0001685040-20-000007.txt : 20200226 0001685040-20-000007.hdr.sgml : 20200226 20200226172417 ACCESSION NUMBER: 0001685040-20-000007 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 180 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200226 DATE AS OF CHANGE: 20200226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brighthouse Financial, Inc. CENTRAL INDEX KEY: 0001685040 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 813846992 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37905 FILM NUMBER: 20657255 BUSINESS ADDRESS: STREET 1: 11225 N COMMUNITY HOUSE ROAD CITY: CHARLOTTE STATE: NC ZIP: 28277 BUSINESS PHONE: 980-365-7100 MAIL ADDRESS: STREET 1: 11225 N COMMUNITY HOUSE ROAD CITY: CHARLOTTE STATE: NC ZIP: 28277 10-K 1 brighthouse-12312019x1.htm 10-K Document
00600000060000000.9910false--12-31FY20190001685040235000000440000000.010.010.010.0110000000001000000000100000000010000000001204480181204480181206478711206478711175323361175323361060273011060273010.0150.0154328000000P1Y3M59500000000000.380.3803600000021000000037000000200000002000000020000000.034250000000.01100000000017000004000000000.00291568214620570 0001685040 2019-01-01 2019-12-31 0001685040 us-gaap:SubordinatedDebtMember 2019-01-01 2019-12-31 0001685040 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001685040 us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-12-31 0001685040 2020-02-21 0001685040 2019-06-28 0001685040 2018-12-31 0001685040 2019-12-31 0001685040 2017-01-01 2017-12-31 0001685040 2018-01-01 2018-12-31 0001685040 us-gaap:NewAccountingPronouncementMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember 2017-12-31 0001685040 2016-12-31 0001685040 us-gaap:ParentMember 2019-12-31 0001685040 us-gaap:PreferredStockMember 2017-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001685040 srt:RestatementAdjustmentMember bhf:ShareholdersnetinvestmentMember 2017-12-31 0001685040 bhf:ShareholdersnetinvestmentMember 2018-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001685040 us-gaap:TreasuryStockMember 2018-01-01 2018-12-31 0001685040 bhf:ShareholdersnetinvestmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-12-31 0001685040 us-gaap:ParentMember 2019-01-01 2019-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:TreasuryStockMember 2017-12-31 0001685040 us-gaap:ParentMember 2017-01-01 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001685040 us-gaap:CommonStockMember 2016-12-31 0001685040 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001685040 us-gaap:RetainedEarningsMember 2017-12-31 0001685040 bhf:ShareholdersnetinvestmentMember 2016-12-31 0001685040 us-gaap:PreferredStockMember 2019-01-01 2019-12-31 0001685040 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001685040 us-gaap:ParentMember 2017-12-31 0001685040 us-gaap:PreferredStockMember 2018-12-31 0001685040 us-gaap:ParentMember 2018-01-01 2018-12-31 0001685040 2017-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001685040 us-gaap:NewAccountingPronouncementMember us-gaap:ParentMember 2017-01-01 2017-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2019-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001685040 us-gaap:ParentMember 2018-12-31 0001685040 us-gaap:CommonStockMember 2018-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2017-12-31 0001685040 bhf:ShareholdersnetinvestmentMember 2019-12-31 0001685040 bhf:ShareholdersnetinvestmentMember 2017-12-31 0001685040 us-gaap:TreasuryStockMember 2019-12-31 0001685040 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001685040 us-gaap:CommonStockMember 2019-12-31 0001685040 us-gaap:RetainedEarningsMember 2016-12-31 0001685040 us-gaap:TreasuryStockMember 2016-12-31 0001685040 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2018-12-31 0001685040 us-gaap:TreasuryStockMember 2018-12-31 0001685040 us-gaap:NewAccountingPronouncementMember us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:NoncontrollingInterestMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:CommonStockMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:PreferredStockMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001685040 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0001685040 us-gaap:PreferredStockMember 2016-12-31 0001685040 us-gaap:NoncontrollingInterestMember 2016-12-31 0001685040 us-gaap:RetainedEarningsMember 2019-12-31 0001685040 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001685040 us-gaap:RetainedEarningsMember 2018-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001685040 us-gaap:TreasuryStockMember 2017-12-31 0001685040 us-gaap:ParentMember 2016-12-31 0001685040 us-gaap:PreferredStockMember 2019-12-31 0001685040 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001685040 us-gaap:CommonStockMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:ParentMember 2017-12-31 0001685040 srt:MaximumMember us-gaap:DistributionRightsMember 2019-01-01 2019-12-31 0001685040 2017-08-04 2017-08-04 0001685040 srt:MinimumMember us-gaap:DistributionRightsMember 2019-01-01 2019-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:RunoffMember 2017-01-01 2017-12-31 0001685040 bhf:LifeMember 2017-01-01 2017-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:LifeMember 2017-01-01 2017-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:AnnuitiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2017-01-01 2017-12-31 0001685040 us-gaap:OperatingSegmentsMember 2017-01-01 2017-12-31 0001685040 us-gaap:MaterialReconcilingItemsMember 2017-01-01 2017-12-31 0001685040 bhf:AnnuitiesMember 2017-01-01 2017-12-31 0001685040 bhf:RunoffMember 2017-01-01 2017-12-31 0001685040 us-gaap:CorporateAndOtherMember 2017-01-01 2017-12-31 0001685040 bhf:AnnuitiesMember 2018-12-31 0001685040 bhf:RunoffMember 2018-12-31 0001685040 us-gaap:CorporateAndOtherMember 2018-12-31 0001685040 bhf:LifeMember 2018-12-31 0001685040 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2018-01-01 2018-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:AnnuitiesMember 2018-01-01 2018-12-31 0001685040 bhf:LifeMember 2018-01-01 2018-12-31 0001685040 us-gaap:MaterialReconcilingItemsMember 2018-01-01 2018-12-31 0001685040 bhf:RunoffMember 2018-01-01 2018-12-31 0001685040 us-gaap:OperatingSegmentsMember 2018-01-01 2018-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:RunoffMember 2018-01-01 2018-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:LifeMember 2018-01-01 2018-12-31 0001685040 bhf:AnnuitiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:CorporateAndOtherMember 2018-01-01 2018-12-31 0001685040 bhf:LifeMember 2019-01-01 2019-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:AnnuitiesMember 2019-01-01 2019-12-31 0001685040 bhf:AnnuitiesMember 2019-01-01 2019-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:RunoffMember 2019-01-01 2019-12-31 0001685040 us-gaap:OperatingSegmentsMember 2019-01-01 2019-12-31 0001685040 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-12-31 0001685040 us-gaap:CorporateAndOtherMember 2019-01-01 2019-12-31 0001685040 us-gaap:OperatingSegmentsMember bhf:LifeMember 2019-01-01 2019-12-31 0001685040 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2019-01-01 2019-12-31 0001685040 bhf:RunoffMember 2019-01-01 2019-12-31 0001685040 us-gaap:CorporateAndOtherMember 2019-12-31 0001685040 bhf:RunoffMember 2019-12-31 0001685040 bhf:AnnuitiesMember 2019-12-31 0001685040 bhf:LifeMember 2019-12-31 0001685040 us-gaap:LifeInsuranceSegmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:LifeInsuranceSegmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:AccidentAndHealthInsuranceSegmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccidentAndHealthInsuranceSegmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:LifeInsuranceSegmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:InvestmentsSegmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:AccidentAndHealthInsuranceSegmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:InvestmentsSegmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:InvestmentsSegmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:ParticipatingLifeInsurancePolicyMember srt:MaximumMember 2019-12-31 0001685040 us-gaap:OtherInsuranceProductLineMember srt:MinimumMember 2019-12-31 0001685040 us-gaap:ParticipatingLifeInsurancePolicyMember srt:MinimumMember 2019-12-31 0001685040 us-gaap:NonparticipatingLifeInsurancePolicyMember srt:MinimumMember 2019-12-31 0001685040 us-gaap:DisabilityInsurancePolicyMember srt:MaximumMember 2019-12-31 0001685040 srt:MaximumMember 2019-12-31 0001685040 us-gaap:FixedAnnuityMember srt:MaximumMember 2019-12-31 0001685040 us-gaap:NonparticipatingLifeInsurancePolicyMember srt:MaximumMember 2019-12-31 0001685040 us-gaap:FixedAnnuityMember srt:MinimumMember 2019-12-31 0001685040 us-gaap:DisabilityInsurancePolicyMember srt:MinimumMember 2019-12-31 0001685040 srt:MinimumMember 2019-12-31 0001685040 us-gaap:OtherInsuranceProductLineMember srt:MaximumMember 2019-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2019-01-01 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2017-01-01 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2017-01-01 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2018-01-01 2018-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2016-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2016-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2017-01-01 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2019-01-01 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2019-01-01 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2017-01-01 2017-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2017-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2018-01-01 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2019-01-01 2019-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2017-01-01 2017-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2018-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2019-01-01 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2019-01-01 2019-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2018-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2018-01-01 2018-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2019-01-01 