Condensed Financial Information (Parent Company)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only

Brighthouse Life Insurance Company

Schedule II

Condensed Financial Information

(Parent Company Only)

December 31, 2024 and 2023

(In millions, except share and per share data)

	2024		2023
Condensed Balance Sheets
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $72,741 and $73,144, respectively; allowance for credit losses of $78 and $20, respectively)	$	66,860	$	68,317
Equity securities, at estimated fair value	27		48
Mortgage loans (net of allowance for credit losses of $172 and $129, respectively)	22,089		21,249
Policy loans	1,625		938
Limited partnerships and limited liability companies	4,288		4,384
Short-term investments, principally at estimated fair value	1,120		574
Investment in subsidiaries	2,046		2,347
Other invested assets, principally at estimated fair value	10,387		8,697
Total investments	108,442		106,554
Cash and cash equivalents	3,856		2,682
Accrued investment income	1,139		1,049
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	20,298		18,869
Receivable from subsidiaries	11,558		15,830
Deferred policy acquisition costs and value of business acquired	3,958		4,047
Current income tax recoverable	26		23
Deferred income tax receivable	3,299		3,380
Market risk benefits assets	993		588
Other assets	293		279
Separate account assets	74,966		77,563
Total assets	$	228,828	$	230,864
Liabilities and Stockholder's Equity
Liabilities
Future policy benefits	$	31,126	$	32,066
Policyholder account balances	85,968		79,017
Market risk benefits liabilities	8,181		10,183
Other policy-related balances	3,827		3,902
Payables for collateral under securities loaned and other transactions	3,762		3,616
Long-term debt	812		812
Other liabilities	14,053		17,779
Separate account liabilities	74,966		77,563
Total liabilities	222,695		224,938
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	17,507		17,507
Retained earnings (deficit)	(6,286)		(6,542)
Accumulated other comprehensive income (loss)	(5,163)		(5,114)
Total stockholder's equity	6,133		5,926
Total liabilities and stockholder's equity	$	228,828	$	230,864

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, 2024, 2023 and 2022

(In millions)

	2024		2023		2022
Condensed Statements of Operations
Revenues
Premiums	$	577	$	599	$	423
Universal life and investment-type product policy fees	1,378		1,527		1,607
Net investment income	4,431		3,992		3,620
Other revenues	755		519		480
Net investment gains (losses)	(287)		(234)		(233)
Net derivative gains (losses)	(3,066)		(3,616)		1,800
Total revenues	3,788		2,787		7,697
Expenses
Policyholder benefits and claims (including remeasurement gains (losses) of ($366), ($137), $79, respectively)	1,635		1,692		1,420
Interest credited to policyholder account balances	1,989		1,641		1,152
Amortization of deferred policy acquisition costs and value of business acquired	485		499		504
Change in market risk benefits	(2,665)		(1,494)		(4,107)
Other expenses	1,886		1,817		1,926
Total expenses	3,330		4,155		895
Income (loss) before provision for income tax and equity in earnings (losses) of subsidiaries	458		(1,368)		6,802
Provision for income tax expense (benefit)	41		(347)		1,292
Income (loss) before equity in earnings (losses) of subsidiaries	417		(1,021)		5,510
Equity in earnings (losses) of subsidiaries	(161)		(103)		(1,800)
Net income (loss) attributable to Brighthouse Life Insurance Company	$	256	$	(1,124)	$	3,710
Comprehensive income (loss)	$	207	$	(307)	$	(2,022)

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, 2024, 2023 and 2022

(In millions)

	2024		2023		2022
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	$	240	$	238	$	(938)
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities	10,717		5,561		9,701
Equity securities	25		18		48
Mortgage loans	1,441		1,180		2,036
Limited partnerships and limited liability companies	325		197		249
Purchases of:
Fixed maturity securities	(10,280)		(7,587)		(14,364)
Equity securities	(2)		(3)		(14)
Mortgage loans	(2,347)		(775)		(4,864)
Limited partnerships and limited liability companies	(293)		(449)		(807)
Cash received in connection with freestanding derivatives	12,416		4,505		4,327
Cash paid in connection with freestanding derivatives	(11,794)		(5,207)		(3,833)
Receipts on loans to affiliate	—		125		—
Issuances of loans to affiliate	—		—		(125)
Returns of capital and dividends from subsidiaries	19		25		30
Capital contributions to subsidiaries	—		—		(100)
Net change in policy loans	(688)		(40)		(29)
Net change in short-term investments	(523)		(261)		351
Net change in other invested assets	(1,380)		(4,530)		(381)
Net cash provided by (used in) investing activities	(2,364)		(7,241)		(7,775)
Cash flows from financing activities
Policyholder account balances:
Deposits	29,602		24,917		29,938
Withdrawals	(26,235)		(17,305)		(19,680)
Net change in payables for collateral under securities loaned and other transactions	146		(737)		(1,569)
Dividends paid to parent	—		(266)		—
Financing element on certain derivative instruments and other derivative related transactions, net	(215)		(26)		(183)
Net cash provided by (used in) financing activities	3,298		6,583		8,506
Change in cash, cash equivalents and restricted cash	1,174		(420)		(207)
Cash, cash equivalents and restricted cash, beginning of year	2,682		3,102		3,309
Cash, cash equivalents and restricted cash, end of year	$	3,856	$	2,682	$	3,102
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	65	$	65	$	65
Income tax	$	1	$	(20)	$	(56)
Non-cash transactions:
Transfer of fixed maturity securities from affiliates	$	—	$	103	$	589
Transfer of limited partnerships and limited liability companies to affiliates	$	—	$	—	$	587
Transfer of fixed maturity securities to affiliates	$	126	$	234	$	296
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 Subsidiaries

During the year ended December 31, 2023, Brighthouse Life Insurance Company paid a non-cash capital contribution of $100 million to BHNY. During the year ended December 31, 2022, Brighthouse Life Insurance Company paid a cash capital contribution of $100 million to BHNY.