276,017,669	)		82,883,701			(71,256	)		7,690
Net increase (decrease) in net assets resulting from operations		(1,418,760	)		2,624,513			(32,061,854	)		16,841,299			(234,257,943	)		108,969,973			(51,479	)		18,077
Contract Transactions:
Purchase payments received from contract owners		176,040			174,056			937,347			1,376,538			4,598,996			6,104,686			23,996			22,943
Net transfers (including fixed account)		(112,596	)		(53,109	)		(1,532,013	)		(1,671,641	)		325,752			244,444,227			6,572			(212	)
Contract charges		(1,603	)		(1,610	)		(44,551	)		(49,105	)		(241,828	)		(267,982	)		(23	)		(25	)
Transfers for contract benefits and terminations		(870,493	)		(1,037,430	)		(11,442,251	)		(13,941,942	)		(49,088,382	)		(64,956,939	)		(8,944	)		(1,764	)
Net increase (decrease) in net assets resulting from contract transactions		(808,652	)		(918,093	)		(12,081,468	)		(14,286,150	)		(44,405,462	)		185,323,992			21,601			20,942
Net increase (decrease) in net assets		(2,227,412	)		1,706,420			(44,143,322	)		2,555,149			(278,663,405	)		294,293,965			(29,878	)		39,019
Net Assets:
Beginning of year		10,171,546			8,465,126			136,279,058			133,723,909			829,993,068			535,699,103			230,463			191,444
End of year	$	7,944,134		$	10,171,546		$	92,135,736		$	136,279,058		$	551,329,663		$	829,993,068		$	200,585		$	230,463

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
52

	BHFTI MFS® Research International Subaccount						BHFTI Morgan Stanley Discovery Subaccount						BHFTI PIMCO Inflation Protected Bond Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	137,804		$	(285,761	)	$	(142,468	)	$	(318,311	)	$	1,864,455		$	(255,119	)
Net realized gains (losses)		3,129,482			3,230,838			2,086,312			9,424,873			(105,071	)		301,408
Change in unrealized gains (losses) on investments		(13,082,687	)		2,152,941			(10,820,858	)		(11,105,982	)		(7,034,303	)		1,563,906
Net increase (decrease) in net assets resulting from operations		(9,815,401	)		5,098,018			(8,877,014	)		(1,999,420	)		(5,274,919	)		1,610,195
Contract Transactions:
Purchase payments received from contract owners		22,510			654,440			54,132			19,339			810,238			799,740
Net transfers (including fixed account)		293,423			431,386			1,141,175			(1,977,979	)		509,716			2,767,712
Contract charges		(14,354	)		(15,427	)		(456	)		(448	)		(5,939	)		(5,630	)
Transfers for contract benefits and terminations		(3,456,525	)		(5,145,507	)		(1,095,620	)		(1,228,955	)		(3,039,302	)		(4,572,754	)
Net increase (decrease) in net assets resulting from contract transactions		(3,154,946	)		(4,075,108	)		99,231			(3,188,043	)		(1,725,287	)		(1,010,932	)
Net increase (decrease) in net assets		(12,970,347	)		1,022,910			(8,777,783	)		(5,187,463	)		(7,000,206	)		599,263
Net Assets:
Beginning of year		52,762,722			51,739,812			14,012,753			19,200,216			41,300,650			40,701,387
End of year	$	39,792,375		$	52,762,722		$	5,234,970		$	14,012,753		$	34,300,444		$	41,300,650

The accompanying notes are an integral part of these financial statements.
53

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTI PIMCO Total Return Subaccount						BHFTI Schroders Global Multi-Asset Subaccount						BHFTI SSGA Growth and Income ETF Subaccount						BHFTI SSGA Growth ETF Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,328,512		$	163,594		$	1,425		$	(451	)	$	1,577,711		$	538,718		$	1,940,202		$	319,960
Net realized gains (losses)		(1,715,637	)		6,118,669			10,017			533			14,207,650			6,304,731			21,780,154			10,532,269
Change in unrealized gains (losses) on investments		(19,000,205	)		(10,438,195	)		(55,809	)		17,227			(32,648,683	)		4,849,348			(48,848,918	)		11,265,292
Net increase (decrease) in net assets resulting from operations		(19,387,330	)		(4,155,932	)		(44,367	)		17,309			(16,863,322	)		11,692,797			(25,128,562	)		22,117,521
Contract Transactions:
Purchase payments received from contract owners		716,973			1,373,253			23,535			18,056			1,378,419			1,264,557			2,115,107			2,276,238
Net transfers (including fixed account)		(233,330	)		6,349,875			15,924			83,824			(1,530,412	)		(197,931	)		(1,216,278	)		(1,687,247	)
Contract charges		(20,105	)		(20,281	)		(9	)		(5	)		(74,082	)		(79,137	)		(93,530	)		(99,886	)
Transfers for contract benefits and terminations		(11,124,466	)		(16,844,682	)		(10,055	)		—			(5,624,947	)		(9,454,426	)		(8,171,481	)		(12,602,568	)
Net increase (decrease) in net assets resulting from contract transactions		(10,660,928	)		(9,141,835	)		29,395			101,875			(5,851,022	)		(8,466,937	)		(7,366,182	)		(12,113,463	)
Net increase (decrease) in net assets		(30,048,258	)		(13,297,767	)		(14,972	)		119,184			(22,714,344	)		3,225,860			(32,494,744	)		10,004,058
Net Assets:
Beginning of year		125,075,812			138,373,579			199,578			80,394			104,179,077			100,953,217			151,018,714			141,014,656
End of year	$	95,027,554		$	125,075,812		$	184,606		$	199,578		$	81,464,733		$	104,179,077		$	118,523,970		$	151,018,714

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
54

	BHFTI T. Rowe Price Large Cap Value Subaccount						BHFTI T. Rowe Price Mid Cap Growth Subaccount						BHFTI Victory Sycamore Mid Cap Value Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	509,439		$	1,365,520		$	(24,666	)	$	(30,934	)	$	(48,109	)	$	(241,218	)
Net realized gains (losses)		40,773,797			5,130,166			226,184			195,155			4,642,828			1,973,695
Change in unrealized gains (losses) on investments		(63,244,860	)		66,267,989			(612,309	)		42,848			(6,194,866	)		7,170,192
Net increase (decrease) in net assets resulting from operations		(21,961,624	)		72,763,675			(410,791	)		207,069			(1,600,147	)		8,902,669
Contract Transactions:
Purchase payments received from contract owners		2,529,943			2,955,218			117			—			209,954			93,717
Net transfers (including fixed account)		(8,961,316	)		(5,178,399	)		(32,871	)		(12,275	)		(1,295,384	)		(1,416,535	)
Contract charges		(80,072	)		(76,537	)		(176	)		(152	)		(2,562	)		(2,183	)
Transfers for contract benefits and terminations		(26,826,069	)		(35,051,603	)		(95,246	)		(113,705	)		(3,470,994	)		(3,072,511	)
Net increase (decrease) in net assets resulting from contract transactions		(33,337,514	)		(37,351,321	)		(128,176	)		(126,132	)		(4,558,986	)		(4,397,512	)
Net increase (decrease) in net assets		(55,299,138	)		35,412,354			(538,967	)		80,937			(6,159,133	)		4,505,157
Net Assets:
Beginning of year		347,510,045			312,097,691			1,735,765			1,654,828			36,226,321			31,721,164
End of year	$	292,210,907		$	347,510,045		$	1,196,798		$	1,735,765		$	30,067,188		$	36,226,321

The accompanying notes are an integral part of these financial statements.
55

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTII BlackRock Bond Income Subaccount						BHFTII BlackRock Capital Appreciation Subaccount						BHFTII BlackRock Ultra-Short Term Bond Subaccount						BHFTII Brighthouse Asset Allocation 20 Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,151,552		$	1,240,077		$	(2,523,092	)	$	(3,554,800	)	$	(2,126,871	)	$	(1,766,219	)	$	189,182		$	228,623
Net realized gains (losses)		(1,466,172	)		2,501,921			52,246,320			49,167,134			284,561			(153,481	)		249,733			271,911
Change in unrealized gains (losses) on investments		(15,148,868	)		(5,971,677	)		(150,321,774	)		1,555,177			2,000,660			(743,432	)		(2,339,885	)		(174,881	)
Net increase (decrease) in net assets resulting from operations		(15,463,488	)		(2,229,679	)		(100,598,546	)		47,167,511			158,350			(2,663,132	)		(1,900,970	)		325,653
Contract Transactions:
Purchase payments received from contract owners		1,096,040			885,854			1,124,974			1,226,680			9,161,885			9,892,564			138,316			170,453
Net transfers (including fixed account)		(2,027,070	)		4,249,543			(2,336,629	)		(2,282,717	)		9,540,631			(1,190,398	)		439,670			382,824
Contract charges		(20,957	)		(21,699	)		(39,847	)		(46,012	)		(55,460	)		(59,708	)		(4,132	)		(4,609	)
Transfers for contract benefits and terminations		(9,286,680	)		(10,677,761	)		(16,128,356	)		(26,391,224	)		(18,573,824	)		(17,820,167	)		(2,093,968	)		(1,827,594	)
Net increase (decrease) in net assets resulting from contract transactions		(10,238,667	)		(5,564,063	)		(17,379,858	)		(27,493,273	)		73,232			(9,177,709	)		(1,520,114	)		(1,278,926	)
Net increase (decrease) in net assets		(25,702,155	)		(7,793,742	)		(117,978,404	)		19,674,238			231,582			(11,840,841	)		(3,421,084	)		(953,273	)
Net Assets:
Beginning of year		103,285,912			111,079,654			269,805,579			250,131,341			163,085,890			174,926,731			14,003,403			14,956,676
End of year	$	77,583,757		$	103,285,912		$	151,827,175		$	269,805,579		$	163,317,472		$	163,085,890		$	10,582,319		$	14,003,403

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
56

	BHFTII Brighthouse Asset Allocation 40 Subaccount						BHFTII Brighthouse Asset Allocation 60 Subaccount						BHFTII Brighthouse Asset Allocation 80 Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	549,160		$	716,139		$	2,499,742		$	2,940,197		$	758,378		$	93,474
Net realized gains (losses)		2,384,833			2,302,155			19,982,094			26,200,557			39,140,549			58,177,774
Change in unrealized gains (losses) on investments		(10,706,444	)		132,029			(90,144,967	)		9,025,251			(167,611,671	)		21,211,980
Net increase (decrease) in net assets resulting from operations		(7,772,451	)		3,150,323			(67,663,131	)		38,166,005			(127,712,744	)		79,483,228
Contract Transactions:
Purchase payments received from contract owners		659,909			1,023,889			4,239,482			5,336,257			7,447,708			10,019,658
Net transfers (including fixed account)		(1,293,788	)		260,815			(4,474,781	)		(1,008,008	)		(3,219,829	)		(411,974	)
Contract charges		(21,481	)		(22,873	)		(183,468	)		(198,183	)		(254,166	)		(266,454	)
Transfers for contract benefits and terminations		(5,556,255	)		(6,313,508	)		(36,732,491	)		(44,073,601	)		(42,260,994	)		(53,852,240	)
Net increase (decrease) in net assets resulting from contract transactions		(6,211,615	)		(5,051,677	)		(37,151,258	)		(39,943,535	)		(38,287,281	)		(44,511,010	)
Net increase (decrease) in net assets		(13,984,066	)		(1,901,354	)		(104,814,389	)		(1,777,530	)		(166,000,025	)		34,972,218
Net Assets:
Beginning of year		52,910,146			54,811,500			419,436,533			421,214,063			671,661,879			636,689,661
End of year	$	38,926,080		$	52,910,146		$	314,622,144		$	419,436,533		$	505,661,854		$	671,661,879

The accompanying notes are an integral part of these financial statements.
57

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTII Brighthouse/Artisan Mid Cap Value Subaccount						BHFTII Brighthouse/Dimensional International Small Company Subaccount						BHFTII Brighthouse/Wellington Balanced Subaccount						BHFTII Brighthouse/Wellington Core Equity Opportunities Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(15,260	)	$	(15,738	)	$	1,779		$	(4,121	)	$	988,868		$	1,444,543		$	(321,366	)	$	(406,560	)
Net realized gains (losses)		240,786			87,948			42,563			56,131			29,026,954			27,963,723			20,054,560			8,582,248
Change in unrealized gains (losses) on investments		(458,370	)		276,750			(164,530	)		40,363			(74,269,742	)		125,626			(28,015,338	)		15,066,668
Net increase (decrease) in net assets resulting from operations		(232,844	)		348,960			(120,188	)		92,373			(44,253,920	)		29,533,892			(8,282,144	)		23,242,356
Contract Transactions:
Purchase payments received from contract owners		—			—			—			—			1,305,580			1,475,090			366,447			256,975
Net transfers (including fixed account)		(7,014	)		(88,270	)		(6,463	)		(25,335	)		(839,706	)		(811,726	)		(3,003,765	)		(696,288	)
Contract charges		(60	)		(43	)		(23	)		(17	)		(84,704	)		(89,140	)		(18,271	)		(17,845	)
Transfers for contract benefits and terminations		(51,910	)		(44,029	)		(27,754	)		(273,422	)		(19,323,573	)		(24,362,487	)		(8,862,126	)		(13,358,529	)
Net increase (decrease) in net assets resulting from contract transactions		(58,984	)		(132,342	)		(34,240	)		(298,774	)		(18,942,403	)		(23,788,263	)		(11,517,715	)		(13,815,687	)
Net increase (decrease) in net assets		(291,828	)		216,618			(154,428	)		(206,401	)		(63,196,323	)		5,745,629			(19,799,859	)		9,426,669
Net Assets:
Beginning of year		1,659,980			1,443,362			635,852			842,253			249,848,369			244,102,740			119,852,128			110,425,459
End of year	$	1,368,152		$	1,659,980		$	481,424		$	635,852		$	186,652,046		$	249,848,369		$	100,052,269		$	119,852,128

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
58

	BHFTII Frontier Mid Cap Growth Subaccount						BHFTII Jennison Growth Subaccount						BHFTII Loomis Sayles Small Cap Core Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(971,454	)	$	(1,322,087	)	$	(5,622,387	)	$	(7,982,684	)	$	(23,234	)	$	(33,837	)
Net realized gains (losses)		19,638,858			15,664,577			98,370,446			149,265,124			210,805			245,282
Change in unrealized gains (losses) on investments		(45,017,881	)		(3,110,272	)		(339,624,483	)		(50,191,720	)		(417,362	)		113,339
Net increase (decrease) in net assets resulting from operations		(26,350,477	)		11,232,218			(246,876,424	)		91,090,720			(229,791	)		324,784
Contract Transactions:
Purchase payments received from contract owners		440,808			595,891			3,658,574			3,974,645			611			624
Net transfers (including fixed account)		78,189			(763,520	)		(3,916,763	)		(6,784,773	)		44,706			(339,115	)
Contract charges		(26,390	)		(29,171	)		(148,663	)		(175,338	)		(35	)		(29	)
Transfers for contract benefits and terminations		(6,213,892	)		(7,868,812	)		(34,594,268	)		(51,663,796	)		(104,568	)		(518,019	)
Net increase (decrease) in net assets resulting from contract transactions		(5,721,285	)		(8,065,612	)		(35,001,120	)		(54,649,262	)		(59,286	)		(856,539	)
Net increase (decrease) in net assets		(32,071,762	)		3,166,606			(281,877,544	)		36,441,458			(289,077	)		(531,755	)
Net Assets:
Beginning of year		92,422,989			89,256,383			636,622,118			600,180,660			1,310,558			1,842,313
End of year	$	60,351,227		$	92,422,989		$	354,744,574		$	636,622,118		$	1,021,481		$	1,310,558

The accompanying notes are an integral part of these financial statements.
59

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTII MetLife Aggregate Bond Index Subaccount						BHFTII MetLife Mid Cap Stock Index Subaccount						BHFTII MetLife MSCI EAFE® Index Subaccount						BHFTII MetLife Russell 2000® Index Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	607,234		$	648,014		$	(8,315	)	$	(17,428	)	$	1,015,098		$	315,789		$	(95,139	)	$	(209,415	)
Net realized gains (losses)		(309,222	)		121,162			3,022,127			1,527,476			844,928			261,670			16,580,927			9,984,525
Change in unrealized gains (losses) on investments		(6,294,046	)		(2,279,969	)		(5,971,968	)		2,506,266			(9,043,622	)		3,673,295			(39,524,991	)		4,207,600
Net increase (decrease) in net assets resulting from operations		(5,996,034	)		(1,510,793	)		(2,958,156	)		4,016,314			(7,183,596	)		4,250,754			(23,039,203	)		13,982,710
Contract Transactions:
Purchase payments received from contract owners		609,661			661,925			662,139			728,794			1,007,816			984,780			1,161,997			1,247,078
Net transfers (including fixed account)		(451,125	)		(1,414,992	)		229,008			323,121			(160,869	)		1,958			(99,506	)		(1,069,378	)
Contract charges		(18,457	)		(19,476	)		(5,646	)		(5,581	)		(15,387	)		(16,609	)		(33,934	)		(38,525	)
Transfers for contract benefits and terminations		(3,307,174	)		(4,144,702	)		(1,514,552	)		(2,102,446	)		(2,460,844	)		(4,058,890	)		(6,962,627	)		(10,105,466	)
Net increase (decrease) in net assets resulting from contract transactions		(3,167,095	)		(4,917,245	)		(629,051	)		(1,056,112	)		(1,629,284	)		(3,088,761	)		(5,934,070	)		(9,966,291	)
Net increase (decrease) in net assets		(9,163,129	)		(6,428,038	)		(3,587,207	)		2,960,202			(8,812,880	)		1,161,993			(28,973,273	)		4,016,419
Net Assets:
Beginning of year		43,696,106			50,124,144			20,772,663			17,812,461			46,762,959			45,600,966			110,551,440			106,535,021
End of year	$	34,532,977		$	43,696,106		$	17,185,456		$	20,772,663		$	37,950,079		$	46,762,959		$	81,578,167		$	110,551,440

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
60

	BHFTII MetLife Stock Index Subaccount						BHFTII MFS® Total Return Subaccount						BHFTII MFS® Value Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	467,650		$	2,771,162		$	384,704		$	731,010		$	169,262		$	(6,129	)
Net realized gains (losses)		108,023,776			105,313,393			26,616,274			24,089,639			16,352,977			3,993,706
Change in unrealized gains (losses) on investments		(311,340,674	)		130,969,125			(58,899,067	)		9,211,391			(25,680,453	)		20,855,359
Net increase (decrease) in net assets resulting from operations		(202,849,248	)		239,053,680			(31,898,089	)		34,032,040			(9,158,214	)		24,842,936
Contract Transactions:
Purchase payments received from contract owners		8,232,491			8,897,175			1,867,359			2,768,163			932,591			1,158,019
Net transfers (including fixed account)		(9,724,015	)		(11,616,050	)		(3,046,593	)		159,168			(2,999,708	)		(855,146	)
Contract charges		(306,666	)		(319,456	)		(71,040	)		(72,381	)		(21,989	)		(22,053	)
Transfers for contract benefits and terminations		(76,062,031	)		(92,786,118	)		(25,101,023	)		(30,302,006	)		(9,414,920	)		(13,241,802	)
Net increase (decrease) in net assets resulting from contract transactions		(77,860,221	)		(95,824,449	)		(26,351,297	)		(27,447,056	)		(11,504,026	)		(12,960,982	)
Net increase (decrease) in net assets		(280,709,469	)		143,229,231			(58,249,386	)		6,584,984			(20,662,240	)		11,881,954
Net Assets:
Beginning of year		1,076,150,013			932,920,782			291,543,870			284,958,886			121,811,161			109,929,207
End of year	$	795,440,544		$	1,076,150,013		$	233,294,484		$	291,543,870		$	101,148,921		$	121,811,161

The accompanying notes are an integral part of these financial statements.
61

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	BHFTII Neuberger Berman Genesis Subaccount						BHFTII T. Rowe Price Large Cap Growth Subaccount						BHFTII T. Rowe Price Small Cap Growth Subaccount						BHFTII Western Asset Management Strategic Bond Opportunities Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(686,865	)	$	(809,307	)	$	(903,904	)	$	(1,299,559	)	$	(1,275,322	)	$	(1,676,394	)	$	4,336,925		$	2,504,867
Net realized gains (losses)		9,396,273			6,274,907			11,981,050			12,995,376			20,261,932			19,329,645			(2,022,776	)		864,543
Change in unrealized gains (losses) on investments		(21,361,624	)		4,123,593			(46,491,199	)		2,385,603			(48,858,137	)		(5,092,711	)		(23,370,201	)		(2,079,772	)
Net increase (decrease) in net assets resulting from operations		(12,652,216	)		9,589,193			(35,414,053	)		14,081,420			(29,871,527	)		12,560,540			(21,056,052	)		1,289,638
Contract Transactions:
Purchase payments received from contract owners		428,417			404,914			923,095			1,054,881			1,898,033			2,108,958			847,075			626,552
Net transfers (including fixed account)		(754,593	)		(273,073	)		1,294,395			427,343			(624,112	)		(2,684,769	)		(29,543	)		4,344,395
Contract charges		(16,530	)		(18,166	)		(11,280	)		(12,862	)		(30,748	)		(33,822	)		(19,776	)		(20,353	)
Transfers for contract benefits and terminations		(3,751,429	)		(5,676,700	)		(5,245,819	)		(8,125,301	)		(8,158,825	)		(12,574,023	)		(10,134,830	)		(13,861,239	)
Net increase (decrease) in net assets resulting from contract transactions		(4,094,135	)		(5,563,025	)		(3,039,609	)		(6,655,939	)		(6,915,652	)		(13,183,656	)		(9,337,074	)		(8,910,645	)
Net increase (decrease) in net assets		(16,746,351	)		4,026,168			(38,453,662	)		7,425,481			(36,787,179	)		(623,116	)		(30,393,126	)		(7,621,007	)
Net Assets:
Beginning of year		63,123,292			59,097,124			86,775,807			79,350,326			129,542,257			130,165,373			119,588,003			127,209,010
End of year	$	46,376,941		$	63,123,292		$	48,322,145		$	86,775,807		$	92,755,078		$	129,542,257		$	89,194,877		$	119,588,003

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
62

	BHFTII Western Asset Management U.S. Government Subaccount						BNY Mellon Sustainable U.S. Equity Subaccount						Delaware VIP® Small Cap Value Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	493,708		$	765,161		$	(15,199	)	$	(15,711	)	$	17,376		$	21,027
Net realized gains (losses)		(632,404	)		(44,097	)		148,821			47,321			1,055,885			235,991
Change in unrealized gains (losses) on investments		(5,181,152	)		(2,295,856	)		(409,184	)		199,388			(2,321,919	)		2,533,978
Net increase (decrease) in net assets resulting from operations		(5,319,848	)		(1,574,792	)		(275,562	)		230,998			(1,248,658	)		2,790,996
Contract Transactions:
Purchase payments received from contract owners		534,272			881,221			—			—			65,331			55,050
Net transfers (including fixed account)		(403,648	)		4,205,209			(302,162	)		(6,838	)		(182,737	)		64,671
Contract charges		(20,520	)		(21,452	)		(23	)		(23	)		—			(27	)
Transfers for contract benefits and terminations		(5,337,807	)		(6,635,355	)		(20,675	)		(20,504	)		(1,137,407	)		(945,515	)
Net increase (decrease) in net assets resulting from contract transactions		(5,227,703	)		(1,570,377	)		(322,860	)		(27,365	)		(1,254,813	)		(825,821	)
Net increase (decrease) in net assets		(10,547,551	)		(3,145,169	)		(598,422	)		203,633			(2,503,471	)		1,965,175
Net Assets:
Beginning of year		54,069,701			57,214,870			1,176,974			973,341			10,482,500			8,517,325
End of year	$	43,522,150		$	54,069,701		$	578,552		$	1,176,974		$	7,979,029		$	10,482,500

The accompanying notes are an integral part of these financial statements.
63

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	DWS Small Mid Cap Value VIP Subaccount						Fidelity® VIP Contrafund® Subaccount						Fidelity® VIP Dynamic Capital Appreciation Subaccount						Fidelity® VIP Equity-Income Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(41,693	)	$	(36,937	)	$	(2,162,374	)	$	(3,250,545	)	$	(21,545	)	$	(29,100	)	$	1,241,072		$	1,414,047
Net realized gains (losses)		46,917			22,538			14,435,400			43,086,754			246,418			510,045			9,794,056			29,737,349
Change in unrealized gains (losses) on investments		(568,741	)		793,335			(81,128,476	)		15,011,093			(662,839	)		5,510			(25,660,870	)		16,043,866
Net increase (decrease) in net assets resulting from operations		(563,517	)		778,936			(68,855,450	)		54,847,302			(437,966	)		486,455			(14,625,742	)		47,195,262
Contract Transactions:
Purchase payments received from contract owners		—			297			2,738,475			2,403,698			954			—			1,640,987			1,862,476
Net transfers (including fixed account)		(49,807	)		(201,226	)		(1,678,616	)		(2,268,533	)		(36,182	)		19,375			(3,523,572	)		(2,226,821	)
Contract charges		(460	)		(427	)		(44,683	)		(48,777	)		(71	)		(100	)		(82,016	)		(80,795	)
Transfers for contract benefits and terminations		(216,568	)		(315,051	)		(16,426,592	)		(23,533,547	)		(55,719	)		(763,668	)		(18,699,541	)		(17,562,622	)
Net increase (decrease) in net assets resulting from contract transactions		(266,835	)		(516,407	)		(15,411,416	)		(23,447,159	)		(91,018	)		(744,393	)		(20,664,142	)		(18,007,762	)
Net increase (decrease) in net assets		(830,352	)		262,529			(84,266,866	)		31,400,143			(528,984	)		(257,938	)		(35,289,884	)		29,187,500
Net Assets:
Beginning of year		3,262,839			3,000,310			255,315,638			223,915,495			2,026,075			2,284,013			237,742,367			208,554,867
End of year	$	2,432,487		$	3,262,839		$	171,048,772		$	255,315,638		$	1,497,091		$	2,026,075		$	202,452,483		$	237,742,367

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
64

	Fidelity® VIP Freedom 2020 Subaccount						Fidelity® VIP Freedom 2025 Subaccount						Fidelity® VIP Freedom 2030 Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	6,532		$	(803	)	$	15,815		$	(881	)	$	9,168		$	2,193
Net realized gains (losses)		52,077			71,363			80,839			105,010			79,481			61,422
Change in unrealized gains (losses) on investments		(189,134	)		2,226			(401,695	)		58,354			(292,915	)		51,682
Net increase (decrease) in net assets resulting from operations		(130,525	)		72,786			(305,041	)		162,483			(204,266	)		115,297
Contract Transactions:
Purchase payments received from contract owners		83,251			73,573			152,894			143,062			138,738			110,300
Net transfers (including fixed account)		(33,169	)		77,093			605,539			368,746			97,687			338,514
Contract charges		(3,777	)		(6,296	)		(10,796	)		(12,037	)		(2,128	)		(4,518	)
Transfers for contract benefits and terminations		(218,229	)		(151,580	)		(597,195	)		(270,631	)		(625,034	)		(74,425	)
Net increase (decrease) in net assets resulting from contract transactions		(171,924	)		(7,210	)		150,442			229,140			(390,737	)		369,871
Net increase (decrease) in net assets		(302,449	)		65,576			(154,599	)		391,623			(595,003	)		485,168
Net Assets:
Beginning of year		861,063			795,487			1,902,501			1,510,878			1,429,715			944,547
End of year	$	558,614		$	861,063		$	1,747,902		$	1,902,501		$	834,712		$	1,429,715

The accompanying notes are an integral part of these financial statements.
65

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	Fidelity® VIP Freedom 2040 Subaccount						Fidelity® VIP Freedom 2050 Subaccount						Fidelity® VIP FundsManager 60% Subaccount						Fidelity® VIP High Income Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	5,203		$	(402	)	$	4,709		$	(977	)	$	(1,821,581	)	$	(6,293,991	)	$	442,908		$	576,590
Net realized gains (losses)		37,753			42,769			73,996			42,529			82,726,120			16,936,934			(308,139	)		(102,554	)
Change in unrealized gains (losses) on investments		(155,532	)		28,100			(300,948	)		110,808			(195,990,948	)		58,567,018			(1,839,003	)		(33,459	)
Net increase (decrease) in net assets resulting from operations		(112,576	)		70,467			(222,243	)		152,360			(115,086,409	)		69,209,961			(1,704,234	)		440,577
Contract Transactions:
Purchase payments received from contract owners		171,349			132,907			155,125			120,703			124,070			—			101,652			88,968
Net transfers (including fixed account)		202,318			28,318			(178,403	)		33,811			(532	)		(216,474	)		(214,090	)		(138,370	)
Contract charges		(1,285	)		(973	)		(902	)		(1,143	)		—			—			(5,796	)		(5,824	)
Transfers for contract benefits and terminations		(42,500	)		(94,783	)		(14,609	)		(22,580	)		(135,704,729	)		(42,645,741	)		(1,214,583	)		(919,302	)
Net increase (decrease) in net assets resulting from contract transactions		329,882			65,469			(38,789	)		130,791			(135,581,191	)		(42,862,215	)		(1,332,817	)		(974,528	)
Net increase (decrease) in net assets		217,306			135,936			(261,032	)		283,151			(250,667,600	)		26,347,746			(3,037,051	)		(533,951	)
Net Assets:
Beginning of year		540,288			404,352			1,149,099			865,948			723,462,420			697,114,674			14,084,477			14,618,428
End of year	$	757,594		$	540,288		$	888,067		$	1,149,099		$	472,794,820		$	723,462,420		$	11,047,426		$	14,084,477

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
66

	Fidelity® VIP Mid Cap Subaccount						FTVIPT Franklin Income VIP Subaccount						FTVIPT Franklin Mutual Shares VIP Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(2,220,416	)	$	(2,397,443	)	$	377,415		$	391,304		$	16,189		$	125,206
Net realized gains (losses)		16,142,368			50,698,247			307,542			137,483			982,423			124,900
Change in unrealized gains (losses) on investments		(55,604,587	)		5,462,980			(1,659,916	)		1,330,047			(1,902,292	)		1,432,664
Net increase (decrease) in net assets resulting from operations		(41,682,635	)		53,763,784			(974,959	)		1,858,834			(903,680	)		1,682,770
Contract Transactions:
Purchase payments received from contract owners		3,522,171			3,992,770			9,366			20,293			—			51,812
Net transfers (including fixed account)		(2,910,594	)		(5,656,560	)		(400,325	)		128,701			(8,729	)		(36,901	)
Contract charges		(44,774	)		(46,198	)		(2,170	)		(2,276	)		(3,428	)		(3,533	)
Transfers for contract benefits and terminations		(17,626,326	)		(23,520,800	)		(1,406,920	)		(1,497,172	)		(865,348	)		(1,262,033	)
Net increase (decrease) in net assets resulting from contract transactions		(17,059,523	)		(25,230,788	)		(1,800,049	)		(1,350,454	)		(877,505	)		(1,250,655	)
Net increase (decrease) in net assets		(58,742,158	)		28,532,996			(2,775,008	)		508,380			(1,781,185	)		432,115
Net Assets:
Beginning of year		263,609,660			235,076,664			13,797,419			13,289,039			10,403,872			9,971,757
End of year	$	204,867,502		$	263,609,660		$	11,022,411		$	13,797,419		$	8,622,687		$	10,403,872

The accompanying notes are an integral part of these financial statements.
67

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	FTVIPT Franklin Rising Dividends VIP Subaccount						FTVIPT Franklin Small-Mid Cap Growth VIP Subaccount						FTVIPT Templeton Developing Markets VIP Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(109,289	)	$	(124,938	)	$	(354,246	)	$	(528,964	)	$	156,766		$	(46,730	)
Net realized gains (losses)		1,607,816			1,104,829			4,485,810			4,800,633			701,656			728,543
Change in unrealized gains (losses) on investments		(2,968,108	)		1,612,740			(14,271,684	)		(1,802,483	)		(3,970,944	)		(1,648,157	)
Net increase (decrease) in net assets resulting from operations		(1,469,581	)		2,592,631			(10,140,120	)		2,469,186			(3,112,522	)		(966,344	)
Contract Transactions:
Purchase payments received from contract owners		25,698			40,131			226,447			245,898			413,907			410,483
Net transfers (including fixed account)		(398,420	)		(62,223	)		485,073			(651,452	)		(124,096	)		(380,423	)
Contract charges		(2,360	)		(2,502	)		(4,429	)		(5,149	)		(4,254	)		(4,945	)
Transfers for contract benefits and terminations		(1,113,008	)		(1,683,243	)		(2,147,941	)		(3,429,202	)		(751,356	)		(1,491,532	)
Net increase (decrease) in net assets resulting from contract transactions		(1,488,090	)		(1,707,837	)		(1,440,850	)		(3,839,905	)		(465,799	)		(1,466,417	)
Net increase (decrease) in net assets		(2,957,671	)		884,794			(11,580,970	)		(1,370,719	)		(3,578,321	)		(2,432,761	)
Net Assets:
Beginning of year		12,162,912			11,278,118			29,521,582			30,892,301			13,790,529			16,223,290
End of year	$	9,205,241		$	12,162,912		$	17,940,612		$	29,521,582		$	10,212,208		$	13,790,529

