Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2022 and 2021

(In millions, except share and per share data)

	2022		2021
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $71,285 and $66,348, respectively; allowance for credit losses of $4 and $10, respectively)	$	64,250	$	73,232
Equity securities, at estimated fair value	55		85
Mortgage loans (net of allowance for credit losses of $114 and $120, respectively)	21,658		18,977
Policy loans	898		869
Limited partnerships and limited liability companies	4,191		4,271
Short-term investments, principally at estimated fair value	299		649
Investment in subsidiaries	2,563		5,127
Other invested assets, principally at estimated fair value	2,600		2,855
Total investments	96,514		106,065
Cash and cash equivalents	3,102		3,309
Accrued investment income	765		588
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)	18,292		15,080
Receivable from subsidiaries	11,568		11,422
Deferred policy acquisition costs and value of business acquired	4,692		4,405
Current income tax recoverable	27		—
Deferred income tax asset	3,197		1,385
Other assets	332		354
Separate account assets	74,958		101,076
Total assets	$	213,447	$	243,684
Liabilities and Stockholder's Equity
Liabilities
Future policy benefits	$	41,444	$	42,081
Policyholder account balances	69,539		62,187
Other policy-related balances	3,724		3,764
Payables for collateral under securities loaned and other transactions	4,353		5,922
Long-term and short-term debt	812		812
Current income tax payable	—		11
Other liabilities	11,768		11,735
Separate account liabilities	74,958		101,076
Total liabilities	206,598		227,588
Stockholder's Equity
Common stock, par value $25,000 per share; 4,000 shares authorized; 3,000 shares issued and outstanding	75		75
Additional paid-in capital	17,773		17,773
Retained earnings (deficit)	(5,717)		(5,653)
Accumulated other comprehensive income (loss)	(5,282)		3,901
Total stockholder's equity	6,849		16,096
Total liabilities and stockholder's equity	$	213,447	$	243,684

See accompanying notes to the condensed financial information.

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022		2021		2020
Condensed Statements of Operations
Revenues
Premiums	$	371	$	461	$	428
Universal life and investment-type product policy fees	2,226		2,592		2,440
Net investment income	3,620		4,340		3,111
Other revenues	477		391		398
Net investment gains (losses)	(233)		12		296
Net derivative gains (losses)	2,863		(1,806)		(1,594)
Total revenues	9,324		5,990		5,079
Expenses
Policyholder benefits and claims	3,299		2,131		3,087
Interest credited to policyholder account balances	1,252		1,122		912
Amortization of deferred policy acquisition costs and value of business acquired	790		66		626
Other expenses	1,865		2,733		2,102
Total expenses	7,206		6,052		6,727
Income (loss) before provision for income tax and equity in earnings (losses) of subsidiaries	2,118		(62)		(1,648)
Provision for income tax expense (benefit)	309		(78)		(410)
Income (loss) before equity in earnings (losses) of subsidiaries	1,809		16		(1,238)
Equity in earnings (losses) of subsidiaries	(1,873)		50		(68)
Net income (loss) attributable to Brighthouse Life Insurance Company	$	(64)	$	66	$	(1,306)
Comprehensive income (loss)	$	(9,247)	$	(1,454)	$	900

See accompanying notes to the condensed financial information.

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information (continued)

(Parent Company Only)

For the Years Ended December 31, 2022, 2021 and 2020

(In millions)

	2022		2021		2020
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	$	(898)	$	1,368	$	815
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities	9,701		11,647		7,591
Equity securities	48		107		66
Mortgage loans	2,036		2,814		1,869
Limited partnerships and limited liability companies	249		271		177
Purchases of:
Fixed maturity securities	(14,364)		(18,942)		(12,517)
Equity securities	(14)		(8)		(17)
Mortgage loans	(4,864)		(6,680)		(1,993)
Limited partnerships and limited liability companies	(807)		(837)		(581)
Cash received in connection with freestanding derivatives	4,327		3,489		6,035
Cash paid in connection with freestanding derivatives	(3,833)		(4,471)		(4,284)
Receipts on loans to affiliate	—		—		100
Issuances of loans to affiliate	(125)		—		(100)
Returns of capital and dividends from subsidiaries	30		24		16
Capital contributions to subsidiaries	(100)		—		—
Net change in policy loans	(29)		15		(9)
Net change in short-term investments	351		1,021		(223)
Net change in other invested assets	(381)		(33)		22
Net cash provided by (used in) investing activities	(7,775)		(11,583)		(3,848)
Cash flows from financing activities
Policyholder account balances:
Deposits	29,929		14,203		8,568
Withdrawals	(19,711)		(3,966)		(3,029)
Net change in payables for collateral under securities loaned and other transactions	(1,569)		821		812
Dividends paid to parent	—		(550)		(1,250)
Financing element on certain derivative instruments and other derivative related transactions, net	(183)		(368)		(957)
Net cash provided by (used in) financing activities	8,466		10,140		4,144
Change in cash, cash equivalents and restricted cash	(207)		(75)		1,111
Cash, cash equivalents and restricted cash, beginning of year	3,309		3,384		2,273
Cash, cash equivalents and restricted cash, end of year	$	3,102	$	3,309	$	3,384
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	65	$	65	$	65
Income tax	$	(56)	$	45	$	(32)
Non-cash transactions:
Transfer of fixed maturity securities from affiliates	$	589	$	240	$	417
Transfer of limited partnerships and limited liability companies to affiliates	$	587	$	—	$	—
Transfer of fixed maturity securities to affiliates	$	296	$	722	$	280
Transfer of mortgage loans to affiliates	$	89	$	—	$	—

See accompanying notes to the condensed financial information.

Brighthouse Life Insurance Company

Schedule II

Notes to the Condensed Financial Information

(Parent Company Only)

1. Basis of Presentation

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

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

2. Investment in SubsidiariesDuring the year ended December 31, 2022, Brighthouse Life Insurance Company paid a cash capital contribution of $100 million to BHNY. See Note 10 of the Notes to the Consolidated Financial Statements for information regarding dividends paid by BRCD to Brighthouse Life Insurance Company.