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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File Number: 033-03094

Brighthouse Life Insurance Company

(Exact name of registrant as specified in its charter)

Delaware

06-0566090

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

11225 North Community House Road, Charlotte, North Carolina

28277

(Address of principal executive offices)

(Zip Code)

(980) 365-7100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None


Title of each class	Trading symbol(s)	Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of May 12, 2025, 3,000 shares of the registrant’s common stock were outstanding, all of which were owned indirectly by Brighthouse Financial, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

Table of Contents


		Page
Part I — Financial Information
Item 1.	Consolidated Financial Statements (at March 31, 2025 (Unaudited) and December 31, 2024 and for the Three Months Ended March 31, 2025 and 2024 (Unaudited)):
	Interim Condensed Consolidated Balance Sheets	2
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	3
	Interim Condensed Consolidated Statements of Equity	4
	Interim Condensed Consolidated Statements of Cash Flows	5
	Notes to the Interim Condensed Consolidated Financial Statements (Unaudited):
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	6
	Note 2 — Segment Information	7
	Note 3 — Insurance Liabilities	12
	Note 4 — Market Risk Benefits	16
	Note 5 — Separate Accounts	16
	Note 6 — Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles	18
	Note 7 — Investments	19
	Note 8 — Derivatives	32
	Note 9 — Fair Value	37

	Note 10 — Equity	45
	Note 11 — Other Revenues and Other Expenses	47
	Note 12 — Contingencies, Commitments and Guarantees	47
	Note 13 — Related Party Transactions	51

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53

Item 4.	Controls and Procedures	63

Part II — Other Information
Item 1.	Legal Proceedings	64
Item 1A.	Risk Factors	64
Item 5.	Other Information	64
Item 6.	Exhibits	65

Signature		66

Table of Contents

Part I — Financial Information

Item 1. Financial Statements

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Balance Sheets

March 31, 2025 (Unaudited) and December 31, 2024

(In millions, except share and per share data)


	March 31, 2025		December 31, 2024
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $86,058 and $86,565, respectively; allowance for credit losses of $54 and $79, respectively)	$	79,729	$	79,129
Trading securities, at estimated fair value	365		—
Equity securities, at estimated fair value	31		32
Mortgage loans (net of allowance for credit losses of $209 and $178, respectively)	23,021		23,254
Policy loans	1,038		1,626
Limited partnerships and limited liability companies	4,839		4,827
Short-term investments, principally at estimated fair value	891		1,157
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively)	5,282		5,244
Total investments	115,196		115,269
Cash and cash equivalents	4,243		4,592
Accrued investment income	1,248		1,261
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	20,901		20,809
Deferred policy acquisition costs and value of business acquired	4,348		4,374
Current income tax recoverable	56		51
Deferred income tax asset	1,755		1,823
Market risk benefit assets	914		1,092
Other assets	303		314
Separate account assets	76,257		79,006
Total assets	$	225,221	$	228,591
Liabilities and Equity
Liabilities
Future policy benefits	$	31,442	$	31,085
Policyholder account balances	84,799		87,162
Market risk benefit liabilities	9,182		8,346
Other policy-related balances	3,668		3,677
Payables for collateral under securities loaned and other transactions	3,893		3,874
Long-term debt	833		833


Other liabilities	8,592		8,460
Separate account liabilities	76,257		79,006
Total liabilities	218,666		222,443
Contingencies, Commitments and Guarantees (Note 12)
Equity
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)	(6,573)		(6,286)
Accumulated other comprehensive income (loss)	(4,569)		(5,163)
Total Brighthouse Life Insurance Company’s stockholder’s equity	6,540		6,133
Noncontrolling interests	15		15
Total equity	6,555		6,148
Total liabilities and equity	$	225,221	$	228,591

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

For the Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)


	Three Months Ended March 31,
		2025		2024
Revenues
Premiums		$	183	$	201
Universal life and investment-type product policy fees		422		305
Net investment income		1,269		1,223
Other revenues		121		123
Net investment gains (losses)		(81)		(43)
Net derivative gains (losses)		318		(1,933)
Total revenues		2,232		(124)
Expenses
Policyholder benefits and claims (including liability remeasurement gains (losses) of $0 and $0, respectively)		619		984
Interest credited to policyholder account balances		554		496
Amortization of deferred policy acquisition costs and value of business acquired		136		138
Change in market risk benefits		896		(1,438)
Other expenses		410		429
Total expenses		2,615		609
Income (loss) before provision for income tax		(383)		(733)
Provision for income tax expense (benefit)		(96)		(168)
Net income (loss)		(287)		(565)
Less: Net income (loss) attributable to noncontrolling interests		—		—
Net income (loss) attributable to Brighthouse Life Insurance Company		$	(287)	$	(565)
Comprehensive income (loss)		$	307	$	(710)
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—
Comprehensive income (loss) attributable to Brighthouse Life Insurance Company		$	307	$	(710)

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Statements of Equity

For the Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)


	Common Stock		Additional Paid-in Capital		Retained Earnings (Deficit)		Accumulated Other Comprehensive Income (Loss)		Brighthouse Life Insurance Company’s Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2024	$	75	$	17,507	$	(6,286)	$	(5,163)	$	6,133	$	15	$	6,148

