Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

The tables below provide information about the Company’s segments, including significant segment expenses, and reconciliations to Net income (loss) attributable to Brighthouse Life Insurance Company.

	Three Months Ended March 31, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	1,489	$	225	$	368	$	150	$	2,232
Less: Revenues excluded from adjusted earnings (1)	247		(10)		1		5
Less: Segment expenses:
Policyholder benefits and claims	111		156		352		—
Interest credited to policyholder account balances, excluding market value adjustments	357		21		60		106
Amortization of DAC and VOBA	124		12		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	271		40		36		46
Less: Provision for income tax expense (benefit)	72		1		(18)		(13)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	307	$	5	$	(63)	$	(11)	238
Adjustments for:
Net investment gains (losses)									(81)
Investment gains (losses) on trading securities									6
Net derivative gains (losses), excluding investment hedge adjustments of $0									318
Change in market risk benefits									(896)
Market value adjustments									(10)
Provision for income tax (expense) benefit									138
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(287)
Interest revenue	$	751	$	94	$	272	$	146

	Three Months Ended March 31, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	(572)	$	154	$	146	$	148	$	(124)
Less: Revenues excluded from adjusted earnings (1)	(1,768)		(9)		(210)		(2)
Less: Segment expenses:
Policyholder benefits and claims	147		164		673		—
Interest credited to policyholder account balances, excluding market value adjustments	302		21		69		109
Amortization of DAC and VOBA	124		14		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	248		59		46		59
Less: Provision for income tax expense (benefit)	71		(21)		(91)		(13)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	304	$	(74)	$	(341)	$	(22)	(133)
Adjustments for:
Net investment gains (losses)									(43)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $13									(1,946)
Change in market risk benefits									1,438
Market value adjustments									5
Provision for income tax (expense) benefit									114
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(565)
Interest revenue	$	674	$	96	$	316	$	150

_______________

(1)For each reportable segment, certain revenues are excluded from adjusted earnings (loss), including net investment gains (losses), investment gains (losses) on trading securities and net derivative gains (losses), excluding investment hedge adjustments.

(2)Other expenses include corporate expense allocations directly attributable to each of the segments.

Total assets by segment were as follows at:

	March 31, 2025		December 31, 2024
	(In millions)
Annuities	$	157,924	$	160,887
Life	20,889		20,821
Run-off	25,055		24,894
Corporate & Other	21,353		21,989
Total	$	225,221	$	228,591

Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Product Groups

Total premiums, universal life and investment-type product policy fees and other revenues by major product group were as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Annuity products	$	491	$	522
Life insurance products	233		105
Other products	2		2
Total	$	726	$	629