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
68

	FTVIPT Templeton Foreign VIP Subaccount						Invesco V.I. Comstock Subaccount						Invesco V.I. Diversified Dividend Subaccount						Invesco V.I. Equally- Weighted S&P 500 Subaccount
	2022			2021			2022			2021			2022			2021			2022 (a)
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	424,297		$	15,165		$	(4,052	)	$	5,786		$	(3,706	)	$	(1,584	)	$	(13,012	)
Net realized gains (losses)		(505,082	)		165,044			255,890			175,540			115,230			37,324			45,552
Change in unrealized gains (losses) on investments		(3,348,246	)		902,154			(281,964	)		903,358			(139,161	)		64,958			(182,528	)
Net increase (decrease) in net assets resulting from operations		(3,429,031	)		1,082,363			(30,126	)		1,084,684			(27,637	)		100,698			(149,988	)
Contract Transactions:
Purchase payments received from contract owners		303,391			472,023			14,356			—			—			—			—
Net transfers (including fixed account)		(429,324	)		280,934			(18,568	)		7,100			(1,867	)		5,834			2,092,614
Contract charges		(5,166	)		(4,810	)		(254	)		(171	)		(24	)		(21	)		(133	)
Transfers for contract benefits and terminations		(2,884,234	)		(4,085,142	)		(533,246	)		(559,318	)		(95,053	)		(100,061	)		(89,184	)
Net increase (decrease) in net assets resulting from contract transactions		(3,015,333	)		(3,336,995	)		(537,712	)		(552,389	)		(96,944	)		(94,248	)		2,003,297
Net increase (decrease) in net assets		(6,444,364	)		(2,254,632	)		(567,838	)		532,295			(124,581	)		6,450			1,853,309
Net Assets:
Beginning of year		37,803,629			40,058,261			4,092,771			3,560,476			708,307			701,857			—
End of year	$	31,359,265		$	37,803,629		$	3,524,933		$	4,092,771		$	583,726		$	708,307		$	1,853,309

The accompanying notes are an integral part of these financial statements.
69

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	Invesco V.I. Equity and Income Subaccount						Invesco V.I. Government Securities Subaccount						Janus Henderson Enterprise Subaccount						Janus Henderson Global Research Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(92,130	)	$	(3,728	)	$	(2,360	)	$	14,934		$	(157,332	)	$	(169,793	)	$	1,216		$	(1,068	)
Net realized gains (losses)		5,687,353			1,575,588			(4,063	)		11,488			2,816,093			2,316,929			43,909			70,224
Change in unrealized gains (losses) on investments		(9,191,950	)		4,374,875			(497,885	)		(222,568	)		(5,229,488	)		48,607			(134,786	)		5,406
Net increase (decrease) in net assets resulting from operations		(3,596,727	)		5,946,735			(504,308	)		(196,146	)		(2,570,727	)		2,195,743			(89,661	)		74,562
Contract Transactions:
Purchase payments received from contract owners		122,583			79,909			35,285			—			161,138			284,931			1,150			1,540
Net transfers (including fixed account)		(443,134	)		1,235,560			31,875			(70,290	)		(307,838	)		(417,740	)		—			(6	)
Contract charges		(10,729	)		(10,900	)		(427	)		(428	)		(841	)		(766	)		—			(166	)
Transfers for contract benefits and terminations		(4,925,681	)		(3,948,497	)		(399,826	)		(808,441	)		(2,647,899	)		(1,277,864	)		(826	)		(102,764	)
Net increase (decrease) in net assets resulting from contract transactions		(5,256,961	)		(2,643,928	)		(333,093	)		(879,159	)		(2,795,440	)		(1,411,439	)		324			(101,396	)
Net increase (decrease) in net assets		(8,853,688	)		3,302,807			(837,401	)		(1,075,305	)		(5,366,167	)		784,304			(89,337	)		(26,834	)
Net Assets:
Beginning of year		40,614,482			37,311,675			4,256,831			5,332,136			16,132,869			15,348,565			446,315			473,149
End of year	$	31,760,794		$	40,614,482		$	3,419,430		$	4,256,831		$	10,766,702		$	16,132,869		$	356,978		$	446,315

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
70

	Janus Henderson Overseas Subaccount						LMPVET ClearBridge Variable Aggressive Growth Subaccount						LMPVET ClearBridge Variable Appreciation Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	94,854		$	(88,792	)	$	(421,710	)	$	(2,157,439	)	$	(1,172,318	)	$	(2,445,179	)
Net realized gains (losses)		(11,002	)		306,613			6,500,739			131,280,067			22,497,403			27,982,768
Change in unrealized gains (losses) on investments		(3,108,593	)		3,168,764			(25,454,679	)		(98,205,237	)		(57,370,603	)		25,508,919
Net increase (decrease) in net assets resulting from operations		(3,024,741	)		3,386,585			(19,375,650	)		30,917,391			(36,045,518	)		51,046,508
Contract Transactions:
Purchase payments received from contract owners		596,380			822,324			907,494			1,323,521			751,949			1,049,682
Net transfers (including fixed account)		(512,986	)		(599,025	)		(642,935	)		(257,162,282	)		(3,904,732	)		(929,255	)
Contract charges		(10,048	)		(10,188	)		(24,002	)		(28,189	)		(87,818	)		(89,846	)
Transfers for contract benefits and terminations		(1,941,846	)		(2,793,769	)		(4,471,886	)		(15,485,308	)		(19,043,251	)		(30,348,898	)
Net increase (decrease) in net assets resulting from contract transactions		(1,868,500	)		(2,580,658	)		(4,231,329	)		(271,352,258	)		(22,283,852	)		(30,318,317	)
Net increase (decrease) in net assets		(4,893,241	)		805,927			(23,606,979	)		(240,434,867	)		(58,329,370	)		20,728,191
Net Assets:
Beginning of year		30,086,260			29,280,333			72,628,027			313,062,894			267,884,375			247,156,184
End of year	$	25,193,019		$	30,086,260		$	49,021,048		$	72,628,027		$	209,555,005		$	267,884,375

The accompanying notes are an integral part of these financial statements.
71

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2022 and 2021

	LMPVET ClearBridge Variable Dividend Strategy Subaccount						LMPVET ClearBridge Variable Large Cap Growth Subaccount						LMPVET ClearBridge Variable Large Cap Value Subaccount						LMPVET ClearBridge Variable Mid Cap Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(469,727	)	$	(405,099	)	$	(1,371,310	)	$	(1,823,037	)	$	(110,170	)	$	(405,946	)	$	(365,050	)	$	(550,349	)
Net realized gains (losses)		10,246,036			12,112,569			9,612,542			16,497,540			5,205,547			11,545,806			2,297,250			5,701,762
Change in unrealized gains (losses) on investments		(18,465,954	)		7,129,954			(48,706,642	)		7,311,635			(13,183,478	)		10,711,435			(10,660,212	)		2,291,773
Net increase (decrease) in net assets resulting from operations		(8,689,645	)		18,837,424			(40,465,410	)		21,986,138			(8,088,101	)		21,851,295			(8,728,012	)		7,443,186
Contract Transactions:
Purchase payments received from contract owners		219,739			380,385			762,611			755,331			240,305			318,169			17,002			88,602
Net transfers (including fixed account)		(2,080,401	)		(938,589	)		45,602			(756,589	)		(1,294,810	)		(799,707	)		118,960			(945,823	)
Contract charges		(18,736	)		(18,389	)		(15,705	)		(17,297	)		(27,536	)		(27,398	)		(5,639	)		(5,670	)
Transfers for contract benefits and terminations		(7,304,112	)		(9,866,702	)		(8,986,556	)		(12,691,663	)		(7,647,878	)		(10,045,863	)		(1,978,668	)		(2,461,839	)
Net increase (decrease) in net assets resulting from contract transactions		(9,183,510	)		(10,443,295	)		(8,194,048	)		(12,710,218	)		(8,729,919	)		(10,554,799	)		(1,848,345	)		(3,324,730	)
Net increase (decrease) in net assets		(17,873,155	)		8,394,129			(48,659,458	)		9,275,920			(16,818,020	)		11,296,496			(10,576,357	)		4,118,456
Net Assets:
Beginning of year		89,454,613			81,060,484			124,612,613			115,336,693			104,006,204			92,709,708			33,570,663			29,452,207
End of year	$	71,581,458		$	89,454,613		$	75,953,155		$	124,612,613		$	87,188,184		$	104,006,204		$	22,994,306		$	33,570,663

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
72

	LMPVET ClearBridge Variable Small Cap Growth Subaccount						LMPVET Franklin Multi-Asset Variable Conservative Growth Fund Subaccount						LMPVET Franklin Multi-Asset Variable Growth Fund Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(690,141	)	$	(975,686	)	$	171,881		$	612,600		$	282,982		$	517,752
Net realized gains (losses)		1,640,831			11,133,655			1,788,992			3,166,193			1,416,929			1,701,110
Change in unrealized gains (losses) on investments		(19,251,587	)		(3,665,182	)		(7,136,859	)		(414,932	)		(4,787,555	)		1,062,265
Net increase (decrease) in net assets resulting from operations		(18,300,897	)		6,492,787			(5,175,986	)		3,363,861			(3,087,644	)		3,281,127
Contract Transactions:
Purchase payments received from contract owners		480,268			424,616			24,898			37,059			44,028			182,650
Net transfers (including fixed account)		11,620			(62,216	)		92,955			185,786			(61,951	)		(148,079	)
Contract charges		(9,202	)		(10,063	)		(13,469	)		(14,740	)		(12,855	)		(13,553	)
Transfers for contract benefits and terminations		(3,393,773	)		(5,327,795	)		(3,997,920	)		(4,700,815	)		(1,107,816	)		(1,194,483	)
Net increase (decrease) in net assets resulting from contract transactions		(2,911,087	)		(4,975,458	)		(3,893,536	)		(4,492,710	)		(1,138,594	)		(1,173,465	)
Net increase (decrease) in net assets		(21,211,984	)		1,517,329			(9,069,522	)		(1,128,849	)		(4,226,238	)		2,107,662
Net Assets:
Beginning of year		61,701,902			60,184,573			34,229,171			35,358,020			19,722,677			17,615,015
End of year	$	40,489,918		$	61,701,902		$	25,159,649		$	34,229,171		$	15,496,439		$	19,722,677

The accompanying notes are an integral part of these financial statements.
73

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)

For the years ended December 31, 2022 and 2021

	LMPVET Franklin Multi-Asset Variable Moderate Growth Fund Subaccount						LMPVIT Western Asset Core Plus Subaccount						LMPVIT Western Asset Variable Global High Yield Bond Subaccount						Morgan Stanley VIF Growth Subaccount
	2022			2021			2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	80,876		$	712,466		$	115,323		$	379,753		$	112,776		$	81,432		$	(139,036	)	$	(314,683	)
Net realized gains (losses)		1,659,874			2,490,243			(908,650	)		(139,010	)		(90,598	)		(11,228	)		3,311,528			5,509,419
Change in unrealized gains (losses) on investments		(5,884,962	)		631,750			(6,971,388	)		(1,862,357	)		(492,497	)		(85,405	)		(11,726,766	)		(5,309,826	)
Net increase (decrease) in net assets resulting from operations		(4,144,212	)		3,834,459			(7,764,715	)		(1,621,614	)		(470,319	)		(15,201	)		(8,554,274	)		(115,090	)
Contract Transactions:
Purchase payments received from contract owners		41,314			85,226			141,235			206,192			3,941			—			200,849			—
Net transfers (including fixed account)		(233,026	)		(42,298	)		332,821			3,043,396			(31,084	)		80,052			(50,272	)		(498,584	)
Contract charges		(15,536	)		(16,565	)		(8,820	)		(9,178	)		(212	)		(162	)		(475	)		(458	)
Transfers for contract benefits and terminations		(1,598,923	)		(3,283,727	)		(3,449,978	)		(4,726,686	)		(426,136	)		(517,534	)		(1,356,080	)		(1,819,434	)
Net increase (decrease) in net assets resulting from contract transactions		(1,806,171	)		(3,257,364	)		(2,984,742	)		(1,486,276	)		(453,491	)		(437,644	)		(1,205,978	)		(2,318,476	)
Net increase (decrease) in net assets		(5,950,383	)		577,095			(10,749,457	)		(3,107,890	)		(923,810	)		(452,845	)		(9,760,252	)		(2,433,566	)
Net Assets:
Beginning of year		27,097,440			26,520,345			42,733,660			45,841,550			3,220,302			3,673,147			14,841,889			17,275,455
End of year	$	21,147,057		$	27,097,440		$	31,984,203		$	42,733,660		$	2,296,492		$	3,220,302		$	5,081,637		$	14,841,889

(a) For the period April 29, 2022 to December 31, 2022.

The accompanying notes are an integral part of these financial statements.
74

	Pioneer Mid Cap Value VCT Subaccount						Pioneer Real Estate Shares VCT Subaccount						TAP 1919 Variable Socially Responsive Balanced Subaccount
	2022			2021			2022			2021			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(47,026	)	$	(147,168	)	$	(16,108	)	$	(46,039	)	$	(199,732	)	$	(389,758	)
Net realized gains (losses)		4,959,911			291,246			(229,667	)		(399,046	)		2,228,579			5,791,466
Change in unrealized gains (losses) on investments		(6,029,943	)		3,241,928			(1,326,014	)		1,988,338			(11,532,293	)		1,357,942
Net increase (decrease) in net assets resulting from operations		(1,117,058	)		3,386,006			(1,571,789	)		1,543,253			(9,503,446	)		6,759,650
Contract Transactions:
Purchase payments received from contract owners		78,937			79,646			8,594			45,692			335,129			329,027
Net transfers (including fixed account)		(883,350	)		491,576			(58,705	)		(85,549	)		705,277			261,738
Contract charges		(3,771	)		(3,779	)		(1,239	)		(1,400	)		(17,494	)		(18,454	)
Transfers for contract benefits and terminations		(1,116,437	)		(1,949,360	)		(649,062	)		(667,791	)		(3,336,886	)		(4,643,480	)
Net increase (decrease) in net assets resulting from contract transactions		(1,924,621	)		(1,381,917	)		(700,412	)		(709,048	)		(2,313,974	)		(4,071,169	)
Net increase (decrease) in net assets		(3,041,679	)		2,004,089			(2,272,201	)		834,205			(11,817,420	)		2,688,481
Net Assets:
Beginning of year		14,907,243			12,903,154			5,219,613			4,385,408			43,958,601			41,270,120
End of year	$	11,865,564		$	14,907,243		$	2,947,412		$	5,219,613		$	32,141,181		$	43,958,601

The accompanying notes are an integral part of these financial statements.
75

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS

1.  ORGANIZATION

Brighthouse Separate Account Eleven for Variable Annuities (the "Separate Account"), a separate account of Brighthouse Life Insurance Company (the "Company"), was established by the Board of Directors of MetLife Insurance Company of Connecticut ("MICC") on November 14, 2002 to support MICC's operations with respect to certain variable annuity contracts (the "Contracts"). The Company is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and is subject to the rules and regulations of the U.S. Securities and Exchange Commission, as well as the Delaware Department of Insurance.

The Separate Account is divided into Subaccounts, each of which is treated as an individual accounting entity for financial reporting purposes. Each Subaccount invests in shares of the corresponding fund, portfolio, or series (with the same name) of the registered investment management companies (the "Trusts"), which are presented below:

AB Variable Products Series Fund, Inc. ("AB VPS")

AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco V.I.")

American Funds Insurance Series^® ("American Funds^®")

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.

Brighthouse Funds Trust I ("BHFTI")*

Brighthouse Funds Trust II ("BHFTII")*

Delaware VIP^® Trust ("Delaware VIP^®")

Deutsche DWS Variable Series II ("DWS")

Fidelity^® Variable Insurance Products ("Fidelity^® VIP")

Franklin Templeton Variable Insurance Products Trust ("FTVIPT")

Janus Aspen Series ("Janus")

Legg Mason Partners Variable Equity Trust ("LMPVET")

Legg Mason Partners Variable Income Trust ("LMPVIT")

Morgan Stanley Variable Insurance Fund, Inc. ("Morgan Stanley VIF")

Pioneer Variable Contracts Trust ("Pioneer")

The Alger Portfolios ("Alger")

Trust for Advised Portfolios ("TAP")

* See Note 5 for a discussion of additional information on related party transactions.

The assets of each of the Subaccounts of the Separate Account are registered in the name of the Company. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the Contracts is not chargeable with liabilities arising out of any other business the Company may conduct.

The COVID-19 pandemic has at times resulted in or contributed to significant financial market volatility, travel restrictions and disruptions, quarantines, an uncertain interest rate environment, elevated inflation, global business, supply chain, and employment disruptions affecting companies across various industries, government and central bank interventions, wide-ranging changes in consumer behavior, as well as general concern and uncertainty that has negatively affected the economic environment. At this time, it continues to not be possible to estimate (i) the severity or duration of the pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19, or (ii) the efficacy or utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It likewise remains not possible to predict or estimate the longer-term effects of the pandemic, or any actions taken to contain or address the pandemic, on our business and financial condition, the financial markets, and economy at large. The Company has implemented risk management and contingency plans, and continues to closely monitor this evolving situation, including the impact on services provided by third-party vendors. However, there can be no assurance that any future impact from the COVID-19 pandemic will not be material to the Company, the Separate Account and/or the Separate Account's investments.

Significant market volatility and negative investment returns in the financial markets resulting from the COVID-19 pandemic and market conditions could have a negative impact on returns of the underlying mutual funds in which the Separate Account invests.

76

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

2.  LIST OF SUBACCOUNTS

A. Purchase payments, less any applicable charges applied to the Separate Account, are invested in one or more Subaccounts in accordance with the selection made by the contract owner. The following Subaccounts had net assets as of December 31, 2022:

AB VPS Sustainable Global Thematic Subaccount

Alger Capital Appreciation Subaccount

American Funds^® Global Growth Subaccount

American Funds^® Global Small Capitalization Subaccount

American Funds^® Growth Subaccount

American Funds^® Growth-Income Subaccount

American Funds^® The Bond Fund of America Subaccount

BHFTI American Funds^® Balanced Allocation Subaccount

BHFTI American Funds^® Growth Allocation Subaccount

BHFTI American Funds^® Moderate Allocation Subaccount

BHFTI BlackRock High Yield Subaccount (a)

BHFTI Brighthouse Asset Allocation 100 Subaccount

BHFTI Brighthouse Small Cap Value Subaccount (a)

BHFTI Brighthouse/abrdn Emerging Markets Equity Subaccount (a)

BHFTI Brighthouse/Eaton Vance Floating Rate Subaccount

BHFTI Brighthouse/Wellington Large Cap Research Subaccount

BHFTI CBRE Global Real Estate Subaccount (a)

BHFTI Harris Oakmark International Subaccount

BHFTI Invesco Comstock Subaccount (a)

BHFTI Invesco Global Equity Subaccount (a)

BHFTI Invesco Small Cap Growth Subaccount (a)

BHFTI JPMorgan Small Cap Value Subaccount

BHFTI Loomis Sayles Global Allocation Subaccount

BHFTI Loomis Sayles Growth Subaccount (a)

BHFTI MetLife Multi-Index Targeted Risk Subaccount

BHFTI MFS^® Research International Subaccount

BHFTI Morgan Stanley Discovery Subaccount (a)

BHFTI PIMCO Inflation Protected Bond Subaccount (a)

BHFTI PIMCO Total Return Subaccount

BHFTI Schroders Global Multi-Asset Subaccount

BHFTI SSGA Growth and Income ETF Subaccount

BHFTI SSGA Growth ETF Subaccount

BHFTI T. Rowe Price Large Cap Value Subaccount (a)

BHFTI T. Rowe Price Mid Cap Growth Subaccount

BHFTI Victory Sycamore Mid Cap Value Subaccount (a)

BHFTII BlackRock Bond Income Subaccount (a)

BHFTII BlackRock Capital Appreciation Subaccount (a)

BHFTII BlackRock Ultra-Short Term Bond Subaccount (a)

BHFTII Brighthouse Asset Allocation 20 Subaccount

BHFTII Brighthouse Asset Allocation 40 Subaccount

BHFTII Brighthouse Asset Allocation 60 Subaccount

BHFTII Brighthouse Asset Allocation 80 Subaccount

BHFTII Brighthouse/Artisan Mid Cap Value Subaccount

BHFTII Brighthouse/Dimensional International Small Company Subaccount

BHFTII Brighthouse/Wellington Balanced Subaccount (a)

BHFTII Brighthouse/Wellington Core Equity Opportunities Subaccount (a)

BHFTII Frontier Mid Cap Growth Subaccount (a)

BHFTII Jennison Growth Subaccount (a)

BHFTII Loomis Sayles Small Cap Core Subaccount

BHFTII MetLife Aggregate Bond Index Subaccount

BHFTII MetLife Mid Cap Stock Index Subaccount (a)

BHFTII MetLife MSCI EAFE^® Index Subaccount

BHFTII MetLife Russell 2000^® Index Subaccount

BHFTII MetLife Stock Index Subaccount (a)

BHFTII MFS^® Total Return Subaccount (a)

BHFTII MFS^® Value Subaccount (a)

BHFTII Neuberger Berman Genesis Subaccount (a)

BHFTII T. Rowe Price Large Cap Growth Subaccount (a)

BHFTII T. Rowe Price Small Cap Growth Subaccount

BHFTII Western Asset Management Strategic Bond Opportunities Subaccount (a)

BHFTII Western Asset Management U.S. Government Subaccount

BNY Mellon Sustainable U.S. Equity Subaccount

Delaware VIP^® Small Cap Value Subaccount

DWS Small Mid Cap Value VIP Subaccount

Fidelity^® VIP Contrafund^® Subaccount (a)

Fidelity^® VIP Dynamic Capital Appreciation Subaccount

Fidelity^® VIP Equity-Income Subaccount (a)

Fidelity^® VIP Freedom 2020 Subaccount

Fidelity^® VIP Freedom 2025 Subaccount

Fidelity^® VIP Freedom 2030 Subaccount

77

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

2.  LIST OF SUBACCOUNTS — (Concluded)

Fidelity^® VIP Freedom 2040 Subaccount

Fidelity^® VIP Freedom 2050 Subaccount

Fidelity^® VIP FundsManager 60% Subaccount

Fidelity^® VIP High Income Subaccount

Fidelity^® VIP Mid Cap Subaccount

FTVIPT Franklin Income VIP Subaccount

FTVIPT Franklin Mutual Shares VIP Subaccount

FTVIPT Franklin Rising Dividends VIP Subaccount

FTVIPT Franklin Small-Mid Cap Growth VIP Subaccount

FTVIPT Templeton Developing Markets VIP Subaccount

FTVIPT Templeton Foreign VIP Subaccount

Invesco V.I. Comstock Subaccount

Invesco V.I. Diversified Dividend Subaccount

Invesco V.I. Equally-Weighted S&P 500 Subaccount (b)

Invesco V.I. Equity and Income Subaccount (a)

Invesco V.I. Government Securities Subaccount (a)

Janus Henderson Enterprise Subaccount

Janus Henderson Global Research Subaccount

Janus Henderson Overseas Subaccount

LMPVET ClearBridge Variable Aggressive Growth Subaccount

LMPVET ClearBridge Variable Appreciation Subaccount

LMPVET ClearBridge Variable Dividend Strategy Subaccount (a)

LMPVET ClearBridge Variable Large Cap Growth Subaccount

LMPVET ClearBridge Variable Large Cap Value Subaccount

LMPVET ClearBridge Variable Mid Cap Subaccount

LMPVET ClearBridge Variable Small Cap Growth Subaccount

LMPVET Franklin Multi-Asset Variable Conservative Growth Fund Subaccount

LMPVET Franklin Multi-Asset Variable Growth Fund Subaccount

LMPVET Franklin Multi-Asset Variable Moderate Growth Fund Subaccount

LMPVIT Western Asset Core Plus Subaccount

LMPVIT Western Asset Variable Global High Yield Bond Subaccount

Morgan Stanley VIF Growth Subaccount

Pioneer Mid Cap Value VCT Subaccount

Pioneer Real Estate Shares VCT Subaccount

TAP 1919 Variable Socially Responsive Balanced Subaccount

(a)  This Subaccount may invest in two or more share classes within the underlying fund, portfolio, or series of the Trusts.

(b)  This Subaccount began operations during the period ended December 31, 2022.

B. The following Subaccounts had no net assets as of December 31, 2022:

Fidelity^® VIP Government Money Market Subaccount

3.  PORTFOLIO CHANGES

The following Subaccount ceased operations during the year ended December 31, 2022:

Invesco V.I. S&P 500 Index Subaccount

The operations of the Subaccounts were affected by the following changes that occurred during the year ended December 31, 2022:

Name Changes:

Former Name

AB VPS Global Thematic Growth Portfolio

BHFTI Brighthouse/Aberdeen Emerging Markets Equity Portfolio

New Name

AB VPS Sustainable Global Thematic Portfolio

BHFTI Brighthouse/abrdn Emerging Markets Equity Portfolio

78

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

3.  PORTFOLIO CHANGES — (Concluded)

Merger:

Former Fund

Invesco V.I. S&P 500 Index Fund

New Fund

Invesco V.I. Equally-Weighted S&P 500 Fund

4.  SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable annuity separate accounts registered as unit investment trusts, which follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Investment Companies.

Security Transactions

Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date.

Security Valuation

A Subaccount's investment in shares of a fund, portfolio, or series of the Trusts is valued at fair value based on the closing net asset value ("NAV") or price per share as determined by the Trusts as of the end of the year. All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Subaccounts. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Each Subaccount invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their quoted daily NAV as reported by the Trusts at the close of each business day.

Federal Income Taxes

The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Contracts. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Contracts.

Annuity Payouts

Net assets allocated to Contracts in the annuity payout period are computed according to industry standard mortality tables. The assumed investment return is between 3.0 and 5.0 percent. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. Annuity payouts are reported as contract transactions on the statement of changes in net assets of the applicable Subaccounts.

Purchase Payments

Purchase payments received from contract owners by the Company are credited as accumulation units as of the end of the valuation period in which received, as provided in the prospectus for the Contracts, and are reported as contract transactions on the statements of changes in net assets of the applicable Subaccounts.

79

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

4.  SIGNIFICANT ACCOUNTING POLICIES — (Concluded)

Net Transfers

Assets transferred by the contract owner into or out of Subaccounts within the Separate Account or into or out of the fixed account, which is part of the Company's general account, are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Subaccounts.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

5.  EXPENSES AND RELATED PARTY TRANSACTIONS

The following annual Separate Account charges paid to the Company are asset-based charges and assessed through a daily reduction in unit values, and are recorded as expenses in the accompanying statements of operations of the applicable Subaccounts:

Mortality and Expense Risk — The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is that expenses incurred in issuing and administering the Contracts will exceed the amounts realized from the administrative charges assessed against the Contracts. In addition, the charge compensates the Company for the risk that the investor may live longer than estimated and the Company would be obligated to pay more in income payments than anticipated.

Administrative—The Company has responsibility for the administration of the Contracts and the Separate Account. Generally, the administrative charge is related to the maintenance, including distribution, of each contract and the Separate Account.

Enhanced Stepped-Up Provision—For an additional charge, the total death benefit payable may be increased based on the earnings in the Contracts.

Guaranteed Minimum Withdrawal Benefit—For an additional charge, the Company will guarantee the periodic return on the investment.

Guaranteed Minimum Withdrawal Benefit for Life — For an additional charge, the Company will guarantee payments for life after certain conditions are met.

Guaranteed Minimum Accumulation Benefit — For an additional charge, the Company will guarantee that the contract value will not be less than a guaranteed minimum amount at the end of a specified number of years.

Variable Annuitization Floor Benefit — For an additional charge, the Company will guarantee a minimum variable annuity payment regardless of the performance of the variable funding options selected.

Principal Protection — For an additional charge, the Company will guarantee the principal (sum of purchase payments adjusted proportionally for any withdrawals).

Preservation and Growth — For an additional charge, the Company will guarantee at a future date your Account Value will not be less than your Purchase Payment.

80

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

5.  EXPENSES AND RELATED PARTY TRANSACTIONS — (Concluded)

The table below represents the range of effective annual rates for each respective charge for the year ended December 31, 2022:

Mortality and Expense Risk	0.70	% - 1.90%
Administrative	0.10	% - 0.15%
Enhanced Stepped-Up Provision	0.15	% - 0.25%
Guaranteed Minimum Withdrawal Benefit	0.25	% - 1.00%
Guaranteed Minimum Withdrawal Benefit for Life	0.65	% - 1.50%
Guaranteed Minimum Accumulation Benefit	0.40	% - 0.50%
Variable Annuitization Floor Benefit	0.00	% - 3.00%
Principal Protection	1.25	% - 2.50%
Preservation and Growth	1.15	% - 1.80%

The above referenced charges may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular contract. Additionally, there may be certain Subaccounts that have expense rates which fall outside of the range above due to expense waivers or additional charges being applied.

Depending on the product and contract, a contract administrative charge may be assessed on a semi-annual or annual basis ranging from $15 to $50 for Contracts with account values of less than $40,000 to $100,000. For certain Contracts, a contract administrative charge is imposed regardless of contract values. In addition, most Contracts impose a surrender charge which ranges from 0% to 9% if the contract is partially or fully surrendered within the specified surrender charge period. These charges are paid to the Company, assessed through the redemption of units, and are recorded as contract charges in the accompanying statements of changes in net assets of the applicable Subaccounts.

BHFTI and BHFTII currently offer shares of their portfolios only to separate accounts established by the Company and other affiliated life insurance companies, along with separate accounts of Metropolitan Life Insurance Company and its affiliated insurance companies. BHFTI and BHFTII portfolios are managed by Brighthouse Investment Advisers, LLC ("Brighthouse Advisers"), an affiliate of the Company. Brighthouse Advisers is also the investment adviser to the portfolios of BHFTI and BHFTII.

81

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS

	As of December 31, 2022				For the year ended December 31, 2022
	Shares		Cost ($)		Cost of Purchases ($)		Proceeds from Sales ($)
AB VPS Sustainable Global Thematic Subaccount		8,033		191,681		45,175		36,399
Alger Capital Appreciation Subaccount		27,286		1,792,446		265,827		415,075
American Funds® Global Growth Subaccount		2,545,343		65,578,589		12,016,273		11,850,753
American Funds® Global Small Capitalization Subaccount		83,634		1,672,164		593,518		155,867
American Funds® Growth Subaccount		2,735,303		201,010,657		40,201,127		30,709,351
American Funds® Growth-Income Subaccount		2,952,481		128,065,536		20,048,215		20,446,687
American Funds® The Bond Fund of America Subaccount		325,840		3,573,394		219,232		877,939
BHFTI American Funds® Balanced Allocation Subaccount		417,022		4,027,846		855,878		405,795
BHFTI American Funds® Growth Allocation Subaccount		549,390		5,110,792		1,100,906		316,528
BHFTI American Funds® Moderate Allocation Subaccount		219,769		2,139,308		414,738		818,561
BHFTI BlackRock High Yield Subaccount		7,255,100		56,448,648		5,671,308		9,611,102
BHFTI Brighthouse Asset Allocation 100 Subaccount		5,792,904		65,284,591		8,770,183		5,591,102
BHFTI Brighthouse Small Cap Value Subaccount		5,370,850		78,758,500		14,892,951		8,971,170
BHFTI Brighthouse/abrdn Emerging Markets Equity Subaccount		2,577,497		25,812,410		5,565,987		3,042,847
BHFTI Brighthouse/Eaton Vance Floating Rate Subaccount		322,989		3,281,468		174,384		448,228
BHFTI Brighthouse/Wellington Large Cap Research Subaccount		2,885,903		35,730,583		8,633,222		4,283,604
BHFTI CBRE Global Real Estate Subaccount		3,815,445		44,790,221		7,471,827		5,750,058
BHFTI Harris Oakmark International Subaccount		2,936,403		39,956,356		5,817,261		6,927,437
BHFTI Invesco Comstock Subaccount		9,634,842		114,588,955		25,838,992		25,792,475
BHFTI Invesco Global Equity Subaccount		12,483,777		235,376,423		44,063,525		28,856,081
BHFTI Invesco Small Cap Growth Subaccount		1,437,482		16,952,437		4,382,929		1,532,144
BHFTI JPMorgan Small Cap Value Subaccount		718,976		9,998,399		3,555,382		1,531,587
BHFTI Loomis Sayles Global Allocation Subaccount		7,114,730		95,628,320		16,463,271		15,250,878
BHFTI Loomis Sayles Growth Subaccount		51,149,955		710,561,814		62,301,275		59,439,305
BHFTI MetLife Multi-Index Targeted Risk Subaccount		21,756		255,816		52,509		9,383
BHFTI MFS® Research International Subaccount		3,627,416		41,602,978		4,615,953		4,703,486
BHFTI Morgan Stanley Discovery Subaccount		1,528,866		16,121,999		4,746,615		1,444,215
BHFTI PIMCO Inflation Protected Bond Subaccount		3,661,892		38,450,327		5,601,853		5,462,304
BHFTI PIMCO Total Return Subaccount		10,066,529		114,064,839		5,718,284		15,050,210
BHFTI Schroders Global Multi-Asset Subaccount		18,297		221,859		62,151		19,391
BHFTI SSGA Growth and Income ETF Subaccount		9,184,299		96,639,375		17,815,560		7,393,853
BHFTI SSGA Growth ETF Subaccount		12,939,298		136,762,718		25,745,000		9,369,738
BHFTI T. Rowe Price Large Cap Value Subaccount		10,245,747		301,983,012		49,170,167		43,566,293
BHFTI T. Rowe Price Mid Cap Growth Subaccount		171,716		1,558,972		285,008		169,972
BHFTI Victory Sycamore Mid Cap Value Subaccount		1,524,032		27,601,490		5,419,691		6,220,439
BHFTII BlackRock Bond Income Subaccount		867,356		91,475,125		5,971,308		14,953,449
BHFTII BlackRock Capital Appreciation Subaccount		6,158,242		196,577,641		54,671,569		23,744,542
BHFTII BlackRock Ultra-Short Term Bond Subaccount		1,613,509		162,617,412		26,981,292		29,033,249
BHFTII Brighthouse Asset Allocation 20 Subaccount		1,139,125		12,472,918		1,959,045		2,921,530
BHFTII Brighthouse Asset Allocation 40 Subaccount		4,127,917		46,897,455		4,189,923		7,410,884
BHFTII Brighthouse Asset Allocation 60 Subaccount		32,268,971		369,035,472		38,732,736		46,601,807
BHFTII Brighthouse Asset Allocation 80 Subaccount		47,975,537		595,386,419		68,469,046		53,687,817
BHFTII Brighthouse/Artisan Mid Cap Value Subaccount		6,793		1,281,387		231,832		85,865
BHFTII Brighthouse/Dimensional International Small Company Subaccount		51,769		619,347		89,106		65,461
BHFTII Brighthouse/Wellington Balanced Subaccount		11,889,657		202,672,693		33,875,587		23,756,358
BHFTII Brighthouse/Wellington Core Equity Opportunities Subaccount		3,361,888		101,324,394		21,919,125		14,484,016
BHFTII Frontier Mid Cap Growth Subaccount		3,016,374		82,062,482		21,642,207		8,052,691
BHFTII Jennison Growth Subaccount		38,137,255		515,547,412		108,171,092		44,967,757
BHFTII Loomis Sayles Small Cap Core Subaccount		5,457		1,240,512		329,308		173,157

(a) For the period April 29, 2022 to December 31, 2022.