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2019-01-01 2019-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2017-01-01 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2017-01-01 2017-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2018-01-01 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2016-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2018-01-01 2018-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2019-01-01 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2017-01-01 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2018-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2018-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2019-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2017-01-01 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2018-01-01 2018-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2018-01-01 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2018-01-01 2018-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2018-01-01 2018-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2019-01-01 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2017-01-01 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2017-01-01 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2016-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2019-12-31 0001685040 bhf:UniversalAndVariableLifeContractsMember bhf:SecondaryGuaranteesMember 2019-01-01 2019-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2018-01-01 2018-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2016-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2016-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2018-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2018-01-01 2018-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumDeathBenefitMember 2016-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember 2016-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2016-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:GuaranteedMinimumIncomeBenefitMember 2018-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2017-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember bhf:SecondaryGuaranteesMember 2016-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2017-12-31 0001685040 bhf:NetCededandAssumedLiabilitiesForGuaranteesMember us-gaap:GuaranteedMinimumDeathBenefitMember 2019-12-31 0001685040 bhf:NetLiabilitiesForGuaranteesMember 2016-12-31 0001685040 us-gaap:UniversalLifeMember bhf:SecondaryGuaranteesMember 2018-12-31 0001685040 us-gaap:VariableLifeMember bhf:SecondaryGuaranteesMember 2018-12-31 0001685040 us-gaap:UniversalLifeMember bhf:SecondaryGuaranteesMember 2019-12-31 0001685040 us-gaap:VariableLifeMember bhf:SecondaryGuaranteesMember 2019-01-01 2019-12-31 0001685040 us-gaap:UniversalLifeMember bhf:SecondaryGuaranteesMember 2018-01-01 2018-12-31 0001685040 us-gaap:UniversalLifeMember bhf:SecondaryGuaranteesMember 2019-01-01 2019-12-31 0001685040 us-gaap:VariableLifeMember bhf:SecondaryGuaranteesMember 2019-12-31 0001685040 us-gaap:VariableLifeMember bhf:SecondaryGuaranteesMember 2018-01-01 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:AnnuitizationBenefitMember 2018-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:AnnuitizationBenefitMember 2019-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:AnnuitizationBenefitMember 2019-01-01 2019-12-31 0001685040 us-gaap:VariableAnnuityMember us-gaap:AnnuitizationBenefitMember 2018-01-01 2018-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember us-gaap:MoneyMarketFundsMember 2018-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember bhf:BondFundsMember 2019-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember 2018-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember us-gaap:BalancedFundsMember 2018-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember us-gaap:EquityFundsMember 2019-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember us-gaap:MoneyMarketFundsMember 2019-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember bhf:BondFundsMember 2018-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember us-gaap:BalancedFundsMember 2019-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember us-gaap:EquityFundsMember 2018-12-31 0001685040 bhf:VariableAnnuityAndVariableLifeMember 2019-12-31 0001685040 bhf:FarmerMacFundingAgreementsMember 2019-12-31 0001685040 us-gaap:DistributionRightsMember 2019-12-31 0001685040 bhf:QuotaShareReinsuranceForCertainDisabilityBusinessMember 2019-01-01 2019-12-31 0001685040 bhf:MortalityRiskOnCaseByCaseBasisMember 2019-01-01 2019-12-31 0001685040 us-gaap:ParticipatingLifeInsurancePolicyMember 2019-01-01 2019-12-31 0001685040 bhf:MortalityRiskMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccidentAndHealthInsuranceSegmentMember us-gaap:CededCreditRiskSecuredMember 2019-12-31 0001685040 bhf:FiveLargestCededReinsurersMember 2019-12-31 0001685040 bhf:FiveLargestCededReinsurersMember 2018-12-31 0001685040 bhf:FiveLargestCededReinsurersMember us-gaap:CededCreditRiskUnsecuredMember 2018-12-31 0001685040 bhf:FiveLargestCededReinsurersMember us-gaap:CededCreditRiskUnsecuredMember 2019-12-31 0001685040 us-gaap:CededCreditRiskUnsecuredMember 2019-12-31 0001685040 us-gaap:CededCreditRiskUnsecuredMember 2018-12-31 0001685040 bhf:CededReinsuranceMember 2019-12-31 0001685040 bhf:AssumedReinsuranceMember 2018-12-31 0001685040 bhf:AssumedReinsuranceMember 2019-12-31 0001685040 bhf:CededReinsuranceMember 2018-12-31 0001685040 bhf:DirectReinsuranceMember 2019-12-31 0001685040 bhf:DirectReinsuranceMember 2018-12-31 0001685040 bhf:CededReinsuranceMember srt:AffiliatedEntityMember 2017-01-01 2017-12-31 0001685040 bhf:ReinsuranceMember srt:AffiliatedEntityMember 2018-01-01 2018-12-31 0001685040 bhf:CededReinsuranceMember srt:AffiliatedEntityMember 2018-01-01 2018-12-31 0001685040 bhf:AssumedReinsuranceMember srt:AffiliatedEntityMember 2017-01-01 2017-12-31 0001685040 bhf:AssumedReinsuranceMember srt:AffiliatedEntityMember 2018-01-01 2018-12-31 0001685040 bhf:ReinsuranceMember srt:AffiliatedEntityMember 2017-01-01 2017-12-31 0001685040 bhf:AssumedGuaranteedMinimumBenefitMember srt:AffiliatedEntityMember 2017-01-01 2017-12-31 0001685040 bhf:MetropolitanLifeInsuranceCompanyMember bhf:BHLRecaptureGMIBMember srt:AffiliatedEntityMember 2017-01-01 0001685040 bhf:LifeandOtherMember srt:AffiliatedEntityMember 2017-05-01 0001685040 bhf:CededGuaranteedMinimumBenefitMember srt:AffiliatedEntityMember 2018-01-01 2018-12-31 0001685040 bhf:AffiliateRecaptureVariableAnnuitiesMember srt:AffiliatedEntityMember 2017-01-01 0001685040 bhf:CededGuaranteedMinimumBenefitMember srt:AffiliatedEntityMember 2017-01-01 2017-12-31 0001685040 bhf:LifeandOtherMember srt:AffiliatedEntityMember 2017-04-30 2017-04-30 0001685040 bhf:MetropolitanLifeInsuranceCompanyMember bhf:BHLRecaptureGMIBMember srt:AffiliatedEntityMember 2018-01-01 2018-06-30 0001685040 bhf:AffiliateRecaptureVariableAnnuitiesMember srt:AffiliatedEntityMember 2017-01-01 2017-01-31 0001685040 us-gaap:PerformingFinancingReceivableMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:SecuritiesFinancingTransactionFairValueMember 2019-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember 2019-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember 2019-12-31 0001685040 bhf:NonIncomeProducingDebtSecuritiesMember 2019-12-31 0001685040 bhf:NonIncomeProducingDebtSecuritiesMember 2018-12-31 0001685040 bhf:SixMonthsOrGreaterMember bhf:TwentyPercentOrMoreMember us-gaap:DebtSecuritiesMember 2019-12-31 0001685040 us-gaap:DebtSecuritiesMember 2019-01-01 2019-12-31 0001685040 us-gaap:DebtSecuritiesMember 2019-12-31 0001685040 us-gaap:DebtSecuritiesMember 2018-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2019-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2018-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2018-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2019-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2019-12-31 0001685040 bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2018-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2018-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2018-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2018-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2018-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2019-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2019-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2019-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2018-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2018-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2018-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2019-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2019-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 bhf:DscLessThan100PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2019-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2018-12-31 0001685040 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2019-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2018-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2019-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2018-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2019-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv65To75PercentMember 2019-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2019-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:LtvLessThan65PercentMember 2018-12-31 0001685040 bhf:Dsc100To120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2018-12-31 0001685040 bhf:DscGreaterThan120PercentMember us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateLoanMember bhf:Ltv76To80PercentMember 2019-12-31 0001685040 us-gaap:PerformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 us-gaap:NonperformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 us-gaap:NonperformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 us-gaap:PerformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 srt:MaximumMember bhf:AgriculturalPortfolioSegmentMember us-gaap:RealEstateLoanMember 2018-12-31 0001685040 us-gaap:RealEstateLoanMember 2019-01-01 2019-12-31 0001685040 