Segment Information

12 Months Ended

Dec. 31, 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 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 MRBs; 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 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, with excess capital determined based on statutory risk-based capital (“RBC”) metrics. 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.

	Year Ended December 31, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	3,230	$	933	$	1,275	$	648	$	6,086
Less: Revenues excluded from adjusted earnings (1)	(1,707)		(18)		(257)		91
Less: Segment expenses:
Policyholder benefits and claims	458		667		625		—
Interest credited to policyholder account balances, excluding market value adjustments	1,416		92		236		409
Amortization of DAC and VOBA	514		50		—		—
Interest expense on debt	—		—		—		67
Other expenses (2)	1,032		180		127		203
Less: Provision for income tax expense (benefit)	289		(12)		108		(69)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	1,228	$	(26)	$	436	$	(54)	1,584
Adjustments for:
Net investment gains (losses)									(102)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $0									(1,789)
Change in market risk benefits									261
Market value adjustments									(8)
Provision for income tax (expense) benefit									343
Net income (loss) attributable to Brighthouse Life Insurance Company									$	289
Interest revenue	$	3,049	$	382	$	1,152	$	556

	Year Ended December 31, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	1,500	$	898	$	995	$	580	$	3,973
Less: Revenues excluded from adjusted earnings (1)	(3,350)		(20)		(599)		(47)
Less: Segment expenses:
Policyholder benefits and claims	486		548		1,105		—
Interest credited to policyholder account balances, excluding market value adjustments	1,346		85		243		449
Amortization of DAC and VOBA	497		53		—		—
Interest expense on debt	—		—		—		67
Other expenses (2)	1,007		169		165		193
Less: Provision for income tax expense (benefit)	291		12		16		(55)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	1,223	$	51	$	65	$	(28)	1,311
Adjustments for:
Net investment gains (losses)									(298)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $30									(3,718)
Change in market risk benefits									2,669
Market value adjustments									13
Provision for income tax (expense) benefit									279
Net income (loss) attributable to Brighthouse Life Insurance Company									$	256
Interest revenue	$	2,850	$	420	$	1,234	$	626

	Year Ended December 31, 2023
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	508	$	987	$	1,404	$	506	$	3,405
Less: Revenues excluded from adjusted earnings (1)	(3,932)		(26)		(239)		(70)
Less: Segment expenses:
Policyholder benefits and claims	508		609		1,301		—
Interest credited to policyholder account balances, excluding market value adjustments	1,048		79		274		388
Amortization of DAC and VOBA	507		57		—		—
Interest expense on debt	—		—		—		70
Other expenses (2)	997		182		167		209
Less: Provision for income tax expense (benefit)	257		17		(22)		(50)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	1,123	$	69	$	(77)	$	(42)	1,073
Adjustments for:
Net investment gains (losses)									(242)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $105									(4,025)
Change in market risk benefits									1,497
Market value adjustments									(12)
Provision for income tax (expense) benefit									585
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(1,124)
Interest revenue	$	2,558	$	391	$	1,141	$	575

_______________

(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:

	December 31,
	2025		2024
	(In millions)
Annuities	$	164,175	$	160,887
Life	21,802		20,821
Run-off	25,470		24,894
Corporate & Other	20,539		21,989
Total	$	231,986	$	228,591

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

	Years Ended December 31,
	2025		2024		2023
	(In millions)
Annuity products	$	1,892	$	2,001	$	1,890
Life insurance products	934		848		1,110
Other products	12		10		7
Total	$	2,838	$	2,859	$	3,007

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 years ended December 31, 2025, 2024 and 2023.