82

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31, 2022				For the year ended December 31, 2022
	Shares		Cost ($)		Cost of Purchases ($)		Proceeds from Sales ($)
BHFTII MetLife Aggregate Bond Index Subaccount		3,705,257		40,302,268		1,466,209		4,026,052
BHFTII MetLife Mid Cap Stock Index Subaccount		1,102,956		18,399,949		4,108,947		1,805,643
BHFTII MetLife MSCI EAFE® Index Subaccount		2,941,869		43,435,272		3,230,123		2,814,860
BHFTII MetLife Russell 2000® Index Subaccount		5,297,286		86,853,488		17,991,020		8,091,767
BHFTII MetLife Stock Index Subaccount		15,270,074		649,646,702		101,092,397		98,635,748
BHFTII MFS® Total Return Subaccount		1,599,638		239,966,511		31,708,798		33,002,948
BHFTII MFS® Value Subaccount		6,799,331		99,137,430		18,876,457		15,051,479
BHFTII Neuberger Berman Genesis Subaccount		2,662,907		46,083,128		9,490,008		5,563,720
BHFTII T. Rowe Price Large Cap Growth Subaccount		3,588,911		71,327,740		15,646,086		6,837,113
BHFTII T. Rowe Price Small Cap Growth Subaccount		6,396,920		111,954,762		22,224,924		9,806,490
BHFTII Western Asset Management Strategic Bond Opportunities Subaccount		8,336,933		106,973,071		9,728,267		14,727,650
BHFTII Western Asset Management U.S. Government Subaccount		4,229,577		50,108,331		2,577,352		7,311,165
BNY Mellon Sustainable U.S. Equity Subaccount		14,112		504,957		80,018		348,476
Delaware VIP® Small Cap Value Subaccount		215,301		6,954,745		713,875		1,352,191
DWS Small Mid Cap Value VIP Subaccount		191,239		2,583,078		76,623		344,152
Fidelity® VIP Contrafund® Subaccount		4,662,991		151,826,264		12,912,194		20,969,433
Fidelity® VIP Dynamic Capital Appreciation Subaccount		114,200		1,339,208		226,929		124,066
Fidelity® VIP Equity-Income Subaccount		8,598,307		187,872,002		12,442,383		24,996,046
Fidelity® VIP Freedom 2020 Subaccount		48,746		659,133		168,523		256,841
Fidelity® VIP Freedom 2025 Subaccount		128,617		1,883,486		876,788		601,546
Fidelity® VIP Freedom 2030 Subaccount		61,286		933,459		330,530		627,250
Fidelity® VIP Freedom 2040 Subaccount		35,386		811,985		427,756		52,738
Fidelity® VIP Freedom 2050 Subaccount		45,589		951,948		254,566		206,419
Fidelity® VIP FundsManager 60% Subaccount		54,406,769		587,298,146		117,820,267		147,277,579
Fidelity® VIP High Income Subaccount		2,505,087		14,272,327		676,749		1,566,654
Fidelity® VIP Mid Cap Subaccount		6,566,286		209,451,852		18,460,011		22,838,599
FTVIPT Franklin Income VIP Subaccount		748,307		11,158,792		1,398,507		2,578,654
FTVIPT Franklin Mutual Shares VIP Subaccount		568,780		9,518,852		1,544,873		1,407,156
FTVIPT Franklin Rising Dividends VIP Subaccount		340,571		8,163,357		1,486,846		1,828,228
FTVIPT Franklin Small-Mid Cap Growth VIP Subaccount		1,707,032		27,754,983		6,709,356		3,092,610
FTVIPT Templeton Developing Markets VIP Subaccount		1,368,931		12,900,707		1,531,081		1,016,095
FTVIPT Templeton Foreign VIP Subaccount		2,576,804		35,172,840		2,010,970		4,601,553
Invesco V.I. Comstock Subaccount		173,304		2,616,164		196,024		626,374
Invesco V.I. Diversified Dividend Subaccount		23,587		478,145		101,781		124,226
Invesco V.I. Equally-Weighted S&P 500 Subaccount (a)		75,524		2,035,890		3,314,636		1,217,702
Invesco V.I. Equity and Income Subaccount		1,981,008		30,323,594		5,195,005		6,093,049
Invesco V.I. Government Securities Subaccount		342,064		4,032,546		166,636		502,017
Janus Henderson Enterprise Subaccount		171,503		10,091,217		2,324,544		3,212,530
Janus Henderson Global Research Subaccount		7,374		288,287		48,128		3,522
Janus Henderson Overseas Subaccount		685,339		25,852,190		1,007,569		2,781,180
LMPVET ClearBridge Variable Aggressive Growth Subaccount		3,201,193		66,934,925		8,082,648		5,878,716
LMPVET ClearBridge Variable Appreciation Subaccount		4,166,941		133,832,425		14,187,237		27,133,145
LMPVET ClearBridge Variable Dividend Strategy Subaccount		3,369,538		54,526,508		8,939,451		12,256,662
LMPVET ClearBridge Variable Large Cap Growth Subaccount		2,805,821		64,325,686		8,702,187		12,221,198
LMPVET ClearBridge Variable Large Cap Value Subaccount		4,326,979		78,860,530		6,004,468		11,407,780
LMPVET ClearBridge Variable Mid Cap Subaccount		1,129,397		19,333,169		1,947,237		2,606,718
LMPVET ClearBridge Variable Small Cap Growth Subaccount		1,604,851		37,963,393		2,243,713		4,935,423
LMPVET Franklin Multi-Asset Variable Conservative Growth Fund Subaccount		1,956,429		25,396,719		2,876,458		5,087,099
LMPVET Franklin Multi-Asset Variable Growth Fund Subaccount		1,307,718		17,772,747		1,962,469		1,423,430

(a) For the period April 29, 2022 to December 31, 2022.

83

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS — (Concluded)

	As of December 31, 2022				For the year ended December 31, 2022
	Shares		Cost ($)		Cost of Purchases ($)		Proceeds from Sales ($)
LMPVET Franklin Multi-Asset Variable Moderate Growth Fund Subaccount		1,769,631		22,159,925		2,050,099		2,213,563
LMPVIT Western Asset Core Plus Subaccount		6,635,773		41,189,140		1,663,497		4,532,712
LMPVIT Western Asset Variable Global High Yield Bond Subaccount		397,337		2,978,736		248,527		589,134
Morgan Stanley VIF Growth Subaccount		565,891		11,972,993		4,004,298		1,658,835
Pioneer Mid Cap Value VCT Subaccount		1,048,209		15,502,312		5,779,611		2,408,772
Pioneer Real Estate Shares VCT Subaccount		437,968		5,284,232		439,191		917,985
TAP 1919 Variable Socially Responsive Balanced Subaccount		1,160,754		32,187,749		3,243,941		4,080,771

(a) For the period April 29, 2022 to December 31, 2022.

84

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BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS
For the years ended December 31, 2022 and 2021:

	AB VPS Sustainable Global Thematic Subaccount						Alger Capital Appreciation Subaccount						American Funds® Global Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		139,641			180,315			308,867			400,023			19,623,281			22,171,319
Units issued and transferred from other funding options		10,502			7,433			26,184			1,755			701,655			1,207,234
Units redeemed and transferred to other funding options		(19,002	)		(48,107	)		(75,123	)		(92,911	)		(2,581,087	)		(3,755,272	)
Units end of year		131,141			139,641			259,928			308,867			17,743,849			19,623,281
	American Funds® The Bond Fund of America Subaccount						BHFTI American Funds® Balanced Allocation Subaccount						BHFTI American Funds® Growth Allocation Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		2,174,406			2,244,339			1,766,964			2,041,503			1,977,637			2,182,829
Units issued and transferred from other funding options		59,805			218,977			195,193			100,330			212,608			179,133
Units redeemed and transferred to other funding options		(460,964	)		(288,910	)		(227,565	)		(374,869	)		(183,787	)		(384,325	)
Units end of year		1,773,247			2,174,406			1,734,592			1,766,964			2,006,458			1,977,637
	BHFTI Brighthouse Small Cap Value Subaccount						BHFTI Brighthouse/abrdn Emerging Markets Equity Subaccount						BHFTI Brighthouse/Eaton Vance Floating Rate Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		26,377,513			29,940,763			9,693,277			10,890,523			2,866,634			2,896,613
Units issued and transferred from other funding options		558,829			1,175,867			1,015,638			1,139,424			64,477			367,970
Units redeemed and transferred to other funding options		(2,874,078	)		(4,739,117	)		(1,366,268	)		(2,336,670	)		(343,421	)		(397,949	)
Units end of year		24,062,264			26,377,513			9,342,647			9,693,277			2,587,690			2,866,634
	BHFTI Invesco Comstock Subaccount						BHFTI Invesco Global Equity Subaccount						BHFTI Invesco Small Cap Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		45,921,335			52,488,938			119,275,854			130,926,591			2,816,365			3,049,133
Units issued and transferred from other funding options		1,727,967			2,448,045			4,954,366			3,466,629			280,493			412,747
Units redeemed and transferred to other funding options		(7,829,880	)		(9,015,648	)		(13,500,008	)		(15,117,366	)		(379,991	)		(645,515	)
Units end of year		39,819,422			45,921,335			110,730,212			119,275,854			2,716,867			2,816,365

(a) For the period April 29, 2022 to December 31, 2022.

86

	American Funds® Global Small Capitalization Subaccount						American Funds® Growth Subaccount						American Funds® Growth-Income Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		282,050			304,533			45,339,856			51,517,432			43,125,417			48,860,435
Units issued and transferred from other funding options		25,404			16,137			1,579,898			2,128,267			1,128,983			1,937,884
Units redeemed and transferred to other funding options		(28,324	)		(38,620	)		(5,306,262	)		(8,305,843	)		(5,047,043	)		(7,672,902	)
Units end of year		279,130			282,050			41,613,492			45,339,856			39,207,357			43,125,417
	BHFTI American Funds® Moderate Allocation Subaccount						BHFTI BlackRock High Yield Subaccount						BHFTI Brighthouse Asset Allocation 100 Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		1,408,916			1,480,967			15,132,977			15,876,598			28,286,623			29,928,153
Units issued and transferred from other funding options		88,211			284,020			1,031,821			2,589,644			1,467,526			1,021,755
Units redeemed and transferred to other funding options		(481,435	)		(356,071	)		(2,670,596	)		(3,333,265	)		(2,546,033	)		(2,663,285	)
Units end of year		1,015,692			1,408,916			13,494,202			15,132,977			27,208,116			28,286,623
	BHFTI Brighthouse/Wellington Large Cap Research Subaccount						BHFTI CBRE Global Real Estate Subaccount						BHFTI Harris Oakmark International Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		12,220,827			13,502,807			27,300,104			30,117,273			16,792,113			18,854,315
Units issued and transferred from other funding options		164,617			664,705			1,581,117			1,922,747			1,576,786			2,135,061
Units redeemed and transferred to other funding options		(1,229,736	)		(1,946,685	)		(3,832,111	)		(4,739,916	)		(3,056,150	)		(4,197,263	)
Units end of year		11,155,708			12,220,827			25,049,110			27,300,104			15,312,749			16,792,113
	BHFTI JPMorgan Small Cap Value Subaccount						BHFTI Loomis Sayles Global Allocation Subaccount						BHFTI Loomis Sayles Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		3,105,281			3,390,292			10,306,590			11,429,150			114,041,018			40,644,387
Units issued and transferred from other funding options		258,223			1,290,062			317,214			244,804			4,584,114			85,195,424
Units redeemed and transferred to other funding options		(527,892	)		(1,575,073	)		(1,440,491	)		(1,367,364	)		(10,405,593	)		(11,798,793	)
Units end of year		2,835,612			3,105,281			9,183,313			10,306,590			108,219,539			114,041,018

87

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2022 and 2021:

	BHFTI MetLife Multi-Index Targeted Risk Subaccount						BHFTI MFS® Research International Subaccount						BHFTI Morgan Stanley Discovery Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		12,403			11,229			21,549,408			23,270,099			1,827,815			2,247,711
Units issued and transferred from other funding options		1,973			1,574			774,620			1,498,710			391,835			433,644
Units redeemed and transferred to other funding options		(605	)		(400	)		(2,291,188	)		(3,219,401	)		(343,757	)		(853,540	)
Units end of year		13,771			12,403			20,032,840			21,549,408			1,875,893			1,827,815
	BHFTI SSGA Growth and Income ETF Subaccount						BHFTI SSGA Growth ETF Subaccount						BHFTI T. Rowe Price Large Cap Value Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		45,676,905			49,561,039			61,849,873			67,076,358			111,352,652			124,173,096
Units issued and transferred from other funding options		980,727			1,065,791			1,346,962			1,548,467			3,678,121			5,449,508
Units redeemed and transferred to other funding options		(3,919,083	)		(4,949,925	)		(4,771,784	)		(6,774,952	)		(14,913,450	)		(18,269,952	)
Units end of year		42,738,549			45,676,905			58,425,051			61,849,873			100,117,323			111,352,652
	BHFTII BlackRock Capital Appreciation Subaccount						BHFTII BlackRock Ultra-Short Term Bond Subaccount						BHFTII Brighthouse Asset Allocation 20 Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		49,222,265			55,046,836			148,782,023			158,395,101			8,225,195			9,020,905
Units issued and transferred from other funding options		1,754,735			3,229,216			30,928,292			32,441,259			932,082			517,024
Units redeemed and transferred to other funding options		(6,136,204	)		(9,053,787	)		(30,589,411	)		(42,054,337	)		(1,885,392	)		(1,312,734	)
Units end of year		44,840,796			49,222,265			149,120,904			148,782,023			7,271,885			8,225,195
	BHFTII Brighthouse/Artisan Mid Cap Value Subaccount						BHFTII Brighthouse/Dimensional International Small Company Subaccount						BHFTII Brighthouse/ Wellington Balanced Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		321,070			346,188			224,377			332,389			40,629,804			44,766,862
Units issued and transferred from other funding options		488			4,878			13,702			28,966			849,355			1,066,486
Units redeemed and transferred to other funding options		(12,144	)		(29,996	)		(27,512	)		(136,978	)		(4,493,861	)		(5,203,544	)
Units end of year		309,414			321,070			210,567			224,377			36,985,298			40,629,804

(a) For the period April 29, 2022 to December 31, 2022.

88

	BHFTI PIMCO Inflation Protected Bond Subaccount						BHFTI PIMCO Total Return Subaccount						BHFTI Schroders Global Multi-Asset Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		25,212,059			25,848,721			70,706,574			75,518,667			11,905			5,315
Units issued and transferred from other funding options		2,513,504			3,954,082			3,099,511			10,576,488			3,444			6,751
Units redeemed and transferred to other funding options		(3,716,753	)		(4,590,744	)		(9,941,958	)		(15,388,581	)		(1,475	)		(161	)
Units end of year		24,008,810			25,212,059			63,864,127			70,706,574			13,874			11,905
	BHFTI T. Rowe Price Mid Cap Growth Subaccount						BHFTI Victory Sycamore Mid Cap Value Subaccount						BHFTII BlackRock Bond Income Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		335,917			365,293			13,610,599			15,488,754			61,476,978			64,844,578
Units issued and transferred from other funding options		5,259			31,713			612,383			987,575			3,668,101			8,201,300
Units redeemed and transferred to other funding options		(32,383	)		(61,089	)		(2,434,117	)		(2,865,730	)		(10,668,299	)		(11,568,900	)
Units end of year		308,793			335,917			11,788,865			13,610,599			54,476,780			61,476,978
	BHFTII Brighthouse Asset Allocation 40 Subaccount						BHFTII Brighthouse Asset Allocation 60 Subaccount						BHFTII Brighthouse Asset Allocation 80 Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		27,019,859			29,666,140			191,895,286			210,842,618			286,660,735			306,335,458
Units issued and transferred from other funding options		580,756			1,654,097			6,858,820			6,021,976			7,144,545			28,731,895
Units redeemed and transferred to other funding options		(4,290,172	)		(4,300,378	)		(26,406,853	)		(24,969,308	)		(26,344,208	)		(48,406,618	)
Units end of year		23,310,443			27,019,859			172,347,253			191,895,286			267,461,072			286,660,735
	BHFTII Brighthouse/Wellington Core Equity Opportunities Subaccount						BHFTII Frontier Mid Cap Growth Subaccount						BHFTII Jennison Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		26,750,695			30,172,832			27,655,751			30,104,951			140,545,071			153,242,334
Units issued and transferred from other funding options		764,028			1,019,861			1,029,043			1,563,115			3,275,003			3,748,406
Units redeemed and transferred to other funding options		(3,804,056	)		(4,441,998	)		(3,083,223	)		(4,012,315	)		(13,998,379	)		(16,445,669	)
Units end of year		23,710,667			26,750,695			25,601,571			27,655,751			129,821,695			140,545,071

89

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2022 and 2021:

	BHFTII Loomis Sayles Small Cap Core Subaccount						BHFTII MetLife Aggregate Bond Index Subaccount						BHFTII MetLife Mid Cap Stock Index Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		151,115			251,717			16,238,089			18,077,676			4,606,537			4,983,294
Units issued and transferred from other funding options		13,893			9,595			475,516			920,565			251,014			363,653
Units redeemed and transferred to other funding options		(22,539	)		(110,197	)		(1,810,052	)		(2,760,152	)		(547,361	)		(740,410	)
Units end of year		142,469			151,115			14,903,553			16,238,089			4,310,190			4,606,537
	BHFTII MFS® Total Return Subaccount						BHFTII MFS® Value Subaccount						BHFTII Neuberger Berman Genesis Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		79,234,296			86,823,842			31,115,985			34,704,830			11,806,761			12,918,981
Units issued and transferred from other funding options		1,820,271			4,394,160			889,302			1,616,293			298,261			645,828
Units redeemed and transferred to other funding options		(9,988,886	)		(11,983,706	)		(4,168,446	)		(5,205,138	)		(1,259,723	)		(1,758,048	)
Units end of year		71,065,681			79,234,296			27,836,841			31,115,985			10,845,299			11,806,761
	BHFTII Western Asset Management U.S. Government Subaccount						BNY Mellon Sustainable U.S. Equity Subaccount						Delaware VIP® Small Cap Value Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		33,120,355			33,522,576			283,656			291,006			1,679,073			1,825,639
Units issued and transferred from other funding options		1,365,366			5,627,508			2,270			4,750			13,393			56,859
Units redeemed and transferred to other funding options		(4,995,693	)		(6,029,729	)		(101,299	)		(12,100	)		(248,385	)		(203,425	)
Units end of year		29,490,028			33,120,355			184,627			283,656			1,444,081			1,679,073
	Fidelity® VIP Equity-Income Subaccount						Fidelity® VIP Freedom 2020 Subaccount						Fidelity® VIP Freedom 2025 Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		29,152,777			31,565,480			317,694			317,827			641,981			559,448
Units issued and transferred from other funding options		604,319			742,168			56,520			78,854			304,768			183,355
Units redeemed and transferred to other funding options		(3,327,535	)		(3,154,871	)		(126,769	)		(78,987	)		(233,191	)		(100,822	)
Units end of year		26,429,561			29,152,777			247,445			317,694			713,558			641,981

(a) For the period April 29, 2022 to December 31, 2022.

90

	BHFTII MetLife MSCI EAFE® Index Subaccount						BHFTII MetLife Russell 2000® Index Subaccount						BHFTII MetLife Stock Index Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		14,867,590			15,901,807			14,195,220			15,452,574			243,652,049			267,736,911
Units issued and transferred from other funding options		594,286			725,240			411,694			576,443			6,391,043			5,761,525
Units redeemed and transferred to other funding options		(1,245,223	)		(1,759,457	)		(1,326,369	)		(1,833,797	)		(27,356,692	)		(29,846,387	)
Units end of year		14,216,653			14,867,590			13,280,545			14,195,220			222,686,400			243,652,049
	BHFTII T. Rowe Price Large Cap Growth Subaccount						BHFTII T. Rowe Price Small Cap Growth Subaccount						BHFTII Western Asset Management Strategic Bond Opportunities Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		16,550,380			17,957,890			25,050,895			27,703,714			20,308,407			21,792,356
Units issued and transferred from other funding options		1,007,847			1,470,952			897,039			1,045,461			818,495			1,357,721
Units redeemed and transferred to other funding options		(1,852,942	)		(2,878,462	)		(2,586,324	)		(3,698,280	)		(2,810,850	)		(2,841,670	)
Units end of year		15,705,285			16,550,380			23,361,610			25,050,895			18,316,052			20,308,407
	DWS Small Mid Cap Value VIP Subaccount						Fidelity® VIP Contrafund® Subaccount						Fidelity® VIP Dynamic Capital Appreciation Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		858,704			1,006,067			40,331,243			44,529,584			399,881			542,634
Units issued and transferred from other funding options		14,214			19,196			1,508,771			1,771,741			3,291			36,644
Units redeemed and transferred to other funding options		(96,270	)		(166,559	)		(4,519,610	)		(5,970,082	)		(23,498	)		(179,397	)
Units end of year		776,648			858,704			37,320,404			40,331,243			379,674			399,881
	Fidelity® VIP Freedom 2030 Subaccount						Fidelity® VIP Freedom 2040 Subaccount						Fidelity® VIP Freedom 2050 Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		453,819			336,207			118,864			103,682			247,568			217,368
Units issued and transferred from other funding options		87,266			147,479			102,891			41,991			44,442			35,728
Units redeemed and transferred to other funding options		(213,159	)		(29,867	)		(14,967	)		(26,809	)		(54,352	)		(5,528	)
Units end of year		327,926			453,819			206,788			118,864			237,658			247,568

91

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2022 and 2021:

	Fidelity® VIP FundsManager 60% Subaccount						Fidelity® VIP High Income Subaccount						Fidelity® VIP Mid Cap Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		37,020,338			39,285,876			3,510,924			3,759,086			43,120,439			47,677,976
Units issued and transferred from other funding options		490,491			353,474			55,481			62,892			1,344,109			2,106,576
Units redeemed and transferred to other funding options		(8,423,806	)		(2,619,012	)		(420,653	)		(311,054	)		(4,638,810	)		(6,664,113	)
Units end of year		29,087,023			37,020,338			3,145,752			3,510,924			39,825,738			43,120,439

	FTVIPT Franklin Small-Mid Cap Growth VIP Subaccount						FTVIPT Templeton Developing Markets VIP Subaccount						FTVIPT Templeton Foreign VIP Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		6,221,002			7,030,615			5,029,951			5,519,321			22,062,676			23,937,576
Units issued and transferred from other funding options		485,868			483,240			324,369			305,240			1,054,878			2,231,385
Units redeemed and transferred to other funding options		(913,784	)		(1,292,853	)		(524,528	)		(794,610	)		(2,994,160	)		(4,106,285	)
Units end of year		5,793,086			6,221,002			4,829,792			5,029,951			20,123,394			22,062,676

	Invesco V.I. Equity and Income Subaccount						Invesco V.I. Government Securities Subaccount						Janus Henderson Enterprise Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		12,184,420			12,989,346			3,500,509			4,230,959			4,015,526			4,419,389
Units issued and transferred from other funding options		211,180			907,725			116,161			181,366			131,118			649,776
Units redeemed and transferred to other funding options		(1,897,832	)		(1,712,651	)		(392,174	)		(911,816	)		(719,936	)		(1,053,639	)
Units end of year		10,497,768			12,184,420			3,224,496			3,500,509			3,426,708			4,015,526
	LMPVET ClearBridge Variable Appreciation Subaccount						LMPVET ClearBridge Variable Dividend Strategy Subaccount						LMPVET ClearBridge Variable Large Cap Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		58,891,266			66,212,294			25,739,177			29,032,495			21,721,806			24,146,273
Units issued and transferred from other funding options		854,622			2,151,717			724,991			1,069,044			1,035,921			1,726,761
Units redeemed and transferred to other funding options		(6,377,206	)		(9,472,745	)		(3,644,257	)		(4,362,362	)		(2,894,558	)		(4,151,228	)
Units end of year		53,368,682			58,891,266			22,819,911			25,739,177			19,863,169			21,721,806

(a) For the period April 29, 2022 to December 31, 2022.

92

	FTVIPT Franklin Income VIP Subaccount						FTVIPT Franklin Mutual Shares VIP Subaccount						FTVIPT Franklin Rising Dividends VIP Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		4,937,216			5,430,914			4,118,796			4,630,910			2,704,402			3,116,782
Units issued and transferred from other funding options		254,050			338,975			309,775			129,458			65,061			255,457
Units redeemed and transferred to other funding options		(961,114	)		(832,673	)		(681,376	)		(641,572	)		(437,907	)		(667,837	)
Units end of year		4,230,152			4,937,216			3,747,195			4,118,796			2,331,556			2,704,402

	Invesco V.I. Comstock Subaccount						Invesco V.I. Diversified Dividend Subaccount						Invesco V.I. Equally-Weighted S&P 500 Subaccount
	2022			2021			2022			2021			2022 (a)
Units beginning of year		1,601,567			1,825,227			286,444			327,493			—
Units issued and transferred from other funding options		10,245			74,313			5,225			3,685			944,788
Units redeemed and transferred to other funding options		(233,393	)		(297,973	)		(46,256	)		(44,734	)		(375,000	)
Units end of year		1,378,419			1,601,567			245,413			286,444			569,788

	Janus Henderson Global Research Subaccount						Janus Henderson Overseas Subaccount						LMPVET ClearBridge Variable Aggressive Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		148,679			185,137			12,900,328			14,073,464			21,121,700			96,731,054
Units issued and transferred from other funding options		1,085			1,531			653,953			1,035,641			914,308			1,665,597
Units redeemed and transferred to other funding options		(742	)		(37,989	)		(1,588,271	)		(2,208,777	)		(2,430,069	)		(77,274,951	)
Units end of year		149,022			148,679			11,966,010			12,900,328			19,605,939			21,121,700
	LMPVET ClearBridge Variable Large Cap Value Subaccount						LMPVET ClearBridge Variable Mid Cap Subaccount						LMPVET ClearBridge Variable Small Cap Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		28,617,610			31,705,933			7,143,263			7,934,408			9,848,097			10,610,389
Units issued and transferred from other funding options		586,351			1,550,791			167,121			259,442			435,235			816,737
Units redeemed and transferred to other funding options		(3,185,246	)		(4,639,114	)		(644,009	)		(1,050,587	)		(1,044,349	)		(1,579,029	)
Units end of year		26,018,715			28,617,610			6,666,375			7,143,263			9,238,983			9,848,097

93

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Concluded)
For the years ended December 31, 2022 and 2021:

	LMPVET Franklin Multi-Asset Variable Conservative Growth Fund Subaccount						LMPVET Franklin Multi-Asset Variable Growth Fund Subaccount						LMPVET Franklin Multi-Asset Variable Moderate Growth Fund Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		12,075,254			13,745,795			6,786,718			7,219,730			9,747,833			10,970,615
Units issued and transferred from other funding options		373,818			427,343			64,335			228,645			65,418			90,043
Units redeemed and transferred to other funding options		(1,918,862	)		(2,097,884	)		(507,996	)		(661,657	)		(801,619	)		(1,312,825	)
Units end of year		10,530,210			12,075,254			6,343,057			6,786,718			9,011,632			9,747,833

	Pioneer Mid Cap Value VCT Subaccount						Pioneer Real Estate Shares VCT Subaccount						TAP 1919 Variable Socially Responsive Balanced Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		4,256,933			4,701,511			1,194,452			1,383,144			7,626,618			8,385,250
Units issued and transferred from other funding options		121,920			546,976			53,125			70,287			274,471			276,779
Units redeemed and transferred to other funding options		(709,615	)		(991,554	)		(256,287	)		(258,979	)		(1,041,512	)		(1,035,411	)
Units end of year		3,669,238			4,256,933			991,290			1,194,452			6,859,577			7,626,618

(a) For the period April 29, 2022 to December 31, 2022.

94

	LMPVIT Western Asset Core Plus Subaccount						LMPVIT Western Asset Variable Global High Yield Bond Subaccount						Morgan Stanley VIF Growth Subaccount
	2022			2021			2022			2021			2022			2021
Units beginning of year		17,542,239			18,131,417			1,423,781			1,614,598			1,736,635			1,942,541
Units issued and transferred from other funding options		802,901			1,940,403			62,994			108,997			410,498			23,266
Units redeemed and transferred to other funding options		(2,203,008	)		(2,529,581	)		(281,988	)		(299,814	)		(610,694	)		(229,172	)
Units end of year		16,142,132			17,542,239			1,204,787			1,423,781			1,536,439			1,736,635

95

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS

The Company sells a number of variable annuity products which have unique combinations of features and fees, some of which directly affect the unit values of the Subaccounts. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns.