Capital contribution			100						100				100
Net income (loss)					(287)				(287)		—		(287)
Other comprehensive income (loss), net of income tax							594		594				594
Balance at March 31, 2025	$	75	$	17,607	$	(6,573)	$	(4,569)	$	6,540	$	15	$	6,555


	Common Stock		Additional Paid-in Capital		Retained Earnings (Deficit)		Accumulated Other Comprehensive Income (Loss)		Brighthouse Life Insurance Company’s Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	75	$	17,507	$	(6,542)	$	(5,114)	$	5,926	$	15	$	5,941

Net income (loss)					(565)				(565)				(565)
Other comprehensive income (loss), net of income tax							(145)		(145)				(145)
Balance at March 31, 2024	$	75	$	17,507	$	(7,107)	$	(5,259)	$	5,216	$	15	$	5,231

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2025 and 2024 (Unaudited)

(In millions)


	Three Months Ended March 31,
	2025		2024
Net cash provided by (used in) operating activities	$	143	$	(595)
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities	3,037		2,241
Trading securities	6		—
Equity securities	4		24
Mortgage loans	447		281
Limited partnerships and limited liability companies	87		78
Purchases of:
Fixed maturity securities	(2,756)		(2,426)
Trading securities	(18)		—
Equity securities	(1)		(1)
Mortgage loans	(362)		(446)
Limited partnerships and limited liability companies	(65)		(79)
Cash received in connection with freestanding derivatives	3,343		3,561
Cash paid in connection with freestanding derivatives	(4,109)		(3,174)


Net change in policy loans	588		(318)
Net change in short-term investments	275		(85)
Net change in other invested assets	1		(201)
Net cash provided by (used in) investing activities	477		(545)
Cash flows from financing activities
Policyholder account balances:
Deposits	5,018		7,696
Withdrawals	(5,940)		(6,426)
Net change in payables for collateral under securities loaned and other transactions	19		(18)



Capital contribution	100		—
Financing element on certain derivative instruments and other derivative related transactions, net	(166)		(130)

Net cash provided by (used in) financing activities	(969)		1,122
Change in cash, cash equivalents and restricted cash	(349)		(18)
Cash, cash equivalents and restricted cash, beginning of period	4,592		3,165
Cash, cash equivalents and restricted cash, end of period	$	4,243	$	3,147
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	34	$	34
Income tax	$	—	$	1

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“BLIC” and the “Company” refer to Brighthouse Life Insurance Company, a Delaware corporation originally incorporated in Connecticut in 1863, and its subsidiaries. Brighthouse Life Insurance Company is a wholly-owned subsidiary of Brighthouse Holdings, LLC (“BH Holdings”) and an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” and, together with its subsidiaries, “Brighthouse Financial”). BLIC offers a range of annuity and life insurance products to individuals. The Company is organized into the following reportable segments: Annuities; Life; Run-off; and Corporate & Other.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Life Insurance Company and its subsidiaries, as well as partnerships and limited liability companies (“LLC”) that the Company controls. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a standalone entity.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2024 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2024 Annual Report.

Summary of Significant Accounting Policies

In connection with the establishment of a trading portfolio comprised of fixed income securities, the Company updated its impacted accounting policies as described below. See Note 1 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s accounting policies that did not change.

Investments

Trading Securities

The Company’s trading securities consist primarily of fixed maturity securities and are reported at their estimated fair value. Realized and unrealized investment gains (losses) on trading securities are recorded in net investment income on the interim condensed consolidated statements of operations.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. There were no significant ASUs adopted during the period ended March 31, 2025.

Future Adoption of New Accounting Pronouncements

In November 2024, the FASB issued new guidance on income statement expense disclosures (ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses). This ASU requires public companies to disclose additional disaggregated information about expenses in the notes to financial statements at each interim and annual reporting period. This ASU is effective for fiscal years starting January 1, 2027, and for interim periods starting January 1, 2028. This ASU is required to be adopted prospectively with the option of retrospective application. The Company is currently evaluating the impact of this guidance on its financial statements.

In December 2023, the FASB issued new guidance on Income Tax Disclosures (ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures). This ASU updates the required income tax disclosures to include disclosure of income taxes paid disaggregated by jurisdiction and greater disaggregation of information in the required rate reconciliation. This ASU is effective for annual periods starting with fiscal year 2025, and is to be applied on a prospective basis with the option of retrospective application. The Company is currently evaluating the impact of this guidance on its financial statements.

2. Segment Information

The Company is organized 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 universal life with secondary guarantees (“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. Corporate & Other 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.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

2. Segment Information (continued)

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. 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 market risk benefits (“MRB”); 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 interim condensed 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. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the Annuities, Life and Run-off segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

2. Segment Information (continued)

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.