us-gaap:RealEstateLoanMember 2018-01-01 2018-12-31 0001685040 us-gaap:PerformingFinancingReceivableMember us-gaap:RealEstateLoanMember 2019-12-31 0001685040 bhf:OtherInvestedAssetsMember 2019-12-31 0001685040 us-gaap:NewAccountingPronouncementMember 2018-01-01 2018-12-31 0001685040 us-gaap:NewAccountingPronouncementMember 2019-01-01 2019-12-31 0001685040 srt:RestatementAdjustmentMember 2016-12-31 0001685040 us-gaap:NewAccountingPronouncementMember 2017-01-01 2017-12-31 0001685040 srt:RestatementAdjustmentMember 2018-12-31 0001685040 us-gaap:SecuritiesFinancingTransactionCostMember 2018-12-31 0001685040 us-gaap:SecuritiesFinancingTransactionFairValueMember 2019-12-31 0001685040 us-gaap:SecuritiesFinancingTransactionCostMember 2019-12-31 0001685040 us-gaap:SecuritiesFinancingTransactionFairValueMember 2018-12-31 0001685040 us-gaap:SecuritiesInvestmentMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:MaturityUpTo30DaysMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:MaturityUpTo30DaysMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:MaturityOvernightMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:MaturityOvernightMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember bhf:Maturity30to180DaysMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember bhf:Maturity30to180DaysMember 2018-12-31 0001685040 bhf:ReinsuranceMember us-gaap:DebtSecuritiesMember 2018-12-31 0001685040 bhf:PolicyholderAccountBalancesMember us-gaap:DebtSecuritiesMember 2019-12-31 0001685040 bhf:ReinsuranceMember us-gaap:DebtSecuritiesMember 2019-12-31 0001685040 bhf:PolicyholderAccountBalancesMember us-gaap:DebtSecuritiesMember 2018-12-31 0001685040 us-gaap:DebtSecuritiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:RealEstateInvestmentMember 2018-12-31 0001685040 us-gaap:RealEstateInvestmentMember 2019-12-31 0001685040 us-gaap:DebtSecuritiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:LimitedPartnerMember 2019-01-01 2019-12-31 0001685040 us-gaap:LimitedPartnerMember 2017-01-01 2017-12-31 0001685040 us-gaap:LimitedPartnerMember 2018-01-01 2018-12-31 0001685040 us-gaap:PolicyLoansMember 2017-01-01 2017-12-31 0001685040 us-gaap:PolicyLoansMember 2019-01-01 2019-12-31 0001685040 us-gaap:EquitySecuritiesMember 2019-01-01 2019-12-31 0001685040 us-gaap:RealEstateInvestmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:CashAndCashEquivalentsMember 2019-01-01 2019-12-31 0001685040 us-gaap:RealEstateInvestmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:DebtSecuritiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:RealEstateInvestmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:OtherInvestmentsMember 2019-01-01 2019-12-31 0001685040 us-gaap:MortgagesMember 2019-01-01 2019-12-31 0001685040 us-gaap:CashAndCashEquivalentsMember 2017-01-01 2017-12-31 0001685040 us-gaap:CashAndCashEquivalentsMember 2018-01-01 2018-12-31 0001685040 us-gaap:PolicyLoansMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquitySecuritiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:OtherInvestmentsMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquitySecuritiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:MortgagesMember 2018-01-01 2018-12-31 0001685040 us-gaap:MortgagesMember 2017-01-01 2017-12-31 0001685040 us-gaap:OtherInvestmentsMember 2017-01-01 2017-12-31 0001685040 us-gaap:DebtSecuritiesMember 2019-01-01 2019-12-31 0001685040 us-gaap:DebtSecuritiesMember 2017-01-01 2017-12-31 0001685040 bhf:MetlifeInvestmentManagementLLCMember 2017-01-01 2017-12-31 0001685040 bhf:MetlifeInvestmentManagementLLCMember 2018-01-01 2018-12-31 0001685040 srt:AffiliatedEntityMember 2017-01-01 2017-12-31 0001685040 2017-01-01 2017-03-31 0001685040 2017-03-31 0001685040 us-gaap:StockOptionMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2019-12-31 0001685040 bhf:EquityTotalReturnSwapsMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2018-12-31 0001685040 bhf:InterestrateforwardMember us-gaap:NondesignatedMember 2019-12-31 0001685040 bhf:InterestrateforwardMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001685040 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2018-12-31 0001685040 bhf:AssumedReinsuranceMember 2019-12-31 0001685040 us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2019-12-31 0001685040 bhf:EquityFuturesMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:CreditDefaultSwapSellingProtectionMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001685040 bhf:FuturesMember us-gaap:NondesignatedMember 2018-12-31 0001685040 bhf:DirectGuaranteedMinimumBenefitMember 2019-12-31 0001685040 us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001685040 bhf:DirectGuaranteedMinimumBenefitMember 2018-12-31 0001685040 us-gaap:CreditDefaultSwapBuyingProtectionMember us-gaap:NondesignatedMember 2018-12-31 0001685040 bhf:InterestrateforwardMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001685040 bhf:CededGuaranteedMinimumBenefitMember 2018-12-31 0001685040 bhf:CededGuaranteedMinimumBenefitMember 2019-12-31 0001685040 bhf:EquityFuturesMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:VarianceSwapMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:InterestRateSwaptionMember us-gaap:NondesignatedMember 2019-12-31 0001685040 bhf:FuturesMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001685040 us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:StockOptionMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2018-12-31 0001685040 bhf:InterestrateforwardMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001685040 us-gaap:CreditDefaultSwapSellingProtectionMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:NondesignatedMember 2018-12-31 0001685040 bhf:DirectindexlinkedannuitiesMember 2018-12-31 0001685040 us-gaap:CreditDefaultSwapBuyingProtectionMember us-gaap:NondesignatedMember 2019-12-31 0001685040 us-gaap:InterestRateSwaptionMember us-gaap:NondesignatedMember 2018-12-31 0001685040 us-gaap:VarianceSwapMember us-gaap:NondesignatedMember 2019-12-31 0001685040 bhf:DirectindexlinkedannuitiesMember 2019-12-31 0001685040 bhf:EquityTotalReturnSwapsMember us-gaap:NondesignatedMember 2019-12-31 0001685040 bhf:AssumedReinsuranceMember 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-12-31 0001685040 us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:NondesignatedMember 2019-01-01 2019-12-31 0001685040 us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-01-01 2019-12-31 0001685040 bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-12-31 0001685040 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember 2019-01-01 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:CashFlowHedgingMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember 2019-01-01 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2019-01-01 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:FairValueHedgingMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:CashFlowHedgingMember 2018-01-01 2018-12-31 0001685040 bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001685040 bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:FairValueHedgingMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:FairValueHedgingMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:InvestmentIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:FairValueHedgingMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2018-01-01 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:NondesignatedMember 2017-01-01 2017-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2017-01-01 2017-12-31 0001685040 us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:FairValueHedgingMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2017-01-01 2017-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:FairValueHedgingMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:CashFlowHedgingMember 2017-01-01 2017-12-31 0001685040 us-gaap:FairValueHedgingMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember 2017-01-01 2017-12-31 0001685040 bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:CashFlowHedgingMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2017-01-01 2017-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:EquityContractMember us-gaap:NondesignatedMember bhf:PolicyholderBenefitAndClaimMember 2017-01-01 2017-12-31 0001685040 bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember us-gaap:InvestmentIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:FairValueHedgingMember bhf:NetDerivativeGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:AaaAaMember 2018-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:BaaMember 2018-01-01 2018-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:BaaMember 2018-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:AaaAaMember 2019-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:BaaMember 2019-01-01 2019-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:AaaAaMember 2019-01-01 2019-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:BaaMember 2019-12-31 0001685040 us-gaap:CreditDefaultSwapMember bhf:AaaAaMember 2018-01-01 2018-12-31 0001685040 bhf:DerivativesSubjectToCreditContingentProvisionsMember 2019-12-31 0001685040 us-gaap:FixedMaturitiesMember bhf:DerivativesSubjectToCreditContingentProvisionsMember 2019-12-31 0001685040 us-gaap:FixedMaturitiesMember bhf:DerivativesSubjectToCreditContingentProvisionsMember 2018-12-31 0001685040 bhf:DerivativesSubjectToCreditContingentProvisionsMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignExchangeContractMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:EquityContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CreditRiskContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputUtilizationRateMember 2019-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEntityCreditRiskMember 2018-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEntityCreditRiskMember 2019-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member bhf:MeasurementInputLongTermEquityVolatilitiesMember 2019-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputLapseRateMember 2018-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputLapseRateMember 2019-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputWithdrawalRateMember 2018-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member bhf:MeasurementInputLongTermEquityVolatilitiesMember 2019-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputMortalityRateMember 2019-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputUtilizationRateMember 2018-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEntityCreditRiskMember 2019-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputLapseRateMember 2019-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputUtilizationRateMember 2018-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputWithdrawalRateMember 2019-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputUtilizationRateMember 2019-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputLapseRateMember 2018-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputWithdrawalRateMember 2018-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member bhf:MeasurementInputLongTermEquityVolatilitiesMember 2018-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputMortalityRateMember 2019-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member bhf:MeasurementInputLongTermEquityVolatilitiesMember 2018-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEntityCreditRiskMember 2018-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputMortalityRateMember 2018-12-31 0001685040 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputWithdrawalRateMember 2019-12-31 0001685040 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputMortalityRateMember 2018-12-31 0001685040 us-gaap:CorporateDebtSecuritiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:EquitySecuritiesMember 2019-01-01 2019-12-31 0001685040 bhf:NetDerivativesMember 2017-12-31 0001685040 us-gaap:EquitySecuritiesMember 2017-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-01-01 2019-12-31 0001685040 bhf:SeparateAccountAssetsMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2018-01-01 2018-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2019-01-01 2019-12-31 0001685040 bhf:StructuredSecuritiesMember 2018-01-01 2018-12-31 0001685040 bhf:NetDerivativesMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-01-01 2019-12-31 0001685040 us-gaap:EquitySecuritiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:CorporateDebtSecuritiesMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquitySecuritiesMember 2019-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2018-01-01 2018-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2017-01-01 2017-12-31 0001685040 bhf:NetDerivativesMember 2018-01-01 2018-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2017-01-01 2017-12-31 0001685040 bhf:SeparateAccountAssetsMember 2019-01-01 2019-12-31 0001685040 bhf:StructuredSecuritiesMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2017-01-01 2017-12-31 0001685040 bhf:StructuredSecuritiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2017-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2018-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2018-12-31 0001685040 us-gaap:EquitySecuritiesMember 2018-12-31 0001685040 us-gaap:CorporateDebtSecuritiesMember 2019-01-01 2019-12-31 0001685040 bhf:SeparateAccountAssetsMember 2017-01-01 2017-12-31 0001685040 us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0001685040 bhf:NetDerivativesMember 2019-01-01 2019-12-31 0001685040 bhf:StructuredSecuritiesMember 2019-12-31 0001685040 bhf:StructuredSecuritiesMember 2017-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-01-01 2018-12-31 0001685040 us-gaap:EquitySecuritiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2017-01-01 2017-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-12-31 0001685040 bhf:NetDerivativesMember 2019-12-31 0001685040 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2017-12-31 0001685040 bhf:SeparateAccountAssetsMember 2017-12-31 0001685040 bhf:SeparateAccountAssetsMember 2018-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001685040 bhf:StructuredSecuritiesMember 2018-12-31 0001685040 bhf:SeparateAccountAssetsMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2017-12-31 0001685040 bhf:NetDerivativesMember 2018-12-31 0001685040 us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2018-12-31 0001685040 us-gaap:CorporateDebtSecuritiesMember 2017-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2017-12-31 0001685040 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001685040 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001685040 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001685040 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001685040 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001685040 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001685040 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001685040 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001685040 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001685040 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001685040 bhf:TermLoanDue2024Member 2019-01-01 2019-12-31 0001685040 bhf:RevolvingCreditFacilityMaturing2024Member 2019-12-31 0001685040 bhf:MrscCollateralFinancingArrangementMember 2017-04-28 0001685040 bhf:BHFCreditFacilitiesMember 2019-12-31 0001685040 bhf:BHFCreditFacilitiesMember 2016-12-02 0001685040 us-gaap:SeniorNotesMember 2017-06-22 0001685040 bhf:RevolvingCreditFacilityMaturing2024Member 2019-05-07 0001685040 bhf:BHFSeniorNotesdue2027Member 2017-06-22 0001685040 bhf:BLICRepurchaseFacilityMember 2019-12-31 0001685040 bhf:BRCDCommittedCreditFacilityMember 2019-12-31 0001685040 bhf:BRCDCommittedCreditFacilityMember 2017-04-28 0001685040 bhf:BRCDCommittedCreditFacilityMember 2018-01-01 2018-12-31 0001685040 bhf:MRDSurplusNotesdue2033Member 2017-04-28 0001685040 bhf:BHFSeniorNotesdue2047Member 2017-06-22 0001685040 bhf:JuniorSubordinatedDebenturesdue2058Member 2018-09-12 0001685040 bhf:TermLoanDue2019Member 2017-07-21 0001685040 bhf:MRDSurplusNotesDue2032And2033Member 2017-04-28 2017-04-28 0001685040 bhf:MrscCollateralFinancingArrangementMember 2017-01-01 2017-12-31 0001685040 bhf:MrscCollateralFinancingArrangementMember 2017-04-28 2017-04-28 0001685040 bhf:RevolvingCreditFacilityMaturing2021Member 2016-12-02 0001685040 bhf:BRCDCommittedCreditFacilityMember 2019-01-01 2019-12-31 0001685040 bhf:MLUSASurplusNotesdue2038Member 2017-06-16 0001685040 bhf:BLICRepurchaseFacilityMember 2018-04-16 0001685040 bhf:MRDSurplusNotesdue2032Member 2017-04-28 0001685040 bhf:TermLoanDue2019Member 2019-02-01 2019-02-01 0001685040 bhf:TermLoanDue2019Member 2017-07-21 2017-07-21 0001685040 bhf:MLUSASurplusNotesdue2038Member 2017-06-16 2017-06-16 0001685040 bhf:TermLoanDue2024Member 2019-02-01 2019-02-01 0001685040 bhf:TermLoanDue2024Member 2019-02-01 0001685040 bhf:BRCDCommittedCreditFacilityMember 2017-01-01 2017-12-31 0001685040 bhf:TermLoanDue2019Member 2016-12-02 0001685040 bhf:TermLoanDue2024Member 2019-12-31 0001685040 bhf:JuniorSubordinatedDebenturesdue2058Member 2019-12-31 0001685040 bhf:BHFSeniorNotesdue2047Member 2018-12-31 0001685040 bhf:NonRecourseDebtDue2030Member 2018-12-31 0001685040 bhf:TermLoanDue2019Member 2018-12-31 0001685040 bhf:NonRecourseDebtDue2030Member 2019-12-31 0001685040 bhf:BHFSeniorNotesdue2027Member 2019-12-31 0001685040 bhf:BHFSeniorNotesdue2047Member 2019-12-31 0001685040 bhf:BHFSeniorNotesdue2027Member 2018-12-31 0001685040 bhf:JuniorSubordinatedDebenturesdue2058Member 2018-12-31 0001685040 2019-03-25 2019-03-25 0001685040 bhf:AuthorizationUnder10b51PlanMember 2019-12-31 0001685040 bhf:AuthorizationUnder10b51PlanMember 2018-08-05 0001685040 bhf:AuthorizationUnder10b51PlanMember 2019-01-01 2019-12-31 0001685040 2019-03-25 0001685040 bhf:AuthorizationUnder10b51PlanMember 2018-01-01 2018-12-31 0001685040 bhf:AuthorizationUnder10b51PlanMember 2019-05-03 0001685040 2019-05-15 2019-05-15 0001685040 2019-08-15 2019-08-15 0001685040 2019-11-15 2019-11-15 0001685040 bhf:CashCapitalContributionMember 2017-01-01 2017-03-31 0001685040 bhf:NoncashContributionMember 2017-01-01 2017-09-30 0001685040 2017-08-03 2017-08-03 0001685040 bhf:NoncashContributionMember 2017-01-01 2017-12-31 0001685040 2017-04-28 0001685040 bhf:NoncashContributionMember 2017-01-01 2017-06-30 0001685040 2017-06-20 0001685040 us-gaap:EmployeeStockMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmployeeStockMember 2018-01-01 2018-12-31 0001685040 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmployeeStockMember 2018-12-31 0001685040 us-gaap:EmployeeStockOptionMember 2019-12-31 0001685040 us-gaap:EmployeeStockMember 2019-12-31 0001685040 bhf:OtherShareBasedMember 2019-12-31 0001685040 bhf:OtherShareBasedMember 2018-12-31 0001685040 us-gaap:EmployeeStockOptionMember bhf:OtherShareBasedMember 2018-01-01 2018-12-31 0001685040 us-gaap:EmployeeStockOptionMember bhf:OtherShareBasedMember 2019-01-01 2019-12-31 0001685040 us-gaap:PerformanceSharesMember bhf:OtherShareBasedMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmployeeStockMember bhf:OtherShareBasedMember 2018-01-01 2018-12-31 0001685040 us-gaap:PerformanceSharesMember bhf:OtherShareBasedMember 2018-01-01 2018-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember bhf:RestrictedStockUnitsRSUsFoundersGrantMember 2019-01-01 2019-12-31 0001685040 us-gaap:EmployeeStockMember bhf:OtherShareBasedMember 2019-01-01 2019-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember bhf:RestrictedStockUnitsRSUsFoundersGrantMember 2018-01-01 2018-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember bhf:OtherShareBasedMember 2019-01-01 2019-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember bhf:OtherShareBasedMember 2018-01-01 2018-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001685040 us-gaap:PerformanceSharesMember 2019-01-01 2019-12-31 0001685040 us-gaap:PerformanceSharesMember 2019-12-31 0001685040 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 0001685040 us-gaap:PerformanceSharesMember 2018-12-31 0001685040 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-12-31 0001685040 srt:MinimumMember 2018-01-01 2018-12-31 0001685040 bhf:OtherShareBasedMember 2019-01-01 2019-12-31 0001685040 srt:MinimumMember 2019-01-01 2019-12-31 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember 2018-01-01 2018-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember 2019-01-01 2019-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember 2017-01-01 2017-12-31 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember 2017-01-01 2017-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember 2018-01-01 2018-12-31 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember 2019-01-01 2019-12-31 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember 2018-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember 2018-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember 2019-12-31 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember 2019-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember 2018-01-01 2018-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember 2018-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember 2019-01-01 2019-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember 2019-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember 2017-01-01 2017-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember us-gaap:CashMember 2019-01-01 2019-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember us-gaap:DebtMember 2019-01-01 2019-12-31 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember srt:ScenarioForecastMember 2020-12-31 0001685040 bhf:NewEnglandLifeInsuranceCompanyMember srt:ScenarioForecastMember 2020-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember us-gaap:PreferredStockMember 2017-01-01 2017-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember us-gaap:PreferredStockMember 2018-01-01 2018-12-31 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember us-gaap:PreferredStockMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2016-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-12-31 0001685040 srt:RestatementAdjustmentMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0001685040 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-12-31 0001685040 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0001685040 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-01-01 2017-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-01-01 2017-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateSwapMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-12-31 0001685040 us-gaap:InterestRateSwapMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001685040 us-gaap:ForwardContractsMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-12-31 0001685040 us-gaap:ForwardContractsMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-12-31 0001685040 us-gaap:ForwardContractsMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-12-31 0001685040 us-gaap:CurrencySwapMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-12-31 0001685040 us-gaap:InterestRateSwapMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-12-31 0001685040 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001685040 us-gaap:NewAccountingPronouncementMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0001685040 us-gaap:NewAccountingPronouncementMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-12-31 0001685040 us-gaap:DistributionServiceMember 2018-01-01 2018-12-31 0001685040 us-gaap:DistributionServiceMember 2017-01-01 2017-12-31 0001685040 us-gaap:DistributionServiceMember 2019-01-01 2019-12-31 0001685040 us-gaap:QualifiedPlanMember 2018-12-31 0001685040 bhf:MetlifeIncMember 2018-12-31 0001685040 us-gaap:QualifiedPlanMember 2019-12-31 0001685040 us-gaap:NonqualifiedPlanMember 2019-12-31 0001685040 us-gaap:NonqualifiedPlanMember 2018-12-31 0001685040 bhf:MetlifeIncMember 2019-12-31 0001685040 bhf:ExpirationPeriodFourthFourYearsByDeferredTaxAssetMember us-gaap:GeneralBusinessMember 2019-12-31 0001685040 bhf:ExpirationPeriodFirstFourYearsByDeferredTaxAssetMember us-gaap:GeneralBusinessMember 2019-12-31 0001685040 us-gaap:ForeignCountryMember 2019-12-31 0001685040 bhf:ExpirationPeriodFirstFourYearsByDeferredTaxAssetMember us-gaap:ForeignCountryMember 2019-12-31 0001685040 bhf:ExpirationPeriodForIndefiniteNumberOfYearsByDeferredTaxAssetMember us-gaap:GeneralBusinessMember 2019-12-31 0001685040 bhf:ExpirationPeriodSecondFourYearsByDeferredTaxAssetMember us-gaap:GeneralBusinessMember 2019-12-31 0001685040 bhf:ExpirationPeriodFourthFourYearsByDeferredTaxAssetMember us-gaap:ForeignCountryMember 2019-12-31 0001685040 bhf:ExpirationPeriodThirdFourYearsByDeferredTaxAssetMember us-gaap:GeneralBusinessMember 2019-12-31 0001685040 bhf:ExpirationPeriodThirdFourYearsByDeferredTaxAssetMember us-gaap:ForeignCountryMember 2019-12-31 0001685040 bhf:ExpirationPeriodForIndefiniteNumberOfYearsByDeferredTaxAssetMember us-gaap:ForeignCountryMember 2019-12-31 0001685040 us-gaap:GeneralBusinessMember 2019-12-31 0001685040 bhf:ExpirationPeriodSecondFourYearsByDeferredTaxAssetMember us-gaap:ForeignCountryMember 2019-12-31 0001685040 bhf:MetlifeIncMember 2017-10-31 2017-10-31 0001685040 srt:ParentCompanyMember 2017-01-01 2017-12-31 0001685040 bhf:MetlifeIncMember 2019-11-01 2019-11-01 0001685040 us-gaap:SpinoffMember 2019-12-31 0001685040 bhf:AlternativeMinimumTaxadjustmentMember 2017-01-01 2017-12-31 0001685040 bhf:MetlifeIncMember 2018-11-30 2018-11-30 0001685040 bhf:ExpirationPeriodFourthFourYearsByDeferredTaxAssetMember 2019-12-31 0001685040 bhf:ExpirationPeriodForIndefiniteNumberOfYearsByDeferredTaxAssetMember 2019-12-31 0001685040 us-gaap:SpinoffMember 2018-12-31 0001685040 us-gaap:LoanOriginationCommitmentsMember 2018-12-31 0001685040 us-gaap:LoanOriginationCommitmentsMember 2019-12-31 0001685040 us-gaap:CommitmentsToExtendCreditMember 2018-12-31 0001685040 us-gaap:CommitmentsToExtendCreditMember 2019-12-31 0001685040 bhf:AllServicesandTransactionsExceptBrokerDealerActivitiesMember 2017-01-01 2017-12-31 0001685040 bhf:AllServicesandTransactionsExceptBrokerDealerActivitiesMember 2018-01-01 2018-12-31 0001685040 bhf:BrokerDealerActivitiesMember 2017-01-01 2017-12-31 0001685040 2018-01-01 2018-03-31 0001685040 2019-04-01 2019-06-30 0001685040 2018-04-01 2018-06-30 0001685040 2019-10-01 2019-12-31 0001685040 2018-10-01 2018-12-31 0001685040 2019-01-01 2019-03-31 0001685040 2018-07-01 2018-09-30 0001685040 2019-07-01 2019-09-30 0001685040 us-gaap:SubsequentEventMember 2020-02-14 2020-02-14 0001685040 us-gaap:SubsequentEventMember 2020-02-06 0001685040 bhf:BrighthouseReinsuranceCompanyofDelawareMember us-gaap:SubsequentEventMember 2020-02-20 2020-02-20 0001685040 bhf:BrighthouseLifeInsuranceCompanyMember us-gaap:SubsequentEventMember 2020-02-19 2020-02-19 0001685040 us-gaap:PublicUtilityBondsMember 2019-12-31 0001685040 us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0001685040 us-gaap:EquitySecuritiesInvestmentSummaryMember 2019-12-31 0001685040 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001685040 us-gaap:RedeemablePreferredStockMember 2019-12-31 0001685040 us-gaap:PublicUtilityEquitiesMember 2019-12-31 0001685040 us-gaap:MortgagesMember 2019-12-31 0001685040 bhf:OtherInvestedAssetsMember 2019-12-31 0001685040 us-gaap:NonredeemablePreferredStockMember 2019-12-31 0001685040 bhf:MortgageBackedAndAssetBackedSecuritiesMember 2019-12-31 0001685040 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-12-31 0001685040 us-gaap:FixedMaturitiesMember 2019-12-31 0001685040 us-gaap:ShortTermInvestmentsMember 2019-12-31 0001685040 us-gaap:PolicyLoansMember 2019-12-31 0001685040 us-gaap:BondsMember 2019-12-31 0001685040 us-gaap:AllOtherCorporateBondsMember 2019-12-31 0001685040 us-gaap:RealEstateInvestmentMember 2019-12-31 0001685040 us-gaap:IndustrialMiscellaneousAndAllOthersMember 2019-12-31 0001685040 srt:ParentCompanyMember 2019-01-01 2019-12-31 0001685040 srt:ParentCompanyMember 2018-01-01 2018-12-31 0001685040 srt:ParentCompanyMember 2018-12-31 0001685040 srt:ParentCompanyMember 2019-12-31 0001685040 srt:ParentCompanyMember 2016-12-31 0001685040 srt:ParentCompanyMember 2017-12-31 0001685040 srt:ParentCompanyMember bhf:TermLoanDue2024Member 2019-01-01 2019-12-31 0001685040 srt:ParentCompanyMember bhf:IntercompanyLiquidityFacilitiesMember 2019-01-01 2019-12-31 0001685040 srt:ParentCompanyMember bhf:IntercompanyLiquidityFacilitiesMember 2017-01-01 2017-12-31 0001685040 srt:ParentCompanyMember bhf:IntercompanyLiquidityFacilitiesMember 2019-07-01 2019-09-30 0001685040 srt:ParentCompanyMember bhf:ShortTermIntercompanyLoansMember 2019-12-31 0001685040 srt:ParentCompanyMember bhf:ShortTermIntercompanyLoansMember 2018-12-31 0001685040 srt:ParentCompanyMember bhf:IntercompanyLiquidityFacilitiesMember 2019-01-01 2019-06-30 0001685040 srt:ParentCompanyMember bhf:ShortTermIntercompanyLoansMember 2018-01-01 2018-12-31 0001685040 srt:ParentCompanyMember bhf:ShortTermIntercompanyLoansMember 2017-01-01 2017-12-31 0001685040 srt:ParentCompanyMember bhf:ShortTermIntercompanyLoansMember 2017-12-31 0001685040 srt:ParentCompanyMember bhf:ShortTermIntercompanyLoansMember 2019-01-01 2019-12-31 0001685040 srt:ParentCompanyMember bhf:IntercompanyLiquidityFacilitiesMember 2019-12-31 0001685040 srt:ParentCompanyMember bhf:BHFSeniorNotesdue2047Member 2019-12-31 0001685040 srt:ParentCompanyMember bhf:TermLoanDue2024Member 2019-12-31 0001685040 srt:ParentCompanyMember bhf:TermLoanDue2019Member 2018-12-31 0001685040 srt:ParentCompanyMember bhf:JuniorSubordinatedDebenturesdue2058Member 2019-12-31 0001685040 srt:ParentCompanyMember bhf:BHFSeniorNotesdue2027Member 2019-12-31 0001685040 srt:ParentCompanyMember bhf:BHFSeniorNotesdue2047Member 2018-12-31 0001685040 srt:ParentCompanyMember bhf:JuniorSubordinatedDebenturesdue2058Member 2018-12-31 0001685040 srt:ParentCompanyMember bhf:BHFSeniorNotesdue2027Member 2018-12-31 0001685040 srt:AffiliatedEntityMember 2017-12-31 0001685040 srt:AffiliatedEntityMember us-gaap:LifeInsuranceSegmentMember 2018-01-01 2018-12-31 0001685040 srt:AffiliatedEntityMember us-gaap:LifeInsuranceSegmentMember 2017-01-01 2017-12-31 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure bhf:Segment
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number 001-37905
bhflogorgb970pxa29.jpg
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
81-3846992
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
11225 North Community House Road,
Charlotte,
North Carolina
 