The following table is a summary of unit values and units outstanding for the Contracts, net investment income ratios, and expense ratios, excluding expenses for the underlying fund, portfolio, or series, for the respective stated periods in the five years ended December 31, 2022:

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
AB VPS Sustainable Global	2022		131,141		1.67 - 1.76		229,647		—		1.65 - 1.90	(28.54) - (28.36)
Thematic Subaccount	2021		139,641		2.34 - 2.46		340,268		—		1.65 - 1.90	20.27 - 20.57
	2020		180,315		1.95 - 2.04		365,325		0.48		1.65 - 1.90	36.46 - 36.80
	2019		256,047		1.43 - 1.49		380,111		0.16		1.65 - 1.90	27.34 - 27.66
	2018		278,855		1.12 - 1.17		324,535		—		1.65 - 1.90	(11.69) - (11.47)
Alger Capital Appreciation	2022		259,928		3.84 - 5.37		1,328,480		—		1.55 - 2.55	(38.28) - (37.66)
Subaccount	2021		308,867		6.22 - 8.62		2,504,256		—		1.55 - 2.55	15.84 - 17.00
	2020		400,023		5.37 - 7.37		2,806,408		—		1.55 - 2.55	37.83 - 39.22
	2019		444,716		3.90 - 5.29		2,250,040		—		1.55 - 2.55	29.85 - 31.15
	2018		603,251		3.00 - 4.03		2,295,619		—		1.55 - 2.55	(2.89) - (1.91)
American Funds® Global	2022		17,743,849		3.16 - 5.17		75,825,259		0.65		0.30 - 2.60	(26.67) - (24.96)
Growth Subaccount	2021		19,623,281		4.31 - 6.96		113,128,512		0.33		0.30 - 2.60	13.43 - 16.07
	2020		22,171,319		3.80 - 6.07		111,442,647		0.35		0.30 - 2.60	27.11 - 30.07
	2019		25,237,179		2.99 - 4.72		99,071,222		1.09		0.30 - 2.60	31.81 - 34.87
	2018		28,436,918		2.25 - 3.55		83,936,731		0.64		0.30 - 2.60	(11.39) - (9.32)
American Funds® Global	2022		279,130		4.30 - 4.87		1,279,577		—		1.40 - 1.90	(30.88) - (30.53)
Small Capitalization	2021		282,050		6.22 - 7.00		1,867,115		—		1.40 - 1.90	4.73 - 5.25
Subaccount	2020		304,533		5.94 - 6.65		1,921,536		0.16		1.40 - 1.90	27.28 - 27.91
	2019		344,493		4.67 - 5.20		1,704,336		0.15		1.40 - 1.90	29.04 - 29.69
	2018		387,312		3.62 - 4.01		1,480,364		0.08		1.40 - 1.90	(12.24) - (11.80)
American Funds® Growth	2022		41,613,492		3.67 - 5.95		206,241,058		0.31		0.30 - 2.65	(31.77) - (30.15)
Subaccount	2021		45,339,856		5.38 - 8.64		326,597,971		0.21		0.30 - 2.65	18.80 - 21.62
	2020		51,517,432		4.52 - 7.20		309,665,050		0.32		0.30 - 2.65	48.10 - 51.62
	2019		59,386,160		3.05 - 4.82		239,236,115		0.73		0.30 - 2.65	27.35 - 30.38
	2018		67,992,892		2.19 - 3.75		212,857,911		0.42		0.30 - 2.70	(2.92) - (0.55)
American Funds®	2022		39,207,357		2.62 - 4.24		146,029,068		1.26		0.30 - 2.70	(18.71) - (16.74)
Growth-Income Subaccount	2021		43,125,417		3.22 - 5.15		195,644,743		1.10		0.30 - 2.70	20.79 - 23.72
	2020		48,860,435		2.64 - 4.22		182,005,882		1.34		0.30 - 2.75	10.46 - 13.20
	2019		55,387,632		2.39 - 3.78		185,010,766		1.63		0.30 - 2.75	22.72 - 25.76
	2018		62,651,327		1.95 - 3.05		169,119,927		1.35		0.30 - 2.75	(4.47) - (2.08)
American Funds® The Bond	2022		1,773,247		1.57 - 1.79		3,020,522		2.83		1.40 - 1.90	(14.22) - (13.79)
Fund of America Subaccount	2021		2,174,406		1.83 - 2.07		4,307,551		1.39		1.40 - 1.90	(2.18) - (1.69)
	2020		2,244,339		1.87 - 2.11		4,535,947		2.25		1.40 - 1.90	7.66 - 8.20
	2019		1,949,572		1.74 - 1.95		3,653,595		2.56		1.40 - 1.90	7.30 - 7.84
	2018		2,068,814		1.62 - 1.81		3,589,898		2.33		1.40 - 1.90	(2.59) - (2.10)
BHFTI American Funds®	2022		1,734,592		1.83 - 2.12		3,457,097		1.41		0.30 - 1.30	(17.84) - (17.01)
Balanced Allocation	2021		1,766,964		2.23 - 2.55		4,263,364		1.20		0.30 - 1.30	10.69 - 11.81
Subaccount	2020		2,041,503		2.01 - 2.28		4,440,214		1.67		0.30 - 1.30	14.07 - 15.22
	2019		2,354,487		1.76 - 1.98		4,461,889		1.82		0.30 - 1.30	17.98 - 19.17
	2018		2,850,779		1.49 - 1.66		4,544,878		1.47		0.30 - 1.30	(5.55) - (4.60)

96

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
BHFTI American Funds® Growth	2022		2,006,458		2.01 - 2.33		4,351,158		1.07		0.30 - 1.30	(19.57) - (18.77)
Allocation Subaccount	2021		1,977,637		2.50 - 2.86		5,310,008		0.80		0.30 - 1.30	14.41 - 15.56
	2020		2,182,829		2.18 - 2.48		5,064,893		1.57		0.30 - 1.30	15.41 - 16.57
	2019		2,233,157		1.89 - 2.12		4,474,472		1.75		0.30 - 1.30	22.04 - 23.27
	2018		2,407,086		1.55 - 1.72		3,923,499		1.18		0.30 - 1.30	(6.99) - (6.05)
BHFTI American Funds®	2022		1,015,692		1.66 - 1.92		1,795,502		1.68		0.30 - 1.30	(15.73) - (14.88)
Moderate Allocation	2021		1,408,916		1.97 - 2.25		2,911,811		1.59		0.30 - 1.30	8.22 - 9.31
Subaccount	2020		1,480,967		1.82 - 2.06		2,824,348		1.80		0.30 - 1.30	11.53 - 12.65
	2019		1,782,426		1.63 - 1.83		3,027,510		1.99		0.30 - 1.30	14.66 - 15.81
	2018		1,941,182		1.42 - 1.58		2,864,026		1.69		0.30 - 1.30	(4.67) - (3.71)
BHFTI BlackRock High Yield	2022		13,494,202		1.53 - 12.19		49,688,288		5.15		0.19 - 2.75	(12.76) - (10.34)
Subaccount	2021		15,132,977		1.75 - 13.72		62,625,612		4.13		0.19 - 2.75	2.32 - 5.34
	2020		15,876,598		1.71 - 13.15		63,095,213		5.44		0.19 - 2.75	4.58 - 7.56
	2019		17,777,338		1.63 - 12.35		66,490,452		5.96		0.19 - 2.75	11.74 - 14.83
	2018		19,929,617		1.46 - 10.85		65,236,418		5.07		0.19 - 2.75	(5.52) - (2.77)
BHFTI Brighthouse Asset	2022		27,208,116		1.68 - 3.10		59,203,400		1.33		0.30 - 2.45	(22.08) - (20.39)
Allocation 100 Subaccount	2021		28,286,623		2.15 - 3.98		77,963,010		1.12		0.30 - 2.45	15.27 - 17.77
	2020		29,928,153		1.87 - 3.45		70,679,066		1.15		0.30 - 2.45	16.03 - 18.56
	2019		31,904,947		1.61 - 2.97		64,094,353		1.51		0.30 - 2.45	24.40 - 27.10
	2018		33,697,527		1.29 - 2.39		53,716,383		1.03		0.30 - 2.45	(12.25) - (10.34)
BHFTI Brighthouse Small Cap	2022		24,062,264		1.71 - 5.19		72,060,078		0.63		0.30 - 2.70	(15.40) - (13.35)
Value Subaccount	2021		26,377,513		2.02 - 6.06		92,005,285		0.84		0.30 - 2.70	28.29 - 31.40
	2020		29,940,763		1.57 - 4.66		80,202,218		1.34		0.30 - 2.70	(3.20) - (0.84)
	2019		32,107,498		1.62 - 4.75		88,192,033		0.91		0.30 - 2.70	25.35 - 28.39
	2018		36,633,177		1.30 - 3.75		79,425,122		1.05		0.30 - 2.70	(17.51) - (15.49)
BHFTI Brighthouse/abrdn	2022		9,342,647		1.26 - 3.55		21,434,132		0.81		0.30 - 2.65	(27.71) - (25.80)
Emerging Markets Equity	2021		9,693,277		1.73 - 4.80		30,359,944		0.23		0.30 - 2.65	(7.50) - (5.10)
Subaccount	2020		10,890,523		1.86 - 5.08		36,618,270		2.00		0.30 - 2.65	24.02 - 27.29
	2019		12,404,734		1.49 - 4.00		33,332,249		1.75		0.30 - 2.65	17.65 - 20.62
	2018		14,408,374		1.12 - 3.33		32,510,432		2.72		0.30 - 2.70	(16.48) - (14.18)
BHFTI Brighthouse/Eaton	2022		2,587,690		1.08 - 1.19		3,032,833		3.45		1.70 - 2.50	(4.03) - (3.26)
Vance Floating Rate	2021		2,866,634		1.12 - 1.23		3,472,742		3.08		1.70 - 2.50	0.94 - 1.75
Subaccount	2020		2,896,613		1.11 - 1.21		3,456,000		4.54		1.70 - 2.50	(0.46) - 0.34
	2019		3,379,514		1.12 - 1.21		4,013,708		4.50		1.70 - 2.50	4.39 - 5.22
	2018		3,333,232		1.07 - 1.15		3,773,445		3.33		1.70 - 2.50	(2.18) - (1.39)
BHFTI	2022		11,155,708		2.37 - 4.57		33,274,007		0.56		0.30 - 2.50	(21.11) - (19.36)
Brighthouse/Wellington Large	2021		12,220,827		2.98 - 5.67		45,687,145		0.76		0.30 - 2.60	21.01 - 23.83
Cap Research Subaccount	2020		13,502,807		2.44 - 4.58		41,330,251		0.99		0.30 - 2.75	18.78 - 21.74
	2019		15,103,692		2.03 - 3.76		38,524,903		1.01		0.30 - 2.75	28.26 - 31.44
	2018		16,730,126		1.56 - 2.86		33,050,450		0.90		0.30 - 2.75	(8.85) - (6.57)
BHFTI CBRE Global Real	2022		25,049,110		1.10 - 3.20		36,596,341		4.40		0.30 - 2.60	(26.92) - (24.94)
Estate Subaccount	2021		27,300,104		1.50 - 4.32		53,675,641		3.03		0.30 - 2.60	30.97 - 34.30
	2020		30,117,273		1.14 - 3.26		44,728,909		4.65		0.30 - 2.60	(7.46) - (5.06)
	2019		32,063,792		1.23 - 3.48		50,458,985		3.29		0.30 - 2.60	21.61 - 24.72
	2018		36,175,262		0.99 - 2.83		46,235,983		6.15		0.30 - 2.65	(11.00) - (8.63)

97

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
BHFTI Harris Oakmark	2022		15,312,749		1.56 - 2.98		32,975,441		2.44		0.30 - 2.60	(17.94) - (16.03)
International Subaccount	2021		16,792,113		1.89 - 3.57		43,630,122		0.84		0.30 - 2.60	5.88 - 8.34
	2020		18,854,315		1.77 - 3.31		45,754,850		3.35		0.30 - 2.60	2.65 - 5.05
	2019		20,273,169		1.71 - 3.18		47,641,821		2.42		0.30 - 2.60	21.63 - 24.46
	2018		22,374,791		1.39 - 2.57		42,867,838		1.94		0.30 - 2.60	(25.70) - (23.96)
BHFTI Invesco Comstock	2022		39,819,422		2.25 - 4.80		134,819,600		1.86		0.30 - 2.60	(1.94) - 0.34
Subaccount	2021		45,921,335		2.29 - 4.80		156,894,907		1.93		0.30 - 2.60	29.77 - 32.78
	2020		52,488,938		1.77 - 3.63		137,078,924		2.22		0.30 - 2.75	(3.21) - (0.80)
	2019		56,832,658		1.82 - 3.67		152,074,044		2.13		0.30 - 2.75	21.57 - 24.58
	2018		63,737,613		1.50 - 2.95		138,849,069		0.64		0.30 - 2.75	(14.55) - (12.42)
BHFTI Invesco Global Equity	2022		110,730,212		1.52 - 3.47		234,355,322		—		0.30 - 2.70	(33.66) - (32.05)
Subaccount	2021		119,275,854		2.29 - 5.18		374,561,297		0.09		0.30 - 2.70	12.39 - 15.12
	2020		130,926,591		2.04 - 4.56		359,649,007		0.83		0.30 - 2.70	24.18 - 27.20
	2019		144,505,215		1.64 - 3.64		314,384,723		0.98		0.30 - 2.70	28.06 - 31.17
	2018		160,664,481		1.28 - 2.81		268,404,523		1.17		0.30 - 2.70	(15.47) - (13.41)
BHFTI Invesco Small Cap	2022		2,716,867		2.64 - 4.93		10,041,309		—		0.30 - 2.60	(36.81) - (35.23)
Growth Subaccount	2021		2,816,365		4.15 - 7.71		16,315,837		—		0.30 - 2.60	4.19 - 6.80
	2020		3,049,133		3.96 - 7.32		16,747,297		0.07		0.30 - 2.60	52.73 - 56.77
	2019		3,593,417		2.58 - 4.74		12,738,892		—		0.30 - 2.60	21.22 - 24.26
	2018		4,114,781		2.12 - 3.87		11,843,374		—		0.30 - 2.60	(11.40) - (9.05)
BHFTI JPMorgan Small Cap	2022		2,835,612		2.17 - 3.04		7,944,134		1.16		0.30 - 2.60	(15.44) - (13.47)
Value Subaccount	2021		3,105,281		2.55 - 3.54		10,171,546		1.14		0.30 - 2.60	29.60 - 32.61
	2020		3,390,292		2.00 - 2.70		8,465,126		1.38		0.30 - 2.60	3.61 - 6.02
	2019		3,563,421		1.92 - 2.57		8,476,557		1.39		0.30 - 2.60	16.46 - 19.17
	2018		4,117,827		1.64 - 2.18		8,290,881		1.33		0.30 - 2.60	(15.99) - (14.02)
BHFTI Loomis Sayles Global	2022		9,183,313		3.49 - 10.21		92,135,736		—		0.60 - 1.30	(24.11) - (23.58)
Allocation Subaccount	2021		10,306,590		4.59 - 13.45		136,279,058		1.02		0.60 - 1.30	13.09 - 13.88
	2020		11,429,150		4.06 - 11.89		133,723,909		0.92		0.60 - 1.30	13.62 - 14.42
	2019		12,653,433		3.57 - 10.46		130,123,820		1.74		0.60 - 1.30	26.21 - 27.10
	2018		14,244,848		2.83 - 8.28		116,130,303		2.11		0.60 - 1.30	(6.43) - (5.77)
BHFTI Loomis Sayles Growth	2022		108,219,539		1.37 - 17.92		551,329,663		—		0.30 - 2.60	(29.85) - (28.08)
Subaccount	2021		114,041,018		1.96 - 25.15		829,993,068		0.22		0.30 - 2.60	15.23 - 18.30
	2020		40,644,387		1.70 - 21.46		535,699,103		0.83		0.30 - 2.60	28.86 - 32.14
	2019		45,285,728		1.32 - 16.40		454,235,912		1.05		0.30 - 2.60	20.42 - 23.46
	2018		51,154,762		1.10 - 13.41		414,799,286		0.81		0.30 - 2.60	(9.45) - (7.09)
BHFTI MetLife Multi-Index	2022		13,771		13.85 - 15.10		200,585		1.79		0.30 - 1.15	(21.99) - (21.33)
Targeted Risk Subaccount	2021		12,403		17.75 - 19.19		230,463		1.74		0.30 - 1.15	8.46 - 9.39
	2020		11,229		16.37 - 17.54		191,444		2.16		0.30 - 1.15	5.34 - 6.24
	2019		9,601		15.54 - 16.51		154,590		2.15		0.30 - 1.15	20.32 - 21.35
	2018		7,608		12.91 - 13.36		101,299		1.71		0.60 - 1.15	(8.25) - (7.74)
BHFTI MFS® Research	2022		20,032,840		1.37 - 2.62		39,792,375		1.81		0.30 - 2.65	(19.72) - (17.81)
International Subaccount	2021		21,549,408		1.70 - 3.24		52,762,722		0.95		0.30 - 2.65	8.79 - 11.38
	2020		23,270,099		1.56 - 3.01		51,739,812		2.22		0.30 - 2.65	10.05 - 12.68
	2019		25,096,575		1.42 - 2.66		50,063,291		1.35		0.30 - 2.65	24.96 - 27.93
	2018		29,057,675		1.14 - 2.11		45,817,411		1.96		0.30 - 2.65	(16.26) - (14.25)

98

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
BHFTI Morgan Stanley	2022		1,875,893		1.78 - 4.94		5,234,970		—		0.30 - 2.60	(63.49) - (62.63)
Discovery Subaccount	2021		1,827,815		4.83 - 13.43		14,012,753		—		0.30 - 2.60	(13.07) - (11.05)
	2020		2,247,711		5.52 - 15.30		19,200,216		—		0.30 - 2.60	146.62 - 152.36
	2019		2,823,184		2.22 - 6.14		9,792,076		—		0.30 - 2.60	36.53 - 39.71
	2018		3,496,322		1.61 - 4.46		8,695,925		—		0.30 - 2.60	7.31 - 9.82
BHFTI PIMCO Inflation	2022		24,008,810		1.10 - 1.70		34,300,444		6.48		0.30 - 2.75	(14.14) - (11.86)
Protected Bond Subaccount	2021		25,212,059		1.28 - 1.92		41,300,650		0.91		0.30 - 2.75	2.72 - 5.30
	2020		25,848,721		1.25 - 1.83		40,701,387		2.98		0.30 - 2.75	8.67 - 11.52
	2019		27,065,624		1.15 - 1.64		38,613,564		3.63		0.30 - 2.75	5.49 - 8.16
	2018		30,239,957		1.09 - 1.51		40,399,388		1.80		0.30 - 2.75	(4.93) - (2.42)
BHFTI PIMCO Total Return	2022		63,864,127		1.13 - 2.11		95,027,554		2.93		0.30 - 2.70	(16.83) - (14.82)
Subaccount	2021		70,706,574		1.35 - 2.48		125,075,812		1.80		0.30 - 2.70	(4.02) - (1.69)
	2020		75,518,667		1.41 - 2.53		138,373,579		3.81		0.30 - 2.70	5.62 - 8.19
	2019		78,582,880		1.34 - 2.35		135,396,335		2.88		0.30 - 2.70	5.57 - 8.14
	2018		89,062,869		1.27 - 2.18		144,076,290		1.36		0.30 - 2.70	(2.90) - (0.53)
BHFTI Schroders Global	2022		13,874		12.62 - 13.70		184,606		1.37		0.30 - 1.15	(21.08) - (20.41)
Multi-Asset Subaccount	2021		11,905		15.99 - 17.21		199,578		0.33		0.30 - 1.15	10.15 - 11.09
	2020		5,315		14.51 - 15.50		80,394		1.69		0.30 - 1.15	0.94 - 1.80
	2019		5,741		14.38 - 15.22		85,566		1.27		0.30 - 1.15	20.10 - 21.13
	2018		3,736		11.97 - 12.57		46,120		1.33		0.30 - 1.15	(6.39) - (5.85)
BHFTI SSGA Growth and	2022		42,738,549		1.91		81,464,733		3.02		1.25	(16.43)
Income ETF Subaccount	2021		45,676,905		2.28		104,179,077		1.77		1.25	11.97
	2020		49,561,039		2.04		100,953,217		2.67		1.25	8.46
	2019		53,069,377		1.88		99,668,070		2.33		1.25	18.12
	2018		58,083,774		1.59		92,348,751		2.33		1.25	(7.69)
BHFTI SSGA Growth ETF	2022		58,425,051		2.03		118,523,970		2.76		1.25	(16.92)
Subaccount	2021		61,849,873		2.44		151,018,714		1.46		1.25	16.14
	2020		67,076,358		2.10		141,014,656		2.41		1.25	9.37
	2019		72,169,512		1.92		138,723,949		1.96		1.25	20.92
	2018		77,737,637		1.59		123,572,685		2.03		1.25	(9.89)
BHFTI T. Rowe Price Large Cap	2022		100,117,323		1.36 - 14.79		292,210,907		1.66		0.30 - 2.70	(7.63) - 0.00
Value Subaccount	2021		111,352,652		1.36 - 15.74		347,510,045		1.91		0.30 - 2.70	0.00 - 25.74
	2020		124,173,096		1.36 - 12.61		312,097,691		2.43		0.30 - 2.70	0.00 - 2.69
	2019		133,926,038		1.36 - 12.38		333,726,536		2.12		0.30 - 2.70	0.00 - 26.24
	2018		149,819,774		1.36 - 9.88		299,862,560		1.83		0.30 - 2.70	(11.59) - 0.00
BHFTI T. Rowe Price Mid Cap	2022		308,793		2.48 - 4.68		1,196,798		—		1.55 - 2.65	(24.55) - (23.72)
Growth Subaccount	2021		335,917		3.11 - 6.14		1,735,765		—		1.55 - 2.65	11.97 - 13.21
	2020		365,293		2.77 - 5.42		1,654,828		0.03		1.55 - 2.65	20.67 - 22.01
	2019		441,042		2.30 - 4.44		1,619,265		0.03		1.55 - 2.65	27.64 - 29.05
	2018		454,756		1.80 - 3.44		1,275,411		—		1.55 - 2.65	(4.76) - (3.70)
BHFTI Victory Sycamore Mid	2022		11,788,865		1.98 - 4.54		30,067,188		1.70		0.30 - 2.65	(5.24) - (2.99)
Cap Value Subaccount	2021		13,610,599		2.09 - 4.75		36,226,321		1.18		0.30 - 2.65	28.35 - 31.40
	2020		15,488,754		1.63 - 3.66		31,721,164		1.46		0.30 - 2.65	4.82 - 7.32
	2019		16,842,655		1.55 - 3.46		32,723,668		1.13		0.30 - 2.65	25.61 - 28.60
	2018		19,084,211		1.24 - 2.72		29,300,344		0.60		0.30 - 2.65	(12.51) - (10.42)

99

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
BHFTII BlackRock Bond	2022		54,476,780		0.96 - 2.23		77,583,757		2.82		0.30 - 2.70	(16.60) - (14.40)
Income Subaccount	2021		61,476,978		1.15 - 2.62		103,285,912		2.66		0.30 - 2.70	(3.29) - (0.73)
	2020		64,844,578		1.19 - 2.64		111,079,654		3.54		0.30 - 2.75	5.50 - 8.27
	2019		65,840,601		1.13 - 2.47		105,679,169		3.67		0.30 - 2.75	6.69 - 9.50
	2018		71,016,285		1.06 - 2.28		105,252,233		3.33		0.30 - 2.75	(3.23) - (0.66)
BHFTII BlackRock Capital	2022		44,840,796		1.84 - 9.10		151,827,175		—		0.30 - 2.60	(39.22) - (37.80)
Appreciation Subaccount	2021		49,222,265		3.00 - 14.77		269,805,579		—		0.30 - 2.60	18.03 - 20.84
	2020		55,046,836		2.52 - 12.34		250,131,341		—		0.30 - 2.60	36.96 - 40.24
	2019		61,999,647		1.82 - 8.88		201,388,951		0.21		0.30 - 2.60	29.39 - 32.45
	2018		70,400,985		1.39 - 6.77		172,931,439		0.12		0.30 - 2.65	(0.28) - 2.12
BHFTII BlackRock	2022		149,120,904		0.75 - 2.24		163,317,472		—		0.30 - 2.70	(1.46) - 1.14
Ultra-Short Term Bond	2021		148,782,023		0.76 - 2.24		163,085,890		0.30		0.30 - 2.70	(3.05) - (0.49)
Subaccount	2020		158,395,101		0.78 - 2.27		174,926,731		1.88		0.30 - 2.70	(2.44) - 0.13
	2019		151,309,257		0.80 - 2.30		169,913,120		1.73		0.30 - 2.70	(0.79) - 1.82
	2018		151,783,168		0.81 - 2.28		169,166,349		0.98		0.30 - 2.75	(1.12) - 1.50
BHFTII Brighthouse Asset	2022		7,271,885		1.23 - 1.78		10,582,319		3.07		0.30 - 2.50	(14.84) - (12.95)
Allocation 20 Subaccount	2021		8,225,195		1.44 - 2.05		14,003,403		3.02		0.30 - 2.50	1.13 - 3.37
	2020		9,020,905		1.42 - 1.98		14,956,676		2.84		0.30 - 2.50	6.81 - 9.19
	2019		9,547,604		1.33 - 1.81		14,585,014		2.15		0.30 - 2.50	8.98 - 11.40
	2018		10,769,566		1.22 - 1.63		14,978,712		2.17		0.30 - 2.50	(5.03) - (2.90)
BHFTII Brighthouse Asset	2022		23,310,443		1.36 - 2.01		38,926,080		2.60		0.30 - 2.55	(16.00) - (14.09)
Allocation 40 Subaccount	2021		27,019,859		1.60 - 2.34		52,910,146		2.69		0.30 - 2.60	4.66 - 7.10
	2020		29,666,140		1.53 - 2.19		54,811,500		2.67		0.30 - 2.60	8.18 - 10.70
	2019		31,633,117		1.42 - 1.98		53,322,086		2.20		0.30 - 2.60	12.63 - 15.25
	2018		35,459,039		1.26 - 1.72		52,552,153		2.01		0.30 - 2.60	(6.87) - (4.69)
BHFTII Brighthouse Asset	2022		172,347,253		1.42 - 2.24		314,622,144		2.13		0.30 - 2.85	(17.71) - (15.58)
Allocation 60 Subaccount	2021		191,895,286		1.73 - 2.65		419,436,533		2.11		0.30 - 2.85	7.79 - 10.57
	2020		210,842,618		1.60 - 2.40		421,214,063		2.19		0.30 - 2.85	10.64 - 13.51
	2019		229,881,665		1.45 - 2.11		409,035,369		1.94		0.30 - 2.85	16.07 - 19.07
	2018		252,977,971		1.25 - 1.78		382,433,316		1.64		0.30 - 2.85	(8.78) - (6.41)
BHFTII Brighthouse Asset	2022		267,461,072		1.51 - 2.43		505,661,854		1.79		0.30 - 2.90	(20.31) - (18.22)
Allocation 80 Subaccount	2021		286,660,735		1.90 - 2.97		671,661,879		1.67		0.30 - 2.90	11.43 - 14.37
	2020		306,335,458		1.70 - 2.60		636,689,661		1.81		0.30 - 2.90	13.25 - 16.24
	2019		329,812,163		1.50 - 2.23		597,822,346		1.75		0.30 - 2.90	20.19 - 23.36
	2018		352,665,496		1.25 - 1.81		526,419,487		1.30		0.30 - 2.90	(10.75) - (8.39)
BHFTII Brighthouse/Artisan	2022		309,414		4.13 - 4.74		1,368,152		0.70		1.40 - 2.10	(14.65) - (14.05)
Mid Cap Value Subaccount	2021		321,070		4.84 - 5.52		1,659,980		0.77		1.40 - 2.10	23.96 - 24.83
	2020		346,188		3.91 - 4.42		1,443,362		0.70		1.40 - 2.10	3.77 - 4.50
	2019		369,215		3.76 - 4.23		1,479,094		0.51		1.40 - 2.10	20.87 - 21.72
	2018		398,727		3.11 - 3.47		1,320,037		0.39		1.40 - 2.10	(15.23) - (14.63)
BHFTII	2022		210,567		2.18 - 2.39		481,424		2.34		1.70 - 2.35	(19.61) - (19.09)
Brighthouse/Dimensional	2021		224,377		2.66 - 2.95		635,852		1.46		1.70 - 2.50	11.05 - 11.94
International Small Company	2020		332,389		2.39 - 2.64		842,253		2.44		1.70 - 2.50	6.10 - 6.95
Subaccount	2019		322,203		2.25 - 2.47		766,342		1.02		1.70 - 2.50	20.00 - 20.96
	2018		350,947		1.88 - 2.04		692,783		2.35		1.70 - 2.50	(22.54) - (21.91)

100

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
BHFTII	2022		36,985,298		1.90 - 5.49		186,652,046		1.72		0.30 - 2.65	(19.47) - (17.33)
Brighthouse/Wellington	2021		40,629,804		2.35 - 6.70		249,848,369		1.83		0.30 - 2.65	10.75 - 13.68
Balanced Subaccount	2020		44,766,862		2.13 - 5.95		244,102,740		2.22		0.30 - 2.65	14.37 - 17.37
	2019		48,267,244		1.86 - 5.12		226,374,860		2.20		0.30 - 2.65	19.51 - 22.62
	2018		53,548,074		1.56 - 4.22		207,016,147		1.76		0.30 - 2.65	(6.53) - (4.05)
BHFTII	2022		23,710,667		2.53 - 111.58		100,052,269		1.34		0.30 - 2.65	(7.78) - (5.36)
Brighthouse/Wellington Core	2021		26,750,695		2.74 - 118.93		119,852,128		1.30		0.30 - 2.65	20.86 - 24.05
Equity Opportunities	2020		30,172,832		2.26 - 96.71		110,425,459		1.50		0.30 - 2.65	8.06 - 10.94
Subaccount	2019		34,108,316		2.09 - 87.94		114,009,727		1.50		0.30 - 2.65	27.23 - 30.55
	2018		39,171,051		1.64 - 67.95		102,413,865		1.63		0.30 - 2.65	(2.97) - (0.39)
BHFTII Frontier Mid Cap	2022		25,601,571		1.40 - 4.06		60,351,227		—		0.30 - 2.70	(30.21) - (28.43)
Growth Subaccount	2021		27,655,751		1.99 - 5.70		92,422,989		—		0.30 - 2.70	11.39 - 14.20
	2020		30,104,951		1.77 - 5.00		89,256,383		—		0.30 - 2.70	27.94 - 31.20
	2019		32,929,142		1.37 - 3.82		75,545,157		—		0.30 - 2.70	29.36 - 32.61
	2018		37,053,486		1.05 - 2.89		64,833,991		—		0.30 - 2.70	(8.38) - (6.05)
BHFTII Jennison Growth	2022		129,821,695		1.76 - 4.83		354,744,574		—		0.30 - 2.70	(40.65) - (39.05)
Subaccount	2021		140,545,071		2.92 - 8.04		636,622,118		—		0.30 - 2.70	13.80 - 16.82
	2020		153,242,334		2.53 - 6.98		600,180,660		0.20		0.30 - 2.70	52.20 - 56.33
	2019		169,679,169		1.64 - 4.53		429,253,466		0.42		0.30 - 2.70	28.97 - 32.43
	2018		188,452,697		1.26 - 3.47		363,480,340		0.32		0.30 - 2.70	(2.57) - 0.05
BHFTII Loomis Sayles Small	2022		142,469		6.33 - 7.96		1,021,481		—		1.70 - 2.50	(17.37) - (16.70)
Cap Core Subaccount	2021		151,115		7.66 - 9.55		1,310,558		—		1.70 - 2.50	18.64 - 19.59
	2020		251,717		6.45 - 7.99		1,842,313		—		1.70 - 2.50	9.02 - 9.90
	2019		244,753		5.92 - 7.27		1,638,105		—		1.70 - 2.50	22.14 - 23.12
	2018		257,659		4.85 - 5.90		1,406,195		—		1.70 - 2.50	(13.50) - (12.80)
BHFTII MetLife Aggregate	2022		14,903,553		1.30 - 2.45		34,532,977		2.78		0.30 - 1.30	(14.21) - (13.35)
Bond Index Subaccount	2021		16,238,089		1.52 - 2.85		43,696,106		2.56		0.30 - 1.30	(3.19) - (2.22)
	2020		18,077,676		1.56 - 2.95		50,124,144		2.99		0.30 - 1.30	5.82 - 6.89
	2019		18,995,114		1.48 - 2.78		49,551,346		3.19		0.30 - 1.30	7.23 - 8.31
	2018		21,376,472		1.38 - 2.59		51,926,708		3.03		0.30 - 1.30	(1.47) - (0.48)
BHFTII MetLife Mid Cap	2022		4,310,190		3.07 - 56.14		17,185,456		1.06		0.30 - 1.25	(14.49) - (13.76)
Stock Index Subaccount	2021		4,606,537		3.58 - 65.10		20,772,663		1.03		0.30 - 1.25	22.59 - 23.64
	2020		4,983,294		2.92 - 52.65		17,812,461		1.40		0.30 - 1.25	11.77 - 12.73
	2019		5,500,355		2.60 - 46.71		16,820,113		1.35		0.30 - 1.25	24.10 - 25.16
	2018		6,446,927		2.09 - 37.32		15,350,273		1.23		0.30 - 1.25	(12.58) - (11.83)
BHFTII MetLife MSCI EAFE®	2022		14,216,653		1.20 - 2.96		37,950,079		3.73		0.30 - 1.60	(15.83) - (14.73)
Index Subaccount	2021		14,867,590		1.42 - 3.51		46,762,959		1.81		0.30 - 1.60	8.97 - 10.39
	2020		15,901,807		1.30 - 3.21		45,600,966		3.14		0.30 - 1.60	6.13 - 7.52
	2019		17,083,332		1.23 - 3.01		45,870,914		2.69		0.30 - 1.60	20.00 - 21.57
	2018		18,728,366		1.02 - 2.50		41,661,089		3.02		0.30 - 1.60	(15.29) - (14.17)
BHFTII MetLife Russell 2000®	2022		13,280,545		2.88 - 6.80		81,578,167		1.07		0.30 - 1.65	(21.53) - (20.47)
Index Subaccount	2021		14,195,220		3.67 - 8.63		110,551,440		1.00		0.30 - 1.65	12.65 - 14.18
	2020		15,452,574		3.26 - 7.63		106,535,021		1.35		0.30 - 1.65	17.66 - 19.26
	2019		17,116,080		2.77 - 6.46		99,890,207		1.19		0.30 - 1.65	23.57 - 25.24
	2018		19,151,054		2.24 - 5.20		89,981,408		1.12		0.30 - 1.65	(12.44) - (11.24)

