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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting Information, by Segment | Operating results by segment, as well as Corporate & Other, were as follows:
|  | Three Months Ended March 31, 2023
|  | Annuities |  | Life |  | Run-off |  | Corporate & Other |  | Total
|  | (In millions)
Pre-tax adjusted earnings |  | $ | 387 |  |  | $ | — |  |  | $ | (134) |  |  | $ | 5 |  |  | $ | 258 |
Provision for income tax expense (benefit) |  | 73 |  |  | (1) |  |  | (28) |  |  | (9) |  |  | 35 |
Post-tax adjusted earnings |  | 314 |  |  | 1 |  |  | (106) |  |  | 14 |  |  | 223 |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Less: Preferred stock dividends |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 26 |
Adjusted earnings |  | $ | 314 |  |  | $ | 1 |  |  | $ | (106) |  |  | $ | (14) |  |  | 195 |
Adjustments for: |  |  |  |  |  |  |  |  |  |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  | (96) |
Net derivative gains (losses) |  |  |  |  |  |  |  |  |  | (575) |
Change in market risk benefits |  |  |  |  |  |  |  |  |  | (194) |
Other adjustments to net income (loss) |  |  |  |  |  |  |  |  |  | (46) |
Provision for income tax (expense) benefit |  |  |  |  |  |  |  |  |  | 191 |
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders |  |  |  |  |  |  |  |  |  | $ | (525) |
Interest revenue |  | $ | 594 |  |  | $ | 100 |  |  | $ | 254 |  |  | $ | 149 |  |  |
Interest expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38 |  |  |
|  | Three Months Ended March 31, 2022
|  | Annuities |  | Life |  | Run-off |  | Corporate & Other |  | Total
|  | (In millions)
Pre-tax adjusted earnings |  | $ | 438 |  |  | $ | 83 |  |  | $ | 31 |  |  | $ | (38) |  |  | $ | 514 |
Provision for income tax expense (benefit) |  | 84 |  |  | 17 |  |  | 7 |  |  | (3) |  |  | 105 |
Post-tax adjusted earnings |  | 354 |  |  | 66 |  |  | 24 |  |  | (35) |  |  | 409 |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Less: Preferred stock dividends |  | — |  |  | — |  |  | — |  |  | 27 |  |  | 27 |
Adjusted earnings |  | $ | 354 |  |  | $ | 66 |  |  | $ | 24 |  |  | $ | (64) |  |  | 380 |
Adjustments for: |  |  |  |  |  |  |  |  |  |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  | (68) |
Net derivative gains (losses) |  |  |  |  |  |  |  |  |  | (54) |
Change in market risk benefits |  |  |  |  |  |  |  |  |  | 1,579 |
Other adjustments to net income (loss) |  |  |  |  |  |  |  |  |  | 32 |
Provision for income tax (expense) benefit |  |  |  |  |  |  |  |  |  | (311) |
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders |  |  |  |  |  |  |  |  |  | $ | 1,558 |
Interest revenue |  | $ | 555 |  |  | $ | 160 |  |  | $ | 401 |  |  | $ | 41 |  |  |
Interest expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38 |  |  |
Total assets by segment, as well as Corporate & Other, were as follows at:
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
Annuities |  | $ | 155,541 |  |  | $ | 151,192 |
Life |  | 22,621 |  |  | 22,057 |
Run-off |  | 29,126 |  |  | 28,436 |
Corporate & Other |  | 22,714 |  |  | 23,162 |
Total |  | $ | 230,002 |  |  | $ | 224,847 |
Reconciliation of Revenue from Segments to Consolidated | Total revenues by segment, as well as Corporate & Other, were as follows:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2023 |  | 2022
|  |  |  |  |  | (In millions)
Annuities |  |  |  |  |  | $ | 1,170 |  |  | $ | 1,202 |
Life |  |  |  |  |  | 304 |  |  | 363 |
Run-off |  |  |  |  |  | 380 |  |  | 535 |
Corporate & Other |  |  |  |  |  | 139 |  |  | 41 |
Adjustments |  |  |  |  |  | (709) |  |  | (128) |
Total |  |  |  |  |  | $ | 1,284 |  |  | $ | 2,013 |

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