28277
(Address of principal executive offices)
 
(Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
BHF
The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share
BHFAP
The Nasdaq Stock Market LLC
of 6.600% Non-Cumulative Preferred Stock, Series A
6.250% Junior Subordinated Debentures due 2058
BHFAL
The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
 
Accelerated filer
¨
 
Non-accelerated filer
¨
 
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
As of June 28, 2019, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $4.1 billion.
As of February 21, 2020, 105,096,065 shares of the registrant’s common stock were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s proxy statement to be filed with the U.S. Securities and Exchange Commission in connection with the registrant’s 2020 annual meeting of stockholders (the “2020 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. Such 2020 Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended December 31, 2019.
 



Table of Contents
 
 
 
 
Page
Part I
Item 1.
 
 
Item 1A.
 
 
Item 1B.
 
 
Item 3.
 
 
Item 4.
 
 
 
 
 
 
 
Part II
Item 5.
 
 
Item 6.
 
 
Item 7.
 
 
Item 7A.
 
 
Item 8.
 
 
Item 9.
 
 
Item 9A.
 
 
Item 9B.
 
 
 
Part III
Item 10.
 
 
Item 11.
 
 
Item 12.
 
 
Item 13.
 
 
Item 14.
 
 
 
Part IV
Item 15.
 
 
 
 
 
 
 
 
 
 
 
 
 



As used in this Annual Report on Form 10-K, unless otherwise mentioned or unless the context indicates otherwise, “Brighthouse,” “Brighthouse Financial,” the “Company,” “we,” “our” and “us” refer to Brighthouse Financial, Inc. a corporation incorporated in Delaware in 2016, and its subsidiaries. We use the term “BHF” to refer solely to Brighthouse Financial, Inc., and not to any of its subsidiaries. Until August 4, 2017, BHF was a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). The term “Separation” refers to the separation of MetLife, Inc.’s former Brighthouse Financial segment from MetLife’s other businesses and the creation of a separate, publicly-traded company, BHF, as well as the distribution on August 4, 2017 of 96,776,670 shares, or 80.8%, of the 119,773,106 shares of BHF common stock outstanding immediately prior to the distribution date by MetLife, Inc. to holders of MetLife, Inc. common stock as of the record date for the distribution. The term “MetLife Divestiture” refers to the disposition by MetLife, Inc. on June 14, 2018 of all its remaining shares of BHF common stock. Effective with the MetLife Divestiture, MetLife, Inc. and its subsidiaries and affiliates were no longer considered related parties to BHF and its subsidiaries and affiliates. For definitions of selected financial and product terms used herein, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Glossary.”
Note Regarding Forward-Looking Statements
This report and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as “anticipate,” “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “guidance,” “forecast,” “preliminary,” “objective,” “continue,” “aim,” “plan,” “believe” and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others:
differences between actual experience and actuarial assumptions and the effectiveness of our actuarial models;
higher risk management costs and exposure to increased market risk due to guarantees within certain of our products;
the effectiveness of our variable annuity exposure risk management strategy and the impact of such strategy on volatility in our profitability measures and negative effects on our statutory capital;
the reserves we are required to hold against our variable annuities as a result of actuarial guidelines;
the potential material adverse effect of changes in accounting standards, practices and/or policies applicable to us, including changes in the accounting for long-duration contracts;
our degree of leverage due to indebtedness;
the impact of adverse capital and credit market conditions, including with respect to our ability to meet liquidity needs and access capital;
the impact of changes in regulation and in supervisory and enforcement policies on our insurance business or other operations;
the availability of reinsurance and the ability of the counterparties to our reinsurance or indemnification arrangements to perform their obligations thereunder;
the adverse impact to liabilities for policyholder claims as a result of extreme mortality events;
heightened competition, including with respect to service, product features, scale, price, actual or perceived financial strength, claims-paying ratings, credit ratings, e-business capabilities and name recognition;
any failure of third parties to provide services we need, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance we need from third parties;

2



the ability of our insurance subsidiaries to pay dividends to us, and our ability to pay dividends to our shareholders and repurchase our common stock;
the effectiveness of our policies and procedures in managing risk;
our ability to market and distribute our products through distribution channels;
whether all or any portion of the tax consequences of the Separation are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact us;
the uncertainty of the outcome of any disputes with MetLife over tax-related or other matters and agreements or disagreements regarding MetLife’s or our obligations under our other agreements;
the potential material negative tax impact of potential future tax legislation that could make some of our products less attractive to consumers; and
other factors described in this report and from time to time in documents that we file with the U.S. Securities and Exchange Commission (“SEC”).
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in this Annual Report on Form 10-K, particularly in the sections entitled “Risk Factors” and “Quantitative and Qualitative Disclosures About Market Risk,” as well as in our other subsequent filings with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
Corporate Information
We routinely use our Investor Relations website to provide presentations, press releases and other information that may be deemed material to investors. Accordingly, we encourage investors and others interested in the Company to review the information that we share at http://investor.brighthousefinancial.com. In addition, our Investor Relations website allows interested persons to sign up to automatically receive e-mail alerts when we post financial information. Information contained on or connected to any website referenced in this Annual Report on Form 10-K is not incorporated by reference in this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any website references are intended to be inactive textual references only unless expressly noted.
Note Regarding Reliance on Statements in Our Contracts
See “Exhibit Index — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Annual Report on Form 10-K.

3


PART I
Item 1. Business
Index to Business

4


Overview
Our Company
We are one of the largest providers of annuity and life insurance products in the United States through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. Our in-force book of products consists of approximately 2.8 million insurance policies and annuity contracts at December 31, 2019, which are organized into three reporting segments:
(i)
Annuities, which includes variable, fixed, index-linked and income annuities;
(ii)
Life, which includes term, universal, whole and variable life policies; and
(iii)
Run-off, which consists of operations related to products which we are not actively selling, and which are separately managed.
In addition, the Company reports certain of its results of operations in Corporate & Other.
We issue products through our wholly-owned insurance company subsidiaries, Brighthouse Life Insurance Company, New England Life Insurance Company (“NELICO”) and Brighthouse Life Insurance Company of NY (“BHNY”). At December 31, 2019, we had $227.3 billion of total assets with total stockholders’ equity of $16.2 billion, including accumulated other comprehensive income; $150.2 billion of annuity assets under management (“AUM”), which we define as our general account investments and our separate account assets, and approximately $568.1 billion of life insurance face amount in-force, ($400.0 billion, net of reinsurance). Additionally, our insurance subsidiaries had combined statutory total adjusted capital (“TAC”) of $9.7 billion, resulting in a combined action level risk-based capital (“RBC”) ratio of approximately 550% at December 31, 2019. For the year ended December 31, 2019, normalized statutory earnings were approximately $1.9 billion. Normalized statutory earnings is used by management to measure our insurance companies’ generation of statutory distributable cash flows (sometimes referred to as distributable earnings) and is reflective of whether our hedging program functions as intended. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Parent Company — Normalized Statutory Earnings” for further discussion of normalized statutory earnings and its components.
We seek to be a financially disciplined and, over time, cost-competitive product manufacturer with an emphasis on independent distribution. We aim to leverage our large block of annuity contracts and in-force life insurance policies to operate efficiently. We believe that our strategy of offering a targeted set of products to serve our customers and distribution partners, each of which is intended to produce positive statutory distributable cash flows on an accelerated basis compared to our legacy products, will enhance our ability to invest in our business and distribute cash to our shareholders over time. We also believe that our product strategy of offering a more tailored set of new products and our decision to outsource a significant portion of our client administration and service processes, is consistent with our focus on reducing our expense structure over time. A key part of our operating strategy is to leverage third parties to deliver certain services important to our business and reduce expenses over time.
Risk management of both our in-force book and our new business to enhance sustained, long-term shareholder value is fundamental to our strategy. Consequently, in writing new business we prioritize the value of such business over sales volumes. We assess the value of new products by taking into account the amount and timing of cash flows, the use and cost of capital required to support our financial strength ratings and the cost of risk mitigation. We remain focused on maintaining our strong capital base and we have established a risk management approach that seeks to mitigate the effects of severe market disruptions and other economic events on our business. In the fourth quarter of 2019, we made a significant change to our variable annuity exposure risk management strategy to better protect statutory capital from smaller market moves. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management Strategies,” “Risk Factors — Risks Related to Our Business — Our variable annuity exposure risk management strategy may not be effective, may result in significant volatility in our profitability measures and may negatively affect our statutory capital” and “— Segments and Corporate & Other — Annuities.”
We believe that general demographic trends in the U.S. population, the increase in under-insured individuals, the potential risk to governmental social safety net programs and the shifting of responsibility for retirement planning and financial security from employers and other institutions to individuals will create opportunities to generate significant demand for our products. We also believe our transition to an independent distribution system enhances our ability to operate most effectively within the emerging requirements of new and proposed regulations establishing standards of conduct for the sale of insurance and annuity products. See “— Regulation — Standard of Conduct Regulation” for a discussion of these final and proposed regulations.

