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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024
|  | Annuities |  | Life |  | Run-off |  | Corporate & Other |  | Total
|  | (In millions)
Pre-tax adjusted earnings (loss) |  | $ | 385 |  |  | $ | (46) |  |  | $ | (432) |  |  | $ | 11 |  |  | $ | (82) |
Provision for income tax expense (benefit) |  | 72 |  |  | (10) |  |  | (91) |  |  | 17 |  |  | (12) |
Post-tax adjusted earnings (loss) |  | 313 |  |  | (36) |  |  | (341) |  |  | (6) |  |  | (70) |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Less: Preferred stock dividends |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 26 |
Adjusted earnings (loss) |  | $ | 313 |  |  | $ | (36) |  |  | $ | (341) |  |  | $ | (34) |  |  | (98) |
Adjustments for: |  |  |  |  |  |  |  |  |  |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  | (42) |
Net derivative gains (losses), excluding investment hedge adjustments of $13 |  |  |  |  |  |  |  |  |  | (1,934) |
Change in market risk benefits |  |  |  |  |  |  |  |  |  | 1,440 |
Market value adjustments |  |  |  |  |  |  |  |  |  | 4 |
Provision for income tax (expense) benefit |  |  |  |  |  |  |  |  |  | 111 |
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders |  |  |  |  |  |  |  |  |  | $ | (519) |
Interest revenue |  | $ | 676 |  |  | $ | 107 |  |  | $ | 316 |  |  | $ | 168 |  |  |
Interest expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38 |  |  |
|  | Three Months Ended March 31, 2023
|  | Annuities |  | Life |  | Run-off |  | Corporate & Other |  | Total
|  | (In millions)
Pre-tax adjusted earnings (loss) |  | $ | 387 |  |  | $ | — |  |  | $ | (134) |  |  | $ | 5 |  |  | $ | 258 |
Provision for income tax expense (benefit) |  | 73 |  |  | (1) |  |  | (28) |  |  | (9) |  |  | 35 |
Post-tax adjusted earnings (loss) |  | 314 |  |  | 1 |  |  | (106) |  |  | 14 |  |  | 223 |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Less: Preferred stock dividends |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 26 |
Adjusted earnings (loss) |  | $ | 314 |  |  | $ | 1 |  |  | $ | (106) |  |  | $ | (14) |  |  | 195 |
Adjustments for: |  |  |  |  |  |  |  |  |  |
Net investment gains (losses) |  |  |  |  |  |  |  |  |  | (96) |
Net derivative gains (losses), excluding investment hedge adjustments of $38 |  |  |  |  |  |  |  |  |  | (613) |
Change in market risk benefits |  |  |  |  |  |  |  |  |  | (194) |
Market value adjustments |  |  |  |  |  |  |  |  |  | (8) |
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 |  |  |
Total assets by segment, as well as Corporate & Other, were as follows at:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Annuities |  | $ | 164,075 |  |  | $ | 160,775 |
Life |  | 25,824 |  |  | 25,504 |
Run-off |  | 26,507 |  |  | 26,828 |
Corporate & Other |  | 23,282 |  |  | 23,233 |
Total |  | $ | 239,688 |  |  | $ | 236,340 |
Reconciliation of Revenue from Segments to Consolidated | Total revenues by segment, as well as Corporate & Other, were as follows:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  | (In millions)
Annuities |  |  |  |  |  | $ | 1,304 |  |  | $ | 1,170 |
Life |  |  |  |  |  | 217 |  |  | 304 |
Run-off |  |  |  |  |  | 356 |  |  | 380 |
Corporate & Other |  |  |  |  |  | 173 |  |  | 139 |
Adjustments |  |  |  |  |  | (1,976) |  |  | (709) |
Total |  |  |  |  |  | $ | 74 |  |  | $ | 1,284 |

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