	Three Months Ended March 31, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	1,489	$	225	$	368	$	150	$	2,232
Less: Revenues excluded from adjusted earnings (1)	247		(10)		1		5
Less: Segment expenses:
Policyholder benefits and claims	111		156		352		—
Interest credited to policyholder account balances, excluding market value adjustments	357		21		60		106
Amortization of DAC and VOBA	124		12		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	271		40		36		46
Less: Provision for income tax expense (benefit)	72		1		(18)		(13)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	307	$	5	$	(63)	$	(11)	238

Adjustments for:
Net investment gains (losses)									(81)
Investment gains (losses) on trading securities									6
Net derivative gains (losses), excluding investment hedge adjustments of $0									318
Change in market risk benefits									(896)
Market value adjustments									(10)
Provision for income tax (expense) benefit									138
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(287)

Interest revenue	$	751	$	94	$	272	$	146

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

2. Segment Information (continued)


	Three Months Ended March 31, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	(572)	$	154	$	146	$	148	$	(124)
Less: Revenues excluded from adjusted earnings (1)	(1,768)		(9)		(210)		(2)
Less: Segment expenses:
Policyholder benefits and claims	147		164		673		—
Interest credited to policyholder account balances, excluding market value adjustments	302		21		69		109
Amortization of DAC and VOBA	124		14		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	248		59		46		59
Less: Provision for income tax expense (benefit)	71		(21)		(91)		(13)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	304	$	(74)	$	(341)	$	(22)	(133)

Adjustments for:
Net investment gains (losses)									(43)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $13									(1,946)
Change in market risk benefits									1,438
Market value adjustments									5
Provision for income tax (expense) benefit									114
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(565)

Interest revenue	$	674	$	96	$	316	$	150

_______________

(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:


	March 31, 2025		December 31, 2024
	(In millions)
Annuities	$	157,924	$	160,887
Life	20,889		20,821
Run-off	25,055		24,894
Corporate & Other	21,353		21,989
Total	$	225,221	$	228,591

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

2. Segment Information (continued)

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


	Three Months Ended March 31,
		2025		2024
		(In millions)
Annuity products		$	491	$	522
Life insurance products		233		105
Other products		2		2
Total		$	726	$	629

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 three months ended March 31, 2025 and 2024.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

3. Insurance Liabilities

Liability for Future Policy Benefits

Information regarding liability for future policy benefits (“LFPB”) for non-participating traditional and limited-payment contracts was as follows:


	Three Months Ended March 31,
	2025									2024
	Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities			Term and Whole Life Insurance			Income Annuities			Structured Settlement and Pension Risk Transfer Annuities
	(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of period	$	2,758		$	—		$	—		$	2,899		$	—		$	—
Beginning balance at original discount rate	3,110			—			—			3,162			—			—
Effect of model refinements	—			—			—			1			—			—

Effect of actual variances from expected experience	1			—			—			(7)			—			—
Adjusted beginning of period balance	3,111			—			—			3,156			—			—
Issuances	5			—			—			24			—			—
Interest accrual	28			—			—			28			—			—
Net premiums collected	(82)			—			—			(91)			—			—
Ending balance at original discount rate	3,062			—			—			3,117			—			—
Effect of changes in discount rate assumptions	(320)			—			—			(309)			—			—
Balance, end of period	$	2,742		$	—		$	—		$	2,808		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of period	$	5,245		$	3,728		$	6,118		$	5,385		$	3,719		$	6,697
Beginning balance at original discount rate	5,908			4,121			6,876			5,905			3,993			7,085
Effect of model refinements	1			—			—			1			—			—

Effect of actual variances from expected experience	9			(21)			(19)			(5)			4			(2)
Adjusted beginning of period balance	5,918			4,100			6,857			5,901			3,997			7,083
Issuances	6			79			—			25			98			—
Interest accrual	53			40			74			54			38			77
Benefit payments	(150)			(100)			(133)			(146)			(103)			(147)
Ending balance at original discount rate	5,827			4,119			6,798			5,834			4,030			7,013
Effect of changes in discount rate assumptions	(592)			(346)			(689)			(621)			(347)			(576)
Balance, end of period	$	5,235		$	3,773		$	6,109		$	5,213		$	3,683		$	6,437
Net liability for future policy benefits, end of period	$	2,493		$	3,773		$	6,109		$	2,405		$	3,683		$	6,437
Less: Reinsurance recoverable, end of period	16			31			59			23			31			62
Net liability for future policy benefits, after reinsurance recoverable	$	2,477		$	3,742		$	6,050		$	2,382		$	3,652		$	6,375
Weighted-average duration of liability	7.5 years			7.9 years			11.5 years			8.8 years			8.2 years			11.6 years
Weighted-average interest accretion rate	3.91		%	4.06		%	4.46		%	3.91		%	4.00		%	4.46		%
Current discount rate	5.24		%	5.31		%	5.54		%	5.24		%	5.24		%	5.32		%
Gross premiums or assessments recognized during period	$	137		$	104		$	—		$	139		$	121		$	—
Expected future gross premiums, undiscounted	$	5,599		$	—		$	—		$	5,889		$	—		$	—
Expected future gross premiums, discounted	$	4,164		$	—		$	—		$	4,449		$	—		$	—
Expected future benefit payments, undiscounted	$	7,898		$	5,751		$	13,173		$	8,055		$	5,669		$	13,622
Expected future benefit payments, discounted	$	5,827		$	4,119		$	6,798		$	5,834		$	4,030		$	7,013

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

3. Insurance Liabilities (continued)

Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Balance, beginning of period	$	8,986		$	7,607
Beginning balance before the effect of unrealized gains and losses	9,277			7,784

