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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information
2. Segment Information
The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Annuities
The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.
Life
The Life segment consists of insurance products, including term, universal, whole and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be on a tax-advantaged basis.
Run-off
The Run-off segment consists primarily of products that are no longer actively sold and are separately managed, including universal life with secondary guarantees (“ULSG”), structured settlements, pension risk transfer contracts, certain company-owned life insurance policies and certain funding agreements.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care business reinsured through 100% quota share reinsurance agreements and activities related to funding agreements associated with the Company’s institutional spread margin business.
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by the investor community by highlighting the results of operations and the underlying profitability drivers of the business.
Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses by excluding the impact of market volatility, which could distort trends. The Company uses the term “adjusted loss” throughout this report to refer to negative adjusted earnings values.
The following are significant items excluded from total revenues in calculating adjusted earnings:
•Net investment gains (losses); and
•Net derivative gains (losses), excluding earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment Hedge Adjustments”).
The following are significant items excluded from total expenses in calculating adjusted earnings:
•Change in market risk benefits (“MRB”); and
•Change in fair value of the crediting rate on experience-rated contracts (“Market Value Adjustments”).
The provision for income tax related to adjusted earnings is calculated using the statutory tax rate of 21%, net of impacts related to the dividends received deduction, tax credits and current period non-recurring items.
The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.
Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.
Operating results by segment, as well as Corporate & Other, were as follows:
Three Months Ended June 30, 2024
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings (loss)
$399 $39 $(37)$(13)$388 
Provision for income tax expense (benefit)75 9 (8)(8)68 
Post-tax adjusted earnings (loss)
324 30 (29)(5)320 
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings (loss)
$324 $30 $(29)$(6)319 
Adjustments for:
Net investment gains (losses)(120)
Net derivative gains (losses), excluding investment hedge adjustments of $10
(674)
Change in market risk benefits357 
Market value adjustments5 
Provision for income tax (expense) benefit91 
Net income (loss) attributable to Brighthouse Life Insurance Company$(22)
Interest revenue$700 $110 $314 $162 
Interest expense$— $— $— $16 
Three Months Ended June 30, 2023
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings (loss)
$338 $33 $(22)$(21)$328 
Provision for income tax expense (benefit)63 7 (5)(11)54 
Post-tax adjusted earnings (loss)
275 26 (17)(10)274 
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings (loss)
$275 $26 $(17)$(11)273 
Adjustments for:
Net investment gains (losses)(65)
Net derivative gains (losses), excluding investment hedge adjustments of $22
(1,847)
Change in market risk benefits1,299 
Market value adjustments3 
Provision for income tax (expense) benefit127 
Net income (loss) attributable to Brighthouse Life Insurance Company$(210)
Interest revenue$630 $107 $317 $140 
Interest expense$— $— $— $18 
Six Months Ended June 30, 2024
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings (loss)
$774 $(56)$(469)$(48)$201 
Provision for income tax expense (benefit)146 (12)(99)(21)14 
Post-tax adjusted earnings (loss)
628 (44)(370)(27)187 
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings (loss)
$628 $(44)$(370)$(28)186 
Adjustments for:
Net investment gains (losses)(163)
Net derivative gains (losses), excluding investment hedge adjustments of $23
(2,620)
Change in market risk benefits1,795 
Market value adjustments10 
Provision for income tax (expense) benefit205 
Net income (loss) attributable to Brighthouse Life Insurance Company$(587)
Interest revenue$1,374 $206 $630 $312 
Interest expense$— $— $— $33 
Six Months Ended June 30, 2023
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings (loss)
$700 $59 $(155)$(39)$565 
Provision for income tax expense (benefit)131 12 (33)(27)83 
Post-tax adjusted earnings (loss)
569 47 (122)(12)482 
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings (loss)
$569 $47 $(122)$(13)481 
Adjustments for:
Net investment gains (losses)(161)
Net derivative gains (losses), excluding investment hedge adjustments of $61
(2,474)
Change in market risk benefits1,101 
Market value adjustments(5)
Provision for income tax (expense) benefit323 
Net income (loss) attributable to Brighthouse Life Insurance Company$(735)
Interest revenue$1,222 $196 $571 $279 
Interest expense$— $— $— $36 
Total revenues by segment, as well as Corporate & Other, were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(In millions)
Annuities$1,205 $1,133 $2,401 $2,191 
Life245 258 408 506 
Run-off428 449 784 829 
Corporate & Other162 141 312 280 
Adjustments(794)(1,912)(2,783)(2,635)
Total$1,246 $69 $1,122 $1,171 
Total assets by segment, as well as Corporate & Other, were as follows at:
June 30, 2024December 31, 2023
(In millions)
Annuities$159,098 $157,614 
Life20,383 20,363 
Run-off25,589 26,849 
Corporate & Other22,248 21,378 
Total$227,318 $226,204