101

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
BHFTII MetLife Stock Index	2022		222,686,400		2.53 - 71.23		795,440,544		1.28		0.28 - 3.50	(20.52) - (18.53)
Subaccount	2021		243,652,049		2.84 - 88.05		1,076,150,013		1.50		0.28 - 3.50	23.82 - 28.00
	2020		267,736,911		2.28 - 69.29		932,920,782		1.85		0.28 - 3.50	13.92 - 17.77
	2019		293,791,316		1.92 - 59.26		876,394,842		2.12		0.28 - 3.50	26.52 - 30.78
	2018		327,389,149		1.57 - 45.64		755,196,430		1.78		0.28 - 3.50	(7.99) - (4.87)
BHFTII MFS® Total Return	2022		71,065,681		1.48 - 5.60		233,294,484		1.62		0.30 - 2.75	(12.31) - (10.09)
Subaccount	2021		79,234,296		1.69 - 6.28		291,543,870		1.72		0.30 - 2.75	10.84 - 13.65
	2020		86,823,842		1.52 - 5.57		284,958,886		2.28		0.30 - 2.75	6.51 - 9.21
	2019		94,435,263		1.43 - 5.15		288,485,569		2.19		0.30 - 2.75	16.81 - 19.77
	2018		107,311,664		1.22 - 4.34		277,060,117		2.13		0.30 - 2.75	(8.38) - (6.04)
BHFTII MFS® Value	2022		27,836,841		1.94 - 4.57		101,148,921		1.68		0.30 - 2.65	(8.62) - (6.26)
Subaccount	2021		31,115,985		2.13 - 4.88		121,811,161		1.53		0.30 - 2.65	22.08 - 25.17
	2020		34,704,830		1.74 - 3.90		109,929,207		1.95		0.30 - 2.65	0.99 - 3.65
	2019		37,952,195		1.73 - 3.76		117,774,514		1.89		0.30 - 2.65	26.51 - 29.74
	2018		43,397,961		1.36 - 2.90		105,118,219		1.48		0.30 - 2.65	(12.56) - (10.32)
BHFTII Neuberger Berman	2022		10,845,299		2.06 - 6.92		46,376,941		—		0.30 - 2.65	(21.43) - (19.39)
Genesis Subaccount	2021		11,806,761		2.58 - 8.61		63,123,292		0.07		0.30 - 2.65	15.03 - 18.06
	2020		12,918,981		2.23 - 7.32		59,097,124		0.15		0.30 - 2.65	21.49 - 24.73
	2019		15,001,058		1.83 - 5.88		54,842,256		0.20		0.30 - 2.65	26.02 - 29.29
	2018		17,310,381		1.44 - 4.56		49,617,508		0.31		0.30 - 2.65	(9.43) - (6.98)
BHFTII T. Rowe Price Large	2022		15,705,285		2.33 - 5.17		48,322,145		—		0.30 - 2.65	(42.19) - (40.84)
Cap Growth Subaccount	2021		16,550,380		4.03 - 8.75		86,775,807		—		0.30 - 2.65	16.87 - 19.59
	2020		17,957,890		3.44 - 7.31		79,350,326		0.03		0.30 - 2.65	33.13 - 36.23
	2019		19,835,567		2.58 - 5.37		65,039,439		0.20		0.30 - 2.65	27.24 - 30.20
	2018		22,058,904		2.03 - 4.12		55,949,934		0.22		0.30 - 2.65	(3.71) - (1.45)
BHFTII T. Rowe Price Small	2022		23,361,610		2.53 - 6.24		92,755,078		—		0.30 - 2.65	(24.37) - (22.58)
Cap Growth Subaccount	2021		25,050,895		3.34 - 8.09		129,542,257		—		0.30 - 2.65	8.44 - 11.02
	2020		27,703,714		3.08 - 7.31		130,165,373		—		0.30 - 2.65	20.79 - 23.67
	2019		30,420,959		2.55 - 5.93		116,605,680		—		0.30 - 2.65	29.36 - 32.44
	2018		34,048,706		1.97 - 4.49		99,301,511		—		0.30 - 2.65	(9.23) - (7.06)
BHFTII Western Asset	2022		18,316,052		1.18 - 44.87		89,194,877		5.97		0.30 - 2.75	(19.06) - (16.91)
Management Strategic Bond	2021		20,308,407		1.45 - 54.00		119,588,003		3.68		0.30 - 2.75	(0.10) - 2.51
Opportunities Subaccount	2020		21,792,356		1.44 - 52.68		127,209,010		5.88		0.30 - 2.75	3.87 - 6.59
	2019		22,930,953		1.38 - 49.42		130,550,552		4.83		0.30 - 2.75	11.20 - 14.14
	2018		26,066,458		1.24 - 43.29		133,489,367		5.34		0.30 - 2.75	(6.54) - (4.09)
BHFTII Western Asset	2022		29,490,028		0.93 - 2.48		43,522,150		2.32		0.15 - 2.45	(11.21) - (9.14)
Management U.S. Government	2021		33,120,355		1.05 - 2.75		54,069,701		2.67		0.15 - 2.45	(3.90) - (1.67)
Subaccount	2020		33,522,576		1.09 - 2.83		57,214,870		3.14		0.15 - 2.45	2.69 - 5.09
	2019		34,568,327		1.06 - 2.71		57,126,008		2.73		0.15 - 2.45	3.46 - 5.87
	2018		39,125,839		1.02 - 2.59		61,098,385		2.32		0.15 - 2.45	(1.49) - 0.82
BNY Mellon Sustainable U.S.	2022		184,627		2.88 - 3.46		578,552		0.33		1.55 - 2.50	(24.96) - (24.24)
Equity Subaccount	2021		283,656		3.83 - 4.57		1,176,974		0.60		1.55 - 2.50	23.55 - 24.73
	2020		291,006		3.10 - 3.67		973,341		0.90		1.55 - 2.50	20.79 - 21.95
	2019		247,250		2.57 - 3.01		682,990		1.26		1.55 - 2.50	30.70 - 31.95
	2018		251,679		1.73 - 2.28		529,454		1.47		1.55 - 2.65	(7.15) - (6.11)

102

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
Delaware VIP® Small Cap	2022		1,444,081		4.43 - 7.83		7,979,029		0.84		0.30 - 1.30	(13.22) - (12.35)
Value Subaccount	2021		1,679,073		5.05 - 8.96		10,482,500		0.84		0.30 - 1.30	32.68 - 34.01
	2020		1,825,639		3.77 - 6.70		8,517,325		1.37		0.30 - 1.30	(3.17) - (2.20)
	2019		1,950,909		3.85 - 6.87		9,419,075		1.08		0.30 - 1.30	26.49 - 27.76
	2018		2,189,895		3.02 - 5.40		8,251,064		0.86		0.30 - 1.30	(17.80) - (16.97)
DWS Small Mid Cap Value VIP	2022		776,648		2.20 - 3.55		2,432,487		0.48		1.55 - 2.65	(18.33) - (17.43)
Subaccount	2021		858,704		2.69 - 4.29		3,262,839		0.88		1.55 - 2.65	26.64 - 28.04
	2020		1,006,067		2.13 - 3.35		3,000,310		1.12		1.55 - 2.65	(3.70) - (2.63)
	2019		1,109,069		2.21 - 3.44		3,442,628		0.36		1.55 - 2.65	17.83 - 19.13
	2018		1,228,018		1.87 - 2.89		3,204,277		0.99		1.55 - 2.65	(18.53) - (17.62)
Fidelity® VIP Contrafund®	2022		37,320,404		2.86 - 5.07		171,048,772		0.28		0.30 - 2.65	(28.41) - (26.71)
Subaccount	2021		40,331,243		3.99 - 6.98		255,315,638		0.03		0.30 - 2.65	24.18 - 27.13
	2020		44,529,584		3.20 - 5.54		223,915,495		0.09		0.30 - 2.65	26.82 - 29.84
	2019		49,988,801		2.51 - 4.31		195,661,753		0.23		0.30 - 2.65	27.84 - 30.88
	2018		57,487,411		1.96 - 3.32		173,689,860		0.45		0.30 - 2.65	(9.10) - (6.92)
Fidelity® VIP Dynamic	2022		379,674		3.03 - 5.75		1,497,091		0.10		0.30 - 2.35	(22.88) - (21.29)
Capital Appreciation	2021		399,881		3.90 - 7.30		2,026,075		0.10		0.30 - 2.35	21.39 - 23.90
Subaccount	2020		542,634		3.18 - 5.89		2,284,013		0.04		0.30 - 2.35	30.24 - 32.94
	2019		560,124		2.42 - 4.43		1,791,623		0.38		0.30 - 2.45	26.68 - 29.43
	2018		628,126		1.89 - 3.43		1,565,732		0.34		0.30 - 2.50	(7.52) - (5.45)
Fidelity® VIP	2022		26,429,561		2.66 - 7.94		202,452,483		1.84		0.30 - 1.90	(7.02) - (5.24)
Equity-Income Subaccount	2021		29,152,777		2.86 - 8.46		237,742,367		1.87		0.30 - 1.90	22.26 - 24.52
	2020		31,565,480		2.34 - 6.86		208,554,867		1.79		0.30 - 1.90	4.43 - 6.37
	2019		34,706,180		2.24 - 6.51		217,669,778		1.97		0.30 - 1.90	24.72 - 27.06
	2018		38,772,632		1.80 - 5.17		192,945,322		2.21		0.30 - 1.90	(10.27) - (8.57)
Fidelity® VIP Freedom 2020	2022		247,445		2.10 - 2.51		558,614		1.92		0.30 - 1.30	(17.05) - (16.22)
Subaccount	2021		317,694		2.54 - 3.00		861,063		0.81		0.30 - 1.30	7.85 - 8.94
	2020		317,827		2.35 - 2.75		795,487		1.17		0.30 - 1.30	13.24 - 14.38
	2019		231,752		2.12 - 2.41		510,654		1.96		0.30 - 1.15	18.51 - 19.52
	2018		198,054		1.79 - 2.01		366,988		1.48		0.30 - 1.15	(7.16) - (6.36)
Fidelity® VIP Freedom 2025	2022		713,558		2.34 - 2.73		1,747,902		1.75		0.30 - 1.15	(17.59) - (16.89)
Subaccount	2021		641,981		2.85 - 3.28		1,902,501		0.86		0.30 - 1.15	9.29 - 10.22
	2020		559,448		2.60 - 2.97		1,510,878		0.95		0.30 - 1.15	14.35 - 15.33
	2019		603,881		2.28 - 2.58		1,425,633		2.09		0.30 - 1.15	20.12 - 21.15
	2018		482,273		1.90 - 2.13		942,996		2.26		0.30 - 1.15	(7.85) - (7.06)
Fidelity® VIP Freedom 2030	2022		327,926		2.38 - 2.84		834,712		1.80		0.30 - 1.30	(18.16) - (17.33)
Subaccount	2021		453,819		2.91 - 3.44		1,429,715		1.06		0.30 - 1.30	10.62 - 11.73
	2020		336,207		2.63 - 3.08		944,547		0.99		0.30 - 1.30	15.13 - 16.29
	2019		417,319		2.29 - 2.65		1,034,669		2.38		0.30 - 1.30	22.51 - 23.74
	2018		286,413		1.87 - 2.05		563,583		1.17		0.60 - 1.30	(9.25) - (8.61)
Fidelity® VIP Freedom 2040	2022		206,788		3.45 - 3.96		757,594		1.82		0.30 - 1.30	(19.46) - (18.65)
Subaccount	2021		118,864		4.37 - 4.87		540,288		0.75		0.30 - 1.15	16.15 - 17.14
	2020		103,682		3.76 - 4.16		404,352		0.90		0.30 - 1.15	17.63 - 18.63
	2019		73,176		3.20 - 3.50		242,007		1.76		0.30 - 1.15	26.77 - 27.85
	2018		61,131		2.52 - 2.74		157,143		1.00		0.30 - 1.15	(11.16) - (10.39)

103

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
Fidelity® VIP Freedom 2050	2022		237,658		3.52 - 4.04		888,067		1.30		0.30 - 1.30	(19.52) - (18.71)
Subaccount	2021		247,568		4.38 - 4.97		1,149,099		0.75		0.30 - 1.30	16.00 - 17.16
	2020		217,368		3.84 - 4.25		865,948		0.80		0.30 - 1.15	17.63 - 18.64
	2019		141,041		3.27 - 3.58		476,052		1.46		0.30 - 1.15	26.75 - 27.83
	2018		140,023		2.58 - 2.80		371,752		1.46		0.30 - 1.15	(11.16) - (10.40)
Fidelity® VIP FundsManager	2022		29,087,023		15.97 - 19.80		472,794,820		1.66		0.70 - 2.10	(16.82) - (15.65)
60% Subaccount	2021		37,020,338		19.20 - 23.48		723,462,420		1.10		0.70 - 2.10	10.01 - 11.56
	2020		39,285,876		17.45 - 21.04		697,114,674		1.06		0.70 - 2.10	12.73 - 14.32
	2019		40,912,426		15.48 - 18.41		643,235,435		1.52		0.70 - 2.10	17.98 - 19.65
	2018		42,848,800		13.12 - 15.39		570,284,109		1.23		0.70 - 2.10	(8.39) - (7.10)
Fidelity® VIP High Income	2022		3,145,752		1.99 - 3.52		11,047,426		4.87		0.95 - 1.30	(12.52) - (12.21)
Subaccount	2021		3,510,924		2.28 - 4.03		14,084,477		5.26		0.95 - 1.30	3.06 - 3.42
	2020		3,759,086		2.21 - 3.90		14,618,428		4.92		0.95 - 1.30	1.42 - 1.77
	2019		4,148,603		2.18 - 3.85		15,896,086		5.01		0.95 - 1.30	13.62 - 14.02
	2018		4,644,052		1.92 - 3.38		15,648,435		5.39		0.95 - 1.30	(4.54) - (4.20)
Fidelity® VIP Mid Cap	2022		39,825,738		2.73 - 6.04		204,867,502		0.26		0.30 - 2.65	(17.19) - (15.22)
Subaccount	2021		43,120,439		3.29 - 7.15		263,609,660		0.35		0.30 - 2.65	22.03 - 24.93
	2020		47,677,976		2.68 - 5.74		235,076,664		0.40		0.30 - 2.65	14.78 - 17.51
	2019		52,387,758		2.33 - 4.90		221,566,211		0.67		0.30 - 2.65	19.95 - 22.80
	2018		57,879,679		1.93 - 4.00		200,990,838		0.39		0.30 - 2.65	(17.02) - (15.03)
FTVIPT Franklin Income VIP	2022		4,230,152		1.73 - 7.95		11,022,411		4.86		1.30 - 2.55	(7.85) - (6.69)
Subaccount	2021		4,937,216		1.88 - 8.53		13,797,419		4.65		1.30 - 2.55	13.82 - 15.25
	2020		5,430,914		1.65 - 7.41		13,289,039		5.83		1.30 - 2.55	(1.85) - (0.61)
	2019		6,360,321		1.68 - 7.46		15,465,174		5.30		1.30 - 2.55	13.14 - 14.56
	2018		7,205,410		1.49 - 6.52		15,473,523		4.88		1.30 - 2.55	(6.73) - (5.55)
FTVIPT Franklin Mutual	2022		3,747,195		2.16 - 2.54		8,622,687		1.81		1.40 - 1.90	(9.17) - (8.72)
Shares VIP Subaccount	2021		4,118,796		2.38 - 2.78		10,403,872		2.81		1.40 - 1.90	16.93 - 17.51
	2020		4,630,910		2.03 - 2.37		9,971,757		2.76		1.40 - 1.90	(6.84) - (6.37)
	2019		5,065,548		2.18 - 2.53		11,737,530		1.79		1.40 - 1.90	20.27 - 20.87
	2018		5,820,994		1.82 - 2.09		11,189,550		2.36		1.40 - 1.90	(10.79) - (10.34)
FTVIPT Franklin Rising	2022		2,331,556		2.91 - 4.45		9,205,241		0.80		1.50 - 3.05	(12.95) - (11.90)
Dividends VIP Subaccount	2021		2,704,402		2.86 - 5.05		12,162,912		0.87		1.50 - 3.05	22.98 - 24.90
	2020		3,116,782		2.32 - 4.05		11,278,118		1.22		1.50 - 3.05	12.48 - 14.24
	2019		4,119,081		2.06 - 3.54		13,208,784		1.24		1.50 - 3.05	25.35 - 27.31
	2018		4,760,651		1.65 - 2.79		12,059,825		1.27		1.50 - 3.05	(7.94) - (6.50)
FTVIPT Franklin Small-Mid	2022		5,793,086		2.17 - 4.01		17,940,612		—		1.25 - 2.70	(35.46) - (34.51)
Cap Growth VIP Subaccount	2021		6,221,002		3.33 - 6.15		29,521,582		—		1.25 - 2.70	7.08 - 8.65
	2020		7,030,615		3.09 - 5.70		30,892,301		—		1.25 - 2.70	50.95 - 53.16
	2019		7,883,686		2.03 - 3.74		22,806,213		—		1.25 - 2.70	27.93 - 29.80
	2018		8,887,240		1.57 - 2.90		19,886,572		—		1.25 - 2.70	(7.91) - (6.55)
FTVIPT Templeton Developing	2022		4,829,792		1.93 - 2.94		10,212,208		2.60		0.30 - 1.40	(23.07) - (22.22)
Markets VIP Subaccount	2021		5,029,951		2.51 - 3.82		13,790,529		0.88		0.30 - 1.40	(7.05) - (6.02)
	2020		5,519,321		2.70 - 4.11		16,223,290		4.15		0.30 - 1.40	15.55 - 16.83
	2019		6,210,752		2.34 - 3.56		15,746,332		1.00		0.30 - 1.40	24.94 - 26.32
	2018		7,069,382		1.87 - 2.85		14,319,195		0.87		0.30 - 1.40	(16.97) - (16.05)

104

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
FTVIPT Templeton Foreign	2022		20,123,394		1.18 - 2.02		31,359,265		3.08		0.30 - 2.65	(10.02) - (7.88)
VIP Subaccount	2021		22,062,676		1.30 - 2.22		37,803,629		1.84		0.30 - 2.65	1.44 - 3.85
	2020		23,937,576		1.27 - 2.17		40,058,261		3.41		0.30 - 2.65	(3.75) - (1.45)
	2019		25,305,736		1.31 - 2.24		43,610,980		1.73		0.30 - 2.65	9.59 - 12.19
	2018		28,049,760		1.06 - 2.02		43,703,190		2.67		0.30 - 2.70	(17.71) - (15.70)
Invesco V.I. Comstock	2022		1,378,419		1.79 - 3.79		3,524,933		1.56		1.40 - 2.60	(1.47) - (0.28)
Subaccount	2021		1,601,567		1.80 - 3.81		4,092,771		1.80		1.40 - 2.60	29.94 - 31.51
	2020		1,825,227		1.37 - 2.90		3,560,476		2.37		1.40 - 2.60	(3.41) - (2.24)
	2019		2,006,443		1.40 - 2.97		4,072,091		1.96		1.40 - 2.60	22.09 - 23.56
	2018		2,240,752		1.14 - 2.40		3,687,615		1.63		1.40 - 2.60	(14.43) - (13.39)
Invesco V.I. Diversified	2022		245,413		2.11 - 2.71		583,726		1.61		1.60 - 2.50	(4.34) - (3.48)
Dividend Subaccount	2021		286,444		2.20 - 2.80		708,307		1.97		1.60 - 2.50	15.67 - 16.71
	2020		327,493		1.90 - 2.40		701,857		2.79		1.60 - 2.50	(2.61) - (1.72)
	2019		369,215		1.95 - 2.44		809,471		2.64		1.60 - 2.50	21.69 - 22.79
	2018		409,495		1.60 - 1.99		740,498		1.81		1.60 - 2.50	(10.10) - (9.29)
Invesco V.I. Equally-Weighted S&P 500 Subaccount (Commenced 4/29/2022)	2022		569,788		2.83 - 3.78		1,853,309		0.82		1.55 - 2.60	(6.03) - (5.36)
Invesco V.I. Equity and	2022		10,497,768		2.30 - 3.19		31,760,794		1.39		1.40 - 2.65	(9.92) - (8.93)
Income Subaccount	2021		12,184,420		2.37 - 3.57		40,614,482		1.64		1.40 - 2.65	2.12 - 16.71
	2020		12,989,346		2.75 - 3.00		37,311,675		2.17		1.40 - 1.90	7.58 - 8.12
	2019		14,866,988		2.55 - 2.78		39,633,770		2.26		1.40 - 1.90	17.75 - 18.34
	2018		17,005,128		2.17 - 2.35		38,404,499		1.94		1.40 - 1.90	(11.44) - (10.99)
Invesco V.I. Government	2022		3,224,496		0.87 - 1.46		3,419,430		1.73		1.40 - 2.50	(12.78) - (11.54)
Securities Subaccount	2021		3,500,509		0.99 - 1.65		4,256,831		2.12		1.40 - 2.50	(4.84) - (3.63)
	2020		4,230,959		1.04 - 1.71		5,332,136		2.20		1.40 - 2.50	3.35 - 4.79
	2019		4,326,178		1.01 - 1.63		5,279,639		2.24		1.40 - 2.50	3.14 - 4.60
	2018		4,822,600		0.98 - 1.56		5,682,200		1.90		1.40 - 2.50	(2.20) - (0.85)
Janus Henderson Enterprise	2022		3,426,708		1.95 - 6.99		10,766,702		0.08		0.30 - 2.60	(18.30) - (16.40)
Subaccount	2021		4,015,526		2.37 - 8.54		16,132,869		0.24		0.30 - 2.60	13.55 - 16.19
	2020		4,419,389		2.08 - 7.46		15,348,565		—		0.30 - 2.60	16.12 - 18.83
	2019		5,055,800		1.77 - 6.36		15,017,253		0.05		0.30 - 2.60	31.69 - 34.75
	2018		5,565,999		1.34 - 4.79		11,953,242		0.11		0.30 - 2.60	(3.23) - (0.96)
Janus Henderson Global	2022		149,022		1.76 - 3.04		356,978		0.90		0.30 - 1.30	(20.65) - (19.85)
Research Subaccount	2021		148,679		2.22 - 3.79		446,315		0.35		0.30 - 1.30	16.28 - 17.44
	2020		185,137		1.91 - 3.23		473,149		0.54		0.30 - 1.30	18.21 - 19.40
	2019		213,532		1.61 - 2.70		448,594		0.79		0.30 - 1.30	27.05 - 28.33
	2018		318,483		1.27 - 2.11		540,551		0.99		0.30 - 1.30	(8.29) - (7.36)
Janus Henderson Overseas	2022		11,966,010		1.39 - 3.18		25,193,019		1.67		1.25 - 2.25	(10.86) - (9.97)
Subaccount	2021		12,900,328		1.55 - 3.57		30,086,260		1.02		1.25 - 2.25	10.77 - 11.88
	2020		14,073,464		1.39 - 3.22		29,280,333		1.21		1.25 - 2.25	13.43 - 14.58
	2019		15,394,547		1.22 - 2.84		28,006,536		1.82		1.25 - 2.25	23.89 - 25.13
	2018		17,322,943		0.98 - 2.29		25,260,443		1.65		1.25 - 2.50	(17.24) - (16.20)

105

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
LMPVET ClearBridge Variable	2022		19,605,939		2.44 - 4.99		49,021,048		0.45		0.30 - 1.65	(27.62) - 0.00
Aggressive Growth Subaccount	2021		21,121,700		3.01 - 5.04		72,628,027		0.08		0.30 - 2.60	8.49 - 10.43
	2020		96,731,054		2.73 - 4.57		313,062,894		0.80		0.30 - 2.60	14.70 - 17.66
	2019		107,965,386		2.35 - 3.95		300,557,979		0.95		0.30 - 2.60	21.54 - 24.70
	2018		119,153,039		1.91 - 3.21		269,466,054		0.58		0.30 - 2.60	(10.93) - (8.62)
LMPVET ClearBridge Variable	2022		53,368,682		2.97 - 5.07		209,555,005		1.02		0.30 - 2.70	(14.78) - (12.71)
Appreciation Subaccount	2021		58,891,266		3.48 - 5.88		267,884,375		0.61		0.30 - 2.70	20.37 - 23.29
	2020		66,212,294		2.90 - 4.82		247,156,184		1.05		0.30 - 2.70	11.71 - 14.43
	2019		74,261,085		2.59 - 4.26		245,243,225		1.35		0.30 - 2.70	26.41 - 29.48
	2018		84,781,289		2.05 - 3.33		218,901,424		1.22		0.30 - 2.70	(4.37) - (2.04)
LMPVET ClearBridge Variable	2022		22,819,911		2.31 - 4.60		71,581,458		1.23		0.30 - 2.75	(10.72) - (8.38)
Dividend Strategy Subaccount	2021		25,739,177		2.59 - 5.04		89,454,613		1.38		0.30 - 2.75	23.18 - 26.42
	2020		29,032,495		2.10 - 4.00		81,060,484		1.34		0.30 - 2.75	4.57 - 7.35
	2019		31,960,465		2.01 - 3.74		84,602,666		1.35		0.30 - 2.75	27.85 - 31.20
	2018		36,497,382		1.57 - 2.86		74,936,378		1.39		0.30 - 2.75	(7.59) - (5.14)
LMPVET ClearBridge Variable	2022		19,863,169		2.96 - 6.10		75,953,155		—		0.30 - 2.60	(33.98) - (32.45)
Large Cap Growth Subaccount	2021		21,721,806		4.34 - 9.06		124,612,613		—		0.30 - 2.60	18.81 - 21.57
	2020		24,146,273		3.64 - 7.48		115,336,693		0.02		0.30 - 2.60	27.37 - 30.34
	2019		27,206,910		2.86 - 5.75		100,803,314		0.35		0.30 - 2.60	28.77 - 31.77
	2018		30,132,940		2.22 - 4.38		85,877,435		0.29		0.30 - 2.70	(2.66) - (0.28)
LMPVET ClearBridge Variable	2022		26,018,715		2.60 - 5.53		87,188,184		1.28		0.30 - 2.60	(8.83) - (6.71)
Large Cap Value Subaccount	2021		28,617,610		2.83 - 5.95		104,006,204		1.01		0.30 - 2.60	22.97 - 25.83
	2020		31,705,933		2.30 - 4.74		92,709,708		1.37		0.30 - 2.60	2.54 - 4.93
	2019		35,189,737		2.24 - 4.53		99,406,048		1.68		0.30 - 2.60	25.58 - 28.50
	2018		40,390,179		1.79 - 3.54		89,737,968		1.47		0.30 - 2.60	(11.23) - (9.15)
LMPVET ClearBridge Variable	2022		6,666,375		2.64 - 4.20		22,994,306		0.33		1.30 - 2.70	(27.30) - (26.28)
Mid Cap Subaccount	2021		7,143,263		3.63 - 5.70		33,570,663		0.03		1.30 - 2.70	25.28 - 27.04
	2020		7,934,408		2.90 - 4.49		29,452,207		0.28		1.30 - 2.70	12.27 - 13.86
	2019		8,750,941		2.58 - 3.94		28,711,159		0.57		1.30 - 2.70	29.41 - 31.23
	2018		9,957,705		2.00 - 3.00		25,013,906		0.48		1.30 - 2.70	(14.86) - (13.66)
LMPVET ClearBridge Variable	2022		9,238,983		3.07 - 6.18		40,489,918		—		0.30 - 2.60	(30.67) - (29.06)
Small Cap Growth Subaccount	2021		9,848,097		4.42 - 8.84		61,701,902		—		0.30 - 2.60	9.72 - 12.27
	2020		10,610,389		4.03 - 7.98		60,184,573		—		0.30 - 2.60	39.58 - 42.83
	2019		12,191,433		2.89 - 5.67		48,912,248		—		0.30 - 2.60	23.62 - 26.49
	2018		13,501,466		2.34 - 4.54		43,386,308		—		0.30 - 2.60	0.77 - 3.12
LMPVET Franklin Multi-Asset	2022		10,530,210		2.06 - 3.01		25,159,649		2.06		1.17 - 1.90	(15.79) - (15.17)
Variable Conservative Growth	2021		12,075,254		2.44 - 3.55		34,229,171		3.18		1.17 - 1.90	9.37 - 10.17
Fund Subaccount	2020		13,745,795		2.23 - 3.22		35,358,020		2.01		1.17 - 1.90	8.87 - 9.67
	2019		16,174,699		2.05 - 2.94		37,884,033		2.08		1.17 - 1.90	15.16 - 16.00
	2018		17,662,861		1.78 - 2.53		35,760,148		2.47		1.17 - 1.90	(6.21) - (5.52)
LMPVET Franklin Multi-Asset	2022		6,343,057		2.20 - 3.16		15,496,439		3.11		1.17 - 1.90	(16.40) - (15.79)
Variable Growth Fund	2021		6,786,718		2.63 - 3.75		19,722,677		4.09		1.17 - 1.90	18.43 - 19.29
Subaccount	2020		7,219,730		2.22 - 3.14		17,615,015		1.59		1.17 - 1.90	9.14 - 9.94
	2019		7,852,632		2.04 - 2.86		17,458,071		1.47		1.17 - 1.90	20.27 - 21.15
	2018		9,281,538		1.69 - 2.36		17,063,862		2.49		1.17 - 1.90	(9.78) - (9.12)

106

BRIGHTHOUSE SEPARATE ACCOUNT ELEVEN FOR VARIABLE ANNUITIES
OF BRIGHTHOUSE LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Concluded)

8.  FINANCIAL HIGHLIGHTS — (Concluded)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense Ratio2 Lowest to Highest (%)		Total Return3 Lowest to Highest (%)
LMPVET Franklin Multi-Asset	2022		9,011,632		2.15 - 2.96		21,147,057		1.77		1.17 - 1.90	(15.97) - (15.36)
Variable Moderate Growth	2021		9,747,833		2.56 - 3.50		27,097,440		4.00		1.17 - 1.90	14.47 - 15.31
Fund Subaccount	2020		10,970,615		2.24 - 3.03		26,520,345		1.68		1.17 - 1.90	8.98 - 9.78
	2019		11,905,129		2.05 - 2.76		26,298,372		1.64		1.17 - 1.90	18.16 - 19.03
	2018		13,338,146		1.74 - 2.32		24,860,029		2.43		1.17 - 1.90	(8.05) - (7.37)
LMPVIT Western Asset Core	2022		16,142,132		1.57 - 2.89		31,984,203		1.96		0.30 - 2.60	(19.35) - (17.48)
Plus Subaccount	2021		17,542,239		1.87 - 3.54		42,733,660		2.50		0.30 - 2.60	(4.48) - (2.26)
	2020		18,131,417		1.96 - 3.65		45,841,550		2.07		0.30 - 2.60	6.50 - 8.98
	2019		20,194,579		1.83 - 3.38		47,360,069		4.42		0.30 - 2.60	9.29 - 11.84
	2018		22,876,891		1.67 - 3.05		48,591,233		3.50		0.30 - 2.60	(4.76) - (2.53)
LMPVIT Western Asset	2022		1,204,787		1.43 - 2.55		2,296,492		6.21		1.40 - 2.60	(15.93) - (14.92)
Variable Global High Yield	2021		1,423,781		1.70 - 2.99		3,220,302		4.22		1.40 - 2.60	(1.27) - (0.08)
Bond Subaccount	2020		1,614,598		1.71 - 3.00		3,673,147		3.92		1.40 - 2.60	4.55 - 5.82
	2019		1,748,938		1.60 - 2.83		3,833,107		4.92		1.40 - 2.60	11.45 - 12.80
	2018		2,235,410		1.43 - 2.51		4,432,351		4.84		1.40 - 2.60	(6.40) - (5.26)
Morgan Stanley VIF Growth	2022		1,536,439		2.47 - 4.90		5,081,637		—		1.40 - 2.50	(61.06) - (60.62)
Subaccount	2021		1,736,635		6.28 - 12.50		14,841,889		—		1.40 - 2.50	(2.37) - (1.29)
	2020		1,942,541		6.37 - 12.73		17,275,455		—		1.40 - 2.50	111.94 - 114.29
	2019		2,151,852		2.98 - 5.97		9,145,676		—		1.40 - 2.50	28.55 - 29.97
	2018		2,182,332		2.30 - 4.62		7,029,706		—		1.40 - 2.50	4.87 - 6.04
Pioneer VCT Mid Cap Value	2022		3,669,238		2.18 - 3.74		11,865,564		1.40		1.40 - 2.70	(8.39) - (7.19)
Subaccount	2021		4,256,933		2.38 - 4.03		14,907,243		0.76		1.40 - 2.70	25.93 - 27.58
	2020		4,701,511		1.89 - 3.16		12,903,154		0.97		1.40 - 2.70	(0.85) - 0.45
	2019		4,998,614		1.91 - 3.16		13,738,486		1.06		1.40 - 2.70	24.67 - 26.30
	2018		5,701,177		1.53 - 2.50		12,504,657		0.45		1.40 - 2.70	(21.65) - (20.62)
Pioneer VCT Real Estate	2022		991,290		2.05 - 3.44		2,947,412		1.54		1.50 - 2.70	(32.86) - (32.05)
Shares Subaccount	2021		1,194,452		3.02 - 5.07		5,219,613		1.01		1.55 - 2.70	37.01 - 38.59
	2020		1,383,144		2.19 - 3.66		4,385,408		1.52		1.55 - 2.70	(10.09) - (9.05)
	2019		1,527,159		2.41 - 4.02		5,359,753		1.90		1.55 - 2.70	24.51 - 25.94
	2018		1,813,291		1.92 - 3.19		5,099,045		2.44		1.55 - 2.70	(10.02) - (8.97)
TAP 1919 Variable Socially	2022		6,859,577		2.04 - 6.85		32,141,181		0.68		0.30 - 2.50	(22.89) - (21.17)
Responsive Balanced	2021		7,626,618		2.62 - 8.77		43,958,601		0.34		0.30 - 2.50	15.60 - 18.17
Subaccount	2020		8,385,250		2.24 - 7.49		41,270,120		0.77		0.30 - 2.50	19.89 - 22.56
	2019		9,003,678		1.85 - 6.17		36,322,635		0.96		0.30 - 2.50	23.58 - 26.32
	2018		9,675,047		1.48 - 4.93		31,150,846		0.97		0.30 - 2.50	(3.40) - (1.24)

1  These amounts represent the dividends, excluding distributions of capital gains, received by the Subaccount from the underlying fund, portfolio, or series, net of management fees assessed by the fund manager, divided by the average net assets, regardless of share class, if any. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying fund, portfolio, or series in which the Subaccount invests. The investment income ratio is calculated as a weighted average ratio since the Subaccount may invest in two or more share classes, within the underlying fund, portfolio, or series of the trusts which may have unique investment income ratios.