Effect of actual variances from expected experience	63			40
Adjusted beginning of period balance	9,340			7,824
Interest accrual	113			94
Net assessments collected	116			103
Benefit payments	(146)			(115)

Ending balance before the effect of unrealized gains and losses	9,423			7,906
Effect of unrealized gains and losses	(250)			(220)
Balance, end of period	9,173			7,686
Less: Reinsurance recoverable, end of period	1,551			1,447
Net additional liability, after reinsurance recoverable	$	7,622		$	6,239
Weighted-average duration of liability	6.6 years			6.7 years
Weighted-average interest accretion rate	4.95		%	4.93		%
Gross assessments recognized during period	$	257		$	254

A reconciliation of the net LFPBs for non-participating traditional and limited-payment contracts and the additional insurance liabilities for universal life-type contracts with secondary guarantees reported in the preceding rollforward tables to LFPBs on the consolidated balance sheets was as follows at:


	March 31,
	2025		2024
	(In millions)
Liabilities reported in the preceding rollforward tables	$	21,548	$	20,211
Long-term care insurance (1)	5,191		5,375
ULSG liabilities, including liability for profits followed by losses	965		2,591
Participating whole life insurance (2)	2,987		2,875
Deferred profit liabilities	448		476
Other	303		342
Total liability for future policy benefits	$	31,442	$	31,870

_______________

(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 2.

(2)Participating whole life insurance uses an interest assumption based on the non-forfeiture interest rate, ranging from 3.5% to 4.0%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both March 31, 2025 and 2024, and 39% and 40% of gross traditional life insurance premiums for the three months ended March 31, 2025 and 2024, respectively.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

3. Insurance Liabilities (continued)

Policyholder Account Balances

Information regarding policyholder account balances was as follows:


	Universal Life Insurance			Variable Annuities (1)			Index-linked Annuities			Fixed Rate Annuities			ULSG			Company-Owned Life Insurance (1)
	(Dollars in millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	2,028		$	3,667		$	48,605		$	14,665		$	4,779		$	1,166
Premiums and deposits	65			14			1,984			105			157			—
Surrenders and withdrawals	(20)			(134)			(1,614)			(300)			(6)			—
Benefit payments	(13)			(23)			(86)			(95)			(14)			(2)
Net transfers from (to) separate account	3			28			—			—			—			(495)
Interest credited	19			23			192			141			39			6
Policy charges	(48)			(5)			(8)			—			(245)			(2)
Changes related to embedded derivatives	—			—			(1,177)			—			—			—

Balance, end of period	$	2,034		$	3,570		$	47,896		$	14,516		$	4,710		$	673
Weighted-average crediting rate (2)	0.94		%	0.64		%	0.48		%	0.97		%	0.82		%	0.65		%
Three Months Ended March 31, 2024
Balance, beginning of period	$	1,980		$	4,111		$	41,627		$	14,672		$	5,052		$	653
Premiums and deposits	56			19			2,052			637			162			—
Surrenders and withdrawals	(12)			(172)			(1,274)			(441)			(4)			—
Benefit payments	(15)			(24)			(77)			(84)			(17)			(3)
Net transfers from (to) separate account	10			28			—			—			—			200
Interest credited	20			25			138			139			40			8
Policy charges	(49)			(5)			(4)			—			(249)			(2)
Changes related to embedded derivatives	—			—			1,888			—			—			—

Balance, end of period	$	1,990		$	3,982		$	44,350		$	14,923		$	4,984		$	856
Weighted-average crediting rate (2)	1.01		%	0.62		%	0.41		%	0.94		%	0.80		%	1.06		%

_______________

(1)Includes liabilities related to separate account products where the contract holder elected a general account investment option.

(2)Excludes the effects of embedded derivatives related to index-linked crediting rates.

A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:


	March 31,
	2025		2024
	(In millions)
Policyholder account balances reported in the preceding rollforward table	$	73,399	$	71,085
Funding agreements classified as investment contracts	10,116		11,245
Institutional group annuities	401		—
Other investment contract liabilities	883		964
Total policyholder account balances	$	84,799	$	83,294

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

3. Insurance Liabilities (continued)

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums was as follows at:


Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 to 50 Basis Points Above		51 to 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(In millions)
March 31, 2025
Annuities (1):
Less than 2.00%	$	551	$	116	$	229	$	8,821	$	9,717
2.00% to 3.99%	6,690		490		589		333		8,102
Greater than 3.99%	769		—		—		—		769
Total	$	8,010	$	606	$	818	$	9,154	$	18,588
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	341	$	341
2.00% to 3.99%	—		471		47		126		644
Greater than 3.99%	1,004		—		—		—		1,004
Total	$	1,004	$	471	$	47	$	467	$	1,989
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,031		1,366		1,584		235		4,216
Greater than 3.99%	478		—		—		—		478
Total	$	1,509	$	1,366	$	1,584	$	235	$	4,694
December 31, 2024
Annuities (1):
Less than 2.00%	$	516	$	112	$	230	$	8,749	$	9,607
2.00% to 3.99%	6,633		439		416		334		7,822
Greater than 3.99%	781		—		—		—		781
Total	$	7,930	$	551	$	646	$	9,083	$	18,210
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	308	$	308
2.00% to 3.99%	—		471		47		128		646
Greater than 3.99%	1,020		—		—		—		1,020
Total	$	1,020	$	471	$	47	$	436	$	1,974
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	1,052		1,386		1,602		238		4,278
Greater than 3.99%	484		—		—		—		484
Total	$	1,536	$	1,386	$	1,602	$	238	$	4,762

_______________

(1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities.

