Long-term and Short-term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term and Short-term Debt

7. Long-term and Short-term Debt

Intercompany Liquidity Facilities

BHF has established an intercompany liquidity facility with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under the facility, which is comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term of not more than 364 days.

On May 16, 2022, BH Holdings issued a $125 million promissory note to Brighthouse Life Insurance Company and Brighthouse Life Insurance Company of NY issued a $125 million promissory note to BH Holdings. Both promissory notes bear interest at a fixed rate of 2.5363% and mature on August 16, 2022.