Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The Company is organized into and provides its products and services through the following reportable segments: Annuities; Life; Run-off; and Corporate & Other. The Company’s chief operating decision maker (“CODM”) views and manages the business through these segments.

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

The Corporate & Other segment consists of activities related to funding agreements associated with the Company’s institutional spread margin business, excess capital not allocated to the other 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. The Corporate & Other segment also includes long-term care business reinsured through 100% quota share reinsurance agreements.

Financial Measure and Segment Accounting Policies

The Company’s CODM is its Chief Executive Officer (“CEO”). The CEO uses adjusted earnings to evaluate segment performance and facilitate comparisons to industry results. 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. Adjusted earnings was updated during the first quarter of 2025 in connection with the establishment of a trading portfolio comprised of certain fixed income securities (classified as “trading securities” under GAAP). The Company did not have trading securities prior to the first quarter of 2025.

The following items are excluded from total revenues in calculating adjusted earnings:

•Net investment gains (losses);

•Investment gains (losses) on trading securities measured at estimated fair value through net investment income; 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 items are 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 and market value adjustments on institutional group annuities that are economically offset by gains (losses) on the related trading securities (“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 Annuities, Life and Run-off segments, if any, are held in the Corporate & Other segment. Segment net investment income reflects the performance of each segment’s respective invested assets.

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 September 30, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	816	$	249	$	378	$	199	$	1,642
Less: Revenues excluded from adjusted earnings (1)	(415)		4		(6)		60
Less: Segment expenses:
Policyholder benefits and claims	124		183		(519)		—
Interest credited to policyholder account balances, excluding market value adjustments	356		25		61		102
Amortization of DAC and VOBA	129		13		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	255		48		32		50
Less: Provision for income tax expense (benefit)	69		(6)		170		(11)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	298	$	(18)	$	640	$	(19)	901
Adjustments for:
Net investment gains (losses)									44
Investment gains (losses) on trading securities									7
Net derivative gains (losses), excluding investment hedge adjustments of $0									(408)
Change in market risk benefits									(293)
Market value adjustments									(9)
Provision for income tax (expense) benefit									139
Net income (loss) attributable to Brighthouse Life Insurance Company									$	381
Interest revenue	$	767	$	106	$	292	$	137

	Three Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	984	$	236	$	479	$	132	$	1,831
Less: Revenues excluded from adjusted earnings (1)	(221)		(10)		101		(30)
Less: Segment expenses:
Policyholder benefits and claims	89		133		(313)		—
Interest credited to policyholder account balances, excluding market value adjustments	340		21		60		118
Amortization of DAC and VOBA	124		13		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	256		32		48		50
Less: Provision for income tax expense (benefit)	75		10		121		(17)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	321	$	37	$	462	$	(6)	814
Adjustments for:
Net investment gains (losses)									(62)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $5									(98)
Change in market risk benefits									(610)
Market value adjustments									(11)
Provision for income tax (expense) benefit									164
Net income (loss) attributable to Brighthouse Life Insurance Company									$	197
Interest revenue	$	726	$	100	$	276	$	161

	Nine Months Ended September 30, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	2,407	$	688	$	955	$	521	$	4,571
Less: Revenues excluded from adjusted earnings (1)	(1,299)		(19)		(179)		93
Less: Segment expenses:
Policyholder benefits and claims	335		502		233		—
Interest credited to policyholder account balances, excluding market value adjustments	1,066		68		179		312
Amortization of DAC and VOBA	378		38		—		—
Interest expense on debt	—		—		—		50
Other expenses (2)	780		137		97		149
Less: Provision for income tax expense (benefit)	217		(9)		131		(37)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	930	$	(29)	$	494	$	(47)	1,348
Adjustments for:
Net investment gains (losses)									(79)
Investment gains (losses) on trading securities									7
Net derivative gains (losses), excluding investment hedge adjustments of $2									(1,332)
Change in market risk benefits									(86)
Market value adjustments									(13)
Provision for income tax (expense) benefit									316
Net income (loss) attributable to Brighthouse Life Insurance Company									$	161
Interest revenue	$	2,274	$	284	$	847	$	426

	Nine Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	968	$	631	$	941	$	413	$	2,953
Less: Revenues excluded from adjusted earnings (1)	(2,638)		(23)		(221)		(61)
Less: Segment expenses:
Policyholder benefits and claims	348		430		738		—
Interest credited to policyholder account balances, excluding market value adjustments	968		63		181		336
Amortization of DAC and VOBA	373		40		—		—
Interest expense on debt	—		—		—		50
Other expenses (2)	747		130		129		159
Less: Provision for income tax expense (benefit)	221		(2)		22		(38)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	949	$	(7)	$	92	$	(34)	1,000
Adjustments for:
Net investment gains (losses)									(225)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $28									(2,718)
Change in market risk benefits									1,185
Market value adjustments									(1)
Provision for income tax (expense) benefit									369
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(390)
Interest revenue	$	2,100	$	306	$	906	$	473

_______________

(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:

	September 30, 2025		December 31, 2024
	(In millions)
Annuities	$	166,807	$	160,887
Life	21,522		20,821
Run-off	25,279		24,894
Corporate & Other	21,130		21,989
Total	$	234,738	$	228,591

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Annuity products	$	465	$	480	$	1,435	$	1,508
Life insurance products	228		245		699		596
Other products	4		3		10		7
Total	$	697	$	728	$	2,144	$	2,111

Substantially all of the Company’s premiums, universal life and investment-type product policy fees and other revenues originated in the U.S.

Revenues derived from any individual customer did not exceed 10% of premiums, universal life and investment-type product policy fees and other revenues for the three months and nine months ended September 30, 2025 and 2024.