(2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies.

(3)Amounts are gross of policy loans.

See Note 5 for information regarding net amount at risk and cash surrender values.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

4. Market Risk Benefits

Information regarding MRB assets and liabilities associated with variable annuities was as follows:


	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	7,250	$	9,722
Balance, beginning of period, before effect of changes in nonperformance risk	5,236		7,348
Decrements	(24)		(30)

Effect of actual different from expected experience	(19)		—
Effect of changes in interest rates	677		(989)
Effect of changes in fund returns	87		(630)

Issuances	1		—
Effect of changes in risk margin	13		(39)
Aging of the block and other	248		348
Balance, end of period, before effect of changes in nonperformance risk	6,219		6,008
Effect of changes in nonperformance risk	2,049		2,157
Balance, end of period	8,268		8,165
Less: Reinsurance recoverable, end of period	30		27
Balance, end of period, net of reinsurance (1)	$	8,238	$	8,138
Weighted-average attained age of contract holder	74.0 years		73.2 years

_______________

(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at March 31, 2025 and 2024, with the exception of $30 million and $8 million, respectively, of index-linked annuities not included in this table.

5. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Three Months Ended March 31,
	2025						2024
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	74,483	$	2,484	$	1,799	$	77,086	$	2,276	$	2,148
Premiums and deposits	230		19		—		202		20		—
Surrenders and withdrawals	(1,941)		(21)		(3)		(1,853)		(21)		(3)
Benefit payments	(405)		(10)		(5)		(387)		(5)		(5)
Investment performance	(481)		(66)		(31)		4,313		167		112
Policy charges	(473)		(20)		(17)		(490)		(20)		(13)
Net transfers from (to) general account	(28)		(3)		495		(28)		(10)		(200)
Other	4		—		3		(9)		—		—
Balance, end of period	$	71,389	$	2,383	$	2,241	$	78,834	$	2,407	$	2,039

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

5. Separate Accounts (continued)

A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:


	March 31,
	2025		2024
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	76,013	$	83,280
Variable income annuities	222		189
Pension risk transfer annuities	22		20
Total separate account liabilities	$	76,257	$	83,489

The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Equity securities	$	76,043	$	78,793

Fixed maturity securities	210		207
Cash and cash equivalents	—		2
Other assets	4		4
Total aggregate estimated fair value of assets	$	76,257	$	79,006

Net Amount at Risk and Cash Surrender Values

Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:


	Universal Life Insurance		Variable Annuities		Index-linked Annuities		Fixed Rate Annuities		ULSG		Company-Owned Life Insurance
	(In millions)
March 31, 2025
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,034	$	3,570	$	47,896	$	14,516	$	4,710	$	673
Separate account liabilities	2,383		71,389		—		—		—		2,241
Total account balances	$	4,417	$	74,959	$	47,896	$	14,516	$	4,710	$	2,914
Net amount at risk	$	20,743	$	13,202	N/A		N/A		$	63,157	$	2,599
Cash surrender value	$	4,208	$	74,592	$	46,235	$	14,248	$	4,269	$	2,684
March 31, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,990	$	3,982	$	44,350	$	14,923	$	4,984	$	856
Separate account liabilities	2,407		78,834		—		—		—		2,039
Total account balances	$	4,397	$	82,816	$	44,350	$	14,923	$	4,984	$	2,895
Net amount at risk	$	21,872	$	12,205	N/A		N/A		$	64,837	$	2,671
Cash surrender value	$	4,198	$	82,391	$	41,958	$	14,260	$	4,455	$	2,366

Products may contain both separate account and general account fund options; accordingly, net amount at risk and cash surrender value reported in the table above relate to the total account balance for each respective product grouping.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

6. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Three Months Ended March 31, 2025
DAC:
Balance, beginning of period	$	2,040	$	115	$	1,462	$	271	$	122
Capitalization	10		1		94		—		5
Amortization	(52)		—		(64)		(9)		(2)
Balance, end of period	1,998		116		1,492		262		125
VOBA:
Balance, beginning of period	279		55		—		3		27
Amortization	(7)		(1)		—		—		(1)
Balance, end of period	272		54		—		3		26
Total DAC and VOBA:
Balance, end of period	$	2,270	$	170	$	1,492	$	265	$	151
Three Months Ended March 31, 2024
DAC:
Balance, beginning of period	$	2,217	$	110	$	1,332	$	306	$	119
Capitalization	9		4		90		1		3
Amortization	(55)		(2)		(59)		(10)		(2)
Balance, end of period	2,171		112		1,363		297		120
VOBA:
Balance, beginning of period	309		59		—		4		31
Amortization	(8)		(1)		—		—		(1)
Balance, end of period	301		58		—		4		30
Total DAC and VOBA:
Balance, end of period	$	2,472	$	170	$	1,363	$	301	$	150

Deferred Sales Inducements

Information regarding deferred sales inducements, included in other assets, was as follows:


	Three Months Ended March 31,
	2025				2024
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	189	$	6	$	209	$	8

Amortization	(5)		—		(5)		—
Balance, end of period	$	184	$	6	$	204	$	8

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

6. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (continued)

Unearned Revenue

Information regarding unearned revenue, included in other policy-related balances, was as follows:


	Three Months Ended March 31,
	2025						2024
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	190	$	715	$	59	$	167	$	612	$	66
Capitalization	10		39		—		8		43		—
Amortization	(3)		(18)		(2)		(3)		(14)		(2)
Balance, end of period	$	197	$	736	$	57	$	172	$	641	$	64

7. Investments

See Note 1 to the Interim Condensed Consolidated Financial Statements and Notes 1 and 10 of the Notes to the Consolidated Financial Statements included in the 2024 Annual Report for a description of the Company’s accounting policies for investments and the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-For-Sale

Fixed Maturity Securities by Sector

Fixed maturity securities by sector were as follows at:


	March 31, 2025										December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value		Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value
					Gains		Losses								Gains		Losses
	(In millions)
U.S. corporate	$	40,340	$	21	$	288	$	3,495	$	37,112	$	40,437	$	47	$	212	$	3,865	$	36,737
Foreign corporate	12,840		29		74		1,323		11,562		13,203		26		53		1,468		11,762
Residential mortgage-backed securities	8,214		3		58		736		7,533		8,056		4		45		867		7,230
U.S. government and agency	7,076		—		105		567		6,614		7,112		—		39		691		6,460
Asset-backed securities	6,165		—		26		69		6,122		6,348		—		33		75		6,306
Commercial mortgage-backed securities	6,692		1		6		345		6,352		6,702		2		7		415		6,292
State and political subdivision	3,711		—		86		328		3,469		3,671		—		78		367		3,382
Foreign government	1,020		—		30		85		965		1,036		—		24		100		960
Total fixed maturity securities	$	86,058	$	54	$	673	$	6,948	$	79,729	$	86,565	$	79	$	491	$	7,848	$	79,129

The Company held non-income producing fixed maturity securities with an estimated fair value of $23 million and $30 million at March 31, 2025 and December 31, 2024, respectively.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2025:


	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities (1)		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	4,123	$	19,430	$	13,040	$	28,394	$	21,071	$	86,058
Estimated fair value	$	4,098	$	19,009	$	12,085	$	24,530	$	20,007	$	79,729

_______________

(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector

The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:


	March 31, 2025								December 31, 2024
	Less than 12 Months				12 Months or Greater				Less than 12 Months				12 Months or Greater
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	9,363	$	606	$	17,306	$	2,889	$	10,758	$	719	$	17,329	$	3,146
Foreign corporate	3,079		362		5,190		961		3,269		351		5,502		1,117
RMBS	1,005		64		4,626		672		1,227		82		4,624		785
U.S. government and agency	1,215		48		1,772		519		2,384		116		1,858		575
ABS	1,611		8		980		61		717		10		1,076		65
CMBS	1,463		75		4,259		270		1,326		90		4,338		325
State and political subdivision	670		52		1,504		276		871		63		1,435		304
Foreign government	250		24		432		61		273		29		433		71
Total fixed maturity securities	$	18,656	$	1,239	$	36,069	$	5,709	$	20,825	$	1,460	$	36,595	$	6,388
Total number of securities in an unrealized loss position	3,316				5,048				3,356				5,195

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

Allowance for Credit Losses for Fixed Maturity Securities

Evaluation and Measurement Methodologies

For fixed maturity securities in an unrealized loss position, management first assesses whether the Company intends to sell, or whether it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to estimated fair value through net investment gains (losses). For fixed maturity securities that do not meet the aforementioned criteria, management evaluates whether the decline in estimated fair value has resulted from credit losses or other factors. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the allowance for credit loss evaluation process include, but are not limited to: (i) the extent to which estimated fair value is less than amortized cost; (ii) any changes to the rating of the security by a rating agency; (iii) adverse conditions specifically related to the security, industry or geographic area; and (iv) payment structure of the fixed maturity security and the likelihood of the issuer being able to make payments in the future or the issuer’s failure to make scheduled interest and principal payments. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss is deemed to exist and an allowance for credit losses is recorded, limited by the amount that the estimated fair value is less than the amortized cost basis, with a corresponding charge to net investment gains (losses). Any unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income (“OCI”).

Once a security specific allowance for credit losses is established, the present value of cash flows expected to be collected from the security continues to be reassessed. Any changes in the security specific allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in net investment gains (losses).

Fixed maturity securities are also evaluated to determine whether any amounts have become uncollectible. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses.

Accrued interest receivables are presented separate from the amortized cost basis of fixed maturity securities. An allowance for credit losses is not estimated on an accrued interest receivable, rather receivable balances 90-days past due are deemed uncollectible and are written off with a corresponding reduction to net investment income. The accrued interest receivable on fixed maturity securities totaled $696 million and $665 million at March 31, 2025 and December 31, 2024, respectively, and is included in accrued investment income.