2  These amounts represent annualized contract expenses of each of the applicable Subaccounts, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund, portfolio, or series have been excluded.

3  These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, portfolio, or series, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on the minimum and maximum returns within each product grouping of the applicable Subaccount.

107

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Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Index to Consolidated Financial Statements, Notes and Schedules

	Page
Report of Independent Registered Public Accounting Firm		2
Financial Statements at December 31, 2022 and 2021 and for the Years Ended December 31, 2022, 2021 and 2020:
Consolidated Balance Sheets		5
Consolidated Statements of Operations		6
Consolidated Statements of Comprehensive Income (Loss)		7
Consolidated Statements of Equity		8
Consolidated Statements of Cash Flows		9
Notes to the Consolidated Financial Statements
Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies		11
Note 2 — Segment Information		21
Note 3 — Insurance		24
Note 4 — Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements		28
Note 5 — Reinsurance		28
Note 6 — Investments		32
Note 7 — Derivatives		45
Note 8 — Fair Value		51
Note 9 — Long-term and Short-term Debt		62
Note 10 — Equity		63
Note 11 — Other Revenues and Other Expenses		66
Note 12 — Income Tax		67
Note 13 — Contingencies, Commitments and Guarantees		70
Note 14 — Related Party Transactions		73
Note 15 — Subsequent Event		74
Financial Statement Schedules at December 31, 2022 and 2021 and for the Years Ended December 31, 2022, 2021 and 2020:
Schedule I — Consolidated Summary of Investments — Other Than Investments in Related Parties		75
Schedule II — Condensed Financial Information (Parent Company Only)		76
Schedule III — Consolidated Supplementary Insurance Information		80
Schedule IV — Consolidated Reinsurance		82

1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Brighthouse Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Brighthouse Life Insurance Company and subsidiaries (the "Company") as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income (loss), stockholder's equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and the schedules listed in the Index to Consolidated Financial Statements, Notes and Schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Liability for Future Policy Benefits — Refer to Notes 1 and 3 to the consolidated financial statements

Critical Audit Matter Description

As of December 31, 2022, the liability for future policy benefits totaled $41.1 billion, and included benefits related to variable annuity contracts with guaranteed benefit riders and universal life insurance contracts with secondary guarantees. Management regularly reviews its assumptions supporting the estimates of these actuarial liabilities and differences between actual experience and the assumptions used in pricing the policies and guarantees may require a change to the assumptions recorded at inception as well as an adjustment to the related liabilities. Updating such assumptions can result in variability of profits or the recognition of losses.

2

Given the future policy benefit obligation for these contracts is sensitive to changes in the assumptions related to general account and separate account investment returns, and policyholder behavior including mortality, lapses, premium persistency, benefit election and utilization, and withdrawals, auditing management's selection of these assumptions involves an especially high degree of estimation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the updating of assumptions by management included the following, among others:

•  We tested the effectiveness of management's controls over the assumption review process, including those over the selection of the significant assumptions used related to general account and separate account investment returns, and policyholder behavior including mortality, lapses, premium persistency, benefit election and utilization, and withdrawals.

•  With the assistance of our actuarial specialists, we evaluated the appropriateness of the significant assumptions used, developed an independent estimate of the future policy benefit liability for a sample of policies, and compared our estimates to management's estimates.

•  We tested the completeness and accuracy of the underlying data that served as the basis for the actuarial analysis, including experience studies, to test that the inputs to the actuarial estimate were reasonable.

•  We evaluated the methods and significant assumptions used by management to identify potential bias.

•  We evaluated whether the significant assumptions used were consistent with evidence obtained in other areas of the audit.

Deferred Policy Acquisition Costs (DAC) — Refer to Notes 1 and 4 to the consolidated financial statements

Critical Audit Matter Description

The Company incurs and defers certain costs in connection with acquiring new and renewal insurance business. These deferred costs, amounting to $5.2 billion as of December 31, 2022, are amortized over the expected life of the policy contract in proportion to actual and expected future gross profits, premiums or margins. For deferred annuities and universal life contracts, expected future gross profits utilized in the amortization calculation are derived using assumptions such as separate account and general account investment returns, mortality, in-force or persistency, benefit elections and utilization, and withdrawals. The assumptions used in the calculation of expected future gross profits are reviewed at least annually.

Given the significance of the estimates and uncertainty associated with the long-term assumptions utilized in the determination of expected future gross profits, auditing management's determination of the appropriateness of the assumptions used in the calculation of DAC amortization involves an especially high degree of estimation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management's determination of DAC amortization included the following, among others:

•  We tested the effectiveness of management's controls related to the determination of expected future gross profits, including those over management's review that the significant assumptions utilized related to separate account and general account investment returns, mortality, in-force or persistency, benefit elections and utilization, and withdrawals represented a reasonable estimate.

•  With assistance from our actuarial specialists, we evaluated the data included in the estimate provided by the Company's actuaries and the methodology utilized, and evaluated the process used by the Company to determine whether the significant assumptions used were reasonable estimates based on the Company's own experience and industry studies.

•  We inquired of the Company's actuarial specialists whether there were any changes in the methodology utilized during the year in the determination of expected future gross profits.

•  We inspected supporting documentation underlying the Company's experience studies and, utilizing our actuarial specialists, independently recalculated the amortization for a sample of policies, and compared our estimates to management's estimates.

3

•  We evaluated whether the significant assumptions used by the Company were consistent with evidence obtained in other areas of the audit and to identify potential bias.

•  We evaluated the sufficiency of the Company's disclosures related to DAC amortization.

Embedded Derivative Liabilities Related to Variable Annuity Guarantees — Refer to Notes 1, 7, and 8 to the consolidated financial statements.

Critical Audit Matter Description

The Company sells index-linked annuities and variable annuity products with guaranteed minimum benefits, some of which are embedded derivatives that are required to be bifurcated from the host contract, separately accounted for, and measured at fair value. As of December 31, 2022, the fair value of the embedded derivative liability associated with certain of the Company's annuity contracts was $5.6 billion. Management utilizes various assumptions in order to measure the embedded liability including expectations concerning policyholder behavior, mortality and risk margins, as well as changes in the Company's own nonperformance risk. These assumptions are reviewed at least annually by management, and if they change significantly, the estimated fair value is adjusted by a cumulative charge or credit to net income.

Given the embedded derivative liability is sensitive to changes in these assumptions, auditing management's selection of these assumptions involves an especially high degree of estimation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the assumptions selected by management for the embedded derivative liability included the following, among others:

•  We tested the effectiveness of management's controls over the embedded derivative liability, including those over the selection of the significant assumptions related to policyholder behavior, mortality, risk margins and the Company's nonperformance risk.

•  With the assistance of our actuarial specialists, we evaluated the appropriateness of the significant assumptions, tested the completeness and accuracy of the underlying data and the mathematical accuracy of the Company's valuation model.

•  We evaluated the reasonableness of the Company's assumptions by comparing those selected by management to those independently derived by our actuarial specialists, drawing upon standard actuarial and industry practice.

•  We evaluated the methods and assumptions used by management to identify potential bias in the determination of the embedded liability.

•  We evaluated whether the assumptions used were consistent with evidence obtained in other areas of the audit.

/s/ DELOITTE & TOUCHE LLP

Charlotte, North Carolina
March 1, 2023

We have served as the Company's auditor since 2005.

4

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Consolidated Balance Sheets
December 31, 2022 and 2021

(In millions, except share and per share data)

	2022			2021
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $83,395 and $78,287, respectively; allowance for credit losses of $6 and $11, respectively)	$	74,757		$	86,527
Equity securities, at estimated fair value		66			95
Mortgage loans (net of allowance for credit losses of $119 and $123, respectively)		22,877			19,787
Policy loans		898			869
Limited partnerships and limited liability companies		4,774			4,271
Short-term investments, principally at estimated fair value		299			662
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)		2,984			3,324
Total investments		106,655			115,535
Cash and cash equivalents		3,752			3,904
Accrued investment income		868			706
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)		18,854			15,649
Deferred policy acquisition costs and value of business acquired		5,184			4,851
Current income tax recoverable		18			—
Deferred income tax asset		1,580			—
Other assets		360			385
Separate account assets		78,880			106,225
Total assets	$	216,151		$	247,255
Liabilities and Equity
Liabilities
Future policy benefits	$	41,105		$	43,589
Policyholder account balances		74,112			66,195
Other policy-related balances		3,146			3,153
Payables for collateral under securities loaned and other transactions		4,547			6,253
Long-term and short-term debt		963			841
Current income tax payable		—			57
Deferred income tax liability		—			981
Other liabilities		6,534			3,850
Separate account liabilities		78,880			106,225
Total liabilities		209,287			231,144
Contingencies, Commitments and Guarantees (Note 13)
Equity
Brighthouse Life Insurance Company's stockholder's equity:
Common stock, par value $25,000 per share; 4,000 shares authorized; 3,000 shares issued and outstanding		75			75
Additional paid-in capital		17,773			17,773
Retained earnings (deficit)		(5,717	)		(5,653	)
Accumulated other comprehensive income (loss)		(5,282	)		3,901
Total Brighthouse Life Insurance Company's stockholder's equity		6,849			16,096
Noncontrolling interests		15			15
Total equity		6,864			16,111
Total liabilities and equity	$	216,151		$	247,255

See accompanying notes to the consolidated financial statements.

5

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Consolidated Statements of Operations
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022			2021			2020
Revenues
Premiums	$	641		$	687		$	736
Universal life and investment-type product policy fees		2,562			2,986			2,839
Net investment income		4,064			4,815			3,528
Other revenues		403			334			302
Net investment gains (losses)		(240	)		(63	)		279
Net derivative gains (losses)		402			(2,359	)		(132	)
Total revenues		7,832			6,400			7,552
Expenses
Policyholder benefits and claims		4,143			3,213			5,689
Interest credited to policyholder account balances		1,414			1,286			1,061
Amortization of deferred policy acquisition costs and value of business acquired		871			105			696
Other expenses		1,675			1,800			1,844
Total expenses		8,103			6,404			9,290
Income (loss) before provision for income tax		(271	)		(4	)		(1,738	)
Provision for income tax expense (benefit)		(208	)		(71	)		(433	)
Net income (loss)		(63	)		67			(1,305	)
Less: Net income (loss) attributable to noncontrolling interests		1			1			1
Net income (loss) attributable to Brighthouse Life Insurance Company	$	(64	)	$	66		$	(1,306	)

See accompanying notes to the consolidated financial statements.

6

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Consolidated Statements of Comprehensive Income (Loss)
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022			2021			2020
Net income (loss)	$	(63	)	$	67		$	(1,305	)
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets		(11,910	)		(2,083	)		2,854
Unrealized gains (losses) on derivatives		308			158			(70	)
Foreign currency translation adjustments		(22	)		1			19
Other comprehensive income (loss), before income tax		(11,624	)		(1,924	)		2,803
Income tax (expense) benefit related to items of other comprehensive income (loss)		2,441			404			(597	)
Other comprehensive income (loss), net of income tax		(9,183	)		(1,520	)		2,206
Comprehensive income (loss)		(9,246	)		(1,453	)		901
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax		1			1			1
Comprehensive income (loss) attributable to Brighthouse Life Insurance Company	$	(9,247	)	$	(1,454	)	$	900

See accompanying notes to the consolidated financial statements.

7

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Consolidated Statements of Equity
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	Common Stock		Additional Paid-in Capital			Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Brighthouse Life Insurance Company's Stockholder's Equity			Noncontrolling Interests			Total Equity
Balance at December 31, 2019	$	75	$	19,073		$	(3,899	)	$	3,215		$	18,464		$	15		$	18,479
Cumulative effect of change in accounting principle, net of income tax							(14	)		3			(11	)					(11	)
Balance at January 1, 2020		75		19,073			(3,913	)		3,218			18,453			15			18,468
Dividends paid to parent				(750	)		(500	)					(1,250	)					(1,250	)
Change in noncontrolling interests													—			(1	)		(1	)
Net income (loss)							(1,306	)					(1,306	)		1			(1,305	)
Other comprehensive income (loss), net of income tax										2,203			2,203						2,203
Balance at December 31, 2020		75		18,323			(5,719	)		5,421			18,100			15			18,115
Dividends paid to parent				(550	)								(550	)					(550	)
Change in noncontrolling interests													—			(1	)		(1	)
Net income (loss)							66						66			1			67
Other comprehensive income (loss), net of income tax										(1,520	)		(1,520	)					(1,520	)
Balance at December 31, 2021		75		17,773			(5,653	)		3,901			16,096			15			16,111
Change in noncontrolling interests													—			(1	)		(1	)
Net income (loss)							(64	)					(64	)		1			(63	)
Other comprehensive income (loss), net of income tax										(9,183	)		(9,183	)					(9,183	)
Balance at December 31, 2022	$	75	$	17,773		$	(5,717	)	$	(5,282	)	$	6,849		$	15		$	6,864

See accompanying notes to the consolidated financial statements.

8

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Consolidated Statements of Cash Flows
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022			2021			2020
Cash flows from operating activities
Net income (loss)	$	(63	)	$	67		$	(1,305	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums and accretion of discounts associated with investments, net		(225	)		(253	)		(257	)
(Gains) losses on investments, net		240			63			(279	)
(Gains) losses on derivatives, net		(262	)		2,004			526
(Income) loss from equity method investments, net of dividends and distributions		109			(987	)		(55	)
Interest credited to policyholder account balances		1,414			1,286			1,061
Universal life and investment-type product policy fees		(2,562	)		(2,986	)		(2,839	)
Change in accrued investment income		(115	)		(45	)		(10	)
Change in premiums, reinsurance and other receivables		(3,151	)		55			(1,382	)
Change in deferred policy acquisition costs and value of business acquired, net		446			(387	)		290
Change in income tax		(199	)		(129	)		(290	)
Change in other assets		1,724			1,983			1,897
Change in future policy benefits and other policy-related balances		1,624			673			3,523
Change in other liabilities		310			4			249
Net cash provided by (used in) operating activities		(710	)		1,348			1,129
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities		10,647			12,406			8,322
Equity securities		50			128			66
Mortgage loans		2,075			2,891			1,929
Limited partnerships and limited liability companies		252			271			177
Purchases of:
Fixed maturity securities		(15,720	)		(21,036	)		(14,209	)
Equity securities		(14	)		(18	)		(17	)
Mortgage loans		(5,321	)		(6,929	)		(2,073	)
Limited partnerships and limited liability companies		(814	)		(837	)		(582	)
Cash received in connection with freestanding derivatives		4,439			3,956			6,347
Cash paid in connection with freestanding derivatives		(4,270	)		(4,590	)		(4,514	)
Receipts on loans to affiliate		—			—			100
Issuances of loans to affiliate		(125	)		(1	)		(100	)
Net change in policy loans		(29	)		15			(9	)
Net change in short-term investments		365			1,223			(391	)
Net change in other invested assets		(372	)		(24	)		30
Net cash provided by (used in) investing activities	$	(8,837	)	$	(12,545	)	$	(4,924	)

See accompanying notes to the consolidated financial statements.

9

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Consolidated Statements of Cash Flows (continued)
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022			2021			2020
Cash flows from financing activities
Policyholder account balances:
Deposits	$	31,149		$	15,498		$	9,565
Withdrawals		(19,991	)		(4,177	)		(3,240	)
Net change in payables for collateral under securities loaned and other transactions		(1,706	)		1,016			863
Long-term and short-term debt issued		125			—			100
Long-term and short-term debt repaid		(3	)		(1	)		(102	)
Dividends paid to parent		—			(550	)		(1,250	)
Financing element on certain derivative instruments and other derivative related transactions, net		(178	)		(368	)		(949	)
Other, net		(1	)		(1	)		(1	)
Net cash provided by (used in) financing activities		9,395			11,417			4,986
Change in cash, cash equivalents and restricted cash		(152	)		220			1,191
Cash, cash equivalents and restricted cash, beginning of year		3,904			3,684			2,493
Cash, cash equivalents and restricted cash, end of year	$	3,752		$	3,904		$	3,684
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	69		$	67		$	68
Income tax	$	(12	)	$	53		$	(125	)
Non-cash transactions:
Transfer of mortgage loans to affiliates	$	95		$	—		$	—
Transfer of limited partnerships and limited liability companies from affiliates	$	99		$	—		$	—

See accompanying notes to the consolidated financial statements.

10

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

"BLIC" and the "Company" refer to Brighthouse Life Insurance Company, a Delaware corporation originally incorporated in Connecticut in 1863, and its subsidiaries. Brighthouse Life Insurance Company is a wholly-owned subsidiary of Brighthouse Holdings, LLC ("BH Holdings") and an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. ("BHF" and together with its subsidiaries, "Brighthouse Financial").

BLIC offers a range of annuity and life insurance products to individuals. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company's business and operations. Actual results could differ from these estimates.

Consolidation

The accompanying consolidated financial statements include the accounts of Brighthouse Life Insurance Company and its subsidiaries, as well as partnerships and limited liability companies ("LLC") that the Company controls. Intercompany accounts and transactions have been eliminated.

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

Summary of Significant Accounting Policies

Insurance

Future Policy Benefit Liabilities and Policyholder Account Balances

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

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

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

11

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

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

Recognition of Insurance Revenues and Deposits

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

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

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

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

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

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

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

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

12

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

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

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

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

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

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

Reinsurance

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

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

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

13

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

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

Variable Annuity Guarantees

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

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

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

These insurance liabilities are accrued over the accumulation phase of the contract in proportion to actual and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns. The scenarios are based on best estimate assumptions consistent with those used to amortize DAC. When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income. The opposite result occurs when the current estimates of future benefits are lower than those previously projected or when current estimates of future assessments exceed those previously projected. At each reporting period, the actual amount of business remaining in-force is updated, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings.

Guarantees accounted for as embedded derivatives in policyholder account balances include the non-life contingent portion of GMWBs, guaranteed minimum accumulation benefits ("GMAB"), and for GMIBs the non-life contingent portion of the expected annuitization when the policyholder is forced into an annuitization upon depletion of their account value, as well as the guaranteed principal option.

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

14

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

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

Index-linked Annuities

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

Investments

Net Investment Income and Net Investment Gains (Losses)

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

Fixed Maturity Securities Available-For-Sale

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

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

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

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

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

15

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

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

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

Mortgage Loans

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

Policy Loans

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

Limited Partnerships and LLCs

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

Short-term Investments

Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. The Company's short-term investments generally involve large dollar amounts that turn over quickly and have short maturities. For the year ended December 31, 2022, gross cash receipts from sales and purchases of short-term investments were $976 million and $611 million, respectively.

Other Invested Assets

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

Securities Lending Program

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

16

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

Funding Agreements

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

Derivatives

Freestanding Derivatives

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

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

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

Hedge Accounting

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

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

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

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

17

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

Embedded Derivatives

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

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

Fair Value

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

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

Separate Accounts

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

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

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

Income Tax

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

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

18

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

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

On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. The Inflation Reduction Act establishes a 15% corporate alternative minimum tax ("CAMT") for corporations whose average annual adjusted financial statement income for any consecutive three-tax year period ending after December 31, 2021, and preceding the tax year exceeds $1 billion. The provision is effective for tax years beginning after December 31, 2022. The Company elects not to consider any future effects resulting from potential applicability of the CAMT when assessing the valuation allowance for regular deferred taxes.

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

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

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

Litigation and Other Loss Contingencies

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

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

Other Accounting Policies

Cash and Cash Equivalents

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

Employee Benefit Plans

Brighthouse Services, LLC ("Brighthouse Services"), an affiliate, sponsors qualified and non-qualified defined contribution plans, and New England Life Insurance Company ("NELICO"), an affiliate, sponsors certain frozen defined benefit pension and postretirement plans. Within its consolidated statement of operations, the Company has included expenses associated with its participants in these plans.

19

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standards updates ("ASU") to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. There were no significant ASUs adopted as of December 31, 2022.

Future Adoption of New Accounting Pronouncements

In August 2018, the FASB issued new guidance on long-duration contracts (ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI")). LDTI is effective for fiscal years beginning after January 1, 2023. LDTI will result in significant changes to the measurement, presentation and disclosure requirements for long-duration insurance contracts. A summary of the most significant changes is provided below:

(1)  Guaranteed benefits associated with variable annuity and certain fixed annuity contracts will be classified and reported separately on the consolidated balance sheets as market risk benefits ("MRB"). MRBs will be measured at fair value through net income and reported separately on the consolidated statements of operations, except for instrument-specific credit risk changes, which will be recognized in OCI.

(2)  Cash flow assumptions used to measure the liability for future policy benefits on traditional long-duration contracts (including term and non-participating whole life insurance and immediate annuities) will be updated on an annual basis using a retrospective method. The resulting remeasurement gain or loss will be reported separately on the consolidated statements of operations along with the remeasurement gain or loss on universal life-type contract liabilities.

(3)  The discount rate assumption used to measure the liability for traditional long-duration contracts will be based on an upper-medium grade fixed income yield, updated quarterly, with changes recognized in OCI.

(4)  DAC for all insurance products are required to be amortized on a constant-level basis over the expected term of the contracts, using amortization methods that are not a function of revenue or profit emergence. Changes in assumptions used to amortize DAC will be recognized as a revision to future amortization amounts.

(5)  There will be a significant increase in required disclosures, including disaggregated roll-forwards of insurance contract assets and liabilities supplemented by qualitative and quantitative information regarding the cash flows, assumptions, methods and judgements used to measure those balances.

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

LDTI will have a significant impact on the Company's financial statements upon adoption and is expected to change the pattern and market sensitivity of the Company's earnings after the transition date. The most significant impact will be the requirement that all variable annuity guarantees be considered MRBs and measured at fair value, because a significant amount of variable annuity guarantees are classified as insurance liabilities under current GAAP. The impacts to the financial statements are highly dependent on market conditions, especially interest rates.

The Company estimates the impact of LDTI adoption as of January 1, 2021 (the transition date) will be to reduce opening stockholder's equity by $8 billion — $10 billion, and total stockholder's equity excluding accumulated other comprehensive income by $5 billion — $6 billion. The impact of LDTI to total stockholder's equity as of December 31, 2021 is estimated to be a reduction of $6 billion — $8 billion, and a reduction to total stockholder's equity excluding accumulated other comprehensive income of $3 billion — $4 billion. The impact of LDTI on net income for the year ended December 31, 2021 is estimated to be an increase of $1 billion — $2 billion. The changes from the adoption of LDTI are primarily driven by the MRB changes and to a lesser extent the requirement to update the discount rate quarterly in the measurement of the liability for traditional long-duration contracts. Based on prevailing interest rates at December 31, 2022, the Company expects the impact of LDTI to total stockholder's equity as of December 31, 2022 to be significantly lower as compared to such impact as of December 31, 2021.

The Company has made significant progress toward adopting the new guidance, including updating systems, validating computations, establishing proper controls, finalizing accounting policies and preparing financial disclosures. Implementation remains in process as of December 31, 2022 as the Company continues to refine its internal controls and processes in advance of formal implementation for the reporting of first quarter of 2023 results.

20

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

2. Segment Information

The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.

Annuities

The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders' needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.

Life

The Life segment consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders' needs for financial security and protected wealth transfer, which may be on a tax-advantaged basis.

Run-off

The Run-off segment consists of products that are no longer actively sold and are separately managed, including ULSG, structured settlements, pension risk transfer contracts, certain company-owned life insurance policies and certain funding agreements.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the Company's outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care and workers' compensation business reinsured through 100% quota share reinsurance agreements, activities related to funding agreements associated with the Company's institutional spread margin business, as well as direct-to-consumer life insurance that is no longer actively sold.

Financial Measures and Segment Accounting Policies

Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by the investor community and contract holders by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings, which may be positive or negative, focuses on the Company's primary businesses by excluding the impact of market volatility, which could distort trends.

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

•  Net investment gains (losses);

•  Net derivative gains (losses) except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and

•  Certain variable annuity GMIB fees ("GMIB Fees").

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

•  Amounts associated with benefits related to GMIBs ("GMIB Costs");

•  Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets; and

•  Amortization of DAC and VOBA related to (i) net investment gains (losses), (ii) net derivative gains (losses) and (iii) GMIB Fees and GMIB Costs.

The tax impact of the adjustments discussed above is calculated net of the statutory tax rate, which could differ from the Company's effective tax rate.

21

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

2. Segment Information (continued)

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

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

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

	Year Ended December 31, 2022
	Annuities		Life			Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,093	$	(101	)	$	(367	)	$	(94	)	$	531
Provision for income tax expense (benefit)		202		(23	)		(78	)		(141	)		(40	)
Post-tax adjusted earnings		891		(78	)		(289	)		47			571
Less: Net income (loss) attributable to noncontrolling interests		—		—			—			1			1
Adjusted earnings	$	891	$	(78	)	$	(289	)	$	46			570
Adjustments for:
Net investment gains (losses)													(240	)
Net derivative gains (losses)													402
Other adjustments to net income (loss)													(964	)
Provision for income tax (expense) benefit													168
Net income (loss) attributable to Brighthouse Life Insurance Company												$	(64	)
Interest revenue	$	2,254	$	380		$	1,166		$	335
Interest expense	$	—	$	—		$	—		$	70
	Year Ended December 31, 2021
	Annuities		Life			Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,762	$	442		$	243		$	(284	)	$	2,163
Provision for income tax expense (benefit)		340		93			53			(104	)		382
Post-tax adjusted earnings		1,422		349			190			(180	)		1,781
Less: Net income (loss) attributable to noncontrolling interests		—		—			—			1			1
Adjusted earnings	$	1,422	$	349		$	190		$	(181	)		1,780
Adjustments for:
Net investment gains (losses)													(63	)
Net derivative gains (losses)													(2,359	)
Other adjustments to net income (loss)													255
Provision for income tax (expense) benefit													453
Net income (loss) attributable to Brighthouse Life Insurance Company												$	66
Interest revenue	$	2,207	$	618		$	1,910		$	101
Interest expense	$	—	$	—		$	—		$	67

22

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

2. Segment Information (continued)

	Year Ended December 31, 2020
	Annuities		Life		Run-off			Corporate & Other			Total
	(In millions)
Pre-tax adjusted earnings	$	1,383	$	23	$	(1,655	)	$	(369	)	$	(618	)
Provision for income tax expense (benefit)		257		3		(356	)		(102	)		(198	)
Post-tax adjusted earnings		1,126		20		(1,299	)		(267	)		(420	)
Less: Net income (loss) attributable to noncontrolling interests		—		—		—			1			1
Adjusted earnings	$	1,126	$	20	$	(1,299	)	$	(268	)		(421	)
Adjustments for:
Net investment gains (losses)												279
Net derivative gains (losses)												(132	)
Other adjustments to net income (loss)												(1,267	)
Provision for income tax (expense) benefit												235
Net income (loss) attributable to Brighthouse Life Insurance Company											$	(1,306	)
Interest revenue	$	1,811	$	403	$	1,269		$	62
Interest expense	$	—	$	—	$	—		$	68

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

	Years Ended December 31,
	2022		2021			2020
	(In millions)
Annuities	$	4,388	$	4,602		$	4,005
Life		903		1,264			1,081
Run-off		1,807		2,555			1,937
Corporate & Other		408		180			148
Adjustments		326		(2,201	)		381
Total	$	7,832	$	6,400		$	7,552

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

	December 31,
	2022		2021
	(In millions)
Annuities	$	148,346	$	174,489
Life		17,883		18,190
Run-off		27,822		37,069
Corporate & Other		22,100		17,507
Total	$	216,151	$	247,255

23

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

2. Segment Information (continued)

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

	Years Ended December 31,
	2022		2021		2020
	(In millions)
Annuity products	$	2,372	$	2,640	$	2,448
Life insurance products		1,227		1,359		1,418
Other products		7		8		11
Total	$	3,606	$	4,007	$	3,877

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

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

3. Insurance

Insurance Liabilities

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

Assumptions for Future Policyholder Benefits and Policyholder Account Balances

For term and non-participating whole life insurance, assumptions for mortality and persistency are based upon the Company's experience. Interest rate assumptions for the aggregate future policy benefit liabilities range from 3% to 8%. The liability for single premium immediate annuities is based on the present value of expected future payments using the Company's experience for mortality assumptions, with interest rate assumptions used in establishing such liabilities ranging from 1% to 9%.

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

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

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

Guarantees

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

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

24

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

3. Insurance (continued)

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

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

	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
							(In millions)
Direct
Balance at January 1, 2020	$	1,596		$	3,076		$	5,589		$	10,261
Incurred guaranteed benefits		128			1,089			1,244			2,461
Paid guaranteed benefits		(103	)		—			(169	)		(272	)
Balance at December 31, 2020		1,621			4,165			6,664			12,450
Incurred guaranteed benefits		294			(8	)		686			972
Paid guaranteed benefits		(77	)		—			(275	)		(352	)
Balance at December 31, 2021		1,838			4,157			7,075			13,070
Incurred guaranteed benefits		525			647			263			1,435
Paid guaranteed benefits		(60	)		—			(434	)		(494	)
Balance at December 31, 2022	$	2,303		$	4,804		$	6,904		$	14,011
Net Ceded/(Assumed)
Balance at January 1, 2020	$	(15	)	$	(51	)	$	1,083		$	1,017
Incurred guaranteed benefits		95			(21	)		102			176
Paid guaranteed benefits		(101	)		—			(39	)		(140	)
Balance at December 31, 2020		(21	)		(72	)		1,146			1,053
Incurred guaranteed benefits		70			7			100			177
Paid guaranteed benefits		(75	)		—			(39	)		(114	)
Balance at December 31, 2021		(26	)		(65	)		1,207			1,116
Incurred guaranteed benefits		31			(6	)		181			206
Paid guaranteed benefits		(37	)		—			(76	)		(113	)
Balance at December 31, 2022	$	(32	)	$	(71	)	$	1,312		$	1,209
Net
Balance at January 1, 2020	$	1,611		$	3,127		$	4,506		$	9,244
Incurred guaranteed benefits		33			1,110			1,142			2,285
Paid guaranteed benefits		(2	)		—			(130	)		(132	)
Balance at December 31, 2020		1,642			4,237			5,518			11,397
Incurred guaranteed benefits		224			(15	)		586			795
Paid guaranteed benefits		(2	)		—			(236	)		(238	)
Balance at December 31, 2021		1,864			4,222			5,868			11,954
Incurred guaranteed benefits		494			653			82			1,229
Paid guaranteed benefits		(23	)		—			(358	)		(381	)
Balance at December 31, 2022	$	2,335		$	4,875		$	5,592		$	12,802

25

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

3. Insurance (continued)

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

	December 31,
	2022						2021
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	79,359		$	41,855		$	105,784		$	56,966
Separate account value	$	74,845		$	40,861		$	101,108		$	55,910
Net amount at risk	$	16,334	(4)	$	4,777	(5)	$	6,315	(4)	$	4,992	(5)
Average attained age of contract holders		72 years			71 years			71 years			71 years

	December 31,
	2022		2021
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,242	$	5,518
Net amount at risk (6)	$	65,473	$	67,248
Average attained age of policyholders		69 years		68 years
Variable Life Contracts
Total account value (3)	$	1,169	$	1,448
Net amount at risk (6)	$	10,149	$	10,508
Average attained age of policyholders		48 years		47 years

(1)  The Company's annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)  Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk reported reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 for a discussion of guaranteed minimum benefits which have been reinsured.

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

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

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

(6)  Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

26

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

3. Insurance (continued)

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

	December 31,
	2022		2021
	(In millions)
Fund Groupings:
Balanced	$	45,702	$	62,553
Equity		21,979		30,185
Bond		6,749		8,510
Money Market		15		15
Total	$	74,445	$	101,263

Obligations Under Funding Agreements

Institutional Spread Margin Business

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

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

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

Inactive Funding Agreement Programs

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

27

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

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

See Note 1 for a description of capitalized acquisition costs.