5


Segments and Corporate & Other
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.
The following table presents the relevant contributions of each of our segments and Corporate & Other to our net income (loss) available to shareholders and adjusted earnings, for our ongoing business and for the total Company:
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
 
 
(In millions)
Annuities
 
$
1,028

 
$
1,023

 
$
1,017

Life
 
231

 
228

 
16

Total ongoing business
 
1,259

 
1,251

 
1,033

Run-off
 
(454
)
 
(43
)
 
104

Corporate & Other
 
(180
)
 
(311
)
 
(217
)
Less: Net income (loss) attributable to noncontrolling interests
 
5

 
5

 

Less: Preferred stock dividends
 
21

 

 

Total adjusted earnings
 
599

 
892

 
920

Adjustments:
 
 
 
 
 
 
Net investment gains (losses)
 
112

 
(207
)
 
(28
)
Net derivative gains (losses)
 
(1,988
)
 
702

 
(1,620
)
Other adjustments
 
154

 
(536
)
 
(564
)
Provision for income tax (expense) benefit
 
362

 
14

 
914

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
 
$
(761
)
 
$
865

 
$
(378
)
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, 2019, 2018 and 2017. Substantially all of our premiums, universal life and investment-type product policy fees and other revenues originated in the U.S. Financial information, including revenues, expenses, adjusted earnings, and total assets by segment, as well as premiums, universal life and investment-type product policy fees and other revenues by major product groups, is provided in Note 2 of the Notes to the Consolidated Financial Statements. Adjusted earnings is a performance measure that is not based on accounting principles generally accepted in the United States of America (“GAAP”). See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP and Other Financial Disclosures” for a definition of such measure.
The following table presents the total assets for each of our segments and Corporate & Other:
 
 
December 31, 2019
 
December 31, 2018
 
 
(In millions)
Annuities
 
$
156,965

 
$
141,489

Life
 
$
21,876

 
$
20,449

Run-off
 
$
35,112

 
$
32,393

Corporate & Other
 
$
13,306

 
$
11,963


6


The following table presents our AUM by segment and Corporate & Other, which we define as our general account investments and our separate account assets.
 
 
December 31, 2019
 
December 31, 2018
 
 
Investments
 
Separate Accounts
 
Total
 
Investments
 
Separate Accounts
 
Total
 
 
(In millions)
Annuities
 
$
50,721

 
$
99,498

 
$
150,219

 
$
42,574

 
$
91,922

 
$
134,496

Life
 
11,188

 
5,493

 
16,681

 
10,344

 
4,679

 
15,023

Run-off
 
31,997

 
2,116

 
34,113

 
30,112

 
1,655

 
31,767

Corporate & Other
 
1,876

 

 
1,876

 
151

 

 
151

Total
 
$
95,782

 
$
107,107

 
$
202,889

 
$
83,181

 
$
98,256

 
$
181,437

Annuities
Overview
Annuities are used by consumers for pre-retirement wealth accumulation and post-retirement income management. The “fixed” and “variable” classifications describe generally whether we or the contract holders bear the investment risk of the assets supporting the contract and determine the manner in which we earn profits from these products, as investment spreads for fixed products or as asset-based fees charged to variable products. Index-linked annuities allow the contract holder to participate in returns from equity indices and, in the case of Shield Level Annuities (“Shield” and “Shield Annuities”), provide a specified level of market downside protection. See “— Current Products — Structured Annuities” for more information on Shield Annuities. Income annuities provide a guaranteed monthly income for a specified period of years and/or for the life of the annuitant.
The following table presents the insurance liabilities of our annuity products.
 
 
December 31, 2019
 
December 31, 2018
 
 
General
Account (1)
 
Separate
Account
 
Total
 
General
Account (1)
 
Separate
Account
 
Total
 
 
(In millions)
Variable
 
$
4,669

 
$
99,386

 
$
104,055

 
$
4,799

 
$
91,837

 
$
96,636

Fixed Deferred
 
13,460

 

 
13,460

 
12,872

 

 
12,872

Shield Annuities
 
12,372

 

 
12,372

 
8,453

 

 
8,453

Income
 
4,480

 
112

 
4,592

 
4,442

 
85

 
4,527

Total
 
$
34,981

 
$
99,498

 
$
134,479

 
$
30,566

 
$
91,922

 
$
122,488

_______________
(1)
Excludes reserve liabilities for guaranteed minimum benefits (“GMxBs”) and Shield Annuity embedded derivatives.
We seek to meet our risk-adjusted return objectives in our Annuities segment through a disciplined risk-selection approach and innovative product design, balancing bottom line profitability with top line growth, while remaining focused on margin preservation. Our underwriting approach and product design take into account numerous criteria, including evolving consumer demographics and macroeconomic market conditions, offering a suite of products tailored to respond to external factors without compromising internal constraints. We believe we have the product design capabilities and distribution relationships to permit us to design and offer new products meeting our risk-adjusted return requirements. We believe these capabilities will enhance our ability to maintain market presence and relevance over the long-term. We intend to meet our risk management objectives by continuing to hedge significant market risks associated with our existing annuity products, as well as new business. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management Strategies — Variable Annuity Exposure Risk Management.”
Current Products
Our Annuities segment product offerings include fixed, structured, income and variable annuities (each as described below). Our Annuities are designed to address customer needs for tax-deferred asset accumulation and retirement income and their wealth-protection concerns. In 2013, we began a shift in our business towards products with lower guaranteed minimum crediting rates, variable annuity products with less risky living benefits and increased emphasis on index-linked annuity

7


products. Since 2014, our new sales have primarily focused on variable annuities with simplified living benefits, and Shield Annuities. We believe we can continue to innovate in response to customer and distributor needs and market conditions.
Fixed Deferred Annuities
Fixed deferred annuities address asset accumulation needs. Purchase payments under fixed deferred annuity contracts are allocated to our general account and are credited with interest at rates we determine, subject to specified guaranteed minimums. Credited interest rates are guaranteed for at least one year. To protect from premature withdrawals, we impose surrender charges. Surrender charges are typically applicable during the early years of the annuity contract, with a declining level of surrender charges over time. We expect to earn a spread between what we earn on the underlying general account investments and what we credit to our fixed annuity contract holders’ accounts. Surrender charges allow us to recoup amounts we expended to initially market and sell such annuities. Approximately 84% of our fixed annuities have a remaining surrender charge of 2% or less.
We launched a fixed index annuity (“FIA”) with Massachusetts Mutual Life Insurance Company (“MassMutual”) in July 2017. The FIA is a single premium fixed index annuity designed for growth that credits interest based on the annual performance of an index. Additionally, an optional living benefit rider is available for an additional charge, designed to provide guaranteed lifetime withdrawals.
Structured Annuities
This family of structured annuities combines certain features similar to variable and fixed annuities. Shield Annuities are a suite of single premium deferred annuity contracts that provides for accumulation of retirement savings or other long-term investment purposes. Shield Annuities provide the ability for the contract holder to participate in the appreciation of certain financial markets up to a stated level while offering protection from a portion of declines. Rather than allocating purchase payments directly into the equity market, the customer has an opportunity to participate in the returns of a particular market index. The reserve assets are held in a book value non-unitized separate account, but the issuing insurance company is obligated to pay distributions and benefits irrespective of the value of the separate account assets. Shield Annuities offer account value and return of premium death benefits. Shield Annuities are included with variable annuities in our statutory reserve requirements and conditional tail expectations (“CTE”) estimates.
Income Annuities
Income annuities are annuity contracts under which the contract holder contributes a portion of their retirement assets in exchange for a steady stream of retirement income, lasting either for a specified period of time or as long as the life of the annuitant.
We offer two types of income annuities: immediate income annuities, referred to as “single premium immediate annuities” (“SPIAs”) and deferred income annuities (“DIAs”). Both products provide guaranteed lifetime income that can be used to supplement other retirement income sources. SPIAs are single premium annuity products that provide a guaranteed level of income, beginning no more than 13 months after purchase, to the contract holder for a specified number of years or the duration of the life of the annuitant(s). DIAs differ from SPIAs in that they require the contract holder to wait at least 15 months before income payments commence. SPIAs and DIAs are priced based on considerations consistent with the annuitant’s age, gender and, in the case of DIAs, the deferral period. DIAs provide a pension-like stream of income payments after a specified deferral period.
Variable Annuities
We issue variable annuity contracts that offer contract holders a tax-deferred basis for wealth accumulation and rights to receive a future stream of payments. The contract holder can choose to invest purchase payments in the separate account or, if available, the general account investment options under the contract. For the separate account options, the contract holder can elect among several subaccounts that invest in internally and externally managed investment portfolios. Unless the contract holder has elected to pay for guaranteed minimum living or death benefits, as discussed below, the contract holder bears the entire risk and receives all of the net returns resulting from the investment option(s) chosen. For the general account options, Brighthouse credits the contract’s account value with the net purchase payment and credits interest to the contract holder at rates declared periodically, subject to a guaranteed minimum crediting rate. The account value of most types of general account options is guaranteed and is not exposed to market risk, because the insurance company rather than the contract holder directly bears the risk that the value of the underlying general account investments of the insurance companies may decline. At December 31, 2019, our variable annuity total account value was $104.1 billion, consisting of $99.4 billion of contract holder separate account assets and $4.7 billion of contract holder general account assets.

