Equity (Tables)

12 Months Ended

Dec. 31, 2024

Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary including dividend restrictions

Statutory net income (loss) was as follows:


		Years Ended December 31,
Company	State of Domicile	2024		2023		2022
		(In millions)
Brighthouse Life Insurance Company	Delaware	$	(787)	$	(3,131)	$	1,373
Brighthouse Life Insurance Company of NY	New York	$	(120)	$	539	$	(152)

Statutory capital and surplus was as follows at:


	December 31,
Company	2024		2023
	(In millions)
Brighthouse Life Insurance Company	$	3,673	$	4,623
Brighthouse Life Insurance Company of NY	$	699	$	819

The table below sets forth the dividends permitted to be paid by Brighthouse Life Insurance Company and BHNY without insurance regulatory approval and dividends paid:


	2025		2024		2023		2022
Company	Permitted Without Approval (1)		Paid (2)		Paid (2)		Paid (2)
	(In millions)
Brighthouse Life Insurance Company (3)	$	—	$	—	$	266	$	—
Brighthouse Life Insurance Company of NY	$	—	$	—	$	—	$	—

_______________

(1)Reflects dividend amounts that may be paid during 2025 without prior regulatory approval.

(2)Reflects all amounts paid, including those requiring regulatory approval.

(3)Any payment of dividends in 2025 would be considered an extraordinary dividend subject to regulatory approval due to negative unassigned funds (surplus).

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:


	Unrealized Investment Gains (Losses), Net of Related Offsets (1)		Unrealized Gains (Losses) on Derivatives		Changes in Nonperformance Risk on Market Risk Benefits		Changes in Discount Rates on the Liability for Future Policy Benefits		Foreign Currency Translation Adjustments		Total
	(In millions)
Balance at December 31, 2021	$	4,996	$	233	$	(3,229)	$	(2,192)	$	(7)	$	(199)
OCI before reclassifications	(14,148)		329		2,344		4,060		(22)		(7,437)
Deferred income tax benefit (expense) (2)	2,951		(50)		(492)		(852)		4		1,561
AOCI before reclassifications, net of income tax	(6,201)		512		(1,377)		1,016		(25)		(6,075)
Amounts reclassified from AOCI	202		(21)		—		—		—		181
Deferred income tax benefit (expense) (2)	(42)		5		—		—		—		(37)
Amounts reclassified from AOCI, net of income tax	160		(16)		—		—		—		144
Balance at December 31, 2022	(6,041)		496		(1,377)		1,016		(25)		(5,931)
OCI before reclassifications	2,109		(273)		(637)		(376)		18		841
Deferred income tax benefit (expense) (2)	(443)		58		134		79		(4)		(176)
AOCI before reclassifications, net of income tax	(4,375)		281		(1,880)		719		(11)		(5,266)
Amounts reclassified from AOCI	204		(11)		—		—		—		193
Deferred income tax benefit (expense) (2)	(43)		2		—		—		—		(41)
Amounts reclassified from AOCI, net of income tax	161		(9)		—		—		—		152
Balance at December 31, 2023	(4,214)		272		(1,880)		719		(11)		(5,114)
OCI before reclassifications	(1,241)		134		352		541		(18)		(232)
Deferred income tax benefit (expense) (2)	260		(28)		(74)		(114)		4		48
AOCI before reclassifications, net of income tax	(5,195)		378		(1,602)		1,146		(25)		(5,298)
Amounts reclassified from AOCI	188		(18)		—		—		—		170
Deferred income tax benefit (expense) (2)	(39)		4		—		—		—		(35)
Amounts reclassified from AOCI, net of income tax	149		(14)		—		—		—		135
Balance at December 31, 2024	$	(5,046)	$	364	$	(1,602)	$	1,146	$	(25)	$	(5,163)

_______________

(1)See Note 8 for information on offsets to investments related to future policy benefits.

(2)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:


AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations Locations
	Years Ended December 31,
	2024		2023		2022
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(173)	$	(192)	$	(182)	Net investment gains (losses)

Net unrealized investment gains (losses)	(15)		(12)		(20)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(188)		(204)		(202)
Income tax (expense) benefit	39		43		42
Net unrealized investment gains (losses), net of income tax	(149)		(161)		(160)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	2		1		5		Net derivative gains (losses)
Interest rate swaps	3		3		4		Net investment income


Foreign currency swaps	13		7		12		Net derivative gains (losses)


Gains (losses) on cash flow hedges, before income tax	18		11		21
Income tax (expense) benefit	(4)		(2)		(5)
Gains (losses) on cash flow hedges, net of income tax	14		9		16
Total reclassifications, net of income tax	$	(135)	$	(152)	$	(144)

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

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