Fixed maturity securities are also evaluated to determine if they qualify as purchased financial assets with credit deterioration (“PCD”). To determine if the credit deterioration experienced since origination is more than insignificant, both (i) the extent of the credit deterioration and (ii) any rating agency downgrades are evaluated. For securities categorized as PCD assets, the present value of cash flows expected to be collected from the security are compared to the par value of the security. If the present value of cash flows expected to be collected is less than the par value, credit losses are embedded in the purchase price of the PCD asset. In this situation, both an allowance for credit losses and amortized cost gross-up is recorded, limited by the amount that the estimated fair value is less than the grossed-up amortized cost basis. Any difference between the purchase price and the present value of cash flows is amortized or accreted into net investment income over the life of the PCD asset. Any subsequent PCD asset allowance for credit losses is evaluated in a manner similar to the process described above for fixed maturity securities.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

Current Period Evaluation

Based on the Company’s current evaluation of its fixed maturity securities in an unrealized loss position and the current intent or requirement to sell, the Company recorded an allowance for credit losses of $54 million, relating to 15 securities, at March 31, 2025. Management concluded that for all other fixed maturity securities in an unrealized loss position, the unrealized loss was not due to issuer-specific credit-related factors and as a result was recognized in OCI. Where unrealized losses have not been recognized into income, it is primarily because the securities’ bond issuer(s) are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in estimated fair value is largely due to changes in interest rates and non-issuer specific credit spreads. These issuers continued to make timely principal and interest payments and the estimated fair value is expected to recover as the securities approach maturity.

Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector

The changes in the allowance for credit losses for fixed maturity securities by sector were as follows:


	U.S. Corporate		Foreign Corporate		RMBS		CMBS		Total
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	47	$	26	$	4	$	2	$	79
Allowance on securities where credit losses were not previously recorded	—		—		—		—		—

Reductions for securities sold	(1)		—		—		(1)		(2)

Change in allowance on securities with an allowance recorded in a previous period	2		3		(1)		—		4
Write-offs charged against allowance (1)	(27)		—		—		—		(27)
Balance, end of period	$	21	$	29	$	3	$	1	$	54
Three Months Ended March 31, 2024
Balance, beginning of period	$	15	$	—	$	4	$	2	$	21
Allowance on securities where credit losses were not previously recorded	—		4		—		—		4

Reductions for securities sold	—		—		—		—		—

Change in allowance on securities with an allowance recorded in a previous period	(1)		—		1		—		—
Write-offs charged against allowance (1)	—		—		—		—		—
Balance, end of period	$	14	$	4	$	5	$	2	$	25

_______________

(1)The Company recorded total write-offs of $33 million for the three months ended March 31, 2025. The Company did not record any write-offs for the three months ended March 31, 2024.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2025				December 31, 2024
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	13,131	57.0	%	$	13,326	57.3	%
Agricultural	4,516		19.6		4,563		19.6
Residential	5,583		24.3		5,543		23.8
Total mortgage loans (1)	23,230		100.9		23,432		100.7
Allowance for credit losses	(209)		(0.9)		(178)		(0.7)
Total mortgage loans, net	$	23,021	100.0	%	$	23,254	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $178 million and $161 million for the three months ended March 31, 2025 and 2024, respectively, and were primarily comprised of residential mortgage loans.

Allowance for Credit Losses for Mortgage Loans

Evaluation and Measurement Methodologies

The allowance for credit losses is a valuation account that is deducted from the mortgage loan’s amortized cost basis to present the net amount expected to be collected on the mortgage loan. The loan balance, or a portion of the loan balance, is written-off against the allowance when management believes this amount is uncollectible.

Accrued interest receivables are presented separate from the amortized cost basis of mortgage loans. An allowance for credit losses is generally not estimated on an accrued interest receivable, rather when a loan is placed in nonaccrual status the associated accrued interest receivable balance is written off with a corresponding reduction to net investment income. The accrued interest receivable on mortgage loans is included in accrued investment income and totaled $126 million and $132 million at March 31, 2025 and December 31, 2024, respectively.

The allowance for credit losses is estimated using relevant available information, from internal and external sources, relating to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience provides the basis for estimating expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics and environmental conditions. A reasonable and supportable forecast period of two years is used with an input reversion period of one year.

Mortgage loans are evaluated in each of the three portfolio segments to determine the allowance for credit losses. The loan-level loss rates are determined using individual loan terms and characteristics, risk pools/internal ratings, national economic forecasts, prepayment speeds, and estimated default and loss severity. The resulting loss rates are applied to the mortgage loan’s amortized cost to generate an allowance for credit losses. In certain situations, the allowance for credit losses is measured as the difference between the loan’s amortized cost and liquidation value of the collateral. These situations include collateral dependent loans, modifications, foreclosure probable loans, and loans with dissimilar risk characteristics.

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Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

Mortgage loans are also evaluated to determine if they qualify as PCD assets. To determine if the credit deterioration experienced since origination is more than insignificant, the extent of credit deterioration is evaluated. All re-performing/modified loan (“RPL”) pools purchased after December 31, 2019 are determined to have been acquired with evidence of more than insignificant credit deterioration since origination and are classified as PCD assets. RPLs are pools of residential mortgage loans acquired at a discount or premium which have both credit and non-credit components. For PCD mortgage loans, the allowance for credit losses is determined using a similar methodology described above, except the loss-rate is determined at the pool level instead of the individual loan level. The initial allowance for credit losses, determined on a collective basis, is then allocated to the individual loans. The initial amortized cost of the loan is grossed-up to reflect the sum of the loan’s purchase price and allowance for credit losses. The difference between the grossed-up amortized cost basis and the par value of the loan is a non-credit discount or premium, which is accreted or amortized into net investment income over the remaining life of the loan. Any subsequent PCD mortgage loan allowance for credit losses is evaluated in a manner similar to the process described above for each of the three portfolio segments.

Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment

The changes in the allowance for credit losses by portfolio segment were as follows:


	Commercial		Agricultural		Residential		Total
	(In millions)
Three Months Ended March 31, 2025
Balance, beginning of period	$	106	$	30	$	42	$	178
Current period provision	40		4		(1)		43
Charge-offs, net of recoveries	—		(12)		—		(12)

Balance, end of period	$	146	$	22	$	41	$	209
Three Months Ended March 31, 2024
Balance, beginning of period	$	69	$	19	$	49	$	137
Current period provision	9		—		(4)		5


Balance, end of period	$	78	$	19	$	45	$	142

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Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:


	2025		2024		2023		2022		2021		Prior		Total
	(In millions)
March 31, 2025
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	26	$	639	$	198	$	292	$	1,848	$	2,953	$	5,956
65% to 75%	42		208		—		984		680		1,231		3,145
76% to 80%	—		—		—		117		201		823		1,141
Greater than 80%	31		—		—		950		271		1,637		2,889
Total commercial mortgage loans	99		847		198		2,343		3,000		6,644		13,131
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	75		370		201		589		1,061		1,986		4,282
65% to 75%	—		—		17		80		111		25		233
76% to 80%	—		—		—		—		—		1		1
Greater than 80%	—		—		—		—		—		—		—
Total agricultural mortgage loans	75		370		218		669		1,172		2,012		4,516
Residential mortgage loans
Performing	5		729		215		1,234		1,605		1,670		5,458
Nonperforming	—		—		—		48		25		52		125
Total residential mortgage loans	5		729		215		1,282		1,630		1,722		5,583
Total	$	179	$	1,946	$	631	$	4,294	$	5,802	$	10,378	$	23,230


	2024		2023		2022		2021		2020		Prior		Total
	(In millions)
December 31, 2024
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	640	$	199	$	279	$	1,850	$	196	$	2,844	$	6,008
65% to 75%	208		—		1,022		713		62		1,171		3,176
76% to 80%	—		—		117		201		174		601		1,093
Greater than 80%	—		—		972		388		—		1,689		3,049
Total commercial mortgage loans	848		199		2,390		3,152		432		6,305		13,326
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	408		203		594		1,073		400		1,632		4,310
65% to 75%	—		18		80		113		6		19		236
76% to 80%	—		—		—		—		1		—		1
Greater than 80%	—		—		—		—		—		16		16
Total agricultural mortgage loans	408		221		674		1,186		407		1,667		4,563
Residential mortgage loans
Performing	586		222		1,268		1,640		146		1,563		5,425
Nonperforming	1		—		44		21		1		51		118
Total residential mortgage loans	587		222		1,312		1,661		147		1,614		5,543
Total	$	1,843	$	642	$	4,376	$	5,999	$	986	$	9,586	$	23,432

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

7. Investments (continued)

The loan-to-value ratio is a measure commonly used to assess the quality of commercial and agricultural mortgage loans. The loan-to-value ratio compares the amount of the loan to the estimated fair value of the underlying property collateralizing the loan and is commonly expressed as a percentage. A loan-to-value ratio less than 100% indicates an excess of collateral value over the loan amount. Loan-to-value ratios greater than 100% indicate that the loan amount exceeds the collateral value. Performing status is a measure commonly used to assess the quality of residential mortgage loans. A loan is considered performing when the borrower makes consistent and timely payments.

The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:


	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	11,681	89.0	%	$	12,029	90.3	%
1.00x - 1.20x	847		6.0		801		6.0
Less than 1.00x	603		5.0		496		3.7
Total	$	13,131	100.0	%	$	13,326	100.0	%

The debt-service coverage ratio compares a property’s net operating income to its debt-service payments. Debt-service coverage ratios less than 1.00 times indicate that property operations do not generate enough income to cover the loan’s current debt payments. A debt-service coverage ratio greater than 1.00 times indicates an excess of net operating income over the debt-service payments.

Past Due Mortgage Loans by Portfolio Segment

The Company has a high-quality, well-performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both March 31, 2025 and December 31, 2024. Delinquency is defined consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days.

The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:


	March 31, 2025								December 31, 2024
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	12,982	$	4,470	$	5,456	$	22,908	$	13,206	$	4,538	$	5,423	$	23,167
30-59 days past due	30		7		2		39		—		—		2		2
60-89 days past due	—		6		33		39		—		—		36		36
90-179 days past due	—		24		42		66		21		9		36		66
180+ days past due	119		9		50		178		99		16		46		161
Total	$	13,131	$	4,516	$	5,583	$	23,230	$	13,326	$	4,563	$	5,543	$	23,432

BRIGHTHOUSE LIFE INSURANCE Co 10-Q