Information regarding DAC and VOBA was as follows:

	Years Ended December 31,
	2022			2021			2020
	(In millions)
DAC:
Balance at January 1,	$	4,339		$	3,870		$	4,327
Capitalizations		425			492			406
Amortization related to net investment gains (losses) and net derivative gains (losses)		(381	)		68			105
All other amortization		(427	)		(179	)		(776	)
Total amortization		(808	)		(111	)		(671	)
Unrealized investment gains (losses)		655			88			(192	)
Balance at December 31,		4,611			4,339			3,870
VOBA:
Balance at January 1,		512			487			482
Amortization		(63	)		6			(25	)
Unrealized investment gains (losses)		124			19			30
Balance at December 31,		573			512			487
Total DAC and VOBA:
Balance at December 31,	$	5,184		$	4,851		$	4,357

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

Information regarding DSI was as follows:

	Years Ended December 31,
	2022			2021			2020
	(In millions)
DSI:
Balance at January 1,	$	293		$	295		$	362
Capitalization		1			1			2
Amortization		(15	)		(3	)		(69	)
Balance at December 31,	$	279		$	293		$	295

5. Reinsurance

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

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

28

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

5. Reinsurance (continued)

Annuities and Life

For annuities, the Company reinsures portions of the living and death benefit guarantees issued in connection with certain variable annuities to unaffiliated reinsurers. Under these reinsurance agreements, the Company pays a reinsurance premium generally based on fees associated with the guarantees collected from policyholders and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The value of embedded derivatives on the ceded risk is determined using a methodology consistent with the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The Company also assumes 100% of the living and death benefit guarantees issued in connection with certain variable annuities issued by NELICO. The Company cedes certain fixed rate annuities to unaffiliated third-party reinsurers, and assumes certain index-linked annuities from an unaffiliated third-party insurer. These reinsurance arrangements are structured on a coinsurance basis and are reported as deposit accounting.

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

Corporate & Other

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

Catastrophe Coverage

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

Reinsurance Recoverables

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

The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at both December 31, 2022 and 2021, were not significant. The Company had $6.1 billion and $5.8 billion of unsecured reinsurance recoverable balances with third-party reinsurers at December 31, 2022 and 2021, respectively.

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

29

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

5. Reinsurance (continued)

At December 31, 2022, the Company had $17.7 billion of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $15.6 billion, or 88%, were with the Company's five largest ceded reinsurers, including $4.2 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2021, the Company had $14.9 billion of net ceded reinsurance recoverables with third-party reinsurers. Of this total, $12.9 billion, or 87%, were with the Company's five largest ceded reinsurers, including $4.0 billion of net ceded reinsurance recoverables which were unsecured.

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

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Premiums
Direct premiums	$	1,321		$	1,398		$	1,466
Reinsurance assumed		8			(10	)		12
Reinsurance ceded		(688	)		(701	)		(742	)
Net premiums	$	641		$	687		$	736
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	3,209		$	3,533		$	3,376
Reinsurance assumed		52			50			55
Reinsurance ceded		(699	)		(597	)		(592	)
Net universal life and investment-type product policy fees	$	2,562		$	2,986		$	2,839
Other revenues
Direct other revenues	$	220		$	262		$	239
Reinsurance assumed		3			6			18
Reinsurance ceded		180			66			45
Net other revenues	$	403		$	334		$	302
Policyholder benefits and claims
Direct policyholder benefits and claims	$	6,025		$	4,677		$	7,445
Reinsurance assumed		152			125			158
Reinsurance ceded		(2,034	)		(1,589	)		(1,914	)
Net policyholder benefits and claims	$	4,143		$	3,213		$	5,689
Other expenses
Direct other expenses	$	1,756		$	1,815		$	1,851
Reinsurance assumed		(17	)		(5	)		2
Reinsurance ceded		(64	)		(10	)		(9	)
Net other expenses	$	1,675		$	1,800		$	1,844

30

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

5. Reinsurance (continued)

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

	December 31,
	2022								2021
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	463	$	29	$	18,362	$	18,854	$	434	$	17	$	15,198	$	15,649
Liabilities
Future policy benefits	$	40,863	$	242	$	—	$	41,105	$	43,346	$	243	$	—	$	43,589
Policyholder account balances	$	69,633	$	4,479	$	—	$	74,112	$	62,080	$	4,115	$	—	$	66,195
Other policy-related balances	$	1,518	$	1,628	$	—	$	3,146	$	1,500	$	1,653	$	—	$	3,153
Other liabilities	$	5,061	$	40	$	1,433	$	6,534	$	2,618	$	58	$	1,174	$	3,850

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $5.8 billion and $3.1 billion at December 31, 2022 and 2021, respectively. The deposit liabilities on reinsurance were $4.0 billion and $3.4 billion at December 31, 2022 and 2021, respectively.

Related Party Reinsurance Transactions

Information regarding the significant effects of assumed reinsurance with NELICO included on the consolidated statements of operations was as follows:

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Premiums	$	2		$	2		$	2
Universal life and investment-type product policy fees	$	6		$	6		$	7
Other revenues	$	2		$	2		$	2
Policyholder benefits and claims	$	51		$	25		$	55
Other expenses	$	(23	)	$	(28	)	$	(21	)

Information regarding the significant effects of assumed reinsurance with NELICO included on the consolidated balance sheets was as follows at:

	December 31,
	2022		2021
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	29	$	26
Liabilities
Future policy benefits	$	137	$	119
Policyholder account balances	$	285	$	427
Other policy-related balances	$	11	$	9
Other liabilities	$	30	$	26

31

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

5. Reinsurance (continued)

The Company assumes risks from NELICO related to guaranteed minimum benefits written directly by the cedent. The assumed reinsurance agreements contain embedded derivatives and changes in their estimated fair value are also included within net derivative gains (losses). The embedded derivatives associated with the agreements are included within policyholder account balances and were $285 million and $427 million at December 31, 2022 and 2021, respectively. Net derivative gains (losses) associated with the embedded derivatives were $144 million, $172 million and ($151) million for the years ended December 31, 2022, 2021 and 2020, respectively.

Related party reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. There were no deposit assets on related party reinsurance at both December 31, 2022 and 2021. The deposit liabilities on related party reinsurance were $142 million and $157 million at December 31, 2022 and 2021, respectively.

6. Investments

See Notes 1 and 8 for a description of the Company's accounting policies for investments and the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:

	December 31, 2022										December 31, 2021
	Amortized		Allowance for Credit		Gross Unrealized				Estimated Fair		Amortized		Allowance for Credit		Gross Unrealized				Estimated Fair
	Cost		Losses		Gains		Losses		Value		Cost		Losses		Gains		Losses		Value
	(In millions)
U.S. corporate	$	36,399	$	1	$	200	$	4,436	$	32,162	$	34,773	$	2	$	3,890	$	187	$	38,474
Foreign corporate		12,368		1		37		1,912		10,492		10,813		7		902		103		11,605
U.S. government and agency		8,195		—		299		596		7,898		7,188		—		2,040		60		9,168
RMBS		8,384		1		44		936		7,491		8,838		—		433		51		9,220
CMBS		7,239		3		—		699		6,537		6,890		2		329		24		7,193
ABS		5,647		—		3		295		5,355		4,255		—		34		14		4,275
State and political subdivision		4,015		—		120		394		3,741		3,937		—		829		6		4,760
Foreign government		1,148		—		39		106		1,081		1,593		—		244		5		1,832
Total fixed maturity securities	$	83,395	$	6	$	742	$	9,374	$	74,757	$	78,287	$	11	$	8,701	$	450	$	86,527

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

Maturities of Fixed Maturity Securities

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

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,010	$	13,547	$	16,818	$	30,750	$	21,270	$	83,395
Estimated fair value	$	996	$	12,836	$	14,853	$	26,689	$	19,383	$	74,757

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.

32

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector

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

	December 31, 2022								December 31, 2021
	Less than 12 Months				12 Months or Greater				Less than 12 Months				12 Months or Greater
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	24,163	$	3,279	$	3,915	$	1,157	$	5,051	$	111	$	887	$	76
Foreign corporate		8,219		1,407		1,560		505		2,016		60		305		43
U.S. government and agency		3,037		259		1,146		337		1,712		40		222		20
RMBS		4,693		489		2,245		447		3,481		50		32		1
CMBS		5,524		534		961		165		1,390		21		95		3
ABS		3,347		159		1,728		136		2,454		13		93		1
State and political subdivision		2,026		313		239		81		347		6		6		—
Foreign government		779		98		21		8		278		4		18		1
Total fixed maturity securities	$	51,788	$	6,538	$	11,815	$	2,836	$	16,729	$	305	$	1,658	$	145
Total number of securities in an unrealized loss position		7,261				2,018				2,423				368

Allowance for Credit Losses for Fixed Maturity Securities

Evaluation and Measurement Methodologies

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

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

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

33

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

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 $595 million and $527 million at December 31, 2022 and 2021, respectively, and is included in accrued investment income.

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

Current Period Evaluation

Based on the Company's current evaluation of its fixed maturity securities in an unrealized loss position and the current intent or requirement to sell, the Company recorded an allowance for credit losses of $6 million, relating to nineteen securities at December 31, 2022. Management concluded that for all other fixed maturity securities in an unrealized loss position, the unrealized loss was not due to issuer-specific credit-related factors and as a result was recognized in OCI. Where unrealized losses have not been recognized into income, it is primarily because the securities' bond issuer(s) are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in estimated fair value is largely due to changes in interest rates and non-issuer specific credit spreads. These issuers continued to make timely principal and interest payments and the estimated fair value is expected to recover as the securities approach maturity.

Allowance for Credit Losses for Fixed Maturity Securities

The allowance for credit losses for fixed maturity securities was $6 million and $11 million at December 31, 2022 and 2021, respectively. During the period, the change in allowance for fixed maturity securities by sector was immaterial. The Company recorded total write-offs of $10 million and $5 million for December 31, 2022 and 2021, respectively.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	December 31,
	2022						2021
	Carrying Value			% of Total			Carrying Value			% of Total
	(Dollars in millions)
Commercial	$	13,547			59.2	%	$	12,159			61.4	%
Agricultural		4,333			18.9			4,128			20.9
Residential		5,116			22.4			3,623			18.3
Total mortgage loans (1)		22,996			100.5			19,910			100.6
Allowance for credit losses		(119	)		(0.5	)		(123	)		(0.6	)
Total mortgage loans, net	$	22,877			100.0	%	$	19,787			100.0	%

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

34

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

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

Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $115 million and $95 million at December 31, 2022 and 2021, respectively.

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

Mortgage loans are evaluated in each of the three portfolio segments to determine the allowance for credit losses. The loan-level loss rates are determined using individual loan terms and characteristics, risk pools/internal ratings, national economic forecasts, prepayment speeds, and estimated default and loss severity.

The resulting loss rates are applied to the mortgage loan's amortized cost to generate an allowance for credit losses. In certain situations, the allowance for credit losses is measured as the difference between the loan's amortized cost and liquidation value of the collateral. These situations include collateral dependent loans, expected troubled debt restructurings ("TDR"), foreclosure probable loans, and loans with dissimilar risk characteristics.

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

35

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

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

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

	Commercial			Agricultural			Residential		Total
	(In millions)
Balance at January 1, 2020	$	27		$	16		$	21	$	64
Current period provision		17			(1	)		14		30
Balance at December 31, 2020		44			15			35		94
Current period provision		23			(3	)		7		27
PCD credit allowance		—			—			2		2
Balance at December 31, 2021		67			12			44		123
Current period provision		5			3			11		19
Charge-offs, net of recoveries		(23	)		—			—		(23	)
Balance at December 31, 2022	$	49		$	15		$	55	$	119

PCD Mortgage Loans

Purchases of PCD mortgage loans are summarized as follows:

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

36

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:

	2022		2021		2020		2019		2018		Prior		Total
	(In millions)
December 31, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	1,916	$	2,819	$	405	$	1,493	$	888	$	3,624	$	11,145
65% to 75%		503		354		—		271		367		402		1,897
76% to 80%		—		18		40		90		65		48		261
Greater than 80%		—		—		—		25		57		162		244
Total commercial mortgage loans		2,419		3,191		445		1,879		1,377		4,236		13,547
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%		532		1,163		418		496		643		710		3,962
65% to 75%		148		90		59		56		1		16		370
Greater than 80%		—		—		—		—		1		—		1
Total agricultural mortgage loans		680		1,253		477		552		645		726		4,333
Residential mortgage loans
Performing		1,266		1,745		167		215		168		1,491		5,052
Nonperforming		4		8		—		2		1		49		64
Total residential mortgage loans		1,270		1,753		167		217		169		1,540		5,116
Total	$	4,369	$	6,197	$	1,089	$	2,648	$	2,191	$	6,502	$	22,996
	2021		2020		2019		2018		2017		Prior		Total
	(In millions)
December 31, 2021
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	2,771	$	437	$	1,539	$	986	$	553	$	3,300	$	9,586
65% to 75%		633		92		383		406		127		458		2,099
76% to 80%		—		—		55		29		59		31		174
Greater than 80%		—		—		—		30		—		270		300
Total commercial mortgage loans		3,404		529		1,977		1,451		739		4,059		12,159
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%		1,150		539		510		674		284		608		3,765
65% to 75%		114		77		61		26		33		52		363
Total agricultural mortgage loans		1,264		616		571		700		317		660		4,128
Residential mortgage loans
Performing		1,124		202		270		230		132		1,606		3,564
Nonperforming		1		—		3		3		1		51		59
Total residential mortgage loans		1,125		202		273		233		133		1,657		3,623
Total	$	5,793	$	1,347	$	2,821	$	2,384	$	1,189	$	6,376	$	19,910

37

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

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

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

	December 31,
	2022					2021
	Amortized Cost		% of Total			Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	12,132		89.6	%	$	10,263		84.4	%
1.00x — 1.20x		589		4.3			595		4.9
Less than 1.00x		826		6.1			1,301		10.7
Total	$	13,547		100.0	%	$	12,159		100.0	%

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

Past Due Mortgage Loans by Portfolio Segment

The Company has a high-quality, well-performing mortgage loan portfolio, with over 99% of all mortgage loans classified as performing at both December 31, 2022 and 2021. Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days.

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

	December 31,
	2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	13,547	$	4,314	$	5,041	$	22,902	$	12,159	$	4,128	$	3,550	$	19,837
30-59 days past due		—		—		11		11		—		—		14		14
60-89 days past due		—		—		16		16		—		—		14		14
90-179 days past due		—		3		31		34		—		—		29		29
180+ days past due		—		16		17		33		—		—		16		16
Total	$	13,547	$	4,333	$	5,116	$	22,996	$	12,159	$	4,128	$	3,623	$	19,910

38

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

Mortgage Loans in Nonaccrual Status by Portfolio Segment

Mortgage loans are placed in a nonaccrual status if there are concerns regarding collectability of future payments or the loan is past due, unless the past due loan is well collateralized.

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

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

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

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

Modified Mortgage Loans by Portfolio Segment

Under certain circumstances, modifications are granted to nonperforming mortgage loans. Each modification is evaluated to determine if a TDR has occurred. A modification is a TDR when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the amount of debt owed, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company did not have a significant amount of mortgage loans modified in a TDR during both years ended December 31, 2022 and 2021.

Other Invested Assets

Over 75% of other invested assets is comprised of freestanding derivatives with positive estimated fair values. See Note 7 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes the Company's investment in company-owned life insurance, FHLB stock, the intercompany lending facility, tax credit and renewable energy partnerships and leveraged leases.

Leveraged Leases

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

Net Unrealized Investment Gains (Losses)

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

39

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

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

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Fixed maturity securities	$	(8,632	)	$	8,251		$	11,818
Derivatives		628			320			162
Other		(7	)		(27	)		(16	)
Subtotal		(8,011	)		8,544			11,964
Amounts allocated from:
Future policy benefits		964			(3,210	)		(4,598	)
DAC and VOBA		392			(387	)		(494	)
Subtotal		1,356			(3,597	)		(5,092	)
Deferred income tax benefit (expense)		1,398			(1,039	)		(1,443)
Net unrealized investment gains (losses)	$	(5,257	)	$	3,908		$	5,429

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

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Balance at January 1,	$	3,908		$	5,429		$	3,229
Unrealized investment gains (losses) during the year		(16,555	)		(3,420	)		4,853
Unrealized investment gains (losses) relating to:
Future policy benefits		4,174			1,388			(1,907	)
DAC and VOBA		779			107			(162	)
Deferred income tax benefit (expense)		2,437			404			(584	)
Balance at December 31,	$	(5,257	)	$	3,908		$	5,429
Change in net unrealized investment gains (losses)	$	(9,165	)	$	(1,521	)	$	2,200

Concentrations of Credit Risk

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

Securities Lending

Elements of the securities lending program are presented below at:

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

(1)  Included in fixed maturity securities.

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

40

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

(3)  Securities collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reported on the consolidated financial statements.

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

	December 31, 2022								December 31, 2021
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	640	$	1,527	$	984	$	3,151	$	1,094	$	2,125	$	1,391	$	4,610
U.S. corporate		2		410		—		412		1		—		—		1
Foreign corporate		—		152		—		152		—		—		—		—
Foreign government		—		16		—		16		—		—		—		—
Total	$	642	$	2,105	$	984	$	3,731	$	1,095	$	2,125	$	1,391	$	4,611

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

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized in normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at December 31, 2022 was $627 million, comprised of U.S. government and agency and U.S. corporate securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including ABS, agency RMBS, U.S. government and agency securities, U.S. and foreign corporate securities, non-agency RMBS and CMBS) with 56% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at December 31, 2022. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

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

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

	December 31,
	2022		2021
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	7,996	$	9,996
Invested assets held in trust (reinsurance agreements) (2)		5,592		6,023
Invested assets pledged as collateral (3)		13,920		5,116
Total invested assets on deposit, held in trust and pledged as collateral	$	27,508	$	21,135

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

(2)  The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $233 million and $118 million of the assets held in trust balance represents restricted cash and cash equivalents at December 31, 2022 and 2021, respectively.

41

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

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

See "— Securities Lending" for information regarding securities on loan. In addition, the Company's investment in FHLB common stock, which is considered restricted until redeemed by the issuer, was $201 million and $70 million at redemption value at December 31, 2022 and 2021, respectively.

Collectively Significant Equity Method Investments

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

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

The aggregated summarized financial data presented below reflects the latest available financial information and is as of and for the years ended December 31, 2022, 2021 and 2020. Aggregate total assets of these entities totaled $879.8 billion and $811.7 billion at December 31, 2022 and 2021, respectively. Aggregate total liabilities of these entities totaled $109.2 billion and $103.2 billion at December 31, 2022 and 2021, respectively. Aggregate net income (loss) of these entities totaled ($12.8) billion, $22.6 billion and $37.7 billion for the years ended December 31, 2022, 2021 and 2020, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income and realized and unrealized investment gains (losses).

Variable Interest Entities

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

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

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at either December 31, 2022 or 2021.

42

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

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

	December 31,
	2022				2021
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(In millions)
Fixed maturity securities	$	15,781	$	17,334	$	16,326	$	15,659
Limited partnerships and LLCs		4,123		5,478		3,666		5,101
Total	$	19,904	$	22,812	$	19,992	$	20,760

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.

43

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

Net Investment Income

The components of net investment income were as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
Investment income:
Fixed maturity securities	$	3,044	$	2,794	$	2,659
Equity securities		2		5		6
Mortgage loans		840		686		663
Policy loans		42		41		34
Limited partnerships and LLCs (1)		263		1,391		240
Cash, cash equivalents and short-term investments		56		3		41
Other		66		42		52
Total investment income		4,313		4,962		3,695
Less: Investment expenses		249		147		167
Net investment income	$	4,064	$	4,815	$	3,528

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

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Fixed maturity securities	$	(188	)	$	(22	)	$	298
Equity securities		(12	)		—			—
Mortgage loans		(20	)		(29	)		(27	)
Limited partnerships and LLCs		(20	)		—			(3	)
Other		—			(12	)		11
Total net investment gains (losses)	$	(240	)	$	(63	)	$	279

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($18) million, $0 and $7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

44

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

6. Investments (continued)

Sales or Disposals of Fixed Maturity Securities

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

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Proceeds	$	6,557		$	6,201		$	3,201
Gross investment gains	$	55		$	96		$	389
Gross investment losses		(236	)		(100	)		(76	)
Net investment gains (losses)	$	(181	)	$	(4	)	$	313

7. Derivatives

Accounting for Derivatives

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

Derivative Strategies

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

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

Interest Rate Derivatives

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

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

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

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

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

Foreign Currency Exchange Rate Derivatives

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

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

45

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

7. Derivatives (continued)

Credit Derivatives

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

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

Equity Market Derivatives

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

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

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

46

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

7. Derivatives (continued)

Primary Risks Managed by Derivatives

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

		December 31,
		2022						2021
		Gross Notional		Estimated Fair Value				Gross Notional		Estimated Fair Value
	Primary Underlying Risk Exposure	Amount		Assets		Liabilities		Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate forwards	Interest rate	$	60	$	—	$	12	$	180	$	30	$	—
Foreign currency swaps	Foreign currency exchange rate		3,981		584		8		3,237		220		22
Total qualifying hedges			4,041		584		20		3,417		250		22
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate		3,145		98		46		2,595		325		17
Interest rate floors	Interest rate		3,250		12		3		—		—		—
Interest rate caps	Interest rate		6,350		137		43		5,100		29		4
Interest rate options	Interest rate		28,688		22		232		8,050		83		—
Interest rate forwards	Interest rate		18,168		35		2,466		9,808		627		109
Foreign currency swaps	Foreign currency exchange rate		810		147		—		956		94		21
Foreign currency forwards	Foreign currency exchange rate		295		1		1		288		—		4
Credit default swaps — written	Credit		1,757		18		2		1,724		39		1
Credit default swaptions	Credit		100		—		—		150		—		—
Equity index options	Equity market		17,229		697		351		24,692		1,155		877
Equity variance swaps	Equity market		—		—		—		281		9		1
Equity total return swaps	Equity market		32,909		520		747		32,719		493		588
Hybrid options	Equity market		—		—		—		900		8		—
Total non-designated or non-qualifying derivatives			112,701		1,687		3,891		87,263		2,862		1,622
Embedded derivatives:
Ceded guaranteed minimum income benefits	Other		N/A		117		—		N/A		186		—
Direct index-linked annuities	Other		N/A		—		3,564		N/A		—		6,211
Direct guaranteed minimum benefits	Other		N/A		—		1,371		N/A		—		1,725
Assumed guaranteed minimum benefits	Other		N/A		—		285		N/A		—		427
Assumed index-linked annuities	Other		N/A		—		368		N/A		—		437
Total embedded derivatives			N/A		117		5,588		N/A		186		8,800
Total		$	116,742	$	2,388	$	9,499	$	90,680	$	3,298	$	10,444

Based on gross notional amounts, a substantial portion of the Company's derivatives was not designated or did not qualify as part of a hedging relationship at both December 31, 2022 and 2021. The Company's use of derivatives includes (i) derivatives that serve as macro hedges of the Company's exposure to various risks and generally do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities and generally do not qualify for hedge accounting because they do not meet the criteria of being "highly effective" as outlined in Accounting Standards Codification 815 — Derivatives and Hedging; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to create synthetic credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship.

47

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

7. Derivatives (continued)

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

	Year Ended December 31, 2022
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	5		$	—		$	4	$	(50	)
Foreign currency exchange rate		12			(11	)		52		379
Total cash flow hedges		17			(11	)		56		329
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate		(4,001	)		—			—		—
Foreign currency exchange rate		95			(16	)		—		—
Credit		(2	)		—			—		—
Equity market		590			—			—		—
Embedded		3,730			—			—		—
Total non-qualifying hedges		412			(16	)		—		—
Total	$	429		$	(27	)	$	56	$	329
	Year Ended December 31, 2021
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	2		$	—		$	3	$	(20	)
Foreign currency exchange rate		7			(3	)		34		190
Total cash flow hedges		9			(3	)		37		170
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate		(717	)		—			—		—
Foreign currency exchange rate		48			2			—		—
Credit		17			—			—		—
Equity market		(486	)		—			—		—
Embedded		(1,229	)		—			—		—
Total non-qualifying hedges		(2,367	)		2			—		—
Total	$	(2,358	)	$	(1	)	$	37	$	170

48

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

7. Derivatives (continued)

	Year Ended December 31, 2020
	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Net Investment Income		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	2		$	—		$	3	$	77
Foreign currency exchange rate		13			(6	)		36		(129	)
Total cash flow hedges		15			(6	)		39		(52	)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate		3,557			—			—		—
Foreign currency exchange rate		(17	)		(7	)		—		—
Credit		18			—			—		—
Equity market		(1,367	)		—			—		—
Embedded		(2,325	)		—			—		—
Total non-qualifying hedges		(134	)		(7	)		—		—
Total	$	(119	)	$	(13	)	$	39	$	(52	)

At December 31, 2022 and 2021, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions was one year and two years, respectively.

At December 31, 2022 and 2021, the balance in AOCI associated with cash flow hedges was $628 million and $320 million, respectively.

Credit Derivatives

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

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

	December 31,
	2022							2021
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)		Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	7		$	544		2.2	$	12		$	589		2.4
Baa		8			1,185		5.0		27			1,131		5.0
Ba		2			24		4.0		—			—		0.0
Caa and Lower		(1	)		4		3.0		(1	)		4		4.0
Total	$	16		$	1,757		4.1	$	38		$	1,724		4.1

49

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

7. Derivatives (continued)

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

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

Counterparty Credit Risk

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

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

See Note 8 for a description of the impact of credit risk on the valuation of derivatives.

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

			Gross Amounts NotOffset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)			Collateral Received/Pledged (2)			Net Amount		Securities Collateral Received/Pledged (3)			Net Amount After Securities Collateral
	(In millions)
December 31, 2022
Derivative assets	$	2,295	$	(1,659	)	$	(629	)	$	7	$	(5	)	$	2
Derivative liabilities	$	3,910	$	(1,659	)	$	—		$	2,251	$	(2,251	)	$	—
December 31, 2021
Derivative assets	$	3,113	$	(1,155	)	$	(1,480	)	$	478	$	(413	)	$	65
Derivative liabilities	$	1,632	$	(1,155	)	$	—		$	477	$	(477	)	$	—

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

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

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

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

50

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

7. Derivatives (continued)

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

	December 31,
	2022		2021
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	2,251	$	477
Estimated Fair Value of Collateral Provided (2):
Fixed maturity securities	$	4,894	$	839

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

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

8. Fair Value

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

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

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

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

51

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

Recurring Fair Value Measurements

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

	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	30,973	$	1,189	$	32,162
Foreign corporate		—		9,894		598		10,492
U.S. government and agency		3,507		4,391		—		7,898
RMBS		—		7,477		14		7,491
CMBS		—		6,504		33		6,537
ABS		—		5,037		318		5,355
State and political subdivision		—		3,741		—		3,741
Foreign government		—		1,043		38		1,081
Total fixed maturity securities		3,507		69,060		2,190		74,757
Equity securities		12		27		27		66
Short-term investments		206		93		—		299
Derivative assets: (1)
Interest rate		—		304		—		304
Foreign currency exchange rate		—		703		29		732
Credit		—		10		8		18
Equity market		—		1,217		—		1,217
Total derivative assets		—		2,234		37		2,271
Embedded derivatives within asset host contracts (2)		—		—		117		117
Separate account assets		29		78,851		—		78,880
Total assets	$	3,754	$	150,265	$	2,371	$	156,390
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	2,802	$	—	$	2,802
Foreign currency exchange rate		—		9		—		9
Credit		—		—		2		2
Equity market		—		1,098		—		1,098
Total derivative liabilities		—		3,909		2		3,911
Embedded derivatives within liability host contracts (2)		—		—		5,588		5,588
Total liabilities	$	—	$	3,909	$	5,590	$	9,499

52

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

	December 31, 2021
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	37,568	$	906	$	38,474
Foreign corporate		—		11,112		493		11,605
U.S. government and agency		3,159		6,009		—		9,168
RMBS		—		9,209		11		9,220
CMBS		—		7,149		44		7,193
ABS		—		4,110		165		4,275
State and political subdivision		—		4,760		—		4,760
Foreign government		—		1,806		26		1,832
Total fixed maturity securities		3,159		81,723		1,645		86,527
Equity securities		21		61		13		95
Short-term investments		640		20		2		662
Derivative assets: (1)
Interest rate		—		1,094		—		1,094
Foreign currency exchange rate		—		304		10		314
Credit		—		27		12		39
Equity market		—		1,649		16		1,665
Total derivative assets		—		3,074		38		3,112
Embedded derivatives within asset host contracts (2)		—		—		186		186
Separate account assets		41		106,184		—		106,225
Total assets	$	3,861	$	191,062	$	1,884	$	196,807
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	130	$	—	$	130
Foreign currency exchange rate		—		47		—		47
Credit		—		—		1		1
Equity market		—		1,465		1		1,466
Total derivative liabilities		—		1,642		2		1,644
Embedded derivatives within liability host contracts (2)		—		—		8,800		8,800
Total liabilities	$	—	$	1,642	$	8,802	$	10,444

(1)  Derivative assets are reported in other invested assets and derivative liabilities are reported in other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.

(2)  Embedded derivatives within asset host contracts are reported in premiums, reinsurance and other receivables. Embedded derivatives within liability host contracts are reported in policyholder account balances.

53

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

Valuation Controls and Procedures

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

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

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

Additional controls are performed, such as, balance sheet analytics to assess reasonableness of period to period pricing changes, including any price adjustments. Price adjustments are applied if prices or quotes received from independent pricing services or brokers are not considered reflective of market activity or representative of estimated fair value. The Company did not have significant price adjustments during the year ended December 31, 2022.

Determination of Fair Value

Fixed Maturity Securities

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

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

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

54

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

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

Equity Securities and Short-term Investments

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

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

Derivatives

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

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

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

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

Embedded Derivatives

Embedded derivatives principally include certain direct and ceded variable annuity guarantees and equity crediting rates within index-linked annuity contracts. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

55

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

The Company issues certain variable annuity products with guaranteed minimum benefits. GMABs, the non-life contingent portion of GMWBs and certain portions of GMIBs are accounted for as embedded derivatives and measured at estimated fair value separately from the host variable annuity contract. These embedded derivatives are classified in policyholder account balances, with changes in estimated fair value reported in net derivative gains (losses).

The Company determines the fair value of these embedded derivatives by estimating the present value of projected future benefits minus the present value of projected future fees using actuarial and capital markets assumptions including expectations of policyholder behavior. The calculation is based on in-force business and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates. The percentage of fees included in the initial fair value measurement is not updated in subsequent periods.

Capital markets assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly-traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital markets inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for BHF's debt. These observable spreads are then adjusted to reflect the priority of these liabilities and claims-paying ability of the issuing insurance subsidiaries as compared to BHF's overall financial strength.

Risk margins are established to capture the non-capital markets risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

The Company issues and assumes through reinsurance index-linked annuities which allow the policyholder to participate in returns from equity indices. The crediting rates associated with these features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified in policyholder account balances.

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

Transfers Into or Out of Level 3:

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

56

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

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

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

			December 31, 2022			December 31, 2021			Impact of Increase in Input
	Valuation Techniques	Significant Unobservable Inputs	Range			Range			on Estimated Fair Value
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	• Option pricing techniques	• Mortality rates		0.03	% - 12.62%		0.03	% - 12.62%	Decrease (1)
		• Lapse rates		0.30	% - 14.50%		0.30	% - 14.50%	Decrease (2)
		• Utilization rates		0.00	% - 25.00%		0.00	% - 25.00%	Increase (3)
		• Withdrawal rates		0.25	% - 10.00%		0.25	% - 10.00%	(4)
		• Long-term equity volatilities		16.46	% - 22.01%		16.44	% - 22.16%	Increase (5)
		• Nonperformance risk spread		0.00	% - 1.98%		(0.38	)% - 1.49%	Decrease (6)

(1)  Mortality rates vary by age and by demographic characteristics such as gender. The range shown reflects the mortality rate for policyholders between 35 and 90 years old, which represents the majority of the business with living benefits. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.

(2)  The range shown reflects base lapse rates for major product categories for duration 1-20, which represents majority of business with living benefit riders. Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies.

(3)  The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible in a given year. The range shown represents the floor and cap of the GMIB dynamic election rates across varying levels of in-the-money. For lifetime withdrawal guarantee riders, the assumption is that everyone will begin withdrawals once account value reaches zero which is equivalent to a 100% utilization rate. Utilization rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract's withdrawal history and by the age of the policyholder.

(4)  The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

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

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

57

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

The Company does not develop unobservable inputs used in measuring fair value for all other assets and liabilities classified within Level 3; therefore, these are not included in the table above. The other Level 3 assets and liabilities primarily included fixed maturity securities and derivatives. For fixed maturity securities valued based on non-binding broker quotes, an increase (decrease) in credit spreads would result in a higher (lower) fair value. For derivatives valued based on third-party pricing models, an increase (decrease) in credit spreads would generally result in a higher (lower) fair value.

