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Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity
10. Equity
Preferred Stock
Preferred stock shares authorized, issued and outstanding were as follows at both March 31, 2024 and December 31, 2023:
Shares AuthorizedShares IssuedShares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A
17,000 17,000 17,000 
6.750% Non-Cumulative Preferred Stock, Series B
16,100 16,100 16,100 
5.375% Non-Cumulative Preferred Stock, Series C
23,000 23,000 23,000 
4.625% Non-Cumulative Preferred Stock, Series D
14,000 14,000 14,000 
Not designated99,929,900 — — 
Total100,000,000 70,100 70,100 
The per share and aggregate dividends declared for BHF’s preferred stock by series were as follows:
Three Months Ended March 31,
20242023
SeriesPer Share AggregatePer ShareAggregate
(In millions, except per share data)
A$412.50 $7 $412.50 $7 
B$421.88 7 $421.88 7 
C$335.94 8 $335.94 8 
D$289.06 4 $289.06 4 
Total$26 $26 
Common Stock Repurchase Program
During the three months ended March 31, 2024 and 2023, BHF repurchased 1,247,311 and 1,200,124 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $62 million for both periods. At March 31, 2024, BHF had $731 million remaining under its common stock repurchase program.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI was as follows:
Three Months Ended March 31, 2024
Unrealized Investment Gains (Losses), Net of Related Offsets (1)Unrealized
Gains (Losses)
on Derivatives		Changes in Nonperformance Risk on Market Risk BenefitsChanges in Discount Rates on the Liability for Future Policy BenefitsOther (2)Total
(In millions)
Balance at December 31, 2023
$(4,317)$277 $(1,881)$720 $(45)$(5,246)
OCI before reclassifications(820)53 215 315 (9)(246)
Deferred income tax benefit (expense) (3)171 (11)(45)(66)2 51 
AOCI before reclassifications, net of income tax(4,966)319 (1,711)969 (52)(5,441)
Amounts reclassified from AOCI36 (3)— — 1 34 
Deferred income tax benefit (expense) (3)(7)1 — — — (6)
Amounts reclassified from AOCI, net of income tax29 (2)— — 1 28 
Balance at March 31, 2024
$(4,937)$317 $(1,711)$969 $(51)$(5,413)
Three Months Ended March 31, 2023
Unrealized Investment Gains (Losses), Net of Related Offsets (1)Unrealized
Gains (Losses)
on Derivatives		Changes in Nonperformance Risk on Market Risk BenefitsChanges in Discount Rates on the Liability for Future Policy BenefitsOther (2)Total
(In millions)
Balance at December 31, 2022
$(6,194)$504 $(1,378)$1,020 $(58)$(6,106)
OCI before reclassifications1,414 (40)(7)(397)2 972 
Deferred income tax benefit (expense) (3)(296)8 2 83 (1)(204)
AOCI before reclassifications, net of income tax(5,076)472 (1,383)706 (57)(5,338)
Amounts reclassified from AOCI61 — — — 3 64 
Deferred income tax benefit (expense) (3)(13)— — — (1)(14)
Amounts reclassified from AOCI, net of income tax48 — — — 2 50 
Balance at March 31, 2023
$(5,028)$472 $(1,383)$706 $(55)$(5,288)
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(1)See Note 7 for information on offsets to investments related to future policy benefits.
(2)Includes OCI related to foreign currency translation and defined benefit plan gains and losses.
(3)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.
Information regarding amounts reclassified out of each component of AOCI was as follows:
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of Operations and Comprehensive Income (Loss) Locations
Three Months Ended
March 31,
20242023
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)$(34)$(68)Net investment gains (losses)
Net unrealized investment gains (losses)(2)7 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax(36)(61)
Income tax (expense) benefit7 13 
Net unrealized investment gains (losses), net of income tax(29)(48)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps3 1 Net investment income
Foreign currency swaps— (1)Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax3 — 
Income tax (expense) benefit(1)— 
Gains (losses) on cash flow hedges, net of income tax2 — 
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)(1)(3)
Amortization of defined benefit plans, before income tax(1)(3)
Income tax (expense) benefit— 1 
Amortization of defined benefit plans, net of income tax(1)(2)
Total reclassifications, net of income tax$(28)$(50)