8


The majority of the variable annuities we have issued have GMxBs, which we believe make these products attractive to our customers in periods of economic uncertainty. These GMxBs must be elected by the contract holder no later than at the issuance of the contract. The primary types of GMxBs are those that guarantee death benefits payable upon the death of a contract holder (guaranteed minimum death benefits, “GMDBs”) and those that guarantee benefits payable while the contract holder or annuitant is alive (guaranteed minimum living benefits, “GMLBs”). There are three primary types of GMLBs: guaranteed minimum income benefits (“GMIBs”), guaranteed minimum withdrawal benefits (“GMWBs”) and guaranteed minimum accumulation benefits (“GMABs”). We ceased issuing GMIBs for new purchase in February 2016.
The guaranteed benefit received by a contract holder pursuant to the GMxBs is calculated based on the benefit base (“Benefit Base”). The calculation of the Benefit Base varies by benefit type and may differ in value from the contract holder’s account value for the following reasons:
The Benefit Base is defined to exclude the effect of a decline in the market value of the contract holder’s account value. By excluding market declines, actual claim payments to be made in the future to the contract holder will be determined without giving effect to equity market declines.
The terms of the Benefit Base may allow it to increase at a guaranteed rate irrespective of the rate of return on the contract holder’s account value.
The Benefit Base may also increase with subsequent purchase payments, after the initial purchase payment made by the contract holder at the issuance of the contract, or at the contract holder’s election with an increase in the account value due to market performance.
GMxBs provide the contract holder with protection against the possibility that a downturn in the markets will reduce the certain specified benefits that can be claimed under the contract. The principal features of our in-force block of variable annuity contracts with GMxBs are as follows:
GMDBs, a contract holder’s beneficiaries are entitled to the greater of (a) the account value or (b) the Benefit Base upon the death of the annuitant;
GMIBs, a contract holder is entitled to annuitize the policy after a specified period of time and receive a minimum amount of lifetime income based on predetermined payout factors and the Benefit Base, which could be greater than the account value;
GMWBs, a contract holder is entitled to withdraw each year a maximum amount of their Benefit Base, which could be greater than the underlying account value; and
GMABs, a contract holder is entitled to a percentage of the Benefit Base, which could be greater than the account value, after the specified accumulation period, regardless of actual investment performance.
Variable annuities may have more than one GMxB. Variable annuities with a GMLB may also have a GMDB. Additional detail concerning our GMxBs is provided in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management Strategies — Variable Annuity Exposure Risk Management.”
Variable Annuity Fees
The following table presents the fees and charges we earn on our variable annuity contracts invested in separate accounts, by type of fee:
 
 
Years Ended December 31,
 
 
2019
 
2018
 
 
(In millions)
Mortality & Expense Fees and Administrative Fees
 
$
1,388

 
$
1,494

Surrender Charges
 
21

 
24

Investment Management Fees (1)
 
225

 
239

12b-1 Fees and Other Revenue (1)
 
246

 
263

Death Benefit Rider Fees
 
207

 
211

Living Benefit Riders Fees
 
903

 
929

Total
 
$
2,990

 
$
3,160

_______________
(1)
These fees are net of pass-through amounts.

9


For the account value on contracts that invest through a separate account, we earn various types of fee revenue based on account value, fund assets and Benefit Base. In general, GMxB fees calculated based on the Benefit Base are more stable in market downturns compared to fees based on the account value.
Mortality & Expense Fees and Administrative Fees. We earn mortality and expense fees (“M&E Fees”), as well as administrative fees on variable annuity contracts. The M&E Fees are calculated based on the portion of the contract holder’s account value allocated to the separate accounts and are expressed as an annual percentage deducted daily. These fees are used to offset the insurance and operational expenses relating to our variable annuity contracts. Additionally, the administrative fees are charged either based on the daily average of the net asset values in the subaccounts or when contracts fall below minimum values based on a flat annual fee per contract.
Surrender Charges. Most, but not all, variable annuity contracts depending on their share class may also impose surrender charges on withdrawals for a period of time after the purchase and in certain products for a period of time after each subsequent deposit, also known as the surrender charge period. A surrender charge is a deduction of a percentage of the contract holder’s account value prior to distribution to him or her. Surrender charges generally decline gradually over the surrender charge period, which can range from zero to 10 years. Our variable annuity contracts typically permit contract holders to withdraw up to 10% of their account value each year without any surrender charge, although their guarantees may be significantly impacted by such withdrawals. Contracts may also specify circumstances when no surrender charges apply, for example, upon payment of a death benefit.
The following table presents account value by remaining surrender charge:
 
 
Variable Annuities (1)
 
 
December 31, 2019
 
December 31, 2018
 
 
(In millions)
0%
 
$
79,054

 
$
64,770

>0 to 2%
 
16,235

 
20,300

>2% to 4%
 
5,045

 
6,422

>4% to 6%
 
6,427

 
5,021

>6%
 
11,551

 
8,635

Total
 
$
118,312

 
$
105,148

_______________
(1)
Shield Annuities are included with variable annuities.
Investment Management Fees. We charge investment management fees for managing the proprietary mutual funds managed by our subsidiary Brighthouse Investment Advisers, LLC (“Brighthouse Advisers”) that are offered as investments under the variable annuities. Investment management fees are also paid on the non-proprietary funds managed by investment advisors unaffiliated with us, to the unaffiliated investment advisors. Investment management fees differ by fund. A portion of the investment management fees charged on proprietary funds managed by subadvisors unaffiliated with us are paid by us to the subadvisors. Investment management fees reduce the net returns on the variable annuity investments.
12b-1 Fees and Other Revenue. 12b-1 fees are paid by the mutual funds which our contract holders chose to invest in and are calculated based on the net assets of the funds allocated to our subaccounts. These fees reduce the returns contract holders earn from these funds. Additionally, mutual fund companies with funds which are available to contract holders through the variable annuity subaccounts pay us fees consistent with the terms of administrative service agreements. These fees are funded from the fund companies’ net revenues.
Death Benefit Rider Fees. We may earn fees in addition to the base M&E fees for promising to pay GMDBs. The fees earned vary by generation and rider type. For some death benefits, the fees are calculated based on account value, but for enhanced death benefits (“EDBs”), the fees are normally calculated based on the Benefit Base. In general, these fees were set at a level intended to be sufficient to cover the anticipated expenses of covering claim payments and hedge costs associated with these benefits. These fees are deducted from the account value.
Living Benefit Riders Fees. We earn these fees for promising to pay guaranteed benefits while the contract holder is alive, such as for any type of GMLB (including GMIBs, GMWBs and GMABs). The fees earned vary by generation and rider type and are typically calculated based on the Benefit Base and deducted from account value. These fees are set at a level intended to be sufficient to cover the anticipated expenses of covering claim payments and hedge costs associated with these benefits.
In addition to fees, we also earn a spread on the portion of the account value allocated to the general account.

10


Pricing and Risk Selection
Product pricing reflects our pricing standards and guidelines. Annuities are priced based on various factors, which may include investment returns, expenses, persistency, longevity, policyholder behavior, equity market returns, and interest rate scenarios.
Rates for annuity products are highly regulated and generally the forms of which must be approved by the regulators of the jurisdictions in which the product is sold. The offer and sale of variable annuity products are regulated by the SEC. Generally, these products include pricing terms that are guaranteed for a certain period of time. Such products generally include surrender charges for early withdrawals and fees for guaranteed benefits. We periodically reevaluate the costs associated with such guarantees and may adjust pricing levels accordingly. Further, from time to time, we may also reevaluate the type and level of guarantee features being offered. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates.”
We continually review our pricing guidelines in light of applicable regulations and to ensure that our policies remain competitive and supportive of our marketing strategies and profitability goals.
Evolution of our Variable Annuity Business
Our in-force variable annuity block reflects a wide variety of product offerings within each type of guarantee, reflecting the changing nature of these products over the past two decades. The changes in product features and terms over time are driven partially by customer demand but also reflect our continually refined evaluation of the guarantees, their expected long-term claims costs and the most effective market risk management strategies in the prevailing market conditions.
We introduced our variable annuity product over 50 years ago and began offering GMIBs, which were our first living benefit riders, in 2001. The design of our more recent generations of GMIBs have been modified to reduce payouts in certain circumstances. Beginning in 2009, we reduced the minimum payments we guaranteed if the contract holder were to annuitize; in 2012 we began to reduce the guaranteed portion of account value up to a percentage of the Benefit Base (“roll-up rates”); and, after first reducing the maximum equity allocation in separate accounts, in 2011 we introduced managed volatility funds for all our GMIBs. We ceased offering GMIBs for new purchase in February 2016 and to the extent permitted, we suspended subsequent premium payments on all but our final generation of GMIBs.
While we added GMWBs to our variable annuity product suite in 2003, we shifted our marketing focus from GMIBs to GMWBs in 2015 with the release of FlexChoiceSM, a GMWB with lifetime payments (“GMWB4L”). In the first quarter of 2018, we launched an updated version of FlexChoiceSM, “Flex Choice Access” to provide financial advisors and their clients more investment flexibility.
In 2013, we introduced Shield Annuities, which generated approximately $4.5 billion, $3.2 billion and $2.5 billion of new deposits for the years ended December 31, 2019, 2018 and 2017, respectively, representing 77%, 71% and 64% of our variable annuity deposits for the years ended December 31, 2019, 2018 and 2017, respectively. We intend to increase sales of Shield Annuities due to growing consumer demand for the products. In addition, we believe that Shield Annuities provide us with risk offset to the GMxBs offered in our traditional variable annuity products. As of December 31, 2019, there was $14.6 billion of policyholder account balances for Shield Annuities.
With the goal of continuing to diversify and better manage our in-force block, in the future we intend to focus on selling the following products:
variable annuities with GMWBs;
variable annuities without GMLBs; and
Shield Annuities.

11


The table below presents our variable and Shield Annuity deposits:
 
 
Deposits
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
 
 
(In millions)
GMIB
 
$