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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $85,907 and $86,565, respectively; allowance for credit losses of $62 and $79, respectively) $ 80,960 $ 79,129
Trading securities, at estimated fair value 506 0
Equity securities, at estimated fair value 23 32
Mortgage loans (net of allowance for credit losses of $200 and $178, respectively) 22,726 23,254
Policy loans 1,047 1,626
Limited partnerships and limited liability companies 4,696 4,827
Short-term investments, principally at estimated fair value 668 1,157
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively) 7,932 5,244
Total investments 118,558 115,269
Cash and cash equivalents 5,057 4,592
Accrued investment income 1,242 1,261
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively) 21,238 20,809
Deferred policy acquisition costs and value of business acquired 4,276 4,374
Current income tax recoverable 62 51
Deferred income tax asset 1,389 1,823
Market risk benefit assets 1,060 1,092
Other assets 279 314
Separate account assets 78,825 79,006
Total assets 231,986 228,591
Liabilities    
Future policy benefits 31,682 31,085
Policyholder account balances 87,174 87,162
Market risk benefit liabilities 8,079 8,346
Other policy-related balances 3,715 3,677
Payables for collateral under securities loaned and other transactions 4,696 3,874
Long-term debt 832 833
Other liabilities 8,885 8,460
Separate account liabilities 78,825 79,006
Total liabilities 223,888 222,443
Contingencies, Commitments and Guarantees (Note 15)
Brighthouse Life Insurance Company’s 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 17,607 17,507
Retained earnings (deficit) (5,997) (6,286)
Accumulated other comprehensive income (loss) (3,602) (5,163)
Total Brighthouse Life Insurance Company’s stockholder’s equity 8,083 6,133
Noncontrolling interests 15 15
Total equity 8,098 6,148
Total liabilities and equity $ 231,986 $ 228,591