58

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) were summarized as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			Foreign Government			Equity Securities		Short-term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Balance, January 1, 2021	$	684		$	67		$	—		$	3	$	—		$	2		$	(7,301	)	$	3
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)		(1	)		—			—			—		—			1			(1,229	)		—
Total realized/unrealized gains (losses) included in AOCI		(7	)		—			—			—		—			12			—			—
Purchases (7)		951			202			26			10		2			20			—			—
Sales (7)		(53	)		(12	)		—			—		—			—			—			—
Issuances (7)		—			—			—			—		—			—			—			—
Settlements (7)		—			—			—			—		—			—			(84	)		—
Transfers into Level 3 (8)		52			—			—			—		—			—			—			—
Transfers out of Level 3 (8)		(227	)		(37	)		—			—		—			1			—			(3	)
Balance, December 31, 2021		1,399			220			26			13		2			36			(8,614	)		—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)		(5	)		1			—			—		—			(9	)		3,730			—
Total realized/unrealized gains (losses) included in AOCI		(266	)		(23	)		(10	)		—		—			17			—			—
Purchases (7)		933			251			5			14		—			1			—			—
Sales (7)		(184	)		(16	)		(2	)		—		(2	)		(9	)		—			—
Issuances (7)		—			—			—			—		—			—			—			—
Settlements (7)		—			—			—			—		—			—			(587	)		—
Transfers into Level 3 (8)		94			33			19			—		—			—			—			—
Transfers out of Level 3 (8)		(184	)		(101	)		—			—		—			(1	)		—			—
Balance, December 31, 2022	$	1,787		$	365		$	38		$	27	$	—		$	35		$	(5,471	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (9)	$	(5	)	$	—		$	—		$	—	$	—		$	(4	)	$	(2,398	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021 (9)	$	(2	)	$	—		$	—		$	—	$	—		$	(11	)	$	(761	)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022 (9)	$	3		$	—		$	—		$	1	$	—		$	(1	)	$	3,432		$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held at December 31, 2020 (9)	$	(3	)	$	1		$	—		$	—	$	—		$	(9	)	$	—		$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2021 (9)	$	(6	)	$	—		$	—		$	—	$	—		$	12		$	—		$	—
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2022 (9)	$	(268	)	$	(23	)	$	(10	)	$	—	$	—		$	17		$	—		$	—
Gains (Losses) Data for the year ended December 31, 2020:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	$	(6	)	$	—		$	—		$	—	$	—		$	9		$	(2,325	)	$	—
Total realized/unrealized gains (losses) included in AOCI	$	(3	)	$	1		$	—		$	—	$	—		$	(9	)	$	—		$	—

59

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

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

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

(3)  Embedded derivative assets and liabilities are reported net for purposes of the rollforward.

(4)  Investment performance related to separate account assets is fully offset by corresponding amounts credited to contract holders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are reported in net investment gains (losses).

(5)  Amortization of premium/accretion of discount is included in net investment income. Changes in the allowance for credit losses and direct write-offs are charged to net income (loss) on securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/ unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

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

(7)  Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(8)  Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(9)  Changes in unrealized gains (losses) included in net income (loss) for fixed maturities are reported in either net investment income or net investment gains (losses). Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

Fair Value of Financial Instruments Carried at Other Than Fair Value

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

60

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

8. Fair Value (continued)

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

	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	22,877	$	—	$	—	$	20,760	$	20,760
Policy loans	$	898	$	—	$	477	$	453	$	930
Other invested assets	$	341	$	—	$	201	$	140	$	341
Premiums, reinsurance and other receivables	$	5,915	$	—	$	77	$	5,988	$	6,065
Liabilities
Policyholder account balances	$	31,223	$	—	$	—	$	30,303	$	30,303
Short-term debt	$	125	$	—	$	—	$	125	$	125
Long-term debt	$	838	$	—	$	28	$	714	$	742
Other liabilities	$	1,009	$	—	$	212	$	797	$	1,009
Separate account liabilities	$	1,022	$	—	$	1,022	$	—	$	1,022
	December 31, 2021
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	19,787	$	—	$	—	$	20,591	$	20,591
Policy loans	$	869	$	—	$	470	$	568	$	1,038
Other invested assets	$	85	$	—	$	70	$	15	$	85
Premiums, reinsurance and other receivables	$	3,075	$	—	$	20	$	3,583	$	3,603
Liabilities
Policyholder account balances	$	23,507	$	—	$	—	$	23,487	$	23,487
Long-term debt	$	841	$	—	$	36	$	1,087	$	1,123
Other liabilities	$	886	$	—	$	60	$	816	$	876
Separate account liabilities	$	1,437	$	—	$	1,437	$	—	$	1,437

61

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

9. Long-term and Short-term Debt

Long-term debt outstanding was as follows at:

						December 31,
	Stated Interest Rate			Maturity		2022		2021
						(In millions)
Surplus note — affiliated (1)		8.070	%		2059	$	412	$	412
Surplus note — affiliated (1)		8.150	%		2058		200		200
Surplus note — affiliated (1)		7.800	%		2058		200		200
Other long-term debt — unaffiliated (2)		7.028	%		2030		26		29
Total long-term debt						$	838	$	841

(1)  Interest on affiliated surplus notes is payable annually. Payments of interest and principal may be made only with the prior approval of the Delaware Department of Insurance.

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

The aggregate maturities of long-term debt at December 31, 2022 were $2 million in each of 2023 and 2024, $3 million in each of 2025, 2026 and 2027, and $825 million thereafter.

Interest expense related to long-term and short-term debt of $70 million, $67 million and $68 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in other expenses, of which $68 million, $65 million and $65 million, respectively, was associated with affiliated debt.

Intercompany Liquidity Facilities

BHF has established an intercompany liquidity facility with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under the facility, which is comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term of up to 364 days, depending on the agreement.

On May 16, 2022, BH Holdings issued a $125 million promissory note to Brighthouse Life Insurance Company and Brighthouse Life Insurance Company of NY ("BHNY") issued a $125 million promissory note to BH Holdings (the "May 2022 Promissory Notes"), in which both notes bore interest at a fixed rate of 2.5363%. Upon maturity on August 16, 2022, the May 2022 Promissory Notes were replaced by two new promissory notes which bore interest at a fixed rate of 4.0466% (the "August 2022 Promissory Notes"). Upon maturity on November 16, 2022, the August 2022 Promissory Notes were replaced by two new promissory notes that bear interest at a fixed rate of 5.7689% and 5.4504%, respectively, and both mature on February 16, 2023 (the "November 2022 Promissory Notes"). See Note 15 for more information.

Committed Facilities

Reinsurance Financing Arrangement

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

62

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

9. Long-term and Short-term Debt (continued)

Repurchase Facilities

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

10. Equity

Statutory Financial Information

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

Brighthouse Life Insurance Company and BHNY prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile.

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

The tables below present amounts from Brighthouse Life Insurance Company and BHNY, which are derived from the statutory-basis financial statements as filed with the insurance regulators.

Statutory net income (loss) was as follows:

		Years Ended December 31,
Company	State of Domicile	2022			2021			2020
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	1,373		$	(156	)	$	(979	)
Brighthouse Life Insurance Company of NY	New York	$	(152	)	$	(52	)	$	(390	)

Statutory capital and surplus was as follows at:

	December 31,
Company	2022		2021
	(In millions)
Brighthouse Life Insurance Company	$	6,349	$	7,763
Brighthouse Life Insurance Company of NY	$	223	$	357

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

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

63

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

10. Equity (continued)

Dividend Restrictions

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

	2023		2022		2021		2020
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company	$	527	$	—	$	550	$	1,250
Brighthouse Life Insurance Company of NY	$	22	$	—	$	—	$	—

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

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

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

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

64

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

10. Equity (continued)

Under BRCD's plan of operations, no dividend or distribution may be made by BRCD without the prior approval of the Delaware Commissioner. BRCD did not pay any extraordinary dividends during the year ended December 31, 2022. During the year ended December 31, 2021, BRCD paid an extraordinary dividend in the form of the settlement of affiliated reinsurance balances of $400 million, invested assets of $197 million and cash of $3 million. During the year ended December 31, 2020, BRCD paid an extraordinary dividend in the form of invested assets of $423 million and the settlement of affiliated reinsurance balances of $177 million, which was approved by the Delaware Commissioner in December 2019. During each of the years ended December 31, 2022, 2021 and 2020, BRCD paid cash dividends of $1 million to its preferred shareholders.

Accumulated Other Comprehensive Income (Loss)

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

	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Total
	(In millions)
Balance at December 31, 2019	$	3,066		$	163		$	(14	)	$	3,215
OCI before reclassifications (2)		3,159			(52	)		19			3,126
Deferred income tax benefit (expense) (3)		(663	)		11			(13	)		(665	)
AOCI before reclassifications, net of income tax		5,562			122			(8	)		5,676
Amounts reclassified from AOCI		(305	)		(18	)		—			(323	)
Deferred income tax benefit (expense) (3)		64			4			—			68
Amounts reclassified from AOCI, net of income tax		(241	)		(14	)		—			(255	)
Balance at December 31, 2020		5,321			108			(8	)		5,421
OCI before reclassifications		(2,090	)		170			1			(1,919	)
Deferred income tax benefit (expense) (3)		438			(36	)		—			402
AOCI before reclassifications, net of income tax		3,669			242			(7	)		3,904
Amounts reclassified from AOCI		7			(12	)		—			(5	)
Deferred income tax benefit (expense) (3)		(1	)		3			—			2
Amounts reclassified from AOCI, net of income tax		6			(9	)		—			(3	)
Balance at December 31, 2021		3,675			233			(7	)		3,901
OCI before reclassifications		(12,112	)		329			(22	)		(11,805	)
Deferred income tax benefit (expense) (3)		2,524			(50	)		4			2,478
AOCI before reclassifications, net of income tax		(5,913	)		512			(25	)		(5,426	)
Amounts reclassified from AOCI		202			(21	)		—			181
Deferred income tax benefit (expense) (3)		(42	)		5			—			(37	)
Amounts reclassified from AOCI, net of income tax		160			(16	)		—			144
Balance at December 31, 2022	$	(5,753	)	$	496		$	(25	)	$	(5,282	)

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

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

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

65

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

10. Equity (continued)

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

AOCI Components	Amounts Reclassified from AOCI									Consolidated Statements of Operations Locations
	Years Ended December 31,
	2022			2021			2020
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains(losses)	$	(182	)	$	(4	)	$	319		Net investment gains (losses)
Net unrealized investment gains (losses)		(20	)		(3	)		(14	)	Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax		(202	)		(7	)		305
Income tax (expense) benefit		42			1			(64	)
Net unrealized investment gains (losses), net of income tax		(160	)		(6	)		241
Unrealized gains (losses) on derivatives — cash flow hedges:
Interest rate swaps		5			2			2		Net derivative gains (losses)
Interest rate swaps		4			3			3		Net investment income
Foreign currency swaps		12			7			13		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax		21			12			18
Income tax (expense) benefit		(5	)		(3	)		(4	)
Gains (losses) on cash flow hedges, net of income tax		16			9			14
Total reclassifications, net of income tax	$	(144	)	$	3		$	255

11. Other Revenues and Other Expenses

Other Revenues

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

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

Other revenues consisted primarily of 12b-1 fees of $217 million, $264 million and $235 million for the years ended December 31, 2022, 2021 and 2020, respectively, of which substantially all were reported in the Annuities segment.

66

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

11. Other Expenses (continued)

Other Expenses

Information on other expenses was as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
Compensation	$	336	$	360	$	321
Contracted services and other labor costs		266		249		251
Transition services agreements		55		119		122
Establishment costs		63		93		194
Premium and other taxes, licenses and fees		49		47		39
Volume related costs, excluding compensation, net of DAC capitalization		478		643		591
Interest expense on debt		70		67		68
Other		358		222		258
Total other expenses	$	1,675	$	1,800	$	1,844

Capitalization of DAC

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

Interest Expense on Debt

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

Related Party Expenses

See Note 14 for a discussion of related party expenses included in the table above.

12. Income Tax

The provision for income tax was as follows:

	Years Ended December 31,
	2022			2021			2020
	(In millions)
Current:
Federal	$	(88	)	$	5		$	—
Deferred:
Federal		(120	)		(76	)		(433	)
Provision for income tax expense (benefit)	$	(208	)	$	(71	)	$	(433	)

67

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

12. Income Tax (continued)

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

	Years Ended December 31,
	2022			2021			2020
	(Dollars in millions)
Tax provision at statutory rate	$	(57	)	$	(1	)	$	(365	)
Tax effect of:
Resolution of prior years		(71	)		(3	)		—
Dividends received deduction		(32	)		(34	)		(38	)
Change in uncertain tax benefits		(20	)		—			—
Tax credits		(19	)		(15	)		(24	)
Return to provision		(5	)		12			2
Adjustments to deferred tax		(2	)		(48	)		(6	)
Change in valuation allowance		—			18			—
Other, net		(2	)		—			(2	)
Provision for income tax expense (benefit)	$	(208	)	$	(71	)	$	(433	)
Effective tax rate		77	%		1,654	%		25	%

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

	December 31,
	2022		2021
	(In millions)
Deferred income tax assets:
Net unrealized investment losses	$	1,397	$	—
Net operating loss carryforwards		1,246		1,253
Investments, including derivatives		285		—
Tax credit carryforwards		183		150
Intangibles		43		45
Employee benefits		3		4
Other		28		5
Total deferred income tax assets		3,185		1,457
Less: Valuation allowance		18		18
Total net deferred income tax assets		3,167		1,439
Deferred income tax liabilities:
Policyholder liabilities and receivables		969		429
DAC		618		688
Net unrealized investment gains		—		1,039
Investments, including derivatives		—		264
Total deferred income tax liabilities		1,587		2,420
Net deferred income tax asset (liability)	$	1,580	$	(981	)

68

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

12. Income Tax (continued)

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

	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032-2037	$	2,008
Indefinite		3,924
	$	5,932

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

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

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

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

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

	Years Ended December 31,
	2022			2021		2020
	(In millions)
Balance at January 1,	$	34		$	34	$	34
Additions for tax positions of prior years		—			—		—
Reductions for tax positions of prior years		—			—		—
Additions for tax positions of current year		—			—		—
Reductions for tax positions of current year		—			—		—
Settlements with tax authorities		—			—		—
Lapses of statutes of limitations		(20	)		—		—
Balance at December 31,	$	14		$	34	$	34
Unrecognized tax benefits that, if recognized would impact the effective rate	$	14		$	34	$	34

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

69

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

12. Income Tax (continued)

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

Tax Sharing Agreements

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

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

Income Tax Transactions with Former Parent

The Company entered into a tax separation agreement with MetLife, Inc. Among other things, the tax separation agreement governs the allocation between MetLife, Inc. and the Company of the responsibility for the taxes of the MetLife, Inc. group. The tax separation agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. For the year ended December 31, 2022, MetLife, Inc. paid the Company $14 million, and for the years ended December 31, 2021 and 2020, the Company paid MetLife, Inc. $73 million and $0, respectively, under the tax separation agreement. At December 31, 2022, there was a current income tax receivable of $14 million, and at December 31, 2021, there was a current income tax payable of $68 million related to this agreement.

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.

70

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

13. Contingencies, Commitments and Guarantees (continued)

The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at December 31, 2022.

Matters as to Which an Estimate Can Be Made

For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. In addition to amounts accrued for probable and reasonably estimable losses, as of December 31, 2022, the Company estimates the aggregate range of reasonably possible losses to be up to approximately $10 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Sales Practices Claims

Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters.

Cost of Insurance Class Actions

Richard A. Newton v. Brighthouse Life Insurance Company (U.S. District Court, Northern District of Georgia, Atlanta Division, filed May 8, 2020). Plaintiff has filed a purported class action lawsuit against Brighthouse Life Insurance Company. Plaintiff was the owner of a universal life insurance policy issued by Travelers Insurance Company, a predecessor to Brighthouse Life Insurance Company. Plaintiff seeks to certify a class of all persons who own or owned life insurance policies issued where the terms of the life insurance policy provide or provided, among other things, a guarantee that the cost of insurance rates would not be increased by more than a specified percentage in any contract year. Plaintiff also alleges that cost of insurance charges were based on improper factors and should have decreased over time due to improving mortality but did not. Plaintiff alleges, among other things, causes of action for breach of contract, fraud, suppression and concealment, and violation of the Georgia Racketeer Influenced and Corrupt Organizations Act. Plaintiff seeks to recover damages, including punitive damages, interest and treble damages, attorneys' fees, and injunctive and declaratory relief. Brighthouse Life Insurance Company filed a motion to dismiss in June 2020, which was granted in part and denied in part in March 2021. Plaintiff was granted leave to amend the complaint. On January 18, 2023, the plaintiff filed a motion on consent to amend the second amended class action complaint to narrow the scope of the class sought to those who own or owned policies issued in Georgia; the motion was granted on January 23, 2023, and the third amended complaint was filed on January 23, 2023. The Company intends to vigorously defend this matter.

71

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

13. Contingencies, Commitments and Guarantees (continued)

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. BHNY was initially named as a defendant when the lawsuit was filed, but was dismissed as a defendant, without prejudice, in April 2022. The Company intends to vigorously defend this matter.

Summary

Various litigations, claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company's consolidated financial statements, have arisen in the course of the Company's business, including, but not limited to, in connection with its activities as an insurer, investor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company's compliance with applicable insurance and other laws and regulations.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, large or indeterminate amounts, including punitive and treble damages, are sought. Although, in light of these considerations, it is possible that an adverse outcome in certain cases could have a material effect upon the Company's financial position, based on information currently known by the Company's management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company's consolidated net income or cash flows in particular quarterly or annual periods.

Other Loss Contingencies

As with litigation and regulatory loss contingencies, the Company considers establishing liabilities for loss contingencies associated with disputes or other matters involving third parties, including counterparties to contractual arrangements entered into by the Company (e.g., third-party vendors and reinsurers), as well as with tax or other authorities ("other loss contingencies"). The Company establishes liabilities for such other loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In matters where it is not probable, but is reasonably possible that a loss will be incurred and the amount of loss can be reasonably estimated, such losses or range of losses are disclosed, and no accrual is made. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed.

In the matters where the Company's subsidiaries are acting as the reinsured or the reinsurer, such matters involve assertions by third parties primarily related to rates, fees or reinsured benefit calculations, and in certain of such matters, the counterparty has made a request to arbitrate.

On a quarterly basis, the Company reviews relevant information with respect to other loss contingencies and, when applicable, updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

As of December 31, 2022, the Company estimates the range of reasonably possible losses in excess of the amounts accrued for certain other loss contingencies to be from zero up to approximately $125 million, which are primarily associated with the reinsurance-related matters described above. For certain other matters, the Company may not currently be able to estimate the reasonably possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of such loss. During the second quarter of 2022, the Company settled a reinsurance-related matter with a third party for $140 million, which is reported in other expenses.

72

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

13. Contingencies, Commitments and Guarantees (continued)

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $247 million and $719 million at December 31, 2022 and 2021, respectively.

Commitments to Fund Partnership Investments, and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under private corporate bond investments. The amounts of these unfunded commitments were $1.9 billion and $2.3 billion at December 31, 2022 and 2021, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from $6 million to $112 million, with a cumulative maximum of $118 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments.

In addition, the Company indemnifies its directors and officers as provided in its charters and bylaws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company's interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company's recorded liabilities were $1 million at both December 31, 2022 and 2021 for indemnities, guarantees and commitments.

14. Related Party Transactions

The Company has various existing arrangements with its Brighthouse Financial affiliates and had previous arrangements with MetLife, Inc. for services necessary to conduct its activities. Certain of the MetLife, Inc. services have continued, however, MetLife, Inc. ceased to be a related party in June 2018. See Note 11 for amounts related to continuing transition services.

The Company has related party reinsurance, debt and equity transactions (see Notes 5, 9 and 10). Other material arrangements between the Company and its related parties not disclosed elsewhere are as follows:

73

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Consolidated Financial Statements (continued)

14. Related Party Transactions (continued)

Shared Services and Overhead Allocations

Brighthouse Services currently provides the Company certain services which include, but are not limited to, treasury, financial planning and analysis, legal, human resources, tax planning, internal audit, financial reporting and information technology. When specific identification to a particular legal entity and/or product is not practicable, an allocation methodology based on various performance measures or activity-based costing, such as sales, new policies/contracts issued, reserves, and in-force policy counts is used. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the Company and/or affiliate. Management believes that the methods used to allocate expenses under these arrangements are reasonable. Revenues received from an affiliate related to these agreements, recorded in universal life and investment-type product policy fees, were $193 million, $235 million and $213 million for the years ended December 31, 2022, 2021 and 2020, respectively. Costs incurred under these arrangements were $946 million, $1.0 billion and $1.1 billion for the years ended December 31, 2022, 2021 and 2020, respectively, and were recorded in other expenses.

Included in these costs were those incurred related to the establishment of services and infrastructure to replace those previously provided by MetLife, Inc.. The Company incurred costs of $0, $0 and $88 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company has been charged a fee to reflect the value of the available infrastructure and services provided by these costs. While management believes the method used to allocate expenses under this arrangement has been reasonable, the allocated expenses may not have been indicative of those of a standalone entity. These establishment costs were fully allocated as of December 31, 2020.

The Company had net receivables from/(payables to) affiliates, related to the items discussed above, of ($188) million and ($182) million at December 31, 2022 and 2021, respectively.

Broker-Dealer Transactions

The related party expense for the Company was commissions paid on the sale of variable products and passed through to the broker-dealer affiliate. The related party revenue for the Company was fee income passed through the broker-dealer affiliate from trusts and mutual funds whose shares serve as investment options of policyholders of the Company. Fee income received related to these transactions and recorded in other revenues was $186 million, $224 million and $200 million for the years ended December 31, 2022, 2021 and 2020, respectively. Commission expenses incurred related to these transactions and recorded in other expenses was $920 million, $1.0 billion and $858 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company also had related party fee income receivables of $14 million and $19 million at December 31, 2022 and 2021, respectively.

15. Subsequent Event

Intercompany Liquidity Facilities

Upon maturity on February 16, 2023, the November 2022 Promissory Notes were replaced with two $125 million promissory notes that each bear interest at a fixed rate of 5.9966% and 5.9937%, respectively, and both mature on May 16, 2023.

74

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule I

Consolidated Summary of Investments
Other Than Investments in Related Parties
December 31, 2022

(In millions)

Types of Investments	Cost or Amortized Cost (1)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities:
Bonds:
U.S. government and agency	$	8,195	$	7,898	$	7,898
State and political subdivision		4,015		3,741		3,741
Public utilities		3,599		3,160		3,160
Foreign government		1,148		1,081		1,081
All other corporate bonds		44,724		39,096		39,096
Total bonds		61,681		54,976		54,976
Mortgage-backed and asset-backed securities		21,270		19,383		19,383
Redeemable preferred stock		444		398		398
Total fixed maturity securities		83,395		74,757		74,757
Equity securities:
Non-redeemable preferred stock		43		37		37
Common stock:
Industrial, miscellaneous and all other		26		27		27
Public utilities		—		2		2
Total equity securities		69		66		66
Mortgage loans		22,877				22,877
Policy loans		898				898
Limited partnerships and LLCs		4,774				4,774
Short-term investments		299				299
Other invested assets		2,984				2,984
Total investments	$	115,296			$	106,655

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

75

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information
(Parent Company Only)
December 31, 2022 and 2021

(In millions, except share and per share data)

	2022			2021
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $71,285 and $66,348, respectively; allowance for credit losses of $4 and $10, respectively)	$	64,250		$	73,232
Equity securities, at estimated fair value		55			85
Mortgage loans (net of allowance for credit losses of $114 and $120, respectively)		21,658			18,977
Policy loans		898			869
Limited partnerships and limited liability companies		4,191			4,271
Short-term investments, principally at estimated fair value		299			649
Investment in subsidiaries		2,563			5,127
Other invested assets, principally at estimated fair value		2,600			2,855
Total investments		96,514			106,065
Cash and cash equivalents		3,102			3,309
Accrued investment income		765			588
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)		18,292			15,080
Receivable from subsidiaries		11,568			11,422
Deferred policy acquisition costs and value of business acquired		4,692			4,405
Current income tax recoverable		27			—
Deferred income tax asset		3,197			1,385
Other assets		332			354
Separate account assets		74,958			101,076
Total assets	$	213,447		$	243,684
Liabilities and Stockholder's Equity
Liabilities
Future policy benefits	$	41,444		$	42,081
Policyholder account balances		69,539			62,187
Other policy-related balances		3,724			3,764
Payables for collateral under securities loaned and other transactions		4,353			5,922
Long-term and short-term debt		812			812
Current income tax payable		—			11
Other liabilities		11,768			11,735
Separate account liabilities		74,958			101,076
Total liabilities		206,598			227,588
Stockholder's Equity
Common stock, par value $25,000 per share; 4,000 shares authorized; 3,000 shares issued and outstanding		75			75
Additional paid-in capital		17,773			17,773
Retained earnings (deficit)		(5,717	)		(5,653	)
Accumulated other comprehensive income (loss)		(5,282	)		3,901
Total stockholder's equity		6,849			16,096
Total liabilities and stockholder's equity	$	213,447		$	243,684

See accompanying notes to the condensed financial information.

76

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information (continued)
(Parent Company Only)
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022			2021			2020
Condensed Statements of Operations
Revenues
Premiums	$	371		$	461		$	428
Universal life and investment-type product policy fees		2,226			2,592			2,440
Net investment income		3,620			4,340			3,111
Other revenues		477			391			398
Net investment gains (losses)		(233	)		12			296
Net derivative gains (losses)		2,863			(1,806	)		(1,594	)
Total revenues		9,324			5,990			5,079
Expenses
Policyholder benefits and claims		3,299			2,131			3,087
Interest credited to policyholder account balances		1,252			1,122			912
Amortization of deferred policy acquisition costs and value of business acquired		790			66			626
Other expenses		1,865			2,733			2,102
Total expenses		7,206			6,052			6,727
Income (loss) before provision for income tax and equity in earnings (losses) of subsidiaries		2,118			(62	)		(1,648	)
Provision for income tax expense (benefit)		309			(78	)		(410	)
Income (loss) before equity in earnings (losses) of subsidiaries		1,809			16			(1,238	)
Equity in earnings (losses) of subsidiaries		(1,873	)		50			(68	)
Net income (loss) attributable to Brighthouse Life Insurance Company	$	(64	)	$	66		$	(1,306	)
Comprehensive income (loss)	$	(9,247	)	$	(1,454	)	$	900

See accompanying notes to the condensed financial information.

77

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information (continued)
(Parent Company Only)
For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022			2021			2020
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	$	(898	)	$	1,368		$	815
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities		9,701			11,647			7,591
Equity securities		48			107			66
Mortgage loans		2,036			2,814			1,869
Limited partnerships and limited liability companies		249			271			177
Purchases of:
Fixed maturity securities		(14,364	)		(18,942	)		(12,517	)
Equity securities		(14	)		(8	)		(17	)
Mortgage loans		(4,864	)		(6,680	)		(1,993	)
Limited partnerships and limited liability companies		(807	)		(837	)		(581	)
Cash received in connection with freestanding derivatives		4,327			3,489			6,035
Cash paid in connection with freestanding derivatives		(3,833	)		(4,471	)		(4,284	)
Receipts on loans to affiliate		—			—			100
Issuances of loans to affiliate		(125	)		—			(100	)
Returns of capital and dividends from subsidiaries		30			24			16
Capital contributions to subsidiaries		(100	)		—			—
Net change in policy loans		(29	)		15			(9	)
Net change in short-term investments		351			1,021			(223	)
Net change in other invested assets		(381	)		(33	)		22
Net cash provided by (used in) investing activities		(7,775	)		(11,583	)		(3,848	)
Cash flows from financing activities
Policyholder account balances:
Deposits		29,929			14,203			8,568
Withdrawals		(19,711	)		(3,966	)		(3,029	)
Net change in payables for collateral under securities loaned and other transactions		(1,569	)		821			812
Dividends paid to parent		—			(550	)		(1,250	)
Financing element on certain derivative instruments and other derivative related transactions, net		(183	)		(368	)		(957	)
Net cash provided by (used in) financing activities		8,466			10,140			4,144
Change in cash, cash equivalents and restricted cash		(207	)		(75	)		1,111
Cash, cash equivalents and restricted cash, beginning of year		3,309			3,384			2,273
Cash, cash equivalents and restricted cash, end of year	$	3,102		$	3,309		$	3,384
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	65		$	65		$	65
Income tax	$	(56	)	$	45		$	(32	)
Non-cash transactions:
Transfer of fixed maturity securities from affiliates	$	589		$	240		$	417
Transfer of limited partnerships and limited liability companies to affiliates	$	587		$	—		$	—
Transfer of fixed maturity securities to affiliates	$	296		$	722		$	280
Transfer of mortgage loans to affiliates	$	89		$	—		$	—

See accompanying notes to the condensed financial information.

78

Brighthouse Life Insurance Company

Schedule II

Notes to the Condensed Financial Information
(Parent Company Only)

1. Basis of Presentation

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

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

2. Investment in Subsidiaries

During the year ended December 31, 2022, Brighthouse Life Insurance Company paid a cash capital contribution of $100 million to BHNY. See Note 10 of the Notes to the Consolidated Financial Statements for information regarding dividends paid by BRCD to Brighthouse Life Insurance Company.

79

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule III

Consolidated Supplementary Insurance Information
December 31, 2022 and 2021

(In millions)

Segment	DAC and VOBA		Future Policy Benefits and Other Policy-Related Balances		Policyholder Account Balances		Unearned Premiums (1), (2)		Unearned Revenue (1)
2022
Annuities	$	4,603	$	11,351	$	54,812	$	—	$	80
Life		471		5,947		2,349		10		155
Run-off		4		19,537		6,787		—		254
Corporate & Other		106		7,416		10,164		6		—
Total	$	5,184	$	44,251	$	74,112	$	16	$	489
2021
Annuities	$	4,237	$	10,258	$	50,815	$	—	$	81
Life		515		5,945		2,404		10		133
Run-off		4		23,031		7,207		—		213
Corporate & Other		95		7,508		5,769		5		—
Total	$	4,851	$	46,742	$	66,195	$	15	$	427

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

(2)  Includes premiums received in advance.

80

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule III

Consolidated Supplementary Insurance Information (continued)
December 31, 2022, 2021 and 2020

(In millions)

Segment	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income (1)		Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances		Amortization of DAC and VOBA			Other Expenses
2022
Annuities	$	1,997	$	2,233	$	2,736	$	811		$	963
Life		518		376		835		71			97
Run-off		615		1,146		1,796		—			292
Corporate & Other		73		309		190		(11	)		323
Total	$	3,203	$	4,064	$	5,557	$	871		$	1,675
2021
Annuities	$	2,335	$	2,196	$	1,646	$	86		$	1,087
Life		640		617		654		8			160
Run-off		619		1,900		2,108		—			191
Corporate & Other		79		102		91		11			362
Total	$	3,673	$	4,815	$	4,499	$	105		$	1,800
2020
Annuities	$	2,179	$	1,800	$	2,438	$	627		$	1,043
Life		671		402		831		78			150
Run-off		642		1,264		3,421		—			185
Corporate & Other		83		62		60		(9	)		466
Total	$	3,575	$	3,528	$	6,750	$	696		$	1,844

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

81

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Schedule IV

Consolidated Reinsurance
December 31, 2022, 2021 and 2020

(Dollars in millions)

	Gross Amount		Ceded		Assumed			Net Amount		% Amount Assumed to Net
2022
Life insurance in-force	$	475,382	$	138,063	$	8,034		$	345,353		2.3	%
Insurance premium
Life insurance (1)	$	1,123	$	493	$	8		$	638		1.3	%
Accident & health insurance		198		195		—			3		0.0	%
Total insurance premium	$	1,321	$	688	$	8		$	641		1.2	%
2021
Life insurance in-force	$	494,317	$	145,618	$	8,966		$	357,665		2.5	%
Insurance premium
Life insurance (1)	$	1,193	$	500	$	(10	)	$	683		(1.5	)%
Accident & health insurance		205		201		—			4		0.0	%
Total insurance premium	$	1,398	$	701	$	(10	)	$	687		(1.5	)%
2020
Life insurance in-force	$	509,456	$	156,361	$	8,965		$	362,060		2.5	%
Insurance premium
Life insurance (1)	$	1,251	$	532	$	12		$	731		1.6	%
Accident & health insurance		215		210		—			5		0.0	%
Total insurance premium	$	1,466	$	742	$	12		$	736		1.6	%

(1)  Includes annuities with life contingencies.

For the years ended December 31, 2022, 2021 and 2020, reinsurance assumed included related party transactions for life insurance in-force of $1.5 billion, $1.6 billion and $1.7 billion, respectively, and life insurance premiums of $2 million for each of the years. There were no related party transactions for ceded life insurance in-force and life insurance premiums for the years ended December 31, 2022, 2021 and 2020.

82